N-30B-2 1 a13-6765_1n30b2.htm N-30B-2

Q1 2013

Columbia Acorn Family of Funds

Class A, B, C, I, R, R4, R5, Y and Z Shares

Managed by Columbia Wanger Asset Management, LLC

First Quarter Report

March 31, 2013

n Columbia
Acorn® Fund

n Columbia
Acorn International®

n Columbia
Acorn USA®

n Columbia
Acorn International Select^SM

n Columbia
Acorn Select^SM

n Columbia
Thermostat Fund^SM

n Columbia
Acorn Emerging Markets Fund^SM

n Columbia
Acorn European Fund^SM

Not FDIC insured • No bank guarantee • May lose value

Columbia Acorn Family of Funds

Save the date! You are invited to the 2013 Columbia Acorn Funds Shareholder Information Meeting.

We will be hosting our annual shareholder information meeting on September 18, 2013, in Chicago. The meeting will feature presentations by Columbia Acorn Fund's lead portfolio manager Chuck McQuaid and other members of Columbia Wanger Asset Management's investment team.

Meeting Location

Offices of Drinker Biddle & Reath LLP
191 North Wacker Drive, Suite 3700
Chicago, Illinois

Meeting Date & Time

Wednesday, September 18, 2013
12:00 p.m. CST
A buffet lunch will be served beginning at 11:30 a.m.

If you plan to attend, please RSVP by September 13 by calling (800) 922-6769.

Webcast Replay Available in October

For our many shareholders who are not able to attend the meeting, we will again provide a webcast replay of the event that can be accessed from our website, www.columbiamanagement.com, throughout the month of October.

If you have any questions about this event or any of your investments in our Columbia Acorn Funds, please call (800) 922-6769 to speak to a Columbia Acorn Funds' shareholder representative.

Net Asset Value Per Share as of 3/31/13

	Columbia Acorn Fund		Columbia Acorn International		Columbia Acorn USA		Columbia Acorn International Select		Columbia Acorn Select		Columbia Thermostat Fund		Columbia Acorn Emerging Markets Fund		Columbia Acorn European Fund
Class A	$	32.23	$	43.63	$	31.14	$	26.40	$	27.32	$	14.88	$	12.45	$	12.25
Class B	$	29.36	$	42.36	$	28.44	$	25.12	$	25.12	$	14.96		NA		NA
Class C	$	28.86	$	42.18	$	28.09	$	24.98	$	24.81	$	14.95	$	12.40	$	12.20
Class I	$	33.47	$	43.74	$	32.56	$	26.67	$	28.36		NA	$	12.50	$	12.25
Class R		NA	$	43.59		NA		NA		NA		NA		NA		NA
Class R4	$	33.93	$	43.97	$	33.05	$	26.81	$	28.68	$	14.78	$	12.56		NA
Class R5	$	33.91	$	43.68	$	33.04	$	26.80	$	28.68	$	14.78	$	12.56	$	12.36
Class Y	$	33.94	$	43.98	$	33.08	$	26.80	$	28.74	$	14.78		NA		NA
Class Z	$	33.44	$	43.71	$	32.53	$	26.67	$	28.29	$	14.71	$	12.48	$	12.26

Columbia Acorn Family of Funds

Table of Contents

Share Class Performance					2
Fund Performance vs. Benchmarks					3
Descriptions of Indexes					4
Squirrel Chatter II: Calvin Coolidge and Economic Prosperity					5
Columbia Acorn Fund
In a Nutshell					8
At a Glance					9
Major Portfolio Changes					24
Statement of Investments					26
Columbia Acorn International
In a Nutshell					10
At a Glance					11
Major Portfolio Changes					39
Statement of Investments					42
Portfolio Diversification					51
Columbia Acorn USA
In a Nutshell					12
At a Glance					13
Major Portfolio Changes					52
Statement of Investments					54
Columbia Acorn International Select
In a Nutshell					14
At a Glance					15
Major Portfolio Changes					60
Statement of Investments					61
Portfolio Diversification					65

Columbia Acorn Select
In a Nutshell					16
At a Glance					17
Major Portfolio Changes					66
Statement of Investments					67
Columbia Thermostat Fund
In a Nutshell					18
At a Glance					19
Statement of Investments					72
Columbia Acorn Emerging Markets Fund
In a Nutshell					20
At a Glance					21
Major Portfolio Changes					74
Statement of Investments					76
Portfolio Diversification					80
Columbia Acorn European Fund
In a Nutshell					22
At a Glance					23
Major Portfolio Changes					81
Statement of Investments					83
Portfolio Diversification					87
Columbia Acorn Family of Funds
Expense Information					88

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 authors 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's 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.

Acorn®, Acorn USA® and Acorn International® are service marks owned and registered by Columbia Acorn Trust. Columbia^SM, Columbia Management®, and the Columbia Management Logo® are service marks owned and/or registered by Ameriprise Financial, Inc.

Columbia Acorn Family of Funds

Share Class Performance Average Annual Total Returns through 3/31/13

	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
Year to date*		9.78	%		3.47	%		9.55	%		4.55	%		9.57	%		8.57	%
1 year		11.85	%		5.41	%		11.20	%		6.20	%		11.04	%		10.04	%
5 years		7.87	%		6.60	%		7.24	%		6.93	%		7.04	%		7.04	%
10 years		12.62	%		11.95	%		11.92	%		11.92	%		11.76	%		11.76	%
Columbia Acorn International
Year to date*		6.96	%		0.81	%		6.78	%		1.78	%		6.78	%		5.78	%
1 year		12.74	%		6.25	%		11.96	%		6.96	%		11.93	%		10.93	%
5 years		3.46	%		2.24	%		2.79	%		2.43	%		2.67	%		2.67	%
10 years		15.57	%		14.89	%		14.80	%		14.80	%		14.69	%		14.69	%
Columbia Acorn USA
Year to date*		10.39	%		4.04	%		10.19	%		5.19	%		10.20	%		9.20	%
1 year		12.67	%		6.19	%		11.92	%		6.92	%		11.87	%		10.87	%
5 years		7.80	%		6.53	%		7.12	%		6.81	%		6.97	%		6.97	%
10 years		11.45	%		10.79	%		10.73	%		10.73	%		10.61	%		10.61	%
Columbia Acorn International Select
Year to date*		3.08	%		-2.83	%		2.95	%		-2.05	%		2.88	%		1.88	%
1 year		13.04	%		6.53	%		12.36	%		7.50	%		12.20	%		11.22	%
5 years		2.40	%		1.19	%		1.76	%		1.42	%		1.58	%		1.58	%
10 years		14.18	%		13.51	%		13.44	%		13.44	%		13.29	%		13.29	%
Columbia Acorn Select
Year to date*		10.52	%		4.16	%		10.42	%		5.42	%		10.36	%		9.36	%
1 year		9.79	%		3.46	%		9.13	%		4.14	%		8.98	%		7.98	%
5 years		5.18	%		3.95	%		4.53	%		4.19	%		4.35	%		4.35	%
10 years		9.18	%		8.54	%		8.47	%		8.47	%		8.34	%		8.34	%
Columbia Thermostat Fund
Year to date*		4.13	%		-1.85	%		3.96	%		-1.04	%		3.89	%		2.89	%
1 year		9.08	%		2.78	%		8.51	%		3.51	%		8.26	%		7.26	%
5 years		6.67	%		5.42	%		6.13	%		5.81	%		5.87	%		5.87	%
10 years		8.29	%		7.65	%		7.68	%		7.68	%		7.48	%		7.48	%
Columbia Acorn Emerging Markets Fund
Year to date*		3.41	%		-2.51	%		NA			NA			3.25	%		2.25	%
1 year		14.75	%		8.12	%		NA			NA			13.97	%		12.97	%
Life of Fund		14.95	%		10.82	%		NA			NA			14.21	%		14.21	%
Columbia Acorn European Fund
Year to date*		4.17	%		-1.84	%		NA			NA			4.01	%		3.01	%
1 year		11.03	%		4.62	%		NA			NA			10.19	%		9.19	%
Life of Fund		14.32	%		10.21	%		NA			NA			13.52	%		13.52	%

	Class I			Class R			Class R4			Class R5			Class Y			Class Z

Columbia Acorn Fund
Year to date*		9.85	%		NA			9.81	%		9.81	%		9.84	%		9.82	%
1 year		12.22	%		NA			12.12	%		12.14	%		12.18	%		12.14	%
5 years		8.22	%		NA			8.18	%		8.19	%		8.19	%		8.19	%
10 years		12.99	%		NA			12.97	%		12.97	%		12.98	%		12.97	%
Columbia Acorn International
Year to date*		7.05	%		6.86	%		7.04	%		7.03	%		7.06	%		7.03	%
1 year		13.16	%		12.38	%		13.08	%		13.09	%		13.12	%		13.10	%
5 years		3.87	%		3.18	%		3.83	%		3.83	%		3.83	%		3.83	%
10 years		16.01	%		15.26	%		15.98	%		15.98	%		15.99	%		15.99	%
Columbia Acorn USA
Year to date*		10.49	%		NA			10.46	%		10.50	%		10.52	%		10.46	%
1 year		13.04	%		NA			12.91	%		12.95	%		12.98	%		12.92	%
5 years		8.14	%		NA			8.10	%		8.10	%		8.11	%		8.10	%
10 years		11.82	%		NA			11.80	%		11.80	%		11.80	%		11.80	%
Columbia Acorn International Select
Year to date*		3.17	%		NA			3.16	%		3.16	%		3.16	%		3.13	%
1 year		13.43	%		NA			13.36	%		13.37	%		13.38	%		13.37	%
5 years		2.80	%		NA			2.76	%		2.76	%		2.76	%		2.76	%
10 years		14.57	%		NA			14.55	%		14.55	%		14.55	%		14.55	%
Columbia Acorn Select
Year to date*		10.65	%		NA			10.65	%		10.61	%		10.62	%		10.64	%
1 year		10.18	%		NA			10.10	%		10.10	%		10.10	%		10.13	%
5 years		5.55	%		NA			5.49	%		5.49	%		5.49	%		5.49	%
10 years		9.55	%		NA			9.52	%		9.52	%		9.52	%		9.52	%
Columbia Thermostat Fund
Year to date*		NA			NA			4.16	%		4.16	%		4.23	%		4.10	%
1 year		NA			NA			9.34	%		9.32	%		9.37	%		9.30	%
5 years		NA			NA			6.92	%		6.92	%		6.93	%		6.91	%
10 years		NA			NA			8.56	%		8.56	%		8.57	%		8.56	%
Columbia Acorn Emerging Markets Fund
Year to date*		3.48	%		NA			3.46	%		3.46	%		NA			3.40	%
1 year		15.24	%		NA			14.90	%		14.97	%		NA			15.10	%
Life of Fund		15.51	%		NA			15.04	%		15.09	%		NA			15.36	%
Columbia Acorn European Fund
Year to date*		4.26	%		NA			NA			4.22	%		NA			4.25	%
1 year		11.24	%		NA			NA			11.08	%		NA			11.31	%
Life of Fund		14.64	%		NA			NA			14.35	%		NA			14.63	%

Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class B shares are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C shares are shown with and without the maximum CDSC of 1.00% for the first year after purchase. The Funds' other classes are not subject to sales charges and have limited eligibility. Please see the Funds' prospectuses for details. Performance for different share classes will vary based on differences in sales charges and certain fees associated with each class.

All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results may reflect the effect of any fee waivers or reimbursements of Fund expenses by the investment manager and/or any of its affiliates. Absent these fee waivers and/or expense reimbursement arrangements, performance results would have been lower. Please see Page 88 of this report for information on contractual fee waiver and expense reimbursement agreements in place for Columbia Acorn International, Columbia Thermostat Fund, Columbia Acorn Emerging Markets Fund and Columbia Acorn European Fund and voluntary fee waiver and expense reimbursement arrangements in place for Columbia Acorn Select and Columbia Acorn International Select as of March 31, 2013.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiamanagement.com or calling 800.922.6769.

The returns shown include the returns of each Fund's Class Z shares, each Fund's oldest share class, in cases where the inception date of the Fund is earlier than the inception date of the particular share class or where a period shown dates to before the inception date of the share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/appended-performance for more information.

Continued on Page 3.

Fund Performance vs. Benchmarks Class Z Average Annual Total Returns through 3/31/13

Class Z Shares	1st quarter*			1 year			5 years			10 years			Life of Fund
Columbia Acorn Fund (ACRNX) (6/10/70)		9.82	%		12.14	%		8.19	%		12.97	%		14.74	%
Russell 2500 Index		12.85	%		17.73	%		9.02	%		12.30	%		NA
S&P 500 Index**		10.61	%		13.96	%		5.81	%		8.53	%		10.76	%
Russell 2000 Index		12.39	%		16.30	%		8.24	%		11.52	%		NA
Lipper Mid-Cap Growth Funds Index		11.62	%		10.05	%		6.63	%		10.79	%		NA
Columbia Acorn International (ACINX) (9/23/92)		7.03	%		13.10	%		3.83	%		15.99	%		11.37	%
S&P Global Ex-U.S. Between $500M and $5B Index		5.61	%		10.42	%		2.75	%		14.97	%		8.61	%
S&P Global Ex-U.S. SmallCap Index		6.08	%		11.14	%		2.11	%		14.38	%		7.93	%
MSCI EAFE Index (Net)		5.13	%		11.25	%		-0.89	%		9.69	%		5.95	%
Lipper International Small/Mid Growth Funds Index		7.44	%		15.67	%		3.27	%		14.60	%		NA
Columbia Acorn USA (AUSAX) (9/4/96)		10.46	%		12.92	%		8.10	%		11.80	%		10.55	%
Russell 2000 Index		12.39	%		16.30	%		8.24	%		11.52	%		7.95	%
Lipper Small-Cap Growth Funds Index		11.73	%		12.50	%		7.75	%		10.19	%		6.40	%
Columbia Acorn Int'l Select (ACFFX) (11/23/98)		3.13	%		13.37	%		2.76	%		14.55	%		9.64	%
S&P Developed Ex-U.S. Between $2B and $10B Index		5.41	%		9.92	%		0.82	%		12.45	%		7.44	%
MSCI EAFE Index (Net)		5.13	%		11.25	%		-0.89	%		9.69	%		3.91	%
Lipper International Small/Mid Growth Funds Index		7.44	%		15.67	%		3.27	%		14.60	%		10.47	%
Columbia Acorn Select (ACTWX) (11/23/98)		10.64	%		10.13	%		5.49	%		9.52	%		9.93	%
S&P MidCap 400 Index		13.45	%		17.83	%		9.85	%		12.45	%		10.00	%
S&P 500 Index**		10.61	%		13.96	%		5.81	%		8.53	%		4.00	%
Lipper Mid-Cap Core Funds Index		12.37	%		15.47	%		7.64	%		10.98	%		8.45	%
Columbia Thermostat Fund (COTZX) (9/25/02)		4.10	%		9.30	%		6.91	%		8.56	%		8.32	%
S&P 500 Index		10.61	%		13.96	%		5.81	%		8.53	%		8.56	%
Barclays U.S. Aggregate Bond Index		-0.12	%		3.77	%		5.47	%		5.02	%		5.09	%
Lipper Flexible Portfolio Funds Index		4.90	%		9.18	%		4.80	%		8.05	%		8.00	%
50/50 Blended Benchmark		5.17	%		8.93	%		6.12	%		7.08	%		7.13	%
Columbia Acorn Emerging Markets Fund (CEFZX) (8/19/11)		3.40	%		15.10	%		—			—			15.36	%
S&P Emerging Markets Between $500M and $5B Index		1.94	%		8.17	%		—			—			6.59	%
MSCI Emering Markets Small Cap Index		4.20	%		9.20	%		—			—			3.75	%
Lipper Emerging Markets Index		-0.56	%		4.25	%		—			—			6.84	%
Columbia Acorn European Fund (CAEZX) (8/19/11)		4.25	%		11.31	%		—			—			14.63	%
S&P Europe Between $500M and $5B Index		4.89	%		14.19	%		—			—			14.70	%
HSBC Smaller European Companies Index		4.04	%		11.53	%		—			—			11.05	%
Lipper European Region Index		3.59	%		10.95	%		—			—			14.74	%

The inception dates for Class A, B and C shares (if offered) are as follows: Columbia Acorn Fund, Columbia Acorn International, Columbia Acorn USA, Columbia Acorn International Select and Columbia Acorn Select, 10/16/00; Columbia Thermostat Fund, 3/3/03; Columbia Acorn Emerging Markets Fund and Columbia Acorn European Fund, 8/19/11. The inception dates for Class I Shares are as follows: Columbia Acorn Fund, Columbia Acorn International, Columbia Acorn USA, Columbia Acorn International Select and Columbia Acorn Select, 9/27/10; Columbia Acorn Emerging Markets Fund and Columbia Acorn European Fund, 8/19/11. The inception date for Class R Shares for Columbia Acorn International is 8/15/11. The inception date for Class R4, R5 and Y shares (if offered) is as follows: Columbia Acorn Fund, Columbia Acorn USA, Columbia Acorn International Select, Columbia Acorn Select, Columbia Thermostat Fund, Columbia Acorn Emerging Markets Fund and Columbia Acorn European Fund, 11/8/12. The inception date for Class R5 shares of Columbia Acorn International is 8/15/11. The inception date for Class R4 and Y shares of Columbia Acorn International is 11/8/12. The inception date for Class Z shares is as follows: Columbia Acorn Fund, 6/10/70; Columbia Acorn International, 9/23/92; Columbia Acorn USA, 9/4/96; Columbia Acorn International Select and Columbia Acorn Select, 11/23/98; Columbia Thermostat Fund, 9/25/02; Columbia Acorn Emerging Markets Fund and Columbia Acorn European Fund, 8/19/11.

*Not annualized

**Although the Fund typically invests in small- and mid-sized companies, the comparison to the S&P 500 Index is presented to show performance against a widely recognized market index over the life of the Fund.

Please see Page 4 for a description of the indexes listed above.

Columbia Acorn Family of Funds

Descriptions of Indexes Included in this Report

• 50/50 Blended Benchmark, established by the Fund's investment manager, is an equally weighted custom composite of Columbia Thermostat Fund's primary equity and primary debt benchmarks, the S&P 500 Index and the Barclays U.S. Aggregate Bond Index, respectively. The percentage of the Fund's assets allocated to underlying 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.

• Barclays 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.

• HSBC Smaller European Companies (inc UK) Index is a weighted combination of two indexes: the HSBC Smaller Europe (ex UK) Index and the HSBC Smaller UK Index. The index is rebalanced on a quarterly basis.

• Lipper Indexes include the largest funds tracked by Lipper, Inc. in the named category. Lipper Mid-Cap Growth Funds Index, 30 largest mid-cap growth funds, including Columbia Acorn Fund; Lipper International Small/Mid Growth Funds Index, 10 largest non-U.S. small/mid growth funds, including Columbia Acorn International; Lipper Small-Cap Growth Funds Index, 30 largest small-cap growth funds, including Columbia Acorn USA; Lipper Mid-Cap Core Funds Index, 30 largest mid-cap core funds; 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. Lipper Emerging Markets Index, 30 largest emerging markets funds; Lipper European Region Index, 10 largest European funds.

• MSCI Europe, Australasia, Far East (EAFE) Index (Net) is a capitalization-weighted index that tracks the total return of common stocks in 22 developed-market countries within Europe, Australasia and the Far East. The returns of the MSCI EAFE Index (Net) are presented net of the withholding tax rate applicable to foreign non-resident institutional investors in the foreign companies included in the index who do not benefit from double taxation treaties.

• MSCI Emerging Markets Small Cap Index, a widely recognized international benchmark, is a free float-adjusted market capitalization index that is designed to measure small-cap emerging market equity performance. The MSCI Emerging Markets Small Cap Index currently consists of the following 21 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey.

• Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 10% of the total market capitalization of the Russell 3000 Index.

• Russell 2500 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.

• 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.

• S&P Developed Ex-U.S. Between $2B and $10B Index is a subset of the broad market selected by the index sponsor representing the mid-cap developed market, excluding the United States.

• S&P Emerging Markets Between $500M and $5B Index represents the institutionally investable capital of emerging market countries with market caps ranging between $500 million to $5 billion, as selected by S&P. The index currently consists of the following 21 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey.

• S&P Europe Between $500M and $5B Index represents the institutionally investable capital of European countries with market caps ranging between $500 million to $5 billion, as selected by S&P. The index currently consists of the following 17 developed market country indexes: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom.

• S&P Global Ex-U.S. SmallCap Index consists of the bottom 20% of institutionally investable capital of developed and emerging countries, excluding the United States.

• S&P Global Ex-U.S. Between $500M and $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.

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

Squirrel Chatter II: Calvin Coolidge and Economic Prosperity

When Warren Harding and Calvin Coolidge became president and vice president in 1921, the U.S. had demobilized from World War I. Jobs were scarce and the unemployment rate was estimated to be around 11.9%.¹ Taxes were high, wartime price controls remained in place and interest rates had been increased.² Federal debt was considered to be huge at $24 billion, up twenty-fold from levels prior to World War I.³ Harding and Coolidge ran on a platform of less central government, stability and low taxes, which was condensed into one made-up word, "normalcy."

Federal government spending had jumped from $700 million prior to World War I to an $18.5 billion peak in 1919, and remained comparatively high at $6.4 billion in 1920.⁴ Harding thought that spending could be cut over 50%.⁵ He and Coolidge immediately set about to fulfill their campaign promises, even cancelling their inaugural ball to save money.

Harding called a special session of Congress, got a unified federal budget law, and signed it. Previously, each department had a separate budget, kind of like "continuing resolutions" that have recently been funding the government. However, bonuses for veterans dominated budget talks, and Harding compromised by creating a Veterans Bureau, budgeted at around $600 million a year, an enormous sum considering the size of the federal government and his goal to reduce it. Despite that, Harding nearly hit his goal. However, Harding is better known for the Teapot Dome scandal, essentially an underpriced lease of federal oil resources to cronies, and was involved in patronage scandals, including many involving post office jobs.⁶

In August 1923, Harding died and Coolidge assumed the presidency. Coolidge appointed Herbert Mayhew Lord as budget director and created a long-term annual spending goal of $3.0 billion,⁷ down from $3.3 billion spent in 1922.⁸ He also wanted to slash the federal government debt. The pair met around 200 times⁹ during Coolidge's presidency and found many ways to cut spending, large and small, including rationing of pencils to government workers, use of lighter-weight paper for instructions to soldiers, cessation of

weather bureau forecasts via postcards and cheaper mailbags for postal employees. During the 1924 Republican convention, Coolidge demanded that the party's platform be cut, eliminating many promises to special interest groups.¹⁰

Coolidge rejected calling special sessions of Congress because he believed they provided opportunities for spending and meddling in the economy.¹¹ He vetoed 50 bills,¹² despite frequent requests from special interests. Some, including an expensive veteran's bonus bill, were overridden, but Coolidge and Lord kept spending below $3.0 billion yearly from 1924 to 1928. About 75%¹³ of spending was on defense and veterans' benefits; the federal government did not do much else under Coolidge. Civil service headcount dropped over 15% during the Coolidge years.¹⁴

The Treasury Secretary at the time, Andrew Mellon, developed a theory he called "scientific taxation" whereby maximum tax revenues would be achieved at an optimal tax rate. Considering that Henry Ford maximized sales and profits by cutting prices and railroad revenues dropped if prices were hiked too much, Mellon's idea was to charge what the traffic would bear. He believed prosperity could be achieved if Americans did not think of taxation as a "socialistic experiment, or as a club to punish success."¹⁵ Lower tax rates would result in more taxable economic activity, including investments in productive businesses rather than tax shelters.

Coolidge, however, wanted lower tax rates because he believed people deserved greater fractions of their earnings and lower taxes would help induce a smaller government.¹⁶ He believed high tax rates were "despotic exactions."¹⁷ Harding had cut the top tax rate from 73% to 58% in 1922 and, in steps, Coolidge cut the top rate to 25% by 1925, and the bottom tax rate from 4.0% to 1.5%.¹⁸

If maximizing income tax receipts was indeed Mellon's goal, he failed. Income tax receipts plunged from $1.075 billion in 1920 to $732 million in 1926, and finally recovered to $1.164 billion in a much larger 1928 economy. Mellon did not maximize taxes paid by those earning less than $25,000; their income taxes fell over 72% and

their share of income taxes fell from 40.5% in 1920 to 10.2% in 1928.¹⁹

However, Mellon may well have maximized taxes paid by high earners. Despite the plunge in top rates, income taxes became much more progressive, as over $100,000 earners doubled their share of income taxes paid to 61% from 1920 to 1928.²⁰ Dollar payments by that group more than doubled, to $714 million in 1928. This was at a time when income distribution barely changed, as the top 5% of the population earned 25.5% of the nation's income in 1921 and 26.1% in 1929.²¹

Coolidge advocated the principle that contacts between government and business should be "as few as possible,"²² and he thought policies should be stable and predictable. He said, "Business can stand anything better than uncertainty."²³ Under Harding and Coolidge, the economy boomed, growing 4.7% annually from 1922 to 1929.²⁴ During the Coolidge years, unemployment averaged 3.3% and inflation 1%, combining to be the lowest misery index of any president in the 20th century.²⁵And despite a reduction in union membership, after-inflation employee wages grew 16%.²⁶

Coolidge inherited a $736 million budget surplus from Harding in 1922, and his spending discipline, plus a booming economy, resulted in surpluses between $713 million and $1.155 billion between 1923 and 1928, despite tax cuts.²⁷ The federal debt dropped to $17 billion.²⁸

Coolidge believed that power corrupted.²⁹ He hired a special prosecutor in 1924 to deal with the Teapot Dome scandal. Coolidge also strongly believed that the federal government should not provide charity, as the Constitution made no mention of it. After severe flooding by the Mississippi River and later in his ancestral state of Vermont, he refused to provide federal aid for reconstruction. He thought it would be wrong for the federal government to intrude on state governors' authority, and the New York Times praised him for that.³⁰ Coolidge did help promote disaster relief by private charities and later signed costly flood control legislation.³¹

Coolidge was popular but he decided not to run for re-election in 1928. He seemed to be tired of saying no to special interests and was also concerned that Presidents who exceeded two terms could amass excess power. Today,

Coolidge may be best known as "Silent Cal." Amity Shlaes' book, Coolidge, describes him as a humble man believing in federalism and the Constitution.

Clearly, Harding's and Coolidge's economic policies were wildly successful. Yet the economic boom of the roaring 20s seems to contradict conventional economic theory. As mentioned, Harding's presidency started with very high unemployment, and rather than stimulating the economy by government spending, federal spending was ultimately cut over 80% from its wartime high.³²

Recent studies indicate that the Harding and Coolidge approach to the economy has worked elsewhere and explain the reasons behind its success. A 2009 study by Harvard economists Alberto Alesina and Silvia Ardagna examined 107 episodes of fiscal reform over 37 years in 19 countries. Efforts to significantly decrease deficits failed in 84% of the episodes. These failed attempts featured average tax hikes at 1.5% of GDP and spending cuts of 0.8% of GDP. In the 16% of episodes deemed successful, taxes were cut by 0.5% of GDP but spending was cut further, by 2.0% of GDP. Alesina and Ardagna noted that "successful fiscal adjustments are completely based on spending cuts accompanied by modest tax cuts!" Larger spending cuts and tax cuts result in higher GDP growth, which in turn boosts tax revenues and reduces deficits.³³

A 2012 article by Alesina titled "The Kindest Cuts,"³⁴ cites data from the International Monetary Fund from 1980 through 2005 in which 17 countries aggressively reduced deficits. When Alesina and his team studied the results, they found that "two kinds of deficit reductions had starkly different effects: cutting spending resulted in very small, short-lived — if any — recessions, and raising taxes resulted in prolonged recessions." The author and his team adjusted for both monetary policy and business cycles and maintained the same conclusion.

Alesina stated that when government spending was cut, private investment more than made up the difference. Business confidence plunged if taxes were hiked, but stayed the same or went up when spending was cut. He thinks that government spending cuts "are often just part of a larger reform package that includes other pro-growth measures... such measures as deregulation, and the liberalization of labor markets"³⁵ and that the tax reforms

increase labor participation. He writes that this study is consistent with the argument that American firms are currently hesitant to invest or hire due to uncertainty about government spending, taxes and regulation. As a starter for spending cuts, he suggests gradually raising the retirement age to 70.

After examining the facts, it appears that economic growth under Coolidge was very consistent with Alesina's findings. With the current economy operating far below its potential and with labor force participation dropping, reform is needed. Historical data indicates that spending cuts and income tax simplification, featuring lower rates and fewer deductions, would likely cause the economy to accelerate significantly. However, any resolution of the uncertainty surrounding current fiscal policy would likely benefit the economy somewhat.

Charles P. McQuaid

President and Chief Investment Officer

Columbia Wanger Asset Management, LLC

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 here 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 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.

¹Lebergott, Stanley, "Annual Estimates of Unemployment in the United States, 1900-1954," This chapter appeared in the National Bureau of Economic Research (NBER) book titled, The Measurement and Behavior of Unemployment, and was published in 1957. The chapter can be found on the NBER website: http://www.nber.org/chapters/c2644. Accessed April 24, 2013.

²Shlaes, Amity, Coolidge, (New York, New York, HarperCollins, 2013), p. 190-191, 222.

³Data derived from Statement of Public Debt of the United States reports dated December 31, 1914, and December 31, 1920. The debt figure for 1914 was $1,115,170,691. At the end of 1920, that number had increased to $23,778,535,007.

⁴ Data available through the Office of Management and Budget — The White House, and is included in "Table 1.1 — Summary of Receipts, Outlays, and Surpluses or Deficits: 1789-2018." The data can be found on the White House website:
http://www.whitehouse.gov/omb/budget/Historicals/. Accessed April 16, 2013.

⁵Shlaes, Amity, op. cit., p. 221.

⁶Ibid., p. 233.

⁷Ibid., p. 254.

⁸These are actual cuts, not like today's reductions in spending growth from baseline, which too many call "cuts." Data available through the Office of Management and Budget. See footnote four for a link to this information.

⁹Shlaes, Amity, op. cit., p. 386.

¹⁰Ibid., p. 273.

¹¹Ibid., p. 290.

¹²Ibid., p. 5.

¹³Ibid., p. 391.

¹⁴Ibid., p. 315.

¹⁵Ibid., p. 321.

¹⁶Ibid., p. 265.

¹⁷Ibid., p. 318.

¹⁸Federal Individual Income Tax Rates History, income years 1913-2013, available on the Tax Foundation website: http://taxfoundation.org/sites/taxfoundation.org/files/docs/fed_rates_history_
nominal_1913_2013_0.pdf. Accessed April 25, 2013.

¹⁹de Rugy, Veronique, "1920s Income Tax Cuts Sparked Economic Growth and Raised Federal Revenues," article published March 4, 2003, by the Cato Institute and is available on their website: http://www.cato.org/publications/commentary/1920s-income-tax-cuts-sparked-economic-growth-raised-federal-revenues. Accessed April 16, 2013.

²⁰Ibid.

²¹Folsom, Jr., Burton W., New Deal Or Raw Deal? How FDR's Economic Legacy Has Damaged America, (New York, New York, Threshold Editions, 2008), p. 34.

²²Shlaes, Amity, op. cit., p. 313.

²³Ibid., p. 442.

²⁴ de Rugy, Veronique, op. cit.

²⁵ Folsom, Jr., Burton W., op. cit., p. 129.

²⁶Shlaes, Amity, The Forgotten Man, A New History Of The Great Depression, (New York, New York, HarperCollins, 2007), p. 38.

²⁷Data available through the Office of Management and Budget — The White House, and is included in "Table 1.1 — Summary of Receipts, Outlays, and Surpluses or Deficits: 1789-2018." The data can be found on the White House website:
http://www.whitehouse.gov/omb/budget/Historicals/. Accessed April 16, 2013.

²⁸Data derived from Statement of Public Debt of the United States reports dated December 31, 1928.

²⁹Shlaes, Amity, op. cit., p. 447.

³⁰Ibid., p. 358.

³¹Ibid., p. 417.

³²Coolidge was concerned about the stock market becoming overextended, but thought the president shouldn't meddle. The subsequent crash hurt the economy, and the Smoot Hawley Tariff, the collapse in the money supply, plus excess government intervention resulted in the long and painful Great Depression.

³³Alesina, Alberto F., and Ardagna, Silvia, "Large Changes In Fiscal Policy: Taxes Versus Spending," Working Paper #15438 published by the National Bureau of Economic Research, October 2009, p. 12, 14. http://www.nber.org/papers/w15438. Accessed April 25, 2013.

³⁴Alesina, Alberto F., "The Kindest Cuts," an article published by City Journal, Autumn 2012. Available on the City Journal website:
http://www.city-journal.org/printable.php?id=8559. Accessed April 18, 2013.

³⁵Ibid.

Columbia Acorn Fund

In a Nutshell


Charles P. McQuaid Lead Portfolio Manager				Robert A. Mohn Co-Portfolio Manager

Performance data shown represents past performance and is not a guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data shown. Please visit columbiamanagement.com for most recent month-end performance updates.

Columbia Acorn Fund Class Z shares rose 9.82% in the first quarter of 2013, less than the 12.85% increase of the Russell 2500 Index, its primary benchmark. The Fund's gain was also under the Lipper Mid-Cap Growth Funds Index, which rose 11.62%, and the large cap S&P 500 Index, up 10.61%.

The Fund's biotech stocks generally performed well in the quarter. Last year, we modified our theme in biotech from a focus on orphan drugs to breakthrough orphan drugs. Breakthrough orphan drugs cure or extensively extend lifetimes of patients, while orphan drugs treat diseases afflicting 200,000 or fewer patients in the United States. We've liked orphan drugs because of their expedited approval processes and pricing power, and we now believe that companies offering breakthrough orphan drugs could provide superior performance. This thesis proved correct in the quarter. Seattle Genetics, provider of cancer drug Adcetris and other targeted antibody drugs, jumped 53%. BioMarin Pharmaceutical stock rose 26% as two of its key drugs' sales grew 30% from prior year levels. Sarepta Therapeutics surged 42% on progress in developing its muscular dystrophy drug.

Other large winners included oil and gas well head manufacturer FMC Technologies, which rose 27% on improving orders. Engineering and construction company Chicago Bridge & Iron achieved a 34% gain on improving margins and strong new project awards. Car rental company Avis Budget Group enjoyed a 40% increase on better than expected demand and pricing. Shutterfly, an Internet photo-centric retailer, gained 48% on surging revenues, improving margins and strong market share gains.

Other consumer discretionary stocks, however, tended to hurt performance. Last year's biggest dollar winner, premium active apparel retailer lululemon athletica, fell 18% and was the quarter's largest dollar loser. The company's holiday same-store-sales growth met management's guidance but not Wall Street expectations. While lululemon has been volatile, it has been a big winner for the Fund and we think the company has plenty of room to grow. We tend to gradually trim winners as they get big and approach fair valuation, and over the last 18 months we've sold about two-thirds of the Fund's shares of the stock. Other disappointing consumer discretionary stocks included specialty beauty product retailer ULTA, off 18% despite fine results, as its CEO resigned to work at a private company.

Precious metals stocks were also disappointing as gold and silver prices declined. Alamos Gold fell 22% and Silver Wheaton slumped 13% despite better-than-expected earnings growth for both companies. Allied Nevada Gold was hurt by both lower gold prices and lower than expected production; it dropped 45%.

Columbia Acorn Fund's international stocks lagged during the quarter, rising only 2.23% compared to an 11.09% gain of the Fund's domestic stocks.* Netherland-based

Imtech, a provider of technical installation and maintenance services, plunged 51% on disclosure of accounting fraud in its German and Polish operations. Hong Kong-based Lifestyle International, a department store operator in Hong Kong and China, fell 10% on fears of slower spending by Chinese consumers.

Although we are happy with Columbia Acorn Fund's 9.82% absolute gain in the quarter, we were disappointed with performance relative to its benchmarks. The Fund had few substantial losers in the quarter; lululemon athletica's 18% drop gave back less than a third of its 2012 dollar gains and cost the Fund 0.27%. Imtech's 51% drop cost the Fund 0.13%, while no other falling stocks cost more than 0.09%. In contrast, Seattle Genetics boosted the Fund 0.47% and nine other stocks helped 0.20% or more. Last year's second and third largest dollar winners, Crown Castle International and SBA Communications, took a breather this quarter and were essentially flat. The few big losers and many big winners were not enough to keep up with the benchmarks this quarter. We are redoubling efforts to increase holdings of companies that we believe have superior business models and fine long-term outlooks.

*These returns are not comparable to mutual fund returns, as they are gross of fees and other expenses and do not portray the cash effects incurred by actual mutual funds. Columbia Acorn Fund's foreign stockholdings were not purchased as a balanced, stand-alone portfolio.

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, operational and settlement risks and other risks associated with future political and economic developments.

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

Fund Positions in Mentioned Holdings

As a percentage of net assets, as of 3/31/13

Crown Castle International	1.5	%
FMC Technologies	1.3
SBA Communications	1.3
Seattle Genetics	1.2
Chicago Bridge & Iron	0.9
lululemon athletica	0.9
BioMarin Pharmaceutical	0.8
Avis Budget Group	0.6
Shutterfly	0.5
ULTA	0.5
Sarepta Therapeutics	0.3
Lifestyle International	0.2
Silver Wheaton	0.2
Imtech	0.1
Alamos Gold	0.1
Allied Nevada Gold	0.1

Columbia Acorn Fund

At a Glance

Total Net Assets of the Fund:
$19.1 billion

Performance data shown in the table and graph below represents past performance, does not guarantee future results, assumes reinvestment of dividends and distributions and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data shown. Performance data reflects fee waivers or reimbursements of Fund expenses, if any; in their absence, performance results would have been lower. Indexes are unmanaged; their results do not reflect the effect of expenses or sales charges. Securities in the Fund may not match those in an index. Please visit columbiamanagement.com for performance data current to the most recent month-end.

The Growth of a $10,000 Investment in Columbia Acorn Fund Class Z Shares

June 10, 1970 (Fund inception) through March 31, 2013

This chart shows the change in value of a hypothetical $10,000 investment in Class Z shares of the Fund during the stated time period. A $10,000 investment in Columbia Acorn Fund at inception appreciated to $31,777 on December 31, 1978, the inception date of the Russell 2500 Index. For comparison with the Russell 2500 Index, we assigned the index the same value as the Fund at index inception. Although the Fund typically invests in small- and mid-sized companies, the comparison to the S&P 500 Index is presented to show performance against a widely recognized market index over the life of the Fund.

Average Annual Total Returns for period ended March 31, 2013

	1st quarter			1 year			5 years			10 years			Life of Fund
Class Z (06/10/10 inception)		9.82	%		12.14	%		8.19	%		12.97	%		14.74	%
Class A (10/16/00 inception)
without sales charge		9.78			11.85			7.87			12.62			14.36
with sales charge		3.47			5.41			6.60			11.95			14.21
Russell 2500 Index*		12.85			17.73			9.02			12.30			NA

Results for other share classes can be found on Page 2.

*The Fund's primary benchmark. Please see Page 4 for index definitions.

Returns for Class A shown with and without the maximum initial sales charge of 5.75%. The returns shown for periods prior to the inception of the Fund's Class A shares may append the returns of the Fund's Class Z shares, the Fund's oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/
mutual-funds/appended-performance for more information.

Portfolio Diversification

as a percentage of net assets, as of 3/31/13

Top 10 Holdings

as a percentage of net assets, as of 3/31/13

1.	Ametek Aerospace/Industrial Instruments	2.2	%
2.	Mettler-Toledo International Laboratory Equipment	1.8	%
3.	Donaldson Industrial Air Filtration	1.6	%
4.	Crown Castle International Communications Towers	1.5	%
5.	Amphenol Electronic Connectors	1.3	%
6.	FMC Technologies Oil & Gas Well Head Manufacturer	1.3	%
7.	SBA Communications Communications Towers	1.3	%
8.	tw telecom Fiber Optic Telephone/Data Services	1.2	%
9.	Seattle Genetics Antibody-based Therapies for Cancer	1.2	%
10.	Nordson Dispensing Systems for Adhesives & Coatings	1.2	%

The Fund's top 10 holdings and portfolio diversification vary with changes in portfolio investments. See the Statement of Investments for a complete list of the Fund's holdings.

Columbia Acorn International

In a Nutshell


P. Zachary Egan Co-Portfolio Manager				Louis J. Mendes III Co-Portfolio Manager

Columbia Acorn International Class Z shares rose 7.03% in the first quarter of 2013, 1.42% ahead of its primary benchmark, the S&P Global Ex-U.S. between $500M and $5B Index. Investor excitement in the period came from an unexpected corner: Japan. While generally characterized by negative growth and limited volatility, Japan surprised investors with the appointment of a new central bank governor, Haruhiko Kuroda, who has advocated unprecedentedly aggressive quantitative easing. Specifically, Kuroda advocates a monetary policy explicitly designed to create 2% inflation within two years. By jolting inflationary expectations, Japanese central bankers believe that they may be able to kick-start a cycle of economic activity whereby Japanese consumers buy goods today in anticipation that they will cost more in the future. This would constitute a radical departure from the country's almost two decades of deflation. The monetary intervention is expected to be accompanied by further fiscal stimulus, and possibly by structural reforms that could make Japanese industry more efficient, thereby raising the trend rate of economic growth.

Japanese stocks proved to be the largest contributor to the Fund's absolute return in the first quarter, up 20% in U.S. dollar terms. Aside from the possibility that monetary intervention may stimulate growth in the longer term, in the shorter term it has had the effect of immediately and substantially weakening the yen versus the U.S. dollar and the euro. Yen depreciation effectively boosts corporate revenues for Japanese exporters pricing goods in other currencies. Particularly for those participating in low margin industries, this can have an enormous impact on profitability. Longer-term, these exporters may also benefit from enhanced competitiveness. Counter-intuitively, Japanese government bond yields have also fallen in the face of an expanding money supply, which supports bank lending spreads and reflation of real assets, such as property. Indeed, the Fund's Japanese financials, including real estate, were up almost 34% in U.S. dollar terms in the quarter. Overall in Japan, the Fund generated more than five percentage points of excess return. This recovered much of the ground lost by the Fund during Japan's fourth quarter 2012 rally of lower quality companies, a segment of our investment universe that we tend to avoid.

Less helpful to the Fund's absolute return in the quarter were holdings in several large emerging markets, particularly Brazil, South Africa and India. The Brazilian market stalled out amidst anemic GDP growth figures that struggled to reach 2%. The Fund's holding in Multiplus, a

loyalty program business spun-out of TAM Airlines, fell 37% on concerns over a change in the redemption policy of some of its credit card partners. In addition, an ill-timed proposal to raise funds weighed on the shares. While negative returns for U.S. dollar-based investors in South Africa were shaped foremost by the weakening rand, the Fund's portfolio suffered disproportionately with retailer Mr. Price, off more than 20% on decelerating sales growth. In India, two of the Fund's holdings geared to domestic consumption—United Breweries and Colgate Palmolive India—slumped more than 20% after posting large gains in 2012. The Fund beat local benchmarks in South Africa and India, but trailed modestly in Brazil.

Our ongoing investment theme based around the increase in discretionary spending in emerging Asia continues to generate strong returns. Gaming companies Melco Crown Entertainment and Nagacorp both rose 38% in the first quarter of 2013 after ranking as top performers in the Fund in 2012. We continue to see gaming as a key beneficiary of increased leisure travel and entertainment spending among the region's rapidly expanding middle class. In Thailand, Home Product Center, a home improvement retailer targeting the growing Thai middle class, rallied 39% as increased rural spending and a new expansion plan attracted investor interest. Increased minimum wages and a low unemployment rate underlie the strong consumer demand in the Thai market.

International investing involves special risks, including foreign taxation, currency risks, risks associated with possible differences in financial standards, operational and settlement risks 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.

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

Fund's Positions in Mentioned Holdings

As a percentage of net assets, as of 3/31/13

Melco Crown Entertainment	1.6	%
Home Product Center	0.8
Nagacorp	0.7
Mr. Price	0.5
United Breweries	0.4
Colgate Palmolive India	0.3
Multiplus	0.2

Columbia Acorn International

At a Glance

Total Net Assets of the Fund:
$7.4 billion

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

September 23, 1992 (Fund inception) through March 31, 2013

This chart shows the change in value of a hypothetical $10,000 investment in Class Z shares of the Fund during the stated time period.

Average Annual Total Returns for period ended March 31, 2013

	1st quarter			1 year			5 years			10 years			Life of Fund
Class Z (9/23/92 inception)		7.03	%		13.10	%		3.83	%		15.99	%		11.37	%
Class A (10/16/00 inception)
without sales charge		6.96			12.74			3.46			15.57			10.94
with sales charge		0.81			6.25			2.24			14.89			10.62
S&P Global Ex-U.S. Between $500M and $5B*		5.61			10.42			2.75			14.97			8.61

Results for other share classes can be found on Page 2.

*The Fund's primary benchmark. Please see Page 4 for index definitions.

Portfolio Diversification

as a percentage of net assets, as of 3/31/13

Top 10 Holdings

as a percentage of net assets, as of 3/31/13

1.	Melco Crown Entertainment (Hong Kong) Macau Casino Operator	1.6	%
2.	Hexagon (Sweden) Design, Measurement & Visualization Software & Equipment	1.3	%
3.	Far EasTone Telecom (Taiwan) Taiwan's Third Largest Mobile Operator	1.2	%
4.	CCL Industries (Canada) Leading Global Label Manufacturer	1.1	%
5.	Eurofins Scientific (France) Food, Pharmaceuticals & Materials Screening & Testing	1.0	%
6.	Naspers (South Africa) Media in Africa, China, Russia & Other Emerging Markets	1.0	%
7.	Coronation Fund Managers (South Africa) South African Fund Manager	1.0	%
8.	Wacom (Japan) Computer Graphic Illustration Devices	1.0	%
9.	Localiza Rent A Car (Brazil) Car Rental	0.9	%
10.	Partners Group (Switzerland) Private Markets Asset Management	0.9	%

The Fund's top 10 holdings and portfolio diversification vary with changes in portfolio investments. See the Statement of Investments for a complete list of the Fund's holdings.

Columbia Acorn USA

In a Nutshell


Robert A. Mohn Lead Portfolio Manager

In another strong quarter for U.S. small-cap stocks, Columbia Acorn USA Class Z shares gained 10.46% in the first quarter of 2013. This return trailed behind the 12.39% first quarter gain by the Fund's primary benchmark, the Russell 2000 Index.

The top contributors in the first quarter included car rental companies Avis Budget Group, up 40%, and Hertz, up 37%. Both companies benefited from stronger-than-expected trends in rental pricing. Avis also received a boost early in the year from its acquisition of the leading car sharing service, Zipcar. Up 20% in the quarter, convention hotel operator Ryman Hospitality Properties continued its solid run on the back of its conversion to real estate investment trust (REIT) status.

Seattle Genetics, a biotechnology company focused on antibody-based therapies for cancer, gained 53% in the quarter. The stock benefited from excitement over the company's approved drug for late stage Hodgkin's lymphoma and the initiation of two trials for new cancer drugs.

Shutterfly, an Internet photo-centric retailer, announced revenue growth of 33% for its all-important fourth quarter in 2012 as it grabbed considerable market share during the holiday season. Shutterfly's stock responded with a 48% first quarter gain. Also benefiting from revenue gains, Ansys, a leading provider of simulation software for engineers and designers, gained 21% in the first quarter on continued steady double-digit revenue growth.

CAI International, which leases international shipping containers, was another winner in the quarter, up 31%. The company announced very strong fourth quarter revenue growth in 2012, up 38% over the prior year. CAI's customers, the steamship lines, have suffered from over-building and a slowdown in global trade. To conserve capital, they are opting to lease more containers, rather than buy them, benefiting the container leasing companies.

Detractors in the quarter included premium active apparel retailer lululemon athletica, which fell 18% on a much-publicized yoga pant recall and holiday same-store-sales growth that met management's guidance but not Wall Street expectations. Finisar, a provider of optical subsystems and components, fell 19% on a drop in revenue year-over-year.

Liquidity Services, an e-auction service for surplus and salvage goods, was down 27% in the quarter as it struggled to integrate a number of recent acquisitions into its existing business. Lifetime Fitness, a sports and fitness club operator, fell 13% in the first quarter after announcing sluggish new member growth in the fourth quarter of 2012.

The market charged higher in the first quarter as stocks continued to climb the proverbial Wall of Worry. Although more and more investors are shifting their funds into equities, we still have plenty of doubting Thomases worried about a fourth consecutive spring stock swoon. These doubters could provide the fuel for a continued market rally. As stock valuations climb, discovering reasonably priced growth companies does become a more difficult, but we believe a still very achievable, task.

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

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

Fund's Positions in Mentioned Holdings

As a percentage of net assets, as of 3/31/13

Ryman Hospitality Properties	2.6	%
Avis Budget Group	2.1
Ansys	1.5
Seattle Genetics	1.4
CAI International	1.0
Hertz	0.9
lululemon athletica	0.8
Shutterfly	0.6
Lifetime Fitness	0.6
Finisar	0.6
Liquidity Services	0.3

Columbia Acorn USA

At a Glance

Total Net Assets of the Fund:
$1.5 billion

The Growth of a $10,000 Investment in Columbia Acorn USA Class Z Shares

September 4, 1996 (Fund inception) through March 31, 2013

This chart shows the change in value of a hypothetical $10,000 investment in Class Z shares of the Fund during the stated time period.

Average Annual Total Returns for period ended March 31, 2013

	1st quarter			1 year			5 years			10 years			Life of Fund
Class Z (9/4/96 inception)		10.46	%		12.92	%		8.10	%		11.80	%		10.55	%
Class A (10/16/00 inception)
without sales charge		10.39			12.67			7.80			11.45			10.17
with sales charge		4.04			6.19			6.53			10.79			9.78
Russell 2000 Index*		12.39			16.30			8.24			11.52			7.95

Results for other share classes can be found on Page 2.

*The Fund's primary benchmark. Please see Page 4 for index definitions.

Portfolio Diversification

as a percentage of net assets, as of 3/31/13

Top 10 Holdings

as a percentage of net assets, as of 3/31/13

1.	Nordson Dispensing Systems for Adhesives & Coatings	3.0	%
2.	Ametek Aerospace/Industrial Instruments	2.7	%
3.	Ryman Hospitality Properties Convention Hotels	2.6	%
4.	Mettler-Toledo International Laboratory Equipment	2.2	%
5.	Atwood Oceanics Offshore Drilling Contractor	2.2	%
6.	IPG Photonics Fiber Lasers	2.1	%
7.	tw telecom Fiber Optic Telephone/Data Services	2.1	%
8.	Avis Budget Group Second Largest Car Rental Company	2.1	%
9.	Extra Space Storage Self Storage Facilities	2.1	%
10.	Bally Technologies Slot Machines & Software	2.0	%

The Fund's top 10 holdings and portfolio diversification vary with changes in portfolio investments. See the Statement of Investments for a complete list of the Fund's holdings.

Columbia Acorn International Select

In a Nutshell


Christopher J. Olson Lead Portfolio Manager

Columbia Acorn International Select Class Z shares ended the first quarter of 2013 up 3.13%. This compares to the 5.41% gain of the Fund's primary benchmark, the S&P Developed Ex-U.S. Between $2B and $10B Index.

Stocks of Japanese companies performed very well in the quarter as the market continued to respond favorably to the appointment of a new central bank governor and the expectation of a historical amount of quantitative easing. Nine of the top 15 contributors to Fund performance in the first quarter were Japanese stocks. Start Today, a Japanese online apparel retailer, rose 39% as improved marketing and cost cutting, combined with strong revenue growth, drove earnings above expectations. Seven Bank, a provider of ATM processing services, enjoyed a 23% gain in the quarter, benefiting from the continued expansion of ATMs in the 7-11 store network in Japan. NGK Spark Plug, an auto parts manufacturer, and Nippon Prologis REIT, a logistics real estate investment trust (REIT) in Japan, were new additions to the Fund in the quarter and landed among the top five contributors with 18% and 47% gains, respectively. Exporters like NGK Spark Plug are expected to benefit from the weaker yen that has resulted from Japan's new monetary policy. REITs such as Nippon Prologis have attractive dividend yields in an exceedingly low interest rate environment.

Outside of Japan, Ascendas REIT, a Singaporean industrial property landlord, rose 10% as global investors continued their search for yield. CCL Industries, a leading global label manufacturer listed in Canada, gained 37% as it made a very opportunistic and substantially discounted purchase of an office consumer products and labels business.

The laggards in the quarter also had something in common: mining. Eight of the largest detractors from performance were mining stocks. The stocks fell as gold and silver prices continued to decline. Fresnillo, a silver and metal byproduct miner in Mexico, fell 32%. Allied Nevada Gold, a gold and silver miner listed in the United States, fell 46%. Australian gold miner Regis Resources fell 19%. Canadian gold miners Alamos Gold and Goldcorp were off 20% and 8%, respectively.

We also saw the Fund's Taiwanese telecoms pull back in the quarter. Far EasTone Telecom, Taiwan's third largest mobile operator, fell 11% and Taiwan Mobile, the second largest mobile operator in that country, fell 8%. Both companies continue to see a positive operating environment but some investors have opted to switch into more cyclical names.

Overall, international economic indicators have deteriorated yet markets have continued to rise on the back of increasingly easy monetary policy. The Fund will continue to take a defensive position until we see signs of a sustainable improvement in underlying economic fundamentals.

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

Fund's Positions in Mentioned Holdings

As a percentage of net assets, as of 3/31/13

Ascendas REIT	6.2	%
Far EasTone Telecom	6.0
Seven Bank	3.9
Taiwan Mobile	3.8
Start Today	3.2
NGK Spark Plug	2.6
CCL Industries	1.4
Regis Resources	1.4
Nippon Prologis REIT	1.3
Fresnillo	1.1
Allied Nevada Gold	0.7
Goldcorp	0.2
Alamos Gold	0.1

Columbia Acorn International Select

At a Glance

Total Net Assets of the Fund:
$376.3 million

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

November 23, 1998 (Fund inception) through March 31, 2013

This chart shows the change in value of a hypothetical $10,000 investment in Class Z shares of the Fund during the stated time period.

Average Annual Total Returns for period ended March 31, 2013

	1st quarter			1 year			5 years			10 years			Life of Fund
Class Z (11/23/98 inception)		3.13	%		13.37	%		2.76	%		14.55	%		9.64	%
Class A (10/16/00 inception)
without sales charge		3.08			13.04			2.40			14.18			9.28
with sales charge		-2.83			6.53			1.19			13.51			8.83
S&P Developed Ex-U.S. Between $2B and $10B Index*		5.41			9.92			0.82			12.45			7.44

Results for other share classes can be found on Page 2.

*The Fund's primary benchmark. Please see Page 4 for index definitions.

Portfolio Diversification

as a percentage of net assets, as of 3/31/13

Top 10 Holdings

as a percentage of net assets, as of 3/31/13

1.	Ascendas REIT (Singapore) Industrial Property Landlord	6.2	%
2.	Far EasTone Telecom (Taiwan) Taiwan's Third Largest Mobile Operator	6.0	%
3.	Mapletree Industrial Trust (Singapore) Industrial Property Landlord	4.0	%
4.	Seven Bank (Japan) ATM Processing Services	3.9	%
5.	Taiwan Mobile (Taiwan) Taiwan's Second Largest Mobile Operator	3.8	%
6.	Challenger Financial (Australia) Largest Annuity Provider	3.4	%
7.	Start Today (Japan) Online Japanese Apparel Retailer	3.2	%
8.	Mapletree Logistics Trust (Singapore) Industrial Property Landlord	3.1	%
9.	JLT Group (United Kingdom) International Business Insurance Broker	2.8	%
10.	Archipelago Resources (Indonesia) Gold Mining Projects in Indonesia, Vietnam & the Philippines	2.8	%

The Fund's top 10 holdings and portfolio diversification vary with changes in portfolio investments. See the Statement of Investments for a complete list of the Fund's holdings.

Columbia Acorn Select

In a Nutshell


Ben Andrews Lead Portfolio Manager				Robert A. Chalupnik Co-Portfolio Manager

Columbia Acorn Select Class Z shares gained 10.64% in the quarter, underperforming the S&P MidCap 400 Index, the Fund's primary benchmark, which was up 13.45%. The large-cap S&P 500 Index was up 10.61% for the quarter

Fund gains in the quarter were led by U.S. car rental company Hertz, which added 1.7% to the portfolio's overall performance. Hertz shares gained as car and equipment rental both showed strong demand and positive pricing. WNS, an offshore business process outsourcing company, added 1.4% to overall portfolio performance in the quarter. WNS suffered during the global financial crisis as many of its mortgage origination customers shut their doors. We added WNS to the portfolio in 2008, believing it could replace lost clients and start to grow again. This process has taken longer than we anticipated, but WNS showed solid revenue growth in 2012 and was a top contributor to Fund gains in the first quarter of 2013. CNO Financial Group, a provider of life, long-term care and medical supplemental insurance, added 1.2% to overall portfolio performance. CNO Financial's organic growth rate has been increasing and investors are starting to take notice.

On the downside, lululemon athletica, a premium active apparel retailer, cost the portfolio 0.3% in the quarter, declining as same-store-sales fell short of Wall Street expectations. Despite this off quarter, lululemon has generally been a strong performer in the portfolio. Other losses for Fund holdings were fairly minor, costing the portfolio 0.2% or less.

During the quarter, we added two new names and exited four portfolio positions. The additions included specialty beauty product retailer ULTA and sport and fitness club operator Lifetime Fitness. We sold out of Canadian Solar, a Chinese solar cell and module manufacturer, as our thesis for investment did not pan out. We also sold designer accessories retailer Coach, which has been struggling due to increased competition. We exited NPS Pharmaceuticals, a biotech company focused on orphan drugs, as we believe its new drug roll out will be tougher than the market anticipates. We also sold Wisconsin Energy, a Wisconsin utility, after its stock hit our projected price target.

U.S. equity indexes were up sharply in the first quarter. Apparent improvement in the U.S. real estate market, as well as continued strength in the auto market, appear to have led investors to believe that a robust recovery is in process and to have fueled the market rally that we saw this quarter. It was nice to see such strong market performance in the first quarter, but we don't believe that the United States will grow at 3% or higher growth rates, as some have predicted. We have positioned the portfolio for steady, moderate economic growth, which we expect to be in the 1% to 2% range, as we have written about in previous reports. This approach may cost the Fund some performance during strong rallies, as we saw this quarter, but we believe should provide solid returns over the long term.

Effective May 1, 2013, Columbia Acorn Select co-portfolio manager Robert Chalupnik was named lead portfolio manager of the Fund. Former lead portfolio manager Ben Andrews resigned as portfolio manager but will continue to work with the Fund's investment manager, Columbia Wanger Asset Management, as an analyst. There are no current plans to add a co-manager to the Fund. These changes will not alter the Fund's investment objective or policies.

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. International investing involves special risks, including foreign taxation, currency risks, risks associated with possible differences in financial standards, operational and settlement risks and other risks associated with future political and economic developments.

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

Fund's Positions in Mentioned Holdings

As a percentage of net assets, as of 3/31/13

Hertz	5.5	%
CNO Financial Group	5.2	%
WNS	4.5	%
ULTA	1.1	%
Lifetime Fitness	0.8	%
lululemon athletica	0.7	%

Columbia Acorn Select

At a Glance

Total Net Assets of the Fund:
$910.6 million

The Growth of a $10,000 Investment in Columbia Acorn Select Class Z Shares

November 23, 1998 (Fund inception) through March 31, 2013

This chart shows the change in value of a hypothetical $10,000 investment in Class Z shares of the Fund during the stated time period.

Average Annual Total Returns for period ended March 31, 2013

	1st quarter			1 year			5 years			10 years			Life of Fund
Class Z (11/23/98 inception)		10.64	%		10.13	%		5.49	%		9.52	%		9.93	%
Class A (10/16/00 inception)
without sales charge		10.52			9.79			5.18			9.18			9.58
with sales charge		4.16			3.46			3.95			8.54			9.13
S&P MidCap 400 Index*		13.45			17.83			9.85			12.45			10.00

Results for other share classes can be found on Page 2.

*The Fund's primary benchmark. Please see Page 4 for index definitions.

Portfolio Diversification

as a percentage of net assets, as of 3/31/13

Top 10 Holdings

as a percentage of net assets, as of 3/31/13

1.	Ametek Aerospace/Industrial Instruments	6.0	%
2.	Hertz Largest U.S. Rental Car Operator	5.5	%
3.	CNO Financial Group Life, Long-term Care & Medical Supplement Insurance	5.2	%
4.	Discover Financial Services Credit Card Company	4.8	%
5.	WNS (India) Offshore BPO (Business Process Outsourcing) Services	4.5	%
6.	Ryman Hospitality Properties Convention Hotels	4.4	%
7.	Donaldson Industrial Air Filtration	3.9	%
8.	Amphenol Electronic Connectors	3.9	%
9.	Crown Castle International Communications Towers	3.7	%
10.	City National Bank & Asset Manager	3.1	%

The Fund's top 10 holdings and portfolio diversification vary with changes in portfolio investments. See the Statement of Investments for a complete list of the Fund's holdings.

Columbia Thermostat Fund

In a Nutshell


Charles P. McQuaid Lead Portfolio Manager

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 a fund that invests and trades directly in financial instruments under the direction of a single manager.

Columbia Thermostat Fund Class Z shares ended the first quarter of 2013 up 4.10%. This compares to a 10.61% gain for the Fund's primary equity benchmark, the S&P 500 Index, and a 0.12% decline for its primary debt benchmark, the Barclays U.S. Aggregate Bond Index.

The Fund hit three reallocation triggers during the first quarter, reducing stock exposure each time on the strength of the equity market. At the end of the period, the Fund had a 30% weighting in its underlying stock funds and a 70% weighting in its bond funds.

The equity portion of the portfolio provided a 10.14% weighted average gain for the first quarter. Columbia Contrarian Core Fund had the largest gain of 11.52%.

The bond portion of the portfolio also ended the quarter on the positive side, up 0.73%. Columbia Income Opportunities Fund led gains on the income side, increasing 1.81%.

We are pleased with the Fund's first quarter performance. As we've stated in the past, this Fund can be expected to provide returns that fall between its equity and income benchmarks, and it did that this quarter.

We have recently reviewed the Fund's allocation table and the underlying stock funds. We decided not to make any changes at this time. Columbia Thermostat Fund is designed to do best when the market is range-bound, and we note that the S&P 500 Index hit an all-time high during the quarter. We cannot predict whether the S&P 500 will continue to rise. The Fund's quarter-end equity weight of

30% was substantially greater than its minimum equity allocation of 10%. A 10% allocation would occur should the S&P 500 exceed 1,750, a moderate increase from its level at press time.

Results of the Funds Owned in Columbia Thermostat Fund

as of March 31, 2013

Stock Funds

Fund	Weightings in category			1st quarter
Columbia Acorn International, Class I		20	%		7.05	%
Columbia Dividend Income Fund, Class I		20	%		11.47	%
Columbia Acorn Fund, Class I		15	%		9.85	%
Columbia Contrarian Core Fund, Class I		15	%		11.52	%
Columbia Acorn Select, Class I		10	%		10.65	%
Columbia Large Cap Enhanced Core Fund, Class I		10	%		10.43	%
Columbia Select Large Cap Growth Fund, Class I		10	%		11.34	%
Weighted Average Equity Gain		100	%		10.14	%

Bond Funds

Fund	Weightings in category			1st quarter
Columbia Short Term Bond Fund, Class I		40	%		0.33	%
Columbia Intermediate Bond Fund, Class I		30	%		0.19	%
Columbia Income Opportunities Fund, Class I		30	%		1.81	%
Weighted Average Income Gain		100	%		0.73	%

Columbia Thermostat Fund Rebalancing
in the First Quarter

January 3, 2013				40% stocks, 60% bonds
January 28, 2013				35% stocks, 65% bonds
March 11, 2013				30% stocks, 70% bonds

The value of an investment in the Fund is based primarily on the performance of the underlying funds in which it invests. The Fund is subject to the risk that the investment manager's decisions regarding asset classes and underlying funds will not anticipate market trends successfully, resulting in a failure to preserve capital or lower total return.

The Fund's investments in the underlying funds may also present certain risks, including the following. Investments made by underlying funds in foreign securities, particularly those in emerging markets countries, are subject to special risks, including but not limited to a greater degree of social, political and economic volatility than is associated with domestic investments, as well as the risks associated with any differences in financial standards, including foreign taxation. Investments by the underlying funds in small- and mid-cap companies, as well as in restricted securities, pose special risks, including potential illiquidity and price volatility. Underlying funds that concentrate their investments in a single industry sector, such as technology or healthcare, are subject to the risk that companies in the same sector may be similarly affected by economic or market downturns. Risks associated with investments in bond funds include credit risk, interest rate risk, and prepayment and extension risk. Debt securities with the lowest investment grade ratings and unrated securities of comparable quality are more speculative than securities with higher ratings and may experience greater price fluctuations. These securities also tend to be more sensitive to credit risk than higher-rated securities. This is not an offer of the shares of any other mutual fund mentioned herein.

Columbia Thermostat Fund

At a Glance

Total Net Assets of the Fund:
$1.1 billion

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

September 25, 2002 (Fund inception) through March 31, 2013

This chart shows the change in value of a hypothetical $10,000 investment in Class Z shares of the Fund during the stated time period.

Average Annual Total Returns for period ended March 31, 2013

	1st quarter			1 year			5 years			10 years			Life of Fund
Class Z (9/25/02 inception)		4.10	%		9.30	%		6.91	%		8.56	%		8.32	%
Class A (3/3/03 inception)
without sales charge		4.13			9.08			6.67			8.29			8.05
with sales charge		-1.85			2.78			5.42			7.65			7.44
S&P 500 Index*		10.61			13.96			5.81			8.53			8.56
Barclays U.S. Aggregate Bond Index*		-0.12			3.77			5.47			5.02			5.09

Results for other share classes can be found on Page 2.

*The Fund's primary benchmark. Please see Page 4 for index definitions.

Returns for Class A shown with and without the maximum initial sales charge of 5.75%. The returns shown for periods prior to the inception of the Fund's Class A shares may append the returns of the Fund's Class Z shares, the Fund's oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/appended-performance for more information.

Asset Allocation

as a percentage of net assets, as of 3/31/13

Portfolio Weightings

as a percentage of assets in each investment category, as of 3/31/13

Stock Mutual Funds

Columbia Acorn International, Class I	20	%
Columbia Dividend Income Fund, Class I	20	%
Columbia Acorn Fund, Class I	15	%
Columbia Contrarian Core Fund, Class I	15	%
Columbia Acorn Select, Class I	10	%
Columbia Large Cap Enhanced Core Fund, Class I	10	%
Columbia Select Large Cap Growth Fund, Class I	10	%

Bond Mutual Funds

Columbia Short Term Bond Fund, Class I	40	%
Columbia Intermediate Bond Fund, Class I	30	%
Columbia Income Opportunities Fund, Class I	30	%

Columbia Acorn Emerging Markets Fund

In a Nutshell


Fritz Kaegi Lead Portfolio Manager				Stephen Kusmierczak Lead Portfolio Manager

P. Zachary Egan Co-Portfolio Manager				Louis J. Mendes III Co-Portfolio Manager

Columbia Acorn Emerging Markets Fund Class Z shares gained 3.40% in the first quarter of 2013, outperforming the 1.94% increase in the Fund's primary benchmark, the S&P Emerging Markets Between $500M and $5B Index. Since inception in August 2011, the Fund's 15.36% annualized return has significantly outpaced the benchmark gain of 6.59%.

Casino operators Melco International, up 45%, and Nagacorp, up 40%, were strong performers in the Fund in 2012 and led performance in the first quarter of 2013. Asian casinos have benefited from increased leisure travel and entertainment spending among the region's rapidly expanding middle class. Both of these companies are also well-placed to reinvest their free cash flow at attractive rates. Last year, we owned positions in both Melco Crown Entertainment and parent company Melco International; during the first quarter of 2013, we decided to concentrate the Fund's holding in the parent because of its more attractive valuation.

Other winners in the quarter included Thai home improvement retailer Home Product Center, which gained 39% as increased rural spending and a new expansion plan attracted investors' interest. Increased minimum wages and a low unemployment rate underlie the strong consumer demand in the home improvement market in Thailand. Hong Kong's AAC Technologies, a maker of miniature acoustic components, was up 37%. AAC is benefiting from the global migration from feature phones to smart phones (especially in China), as well as an increased value in acoustic components per box.

Detractors from performance in the first quarter included Multiplus, a Brazilian loyalty program operator. Its stock fell 38% as a major Brazilian credit card issuer announced that it would reduce the number of frequent flyer miles (which are purchased from Multiplus) accrued by card holders with every purchase. Mongolian Mining, a coking coal miner, was weak throughout 2012 and was down 26% in the first quarter. The company continued to suffer from low coal prices and expectations of weakening demand from China. India's largest brewer, United Breweries, fell 26%, giving back some of the gains realized in late 2012 following positive changes in its weighting in stock benchmarks. Digital China, a provider of IT distribution and systems integration services, fell 21% as Chinese government policy pushed state-owned firms to pull back on capital expenditures.

The first quarter was our most active since the Fund's launch for introducing new positions into the Fund. We added 12 new holdings while exiting from another 12. Seven of the new ideas were in Asia (split between Southeast Asia and Greater China) and five were in Latin America (including Cable & Wireless, a UK-listed stock that derives nearly all of its revenues from Central America and the Caribbean). This activity started in the fourth quarter of 2012, when we added 10 new holdings to the Fund's portfolio, and largely reflects the interplay of changing fundamentals and valuation levels in emerging markets, combined with our analysts returning from productive company visits abroad.

Mentioning buying and selling activity within the Fund may raise questions about portfolio turnover. As published in our 2012 annual shareholder report, the Fund's portfolio turnover rate for 2012 was 30%. We invest with a multi-year view and try to avoid trading driven by top-down, short-term macroeconomic speculation. We also try to avoid excessive trading because of the costs it imposes on shareholders. Yet bottom-up fundamental investors do need to react to significant changes in valuation levels or business fundamentals.

Even with the changes to the Fund's individual holdings, overall sector positioning is largely unchanged. We remain comfortable with the Fund's overweight position in consumer discretionary stocks and its underweight in financials.

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

Fund's Positions in Mentioned Holdings

As a percentage of net assets, as of 3/31/13

Nagacorp	2.8	%
Melco International	2.8
United Breweries	1.9
AAC Technologies	1.7
Home Product Center	1.4
Digital China	1.4
Cable & Wireless	1.1
Multiplus	1.0
Mongolian Mining	0.9

Columbia Acorn Emerging Markets Fund

At a Glance

Total Net Assets of the Fund:
$23.4 million

The Growth of a $10,000 Investment in Columbia Acorn Emerging Markets Fund Class Z Shares

August 19, 2011 (Fund inception) through March 31, 2013

This chart shows the change in value of a hypothetical $10,000 investment in Class Z shares of the Fund during the stated time period.

Average Annual Total Returns for period ended March 31, 2013

	1st quarter			1 year			Life of Fund
Class Z (8/19/11 inception)		3.40	%		15.10	%		15.36	%
Class A (8/19/11 inception)
without sales charge		3.41			14.75			14.95
with sales charge		-2.51			8.12			10.82
S&P Emerging Markets Between $500M and $5B Index*		1.94			8.17			6.59

Results for other share classes can be found on Page 2.

*The Fund's primary benchmark. Please see Page 4 for index definitions.

Portfolio Diversification

as a percentage of net assets, as of 3/31/13

Top 10 Holdings

as a percentage of net assets, as of 3/31/13

1.	Nagacorp (Cambodia) Casino/Entertainment Complex in Cambodia	2.8	%
2.	Melco International (Hong Kong) Macau Casino Operator	2.8	%
3.	Far EasTone Telecom (Taiwan) Taiwan's Third Largest Mobile Operator	2.8	%
4.	Tower Bersama Infrastructure (Indonesia) Communications Towers	2.6	%
5.	Coronation Fund Managers (South Africa) South African Fund Manager	2.4	%
6.	Ace Indonesia (Indonesia) Home Improvement Retailer	2.4	%
7.	Hexagon (Sweden) Design, Measurement & Visualization Software & Equipment	2.4	%
8.	Dufry Group (Switzerland) Operates Airport Duty Free & Duty Paid Shops	2.3	%
9.	Lifestyle International (Hong Kong) Mid- to High-end Department Store Operator in Hong Kong & China	1.9	%
10.	United Breweries (India) India's Largest Brewer	1.8	%

The Fund's top 10 holdings and portfolio diversification vary with changes in portfolio investments. See the Statement of Investments for a complete list of the Fund's holdings.

Columbia Acorn European Fund

In a Nutshell


Andreas Waldburg-Wolfegg Lead Portfolio Manager				Stephen Kusmierczak Co-Portfolio Manager

Columbia Acorn European Fund Class Z shares gained 4.25% in the first quarter of 2013, underperforming the 4.89% return of its primary benchmark, the S&P Europe Between $500M and $5B Index, by 64 basis points. Since its inception on August 19, 2011, the Fund has gained 14.63%, roughly in line with the 14.70% increase of its benchmark.

The largest contributor to Fund performance in the first quarter was UK online grocer Ocado, up 68%. The company opened its second warehouse, reported operating figures in line with expectations and announced a slight acceleration in orders per week. French company Eurofins Scientific, which operates labs in Europe and the United States to test pharmaceuticals and food, gained 29% in the quarter after reaching its one billion euros revenue target a year earlier than expected. Finland's Vacon is the world's largest independent manufacturer of variable speed alternating current drives used in building and automation applications to improve electric motor performance and efficiency. The company's stock increased 29% in the quarter on better profitability following a solid recovery in its Asian revenues. Up 13% in the quarter, Domino's Pizza UK & Ireland holds the exclusive master franchise for Domino's in the United Kingdom. This low capital intensive business is quickly opening new stores and growing sales at existing stores, offsetting some weakness in its Ireland operations. Geberit, a Swiss manufacturer of plumbing supplies, faces a headwind caused by having 90% of its revenues derived from Europe. Still, this strong cashflow generator continues to return cash to shareholders, and the stock was up 11% in the quarter.

The largest detractor to performance was Dutch technical installation and maintenance company Imtech. In January, company management discovered accounting irregularities in their German and Polish operations. A higher-than-reported debt position will force a very dilutive rights issue in the second quarter, and news of this issue caused Imtech's shares to plummet 51% in the quarter. This example underscores the importance of diversification in investing because knowledge can be imperfect and even management may be unaware of the true condition of the business. Hi-Media, a French online advertising company, saw its 2012 results weaken with the economies in Southern Europe. The company's operating profit fell

roughly 70% in 2012, sending its stock down 20% in the quarter on the news, but a change in the business portfolio and strong growth in some key activities give us some reason for optimism. Archipelago Resources is a UK-listed gold mining company that is developing a new mine in Indonesia. While operations are healthy and the company has announced that it will begin paying dividends this year, the stock fell 10% during the period as gold bullion prices declined nearly 5% and global gold stocks fell 18%. Dufry Group, a Switzerland-listed global operator of airport duty-free shops, declined 6% in the first quarter because of the strengthening Swiss franc, which translated into weaker U.S. dollar-denominated revenues.

Europe, especially the periphery, continues to struggle. The recent bail-in of the banks in tiny Cyprus seems to indicate a growing impatience in Northern Europe with practices believed responsible for part of Europe's debt crisis. We hope that structural reforms forced by the European Union will eventually restore competitiveness and growth. Companies that we've visited say this is already happening in Spain and Greece, although it is not well-covered in the press. This gives us hope that, over time, the macroeconomic headwinds will become less severe for European companies.

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

Fund's Positions in Mentioned Holdings

As a percentage of net assets, as of 3/31/13

Eurofins Scientific	3.3	%
Domino's Pizza UK & Ireland	2.3
Achipelago Resources	2.0
Ocado	2.0
Geberit	1.9
Dufry Group	1.9
Vacon	1.8
Hi-Media	1.1
Imtech	0.7

Columbia Acorn European Fund

At a Glance

Total Net Assets of the Fund:
$4.2 million

The Growth of a $10,000 Investment in Columbia Acorn European Fund Class Z Shares

August 19, 2011 (Fund inception) through March 31, 2013

This chart shows the change in value of a hypothetical $10,000 investment in Class Z shares of the Fund during the stated time period.

Average Annual Total Returns for period ended March 31, 2013

	1st quarter			1 year			Life of Fund
Class Z (8/19/11 inception)		4.25	%		11.31	%		14.63	%
Class A (8/19/11 inception)
without sales charge		4.17			11.03			14.32
with sales charge		-1.84			4.62			10.21
S&P Europe Between $500M and $5B Index*		4.89			14.19			14.70

Results for other share classes can be found on Page 2.

*The Fund's primary benchmark. Please see Page 4 for index definitions.

Portfolio Diversification

as a percentage of net assets, as of 3/31/13

Top 10 Holdings

as a percentage of net assets, as of 3/31/13

1.	Eurofins Scientific (France) Food, Pharmaceuticals & Materials Screening & Testing	3.3	%
2.	JLT Group (United Kingdom) International Business Insurance Broker	2.6	%
3.	1000 Interactive Advertising & Marketingmercis (France)	2.4	%
4.	Sika (Switzerland) Chemicals for Construction & Industrial Applications	2.3	%
5.	Partners Group (Switzerland) Private Markets Asset Management	2.3	%
6.	Domino's Pizza UK & Ireland (United Kingdom) Pizza Delivery in UK, Ireland & Germany	2.3	%
7.	Rightmove (United Kingdom) Internet Real Estate Listings	2.2	%
8.	Neopost (France) Postage Meter Machines	2.1	%
9.	Archipelago Resources (Indonesia) Gold Mining Projects in Indonesia, Vietnam & the Philippines	2.0	%
10.	Assura (United Kingdom) UK Primary Health Care Property Developer	2.0	%

The Fund's top 10 holdings and portfolio diversification vary with changes in portfolio investments. See the Statement of Investments for a complete list of the Fund's holdings.

Columbia Acorn Fund

Major Portfolio Changes in the First Quarter (Unaudited)

	Number of Shares
	12/31/12		3/31/13
Purchases
Information
Bankrate		0		100,000
Envestnet		0		214,200
Exa		872,060		1,000,000
Genpact		1,705,000		3,419,000
iGATE		3,700,000		3,718,400
InContact		2,200,000		2,761,147
Liquidity Services		250,000		600,000
Navigant Consulting		3,704,600		3,924,100
RealPage		1,219,511		1,500,000
Rogers		35,816		250,000
RPX		505,000		1,921,382
Solera Holdings		155,000		350,000
Towerstream		0		2,800,000
Tree.com		0		63,176
Velti		2,700,000		3,700,000
Windstream		2,000,000		3,000,000
WNS - ADR (India)		1,491,353		2,000,000
Industrial Goods & Services
Middleby		170,000		201,220
MRC Global		0		700,000
Nordson		3,125,000		3,400,000
RockTenn		0		125,000
Consumer Goods & Services
Casey's General Stores		500,000		538,104
Choice Hotels		1,337,338		1,650,000
Domino's Pizza		370,000		630,000
Five Below		0		450,000
Nagacorp (Cambodia)		0		25,000,000
Quiksilver		0		1,500,000
Tile Shop Holdings		0		200,000
ULTA		640,000		1,065,627
Urban Outfitters		0		790,000
Williams-Sonoma		1,375,000		1,675,000
Finance
Green Dot		0		100,000
Kennedy-Wilson Holdings		0		380,446
Oriental Financial Group		500,000		733,896
WEX Corp		350,000		500,000
Health Care
Alnylam Pharaceuticals		0		730,000
Cepheid		4,970,000		5,670,000
Coronado Biosciences		0		406,343
Sarepta Therapeutics		955,000		1,310,000
Synageva Biopharma		1,165,000		1,386,633

	Number of Shares
	12/31/12		3/31/13
Other Industries
CDL Hospitality Trust (Singapore)		0		11,655,000
Coresite Realty		0		317,440
Hudson Pacific Properties		544,330		1,300,000
Mapletree Greater China Commercial Trust (Hong Kong)		0		24,664,000
St. Joe		1,300,000		1,500,000
Terreno Realty		358,151		786,000
Energy & Minerals
Athabasca Oil Sands (Canada)		750,000		3,095,000
Atwood Oceanics		2,114,000		2,193,000
Chart Industries		226,889		268,000
Gulfmark Offshore		150,000		300,000
Regis Resources (Australia)		1,282,902		3,524,000
Rosetta Resources		722,000		1,153,600
Rowan		585,000		684,000

	Number of Shares
	12/31/12		3/31/13
Sales
Information
Angie's List		900,000		0
Atmel		7,976,000		6,614,000
Carbonite		273,500		0
Concur Technologies		1,130,000		1,010,000
Entegris		5,000,000		4,000,000
Entravision Communications		2,500,000		2,361,062
Equinix		300,000		250,000
Gemalto (France)		250,000		169,000
Gray Television		1,750,000		0
Hexagon (Sweden)		5,450,000		4,862,000
Informatica		5,000,000		4,500,000
IPG Photonics		2,780,000		2,620,000
Jupiter Telecommunications		18,000		0
Pericom Semiconductor		1,765,000		1,471,224
Quality Systems		1,500,000		0
Syntel		616,029		430,000
TIBCO		1,450,000		1,000,000
Trulia		86,700		0
Tyler Technologies		900,000		800,000
WMS Industrials		600,000		0
Industrial Goods & Services
Albemarle		1,730,000		1,430,000
Ametek		10,125,000		9,900,000
Ashland		1,100,000		775,000
Clean Harbors		400,000		0
Expeditors International of Washington		2,600,000		2,000,000
Insperity		1,800,000		1,400,000
Saft		351,000		0
Spartan Motors		1,000,000		369,758
Consumer Goods & Services
Abercrombie & Fitch		2,431,000		2,231,000
Cheesecake Factory		370,000		0
Coach		1,500,000		0
CTS Eventim (Germany)		265,000		64,727
Deckers Outdoor		1,060,000		810,000
Knoll		4,200,000		3,671,923
lululemon athletica		3,761,540		2,718,427
Monster Beverage		600,000		320,845
New Oriental Education & Technology - ADR (China)		800,000		0
Olam International (Singapore)		20,000,000		14,000,000
PVH		1,660,000		1,296,000
Shutterfly		2,835,000		1,975,000
Skullcandy		975,386		0
Tesla Motors		850,000		550,000
Warnaco Group		762,000		0

	Number of Shares
	12/31/12		3/31/13
Finance
CVB Financial		3,000,000		850,000
Regional Management		291,231		0
Heath Care
Alexion Pharmaceuticals		800,000		0
ARIAD Pharmaceuticals		3,600,000		3,130,000
Auxilium Pharmaceuticals		2,202,196		0
BioMarin Pharmaceuticals		3,617,000		2,540,000
Chelsea Therapeutics International		4,949,000		2,798,416
NPS Pharmaceuticals		6,000,000		3,283,000
Raptor Pharmaceutical		3,000,000		0
Other Industries
Digital Realty Trust		720,000		558,886
Heartland Express		1,773,000		0
Energy & Minerals
Black Diamond Group (Canada)		847,600		596,600
Horizon North Logistics (Canada)		2,631,339		2,601,900
Oil States International		191,000		119,000

Columbia Acorn Fund

Statement of Investments (Unaudited), March 31, 2013

Number of Shares			Value
			Equities: 96.1%
Information 26.1%
		> Business Software 5.6%
	2,350,000	Ansys (a)	$	191,337,000
		Simulation Software for Engineers & Designers
	4,500,000	Informatica (a)		155,115,000
		Enterprise Data Integration Software
	4,862,000	Hexagon (Sweden)		132,780,323
		Design, Measurement & Visualization Software & Equipment
	2,700,000	Micros Systems (a)		122,877,000
		Information Systems for Hotels, Restaurants & Retailers
	1,010,000	Concur Technologies (a)(b)		69,346,600
		Web-enabled Cost & Expense Management Software
	700,000	NetSuite (a)		56,042,000
		End-to-end IT Systems Solutions Delivered Over the Web
	800,000	Tyler Technologies (a)		49,008,000
		Financial, Tax, Court & Document Management Systems for Local Governments
	900,000	SPS Commerce (a)(c)		38,403,000
		Supply Chain Management Software Delivered Via the Web
	700,000	Red Hat (a)		35,392,000
		Maintenance & Support for Opensource Operating System & Middleware
	750,000	Jack Henry & Associates		34,657,500
		IT Systems & Outsourced IT Solutions for Financial Institutions
	1,500,000	RealPage (a)		31,065,000
		Software for Managing Rental Properties Delivered Via the Web
	900,000	Blackbaud		26,667,000
		Software & Services for Non-profits
	2,761,147	InContact (a)(c)		22,337,679
		Call Center Systems Delivered Via the Web & Telco Services
	350,000	Solera Holdings		20,415,500
		Software for Automotive Insurance Claims Processing
	1,000,000	TIBCO (a)		20,220,000
		Datacenter Software
	1,200,000	Constant Contact (a)		15,576,000
		Email & Other Marketing Campaign Management Systems Delivered Over Web
	566,412	DemandWare (a)		14,358,544
		E-Commerce Website Solutions for Retailers & Apparel Manufacturers
	1,700,000	Bazaarvoice (a)(b)		12,444,000
		Platform for Managing Consumer Interaction Via the Web
	1,000,000	Exa (a)(c)		9,520,000
		Simulation Software
	3,700,000	Velti (a)(b)(c)		7,326,000
		Mobile Marketing Software Platform

Number of Shares			Value
	900,000	Active Network (a)	$	3,771,000
		Web Delivered Software Solutions for Managing Events & Activities
	214,200	Envestnet (a)		3,750,642
		Technology Platform for Investment Advisors
				1,072,409,788
		> Instrumentation 3.3%
	1,600,000	Mettler-Toledo International (a)(c)		341,152,000
		Laboratory Equipment
	2,620,000	IPG Photonics (b)(c)		173,994,200
		Fiber Lasers
	4,070,000	Trimble Navigation (a)		121,937,200
		GPS-based Instruments
				637,083,400
		> Mobile Communications 2.8%
	4,200,000	Crown Castle International (a)		292,488,000
		Communications Towers
	3,400,000	SBA Communications (a)		244,868,000
		Communications Towers
	910,254	Globalstar (a)		286,730
		Satellite Mobile Voice & Data Carrier
				537,642,730
		> Computer Hardware & Related Equipment 2.7%
	3,415,000	Amphenol		254,929,750
		Electronic Connectors
	4,550,000	II-VI (a)(c)		77,532,000
		Laser Optics & Specialty Materials
	1,365,000	Zebra Technologies (a)		64,332,450
		Bar Code Printers
	900,000	Netgear (a)		30,159,000
		Networking Products for Small Business & Home
	800,000	Nice Systems - ADR (Israel) (a)		29,464,000
		Audio & Video Recording Solutions
	310,000	Stratasys (a)(b)		23,008,200
		Rapid Prototyping & Direct Digital Manufacturing Systems
	169,000	Gemalto (France)		14,741,861
		Digital Security Solutions
	250,000	Rogers (a)		11,905,000
		Printed Circuit Materials & High-performance Foams
				506,072,261
		> Semiconductors & Related Equipment 2.1%
	7,932,000	ON Semiconductor (a)		65,676,960
		Mixed Signal & Power Management Semiconductors
	2,160,000	Microsemi (a)		50,047,200
		Analog/Mixed Signal Semiconductors
	6,614,000	Atmel (a)		46,033,440
		Microcontrollers, Radio Frequency & Memory Semiconductors
	4,000,000	Entegris (a)		39,440,000
		Semiconductor Materials Management Products

Number of Shares			Value
		> Semiconductors & Related Equipment—continued
	720,000	Cree (a)	$	39,391,200
		LED Lighting, Components & Chips
	1,415,000	Monolithic Power Systems		34,483,550
		High Performance Analog & Mixed Signal Integrated Circuits
	420,000	Littelfuse		28,497,000
		Little Fuses
	615,000	Ultratech (a)		24,310,950
		Semiconductor Equipment
	400,000	Hittite Microwave (a)		24,224,000
		Radio Frequency, Microwave & Millimeterwave Semiconductors
	650,000	Semtech (a)		23,003,500
		Analog Semiconductors
	2,290,000	TriQuint Semiconductor (a)		11,564,500
		Radio Frequency Semiconductors
	1,471,224	Pericom Semiconductor (a)(c)		10,019,035
		Interface Integrated Circuits & Frequency Control Products
	850,000	IXYS		8,151,500
		Power Semiconductors
				404,842,835
		> Telephone & Data Services 1.8%
	9,500,000	tw telecom (a)(c)		239,305,000
		Fiber Optic Telephone/Data Services
	2,200,000	Cogent Communications		58,080,000
		Internet Data Pipelines
	3,000,000	Windstream (b)		23,850,000
		Business & Rural Telecom Services
	1,500,000	General Communications (a)		13,755,000
		Commercial Communications & Consumer CATV, Web & Phone in Alaska
	1,900,000	Boingo Wireless (a)(b)(c)		10,488,000
		Wholesale & Retail WiFi Networks
	2,800,000	Towerstream (a)(b)		6,244,000
		High Speed Wireless, Rooftop Antenna Space & WiFi Offload
				351,722,000
		> Computer Services 1.6%
	3,718,400	iGATE (a)(c)		69,943,104
		IT & Business Process Outsourcing Services
	3,419,000	Genpact		62,191,610
		Business Process Outsourcing
	1,618,000	ExlService Holdings (a)		53,199,840
		Business Process Outsourcing
	2,125,000	Virtusa (a)(c)		50,490,000
		Offshore IT Outsourcing
	2,000,000	WNS - ADR (India) (a)		29,480,000
		Offshore BPO (Business Process Outsourcing) Services
	430,000	Syntel		29,033,600
		Offshore IT Services
	3,849,207	Hackett Group (c)		17,590,876
		IT Integration & Best Practice Research
				311,929,030

Number of Shares			Value
		> Business Information & Marketing Services 1.0%
	1,900,000	Verisk Analytics (a)	$	117,097,000
		Risk & Decision Analytics
	3,924,100	Navigant Consulting (a)(c)		51,562,674
		Financial Consulting Firm
	1,921,382	RPX (a)		27,110,700
		Patent Aggregation & Defensive Patent Consulting
	100,000	Bankrate (a)		1,194,000
		Internet Advertising
				196,964,374
		> Gaming Equipment & Services 1.0%
	3,725,000	Bally Technologies (a)(c)		193,588,250
		Slot Machines & Software
		> Internet Related 0.7%
	1,325,000	TripAdvisor (a)		69,589,000
		Online Travel Research
	250,000	Equinix (a)		54,077,500
		Network Neutral Data Centers
	727,000	Yandex (Russia) (a)		16,808,240
		Search Engine for Russian & Turkish Languages
				140,474,740
		> Financial Processors 0.7%
	1,700,000	Global Payments		84,422,000
		Credit Card Processor
	5,000,000	Singapore Exchange (Singapore)		31,148,289
		Singapore Equity & Derivatives Market Operator
	600,000	Liquidity Services (a)(b)		17,886,000
		E-Auctions for Surplus & Salvage Goods
				133,456,289
		> Telecommunications Equipment 0.7%
	640,000	F5 Networks (a)		57,011,200
		Internet Traffic Management Equipment
	1,730,000	Ixia (a)		37,437,200
		Telecom Network Test Equipment
	1,675,000	Finisar (a)		22,093,250
		Optical Subsystems & Components
	1,925,000	Infinera (a)		13,475,000
		Optical Networking Equipment
				130,016,650
		> Electronics Distribution 0.6%
	3,125,000	Avnet (a)		113,125,000
		Electronic Components Distribution
		> CATV 0.6%
	800,000	Liberty Global Series A (a)		58,720,000
		Cable TV Franchises Outside the U.S.
	720,000	Discovery Series C (a)		50,068,800
		Cable TV Programming
				108,788,800
		> Contract Manufacturing 0.4%
	3,800,000	Sanmina (a)		43,168,000
		Electronic Manufacturing Services

Columbia Acorn Fund

Statement of Investments (Unaudited), continued

Number of Shares			Value
		> Contract Manufacturing—continued
	960,000	Plexus (a)	$	23,337,600
		Electronic Manufacturing Services
				66,505,600
		> Advertising 0.3%
	1,200,000	Lamar Advertising (a)		58,332,000
		Outdoor Advertising
	63,176	Tree.com		1,168,124
		Advertising Lead Generation for the Mortgage, Education & Auto Markets
				59,500,124
		> Entertainment Programming 0.2%
	1,100,000	IMAX (Canada) (a)		29,403,000
		IMAX Movies, Theatre Equipment & Theatre Joint Ventures
		> TV Broadcasting —%
	2,361,062	Entravision Communications		7,531,788
		Spanish Language TV & Radio Stations
Information: Total				5,001,056,659
Industrial Goods & Services 20.0%
		> Machinery 11.7%
	9,900,000	Ametek		429,264,000
		Aerospace/Industrial Instruments
	8,400,000	Donaldson (c)		303,996,000
		Industrial Air Filtration
	3,400,000	Nordson (c)		224,230,000
		Dispensing Systems for Adhesives & Coatings
	3,230,000	Moog (a)(c)		148,030,900
		Motion Control Products for Aerospace, Defense & Industrial Markets
	3,725,000	Kennametal		145,424,000
		Consumable Cutting Tools
	1,660,000	Pall		113,494,200
		Life Science, Water & Industrial Filtration
	3,063,000	HEICO (c)		105,091,530
		FAA Approved Aircraft Replacement Parts
	2,400,000	Oshkosh Corporation (a)		101,976,000
		Specialty Truck Manufacturer
	2,725,000	Generac		96,301,500
		Standby Power Generators
	1,750,000	Clarcor		91,665,000
		Mobile Equipment & Industrial Filters
	2,200,000	ESCO Technologies (c)		89,892,000
		Automatic Electric Meter Readers
	1,610,000	Toro		74,124,400
		Turf Maintenance Equipment
	435,000	Valmont Industries		68,412,450
		Center Pivot Irrigation Systems & Utility Poles
	1,600,000	Polypore International (a)(b)		64,288,000
		Battery Separators & Filtration Media
	600,000	Wabtec		61,266,000
		Freight & Transit Component Supplier

Number of Shares			Value
	750,000	WABCO Holdings (a)	$	52,942,500
		Truck & Bus Component Supplier
	201,220	Middleby (a)		30,615,623
		Manufacturer of Cooking Equipment
	400,000	Neopost (France) (b)		23,962,919
		Postage Meter Machines
	10,000,000	Marel (Iceland)		12,529,809
		Largest Manufacturer of Poultry & Fish Processing Equipment
	369,758	Spartan Motors		1,963,415
		Specialty Truck & Chassis Manufacturer
				2,239,470,246
		> Industrial Materials & Specialty Chemicals 2.2%
	1,430,000	Albemarle		89,403,600
		Specialty Chemicals for Refineries, Plastics, Pharma, Food
	1,880,000	Drew Industries (c)		68,262,800
		RV & Manufactured Home Components
	1,050,000	FMC Corporation		59,881,500
		Niche Specialty Chemicals
	775,000	Ashland		57,582,500
		Diversified Chemicals Company
	673,000	Sociedad Quimica y Minera de Chile - ADR (Chile) (b)		37,317,850
		Producer of Specialty Fertilizers, Lithium & Iodine
	1,000,000	Novozymes (Denmark) (b)		33,956,346
		Industrial Enzymes
	1,200,000	Polyone		29,292,000
		Intermediate Stage Chemicals Producer
	2,218,700	Kansai Paint (Japan)		24,641,724
		Paint Producer in Japan, India, China & Southeast Asia
	125,000	RockTenn		11,598,750
		Paper Based Packaging
	200,000	Silgan Holdings		9,450,000
		Metal & Plastic Packaging
				421,387,070
		> Construction 1.7%
	2,850,000	Chicago Bridge & Iron		176,985,000
		Engineering & Construction for Liquefied Natural Gas & Petrochemicals
	72,000	NVR (a)		77,767,920
		Homebuilder
	1,050,000	Fortune Brands Home & Security (a)		39,301,500
		Home Building Supplies & Small Locks
	1,800,000	Mills Estruturas e Servicos de Engenharia (Brazil)		28,869,479
		Civil Engineering & Construction
				322,923,899
		> Other Industrial Services 1.4%
	2,000,000	Expeditors International of Washington		71,420,000
		International Freight Forwarder
	2,700,000	LKQ (a)		58,752,000
		Alternative Auto Parts Distribution

Number of Shares			Value
		> Other Industrial Services—continued
	1,500,000	Forward Air (c)	$	55,935,000
		Freight Transportation Between Airports
	1,600,000	Mobile Mini (a)		47,088,000
		Portable Storage Units Leasing
	1,948,368	Imtech (Netherlands) (b)		22,050,578
		Technical Installation & Maintenance
	1,520,957	Acorn Energy (b)(c)		11,179,034
		Frac Well Exploration/Monitoring Device, Sonar Security, Electric Grid Monitoring
	500,000	UTI Worldwide		7,240,000
		Freight Forwarding & Logistics
				273,664,612
		> Electrical Components 0.9%
	1,765,000	Acuity Brands		122,402,750
		Commercial Lighting Fixtures
	1,065,000	Thermon (a)		23,653,650
		Global Engineered Thermal Solutions
	1,500,000	Ushio (Japan)		15,355,753
		Industrial Light Sources
				161,412,153
		> Industrial Distribution 0.7%
	1,200,000	WESCO International (a)		87,132,000
		Industrial Distributor
	294,180	Airgas		29,170,889
		Industrial Gas Distributor
	700,000	MRC Global (a)		23,051,000
		Industrial Distributor
				139,353,889
		> Outsourcing Services 0.7%
	2,800,000	Quanta Services (a)		80,024,000
		Electrical & Telecom Construction Services
	1,400,000	Insperity (c)		39,718,000
		Professional Employer Organization
	600,000	GP Strategies (a)		14,316,000
		Outsourced Training Services
				134,058,000
		> Waste Management 0.4%
	2,050,000	Waste Connections		73,759,000
		Solid Waste Management
		> Conglomerates 0.3%
	2,695,419	Aalberts Industries (Netherlands)		60,274,655
		Flow Control & Heat Treatment
Industrial Goods & Services: Total				3,826,303,524
Consumer Goods & Services 16.3%
		> Retail 5.2%
	2,718,427	lululemon athletica (a)(b)		169,493,923
		Premium Active Apparel Retailer
	7,185,000	Pier 1 Imports (c)		165,255,000
		Home Furnishing Retailer
	2,231,000	Abercrombie & Fitch		103,072,200
		Teen Apparel Retailer
	1,975,000	Shutterfly (a)(c)		87,235,750
		Internet Photo-centric Retailer

Number of Shares			Value
	1,065,627	ULTA (a)	$	86,496,944
		Specialty Beauty Product Retailer
	1,675,000	Williams-Sonoma		86,296,000
		Home Goods & Furnishing Retailer
	822,845	Fossil (a)		79,486,827
		Watch Designer & Retailer
	4,100,000	Saks (a)		47,027,000
		Luxury Department Store Retailer
	1,925,000	American Eagle Outfitters		35,997,500
		Teen Apparel Retailer
	525,000	DSW		33,495,000
		Branded Footwear Retailer
	538,104	Casey's General Stores		31,371,463
		Owner/Operator of Convenience Stores
	790,000	Urban Outfitters (a)		30,604,600
		Multi-channel Apparel & Accessory Retailer
	852,000	Massmart Holdings (South Africa)		17,627,810
		General Merchandise, Food & Home Improvement Stores; Wal-Mart Subsidiary
	450,000	Five Below (a)(b)		17,050,500
		Specialty Retailer Targeting Pre-Teen & Teen
	1,371,366	Gaiam (a)(c)		5,759,737
		Healthy Living Catalogs & E-Commerce, Non-theatrical Media
	200,000	Tile Shop Holdings (a)(b)		4,202,000
		Specialty Retailer of Tiles & Related Accessories
				1,000,472,254
		> Travel 3.8%
	4,520,690	Ryman Hospitality Properties (b)(c)		206,821,567
		Convention Hotels
	4,400,000	Avis Budget Group (a)		122,452,000
		Second Largest Car Rental Company
	1,430,000	Vail Resorts		89,117,600
		Ski Resort Operator & Developer
	3,750,000	Hertz (a)		83,475,000
		Largest U.S. Rental Car Operator
	1,650,000	Choice Hotels		69,811,500
		Franchisor of Budget Hotel Brands
	1,100,000	Expedia		66,011,000
		Online Travel Services Company
	1,600,000	HomeAway (a)		52,000,000
		Vacation Rental Online Marketplace
	2,000,000	Localiza Rent A Car (Brazil)		35,927,255
		Car Rental
				725,615,922
		> Casinos & Gaming 1.2%
	3,000,000	Melco Crown Entertainment - ADR (Hong Kong) (a)		70,020,000
		Macau Casino Operator
	3,950,000	Pinnacle Entertainment (a)(c)		57,749,000
		Regional Casino Operator
	850,000	Penn National Gaming (a)		46,265,500
		Regional Casino Operator
	12,000,000	MGM China Holdings (Hong Kong)		25,731,024
		Macau Casino Operator

Columbia Acorn Fund

Statement of Investments (Unaudited), continued

Number of Shares			Value
		> Casinos & Gaming—continued
	25,000,000	Nagacorp (Cambodia)	$	21,131,062
		Casino/Entertainment Complex in Cambodia
				220,896,586
		> Apparel 1.1%
	1,296,000	PVH		138,425,760
		Apparel Wholesaler & Retailer
	810,000	Deckers Outdoor (a)(b)		45,108,900
		Fashion Footwear Wholesaler
	600,000	Steven Madden (a)		25,884,000
		Wholesaler/Retailer of Fashion Footwear
	1,500,000	Quiksilver (a)		9,105,000
		Action Sports Lifestyle Branded Apparel & Footwear
				218,523,660
		> Consumer Goods Distribution 1.1%
	2,015,000	Pool		96,720,000
		Swimming Pool Supplies & Equipment Distributor
	2,305,000	GNC Holdings		90,540,400
		Specialty Retailer of Health & Wellness Products
	625,000	United Stationers		24,156,250
		Wholesale Distributor of Business Products
				211,416,650
		> Furniture & Textiles 0.9%
	3,671,923	Knoll (c)		66,571,964
		Office Furniture
	2,250,000	Herman Miller		62,257,500
		Office Furniture
	2,325,000	Interface		44,686,500
		Modular Carpet
	215,000	Caesarstone (Israel) (a)		5,676,000
		Quartz Countertops
				179,191,964
		> Other Consumer Services 0.8%
	2,280,000	Lifetime Fitness (a)(c)		97,538,400
		Sport & Fitness Club Operator
	17,000,000	Lifestyle International (Hong Kong)		37,801,033
		Mid- to High-end Department Store Operator in Hong Kong & China
	1,062,500	Move (a)		12,696,875
		Real Estate Internet Websites
	450,000	IFM Investments (Century 21 China RE) - ADR (China) (a)		1,206,000
		Provide Real Estate Services in China
				149,242,308
		> Restaurants 0.6%
	2,000,000	AFC Enterprises (a)(c)		72,660,000
		Popeye's Restaurants
	630,000	Domino's Pizza		32,407,200
		Franchisor of Pizza Restaurants
	675,000	Bravo Brio Restaurant Group (a)		10,685,250
		Upscale Casual Italian Restaurants
				115,752,450

Number of Shares			Value
		> Food & Beverage 0.6%
	1,800,000	Arcos Dorados (Brazil) (b)	$	23,760,000
		McDonald's Master Franchise for Latin America
	2,475,000	Boulder Brands (a)		22,225,500
		Healthy Food Products
	700,000	B&G Foods		21,343,000
		Acquiror of Small Food Brands
	14,000,000	Olam International (Singapore) (b)		19,490,063
		Agriculture Supply Chain Manager
	320,845	Monster Beverage (a)		15,317,141
		Alternative Beverages
	282,000	Crimson Wine Group (a)(b)		2,622,600
		Winery
	1,665,270	GLG Life Tech (Canada) (a)(c)(d)		553,702
		Produce an All-natural Sweetener Extracted from the Stevia Plant
				105,312,006
		> Other Durable Goods 0.4%
	892,500	Jarden (a)		38,243,625
		Branded Household Products
	460,000	Cavco Industries (a)(c)		21,882,200
		Manufactured Homes
	550,000	Tesla Motors (a)(b)		20,839,500
		Designs, Manufactures & Sells High Performance Electric Vehicles
				80,965,325
		> Nondurables 0.3%
	1,600,000	Helen of Troy (a)(c)		61,376,000
		Personal Care, Housewares, Healthcare & Home Environment Products
		> Educational Services 0.3%
	1,300,000	DeVry		41,275,000
		Postsecondary Degree Services
	500,000	ITT Educational Services (a)(b)		6,890,000
		Postsecondary Degree Services
	2,000,000	Voyager Learning - Contingent Value Rights (a)(d)(e)		236,000
		Education Services for the K-12 Market
				48,401,000
		> Other Entertainment —%
	64,727	CTS Eventim (Germany)		2,194,566
		Event Ticket Sales
Consumer Goods & Services: Total				3,119,360,691
Finance 12.0%
		> Banks 4.3%
	2,638,000	BOK Financial		164,347,400
		Tulsa-based Southwest Bank
	7,756,800	Associated Banc-Corp		117,825,792
		Midwest Bank
	1,348,000	City National		79,410,680
		Bank & Asset Manager
	2,337,313	Hancock Holding		72,269,718
		Gulf Coast Bank
	985,000	SVB Financial Group (a)		69,875,900
		Bank to Venture Capitalists

Number of Shares			Value
		> Banks—continued
	2,860,000	MB Financial (c)	$	69,126,200
		Chicago Bank
	5,323,500	Valley National Bancorp (b)		54,512,640
		New Jersey/New York Bank
	2,200,000	TCF Financial		32,912,000
		Great Lakes Bank
	1,162,000	Sandy Spring Bancorp		23,356,200
		Baltimore, Washington, D.C. Bank
	1,350,000	TriCo Bancshares (c)		23,085,000
		California Central Valley Bank
	550,000	Wintrust Financial		20,372,000
		Chicago & Milwaukee Full Service Bank
	4,299,507	First Busey		19,648,747
		Illinois Bank
	2,500,000	First Commonwealth		18,650,000
		Western Pennsylvania Bank
	635,000	Eagle Bancorp (a)		13,900,150
		Metro Washington, D.C. Bank
	811,295	Hudson Valley		12,096,408
		Metro New York City Bank
	2,136,500	TrustCo Bank		11,921,670
		New York State Bank
	733,896	Oriental Financial Group (b)		11,382,727
		Puerto Rican Bank
	850,000	CVB Financial		9,579,500
		Inland Empire Business Bank
				824,272,732
		> Insurance 2.8%
	8,900,000	CNO Financial Group		101,905,000
		Life, Long-term Care & Medical Supplement Insurance
	833,000	Allied World Holdings		77,235,760
		Commerical Lines Insurance/Reinsurance
	1,400,000	The Hanover Insurance Group		69,552,000
		Commercial & Personal Lines Insurance
	3,738,900	Tower Group (c)		68,982,705
		Commercial & Personal Lines Insurance
	2,625,000	Selective Insurance Group		63,026,250
		Commercial & Personal Lines Insurance
	1,500,000	Brown & Brown		48,060,000
		Insurance Broker
	1,100,000	HCC Insurance Holdings		46,233,000
		Specialty Insurance
	250,000	Enstar Group (a)		31,072,500
		Insurance/Reinsurance & Related Services
	925,000	Kemper		30,164,250
		Multi-line Insurance
				536,231,465
		> Finance Companies 1.8%
	1,285,000	World Acceptance (a)(c)		110,342,950
		Personal Loans
	3,400,000	H & E Equipment Services (c)		69,360,000
		Heavy Equipment Leasing
	2,150,000	McGrath Rentcorp (c)		66,865,000
		Temporary Space & IT Rentals
	1,400,000	CAI International (a)(c)		40,348,000
		International Container Leasing

Number of Shares			Value
	1,091,000	Marlin Business Services (c)	$	25,300,290
		Small Equipment Leasing
	450,000	Onex Capital (Canada)		21,457,892
		Private Equity
	228,500	Textainer Group Holdings		9,037,175
		Top International Container Leasor
	100,000	Green Dot (a)		1,671,000
		Provider of Reloadable Prepaid Debt Cards & Online Banking
				344,382,307
		> Brokerage & Money Management 1.8%
	7,100,000	SEI Investments		204,835,000
		Mutual Fund Administration & Investment Management
	3,052,000	Eaton Vance		127,665,160
		Specialty Mutual Funds
	380,446	Kennedy-Wilson Holdings		5,900,718
		Global Distress Real Estate
	1,000,000	Artio Global Investors		2,720,000
		International Asset Manager
				341,120,878
		> Credit Cards 0.7%
	550,000	Alliance Data Systems (a)		89,039,500
		Diversified Credit Card Provider
	500,000	WEX Corp (a)		39,250,000
		Pay Card Processor
				128,289,500
		> Diversified Financial Companies 0.4%
	2,820,000	Leucadia National		77,352,600
		Holding Company
		> Savings & Loans 0.2%
	400,000	Financial Engines		14,488,000
		Asset Management for 401k Plans
	470,000	ViewPoint Financial		9,451,700
		Texas Thrift
	1,010,000	Provident New York Bancorp		9,160,700
		New York State Thrift
	452,146	Simplicity Bancorp (c)		6,795,755
		Los Angeles Savings & Loan
	65,991	Berkshire Hills Bancorp		1,685,410
		Northeast Thrift
				41,581,565
Finance: Total				2,293,231,047
Health Care 8.3%
		> Biotechnology & Drug Delivery 3.9%
	6,550,000	Seattle Genetics (a)(c)		232,590,500
		Antibody-based Therapies for Cancer
	2,540,000	BioMarin Pharmaceutical (a)		158,140,400
		Biotech Focused on Orphan Diseases
	870,000	Onyx Pharmaceuticals (a)		77,308,200
		Commercial-stage Biotech Focused on Cancer
	1,386,633	Synageva Biopharma (a)(c)		76,153,884
		Biotech Focused on Orphan Diseases
	3,130,000	ARIAD Pharmaceuticals (a)		56,621,700
		Biotech Focused on Cancer
	1,310,000	Sarepta Therapeutics (a)(b)		48,404,500
		Biotech Focused on Rare Diseases

Columbia Acorn Fund

Statement of Investments (Unaudited), continued

Number of Shares			Value
		> Biotechnology & Drug Delivery—continued
	3,283,000	NPS Pharmaceuticals (a)	$	33,453,770
		Orphan Drugs & Healthy Royalties
	2,025,000	InterMune (a)		18,326,250
		Drugs for Pulmonary Fibrosis & Hepatitis C
	730,000	Alnylam Pharmaceuticals (a)		17,790,100
		Biotech Developing Drugs for Rare Diseases
	3,610,890	Ultragenyx (a)(d)(e)		11,988,155
		Biotech Focused On Ultra-Orphan Drugs
	2,798,416	Chelsea Therapeutics International (a)(b)		5,708,769
		Biotech Focused on Rare Diseases
	406,343	Coronado Biosciences (a)		3,949,654
		Development-stage Biotech
	359,944	MicroDose Therapeutx (a)(d)(e)		28,795
		Drug Inhaler Development
				740,464,677
		> Medical Supplies 2.5%
	5,670,000	Cepheid (a)(c)		217,557,900
		Molecular Diagnostics
	950,000	Henry Schein (a)		87,922,500
		Largest Distributor of Healthcare Products
	1,950,000	DENTSPLY International		82,719,000
		Leading Dental Supplies Manufacturer
	1,676,000	Patterson Companies		63,755,040
		Dental/Vet/Med Distributor
	375,000	Techne		25,443,750
		Cytokines, Antibodies & Other Reagents for Life Science
				477,398,190
		> Medical Equipment & Devices 1.0%
	1,025,000	Sirona Dental Systems (a)		75,573,250
		Manufacturer of Dental Equipment
	1,475,000	PerkinElmer		49,619,000
		Analytical Instruments for Life Sciences
	1,100,000	Haemonetics (a)		45,826,000
		Blood & Plasma Collection Equipment
	725,000	Orthofix International (a)		26,005,750
		Bone Fixation & Stimulation Devices
				197,024,000
		> Health Care Services 0.6%
	665,000	Mednax (a)		59,603,950
		Physician Management for Pediatric & Anesthesia Practices
	1,875,000	Health Management Associates (a)		24,131,250
		Non-urban Hospitals
	825,000	HealthSouth (a)		21,755,250
		Inpatient Rehabalitation Facilities
				105,490,450
		> Pharmaceuticals 0.3%
	4,000,000	Akorn (a)		55,320,000
		Develops, Manufactures & Sells Specialty Generic Drugs

Number of Shares			Value
	2,040,000	Alimera Sciences (a)(b)(c)	$	6,262,800
		Ophthalmology-focused Pharmaceutical Company
				61,582,800
Health Care: Total				1,581,960,117
Other Industries 6.9%
		> Real Estate 4.7%
	3,625,000	Dupont Fabros Technology (c)		87,978,750
		Data Centers
	750,000	Federal Realty		81,030,000
		Shopping Centers
	1,850,000	Extra Space Storage		72,649,500
		Self Storage Facilities
	1,435,000	Post Properties		67,588,500
		Multifamily Properties
	5,744,300	EdR (c)		60,487,479
		Student Housing
	3,000,000	Associated Estates Realty (c)		55,920,000
		Multifamily Properties
	2,450,000	Biomed Realty Trust		52,920,000
		Life Science-focused Office Buildings
	50,000,000	Mapletree Logistics Trust (Singapore)		49,015,399
		Industrial Property Landlord
	22,000,000	Ascendas REIT (Singapore)		46,228,397
		Industrial Property Landlord
	558,886	Digital Realty Trust		37,395,062
		Data Centers
	325,000	Jones Lang LaSalle		32,308,250
		Real Estate Services
	1,500,000	St. Joe (a)(b)		31,875,000
		Florida Panhandle Landowner
	2,850,000	Summit Hotel Properties		29,839,500
		Owner of Select Service Hotels
	1,300,000	Hudson Pacific Properties		28,275,000
		West Coast Office Buildings & Production Studios
	3,750,000	DCT Industrial Trust		27,750,000
		Industrial Properties
	4,000,000	Kite Realty Group (c)		26,960,000
		Community Shopping Centers
	24,664,000	Mapletree Greater China Commercial Trust (Hong Kong) (a)		20,680,098
		Retail & Office Property Landlord
	14,000	Orix JREIT (Japan)		19,769,718
		Diversified REIT
	11,655,000	CDL Hospitality Trust (Singapore)		19,295,365
		Hotel Owner/Operator
	786,000	Terreno Realty		14,132,280
		Industrial Properties
	10,000,000	Mapletree Industrial Trust (Singapore)		11,327,448
		Industrial Property Landlord
	317,440	Coresite Realty		11,104,051
		Data Centers

Number of Shares			Value
		> Real Estate—continued
	10,000,000	Mapletree Commercial Trust (Singapore)	$	10,851,107
		Retail & Office Property Landlord
				895,380,904
		> Transportation 1.4%
	3,100,000	Rush Enterprises, Class A (a)(c)		74,772,000
	550,000	Rush Enterprises, Class B (a)(c)		11,330,000
		Truck Sales & Service
	1,155,000	JB Hunt Transport Services		86,024,400
		Truck & Intermodal Carrier
	602,000	Kirby (a)		46,233,600
		Largest Operator of U.S. (Jones Act) Liquid Tank Barges
	300,000	Genesee & Wyoming (a)		27,933,000
		Short-line Operator
	627,000	World Fuel Services		24,904,440
		Global Fuel Broker
				271,197,440
		> Regulated Utilities 0.8%
	2,000,000	Northeast Utilities		86,920,000
		Regulated Electric Utility
	2,200,000	Pepco Holdings		47,080,000
		Regulated Utility
	700,000	Wisconsin Energy		30,023,000
		Wisconsin Utility
				164,023,000
Other Industries: Total				1,330,601,344
Energy & Minerals 6.5%
		> Oil Services 3.2%
	4,635,000	FMC Technologies (a)		252,097,650
		Oil & Gas Well Head Manufacturer
	2,193,000	Atwood Oceanics (a)		115,220,220
		Offshore Drilling Contractor
	1,031,106	Fugro (Netherlands)		57,072,044
		Subsea Oilfield Services
	1,334,000	ShawCor (Canada)		56,558,921
		Oil & Gas Pipeline Products
	400,000	Dresser-Rand Group (a)		24,664,000
		Manufactures & Services Compressors
	684,000	Rowan (a)		24,186,240
		Contract Offshore Driller
	499,000	Hornbeck Offshore (a)		23,183,540
		Supply Vessel Operator in U.S. Gulf of Mexico
	268,000	Chart Industries (a)		21,442,680
		Manufacturer of Natural Gas Processing/Storage Equipment
	2,601,900	Horizon North Logistics (Canada)		14,625,042
		Provides Diversified Oil Service Offering in Northern Canada
	596,600	Black Diamond Group (Canada)		12,362,485
		Provides Accommodations/Equipment for Oil Sands Development

Number of Shares			Value
	300,000	Gulfmark Offshore	$	11,688,000
		Operator of Offshore Supply Vessels
	119,000	Oil States International (a)		9,706,830
		Diversified North American Oil Service Provider
	4,025,000	Tuscany International Drilling (Colombia) (a)		515,086
		South America Based Drilling Rig Contractor
				623,322,738
		> Oil & Gas Producers 2.1%
	2,700,000	Pacific Rubiales Energy (Colombia)		56,984,791
		Oil Production & Exploration in Colombia
	695,000	Range Resources		56,322,800
		Oil & Gas Producer
	1,153,600	Rosetta Resources (a)		54,888,288
		Oil & Gas Producer Exploring in Texas
	590,000	SM Energy		34,939,800
		Oil & Gas Producer
	443,000	Cabot Oil and Gas		29,951,230
		Large Natural Gas Producer in Appalachia & Gulf Coast
	3,095,000	Athabasca Oil Sands (Canada) (a)		27,694,591
		Oil Sands & Unconventional Oil Development
	1,477,000	Denbury Resources (a)		27,546,050
		Oil Producer Using Co2 Injection
	1,159,000	Laredo Petroleum (a)		21,198,110
		Permian Basin Oil Producer
	340,000	PDC Energy (a)		16,853,800
		Oil & Gas Producer in U.S.
	850,000	Tullow Oil (United Kingdom)		15,898,762
		Oil & Gas Producer
	361,000	Baytex (Canada)		15,127,991
		Oil & Gas Producer in Canada
	27,000,000	Shamaran Petroleum (Iraq) (a)		8,770,980
		Oil Exploration & Production in Kurdistan
	24,774,500	Petroamerica Oil (Colombia) (a)(b)		8,657,723
		Oil Exploration & Production in Colombia
	26,000,000	Petrodorado Energy (Colombia) (a)(c)		4,606,979
		Oil & Gas Exploration & Production in Colombia, Peru & Paraguay
	37,500,000	Petromanas (Canada) (a)(c)		3,876,064
		Exploring for Oil in Albania
	493,000	Crew Energy (Canada) (a)		3,479,658
		Canadian Oil & Gas Producer
	1,198,100	Pan Orient (Canada)		3,184,397
		Asian Oil & Gas Explorer
	8,400,000	Canadian Overseas Petroleum (United Kingdom) (a)(e)		1,905,163
	4,200,000	Canadian Overseas Petroleum - Warrants (United Kingdom) (a)(d)(e)		119,813
		Oil & Gas Exploration/Production in the North Sea
	511,600	Canacol (Colombia) (a)		1,677,047
		Oil Producer in South America

Columbia Acorn Fund

Statement of Investments (Unaudited), continued

Number of Shares			Value
		> Oil & Gas Producers—continued
	4,110,000	Santa Maria Petroleum (Colombia) (a)(c)(e)	$	271,883
	890,000	Santa Maria Petroleum (Colombia) (a)(c)		61,328
		Explores for Oil & Gas in Latin America
	50,000,000	Gulf United Energy (Colombia) (a)(c)		125,000
		Prospecting for Oil Alongside Large Producers in Colombia
				394,142,248
		> Mining 1.1%
	387,000	Core Labs (Netherlands)		53,375,040
		Oil & Gas Reservoir Consulting
	1,000,000	Silver Wheaton (Canada)		31,350,000
		Silver Mining Royalty Company
	1,600,000	Alamos Gold (Canada)		21,971,748
		Gold Mining
	4,432,000	Northam Platinum (South Africa) (a)		19,134,819
		Platinum Mining in South Africa
	1,150,000	Allied Nevada Gold (a)		18,929,000
		Gold & Silver Mining
	3,524,000	Regis Resources (Australia) (a)		15,289,706
		Gold Mining in Australia
	7,500,000	Duluth Metals (Canada) (a)(c)		14,322,981
		Copper & Nickel Miner
	1,900,000	Kirkland Lake Gold (Canada) (a)(b)		10,062,509
		Gold Mining
	1,150,000	Turquoise Hill Resources (Mongolia) (a)		7,324,408
		Copper Mine Project in Mongolia
	2,050,000	Alexco Resource (a)		6,806,000
		Mining, Exploration & Environmental Services
	16,000,000	Mongolian Mining (Mongolia) (a)		5,881,746
		Coking Coal Mining in Mongolia
	3,000,000	Kaminak Gold (a)		3,455,234
		Exploration Stage Canadian Gold Miner
	800,000	Augusta Resource (a)(b)		2,048,000
		U.S. Copper/Moly Mine
	1,000,000	Wolverine Minerals (Canada) (a)(e)		80,327
		Gold Mining
	500,000	Duluth Exploration - Special Warrants (Canada) (a)(d)(e)(f)		—
		Copper & Nickel Miner
				210,031,518
		> Agricultural Commodities 0.1%
	1,306,818	Union Agriculture Group (Uruguay) (a)(d)(e)		13,355,680
		Farmland Operator in Uruguay

Number of Shares			Value
		> Alternative Energy —%
	2,000,000	GT Advanced Technologies (a)(b)	$	6,580,000
		Largest Manufacturer of Furnaces & Reactors to Produce & Cast Polysilicon
	1,210,300	Synthesis Energy Systems (China) (a)		1,258,712
		Owner/Operator of Gasification Plants
				7,838,712
Energy & Minerals: Total				1,248,690,896
Total Equities: 96.1% (Cost: $10,446,432,033)				18,401,204,278	(g)
Short-Term Investments: 3.7%
	439,904,873	J.P. Morgan U.S. Government Money Market Fund - Agency Shares (7 day yield of 0.01%)		439,904,873
	272,118,648	J.P. Morgan U.S. Government Money Market Fund - Capital Shares (7 day yield of 0.01%)		272,118,648
Total Short-Term Investments: 3.7% (Cost: $712,023,521)				712,023,521
Securities Lending Collateral: 2.3%
	441,355,278	Dreyfus Government Cash Management Fund - Institutional Shares (7 day yield of 0.01%) (h)		441,355,278
Total Securities Lending Collateral: 2.3% (Cost: $441,355,278)				441,355,278
Total Investments: 102.1% (Cost: $11,599,810,832) (i)				19,554,583,077	(j)
Obligation to Return Collateral for Securities Loaned: (2.3)%				(441,355,278	)
Cash and Other Assets Less Liabilities: 0.2%				38,253,346
Net Assets: 100.0%			$	19,151,481,145

ADR - American Depositary Receipts

REIT - Real Estate Investment Trust

> Notes to Statement of Investments

(a) Non-income producing security.

(b) All or a portion of this security was on loan at March 31, 2013. The total market value of securities on loan at March 31, 2013 was $432,348,448.

(c) An affiliated person of the Fund may include any company in which the Fund owns five percent or more of its outstanding voting shares. Holdings and transactions in these affiliated companies during the period ended March 31, 2013, are as follows:

Security	Balance of Shares Held 12/31/12		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 3/31/13		Value		Dividend
Acorn Energy		1,512,352		8,605		-		1,520,957	$	11,179,034	$	52,932
AFC Enterprises		2,000,000		-		-		2,000,000		72,660,000		-
Alimera Sciences		2,040,000		-		-		2,040,000		6,262,800		-
Associated Estates Realty		3,000,000		-		-		3,000,000		55,920,000		570,000
Bally Technologies		3,725,000		-		-		3,725,000		193,588,250		-
Boingo Wireless		1,900,000		-		-		1,900,000		10,488,000		-
CAI International		1,397,834		2,166		-		1,400,000		40,348,000		-
Cavco Industries		460,000		-		-		460,000		21,882,200		-
Cepheid		4,970,000		700,000		-		5,670,000		217,557,900		-
Chelsea Therapeutics International (1)		4,949,000		-		2,150,584		2,798,416		5,708,769		-
Donaldson		8,400,000		-		-		8,400,000		303,996,000		840,000
Drew Industries		1,880,000		-		-		1,880,000		68,262,800		-
Duluth Metals		7,500,000		-		-		7,500,000		14,322,981		-
Dupont Fabros Technology		3,625,000		-		-		3,625,000		87,978,750		-
EdR		5,744,300		-		-		5,744,300		60,487,479		574,430
ESCO Technologies		2,200,000		-		-		2,200,000		89,892,000		176,000
Exa		872,060		127,940				1,000,000		9,520,000		-
ExlService Holdings (1)		1,618,000		-		-		1,618,000		53,199,840		-
Forward Air		1,500,000		-		-		1,500,000		55,935,000		150,000
Gaiam		1,371,366		-		-		1,371,366		5,759,737		-
GLG Life Tech		1,665,270		-		-		1,665,270		553,702		-
Gulf United Energy		50,000,000		-		-		50,000,000		125,000		-
H & E Equipment Services		3,400,000		-		-		3,400,000		69,360,000		-
Hackett Group		3,849,207		-		-		3,849,207		17,590,876		-
HEICO		3,063,000		-		-		3,063,000		105,091,530		-
Helen of Troy		1,600,000		-		-		1,600,000		61,376,000		-
iGATE		3,700,000		18,400		-		3,718,400		69,943,104		-
II-VI		4,550,000		-		-		4,550,000		77,532,000		-
InContact		2,200,000		561,147		-		2,761,147		22,337,679		-
Insperity		1,800,000		-		400,000		1,400,000		39,718,000		266,733
IPG Photonics		2,780,000		-		160,000		2,620,000		173,994,200		-
Kite Realty Group		4,000,000		-		-		4,000,000		26,960,000		240,000
Knoll		4,200,000		-		528,077		3,671,923		66,571,964		484,577
Lifetime Fitness		2,280,000		-		-		2,280,000		97,538,400		-
Marlin Business Services		1,091,000		-		-		1,091,000		25,300,290		109,100
MB Financial		2,860,000		-		-		2,860,000		69,126,200		286,000
McGrath Rentcorp		2,150,000		-		-		2,150,000		66,865,000		505,250
Mettler-Toledo International		1,600,000		-		-		1,600,000		341,152,000		-
Moog		3,230,000		-		-		3,230,000		148,030,900		-
Navigant Consulting		3,704,600		219,500		-		3,924,100		51,562,674		-
Nordson		3,125,000		275,000		-		3,400,000		224,230,000		468,750
NPS Pharmaceuticals (1)		6,000,000		-		2,717,000		3,283,000		33,453,770		-
Pericom Semiconductor		1,765,000		-		293,776		1,471,224		10,019,035		-
Petrodorado Energy		26,000,000		-		-		26,000,000		4,606,979		-
Petromanas		37,500,000		-		-		37,500,000		3,876,064		-
Pier 1 Imports		7,185,000		-		-		7,185,000		165,255,000		359,250
Pinnacle Entertainment		3,950,000		-		-		3,950,000		57,749,000		-
Raptor Pharmaceutical (1)		3,000,000		-		3,000,000		-		-		-
Rush Enterprises		3,650,000		-		-		3,650,000		86,102,000		-
Ryman Hospitality Properties		4,520,690		-		-		4,520,690		206,821,567		2,260,345
Santa Maria Petroleum		5,000,000		-		-		5,000,000		333,211		-
Seattle Genetics		6,550,000		-		-		6,550,000		232,590,500		-
Shutterfly		2,835,000		-		860,000		1,975,000		87,235,750		-
Simplicity Bancorp		452,146		-		-		452,146		6,795,755		36,172
SPS Commerce		900,000		-		-		900,000		38,403,000		-
Summit Hotel Properties (1)		2,850,000		-		-		2,850,000		29,839,500		320,625
Synageva Biopharma		1,165,000		221,633		-		1,386,633		76,153,884		-

Columbia Acorn Fund

Statement of Investments (Unaudited), continued

> Notes to Statement of Investments

Security	Balance of Shares Held 12/31/12		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 3/31/13		Value		Dividend
Tower Group (2)		3,300,000		438,900		-		3,738,900	$	68,982,705	$	618,750
TriCo Bancshares		1,350,000		-		-		1,350,000		23,085,000		121,500
tw telecom		9,500,000		-		-		9,500,000		239,305,000		-
Velti		2,700,000		1,000,000		-		3,700,000		7,326,000		-
Virtusa		2,125,000		-		-		2,125,000		50,490,000		-
Wolverine Minerals (1)(2)		4,000,000		-		3,000,000		1,000,000		80,327		-
World Acceptance		1,285,000		-		-		1,285,000		110,342,950		-
Total of Affiliated Transactions		305,095,825		3,573,291		13,109,437		295,559,679	$	4,678,756,056	$	8,440,414

(1) At March 31, 2013, the Fund owned less than five percent of the company's outstanding voting shares.

(2) Includes the effects of a stock split.

The aggregate cost and value of these companies at March 31, 2013, were $2,527,801,611 and $4,556,473,850, respectively. Investments in affiliated companies represented 23.79% of the Fund's total net assets at March 31, 2013.

(d) Illiquid security.

(e) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities are valued at fair value determined in good faith under consistently applied procedures established by the Board of Trustees. At March 31, 2013, the market value of these securities amounted to $27,985,816, which represented 0.15% of total net assets. Additional information on these securities is as follows:

Security	Acquisition Dates	Shares		Cost		Value
Union Agriculture Group	12/8/10-6/27/12		1,306,818	$	15,000,000	$	13,355,680
Ultragenyx	12/19/12		3,610,890		9,999,999		11,988,155
Canadian Overseas Petroleum	11/24/10		8,400,000		3,591,152		1,905,163
Santa Maria Petroleum	1/14/11		4,110,000		5,193,292		271,883
Voyager Learning - Contingent Value Rights	12/24/09		2,000,000		-		236,000
Canadian Overseas Petroleum - Warrants	11/24/10		4,200,000		525,688		119,813
Wolverine Minerals	6/3/11		1,000,000		2,004,903		80,327
MicroDose Therapeutx	11/24/00		359,944		2,004,900		28,795
Duluth Exploration - Special Warrants	8/19/11		500,000		-		-
				$	38,319,934	$	27,985,816

(f) Security has no value.

(g) On March 31, 2013, the market value of foreign securities represented 7.78% of total net assets. The Fund's foreign portfolio was diversified as follows:

Country	Value		Percentage of Net Assets
Canada	$	266,111,308		1.39
Netherlands		192,772,317		1.01
Singapore		187,356,068		0.98
Hong Kong		154,232,155		0.81
Sweden		132,780,323		0.69
Brazil		88,556,734		0.46
Colombia		72,899,837		0.38
Japan		59,767,195		0.31
France		38,704,780		0.20
Chile		37,317,850		0.20
South Africa		36,762,629		0.19
Israel		35,140,000		0.18
Denmark		33,956,346		0.18

Country	Value		Percentage of Net Assets
India	$	29,480,000		0.15
Cambodia		21,131,062		0.11
United Kingdom		17,923,738		0.09
Russia		16,808,240		0.09
Australia		15,289,706		0.08
Uruguay		13,355,680		0.07
Mongolia		13,206,154		0.07
Iceland		12,529,809		0.07
Iraq		8,770,980		0.05
China		2,464,712		0.01
Germany		2,194,566		0.01
Total Foreign Portfolio	$	1,489,512,189		7.78

(h) Investment made with cash collateral received from securities lending activity.

(i) At March 31, 2013, for federal income tax purposes, the cost of investments was $11,599,810,832 and net unrealized appreciation was $7,954,772,245 consisting of gross unrealized appreciation of $8,499,387,009 and gross unrealized depreciation of $544,614,764.

(j) Securities are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.

> Notes to Statement of Investments

Fair Value Measurements

Various inputs are used in determining the value of the Fund's investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (GAAP). These inputs are summarized in the three broad levels listed below:

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

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

• Level 3 – prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management's own assumptions about the factors market participants would use in pricing an investment)

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

Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose NAVs are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by the Valuation Committee (the Committee) of the Fund's Board of Trustees (the Board) that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Committee that relies on significant unobservable inputs.

Under the direction of the Board, the Committee is responsible for carrying out the valuation procedures approved by the Board.

The Committee meets as necessary, and no less frequently than quarterly, to determine fair values for securities for which market quotations are not readily available or for which the investment manager believes that available market quotations are unreliable, to review the appropriateness of the Trust's Portfolio Pricing Policy and the pricing procedures of the investment manager (the Policies), and to review the continuing appropriateness of the current value of any security subject to the Policies. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; and circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.

For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Funds' securities may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. Significant changes in any of these factors could result in lower or higher fair value measurements. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.

The following table summarizes the inputs used, as of March 31, 2013, in valuing the Fund's assets:

Investment Type	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equities
Information	$	4,822,386,186	$	178,670,473	$	-	$	5,001,056,659
Industrial Goods & Services		3,633,531,740		192,771,784		-		3,826,303,524
Consumer Goods & Services		2,994,595,431		124,529,260		236,000		3,119,360,691
Finance		2,293,231,047		-		-		2,293,231,047
Health Care		1,569,943,167		-		12,016,950		1,581,960,117
Other Industries		1,153,433,812		177,167,532		-		1,330,601,344
Energy & Minerals		1,119,680,953		115,654,263		13,355,680		1,248,690,896
Total Equities		17,586,802,336		788,793,312		25,608,630		18,401,204,278
Total Short-Term Investments		712,023,521		-		-		712,023,521
Total Securities Lending Collateral		441,355,278		-		-		441,355,278
Total Investments	$	18,740,181,135	$	788,793,312	$	25,608,630	$	19,554,583,077

The Fund's assets assigned to the Level 2 input category are generally valued using a market approach, in which a security's value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Foreign equities are generally valued at the last sale price on the foreign exchange or market on which they trade. The Fund may use a statistical fair valuation model, in accordance with the policy adopted by the Board, provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. These models take into account available market data including intraday index, ADR, and ETF movements. Securities acquired via private placement that have a holding period or an extended settlement period are valued at a discount to the same shares that are trading freely on the market. These discounts are determined by the investment manager's experience with similar securities or situations. Factors may include, but are not limited to, trade volume, shares outstanding and stock price. Warrants

Columbia Acorn Fund

Statement of Investments (Unaudited), continued

> Notes to Statement of Investments

which do not trade are valued as a percentage of the actively trading common stock using a model, based on Black Scholes. Securities which have halted or temporarily stopped trading are valued at the last sale and adjusted by a premium or a discount to account for the anticipated re-opening price. These adjustments are determined by the investment manager's experience with similar securities or situations.

There were no transfers of financial assets between levels 1 and 2 during the period.

The Fund does not hold any significant investments categorized as Level 3.

Certain common stock classified as Level 3 are valued at fair value, using a market approach, as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. To determine fair value for these securities, for which no market exists, the Committee utilizes the valuation technique it deems most appropriate in the circumstances, using some unobservable inputs, which may include but are not limited to trades of similar securities, estimated earnings of the company, market multiples derived from a set of comparable companies, and the position of the security within the company's capital structure. Significant increases or decreases to any of these inputs could result in a significantly lower or higher fair value measurement.

Columbia Acorn International

Major Portfolio Changes in the First Quarter (Unaudited)

	Number of Shares
	12/31/12		3/31/13
Purchases
Asia
> Japan
Ain Pharmaciez		50,292		399,292
Ariake Japan		0		918,500
Benesse		453,000		637,300
Daiseki		1,613,429		1,750,000
Familymart		0		532,000
Hamamatsu Photonics		609,900		709,500
Itochu Techno-Science		406,000		594,700
Milbon		0		437,100
MonotaRO		11,500		191,900
Nabtesco		672,000		1,330,000
NGK Insulators		2,552,000		2,720,000
NGK Spark Plug		0		2,255,000
Nihon Parkerizing		1,233,080		1,346,080
Nippon Kayaku		0		808,000
Rinnai		40,300		340,000
Santen Pharmaceutical		0		321,500
Shimano		64,400		150,900
Start Today		2,892,724		3,287,962
Ushio		1,405,739		1,900,000
> Taiwan
CHC Healthcare		0		3,291,000
Chipbond		689,000		2,503,230
CTCI Corp		20,120,000		23,043,000
Delta Electronics		0		5,429,000
Flexium Interconnect		5,891,000		7,401,000
Ginko International		0		743,000
St. Shine Optical		2,035,000		2,270,000
Taiwan Hon Chuan		11,200,000		12,488,000
> Hong Kong
Mapletree Greater China Commercial Trust		0		47,558,000
Melco International		12,000,000		20,000,000
Vitasoy International		11,473,900		13,767,900
> Singapore
CDL Hospitality Trust		20,000,000		22,000,000
> Korea
Coway		623,120		834,580
Hyundai Glovis		0		66,070
iMarketKorea		806,004		886,204
Kepco Plant Service & Engineering		305,540		465,540
Paradise Co		567,986		1,617,261
> India
Bharti Infratel		5,200,000		6,000,000
Bosch		60,000		85,000
Colgate Palmolive India		545,000		840,000

	Number of Shares
	12/31/12		3/31/13
> Indonesia
Ace Indonesia		250,000,000		300,000,000
Indosiar Karya Media		0		12,719,500
Matahari Department Store		0		9,732,500
Mayora Indah		4,326,000		5,109,000
> China
Want Want		24,290,000		28,736,000
> Thailand
Robinson's Department Store		0		4,548,800
Samui Airport Property Fund		2,680,100		5,000,000
Siam Makro		1,343,600		1,920,300
Europe
> United Kingdom
Abcam		3,486,700		3,715,000
Cable & Wireless		0		34,752,000
Croda		0		650,000
Domino's Pizza UK & Ireland		3,789,000		4,181,000
Elementis		6,960,000		7,760,000
JLT Group		3,254,000		4,106,842
Ocado		0		1,576,984
Rightmove		998,000		1,602,000
Shaftesbury		1,773,408		3,565,000
Smith & Nephew		1,761,742		2,627,810
Smiths News		0		2,537,212
Spirax Sarco		819,974		965,000
Telecity		0		2,125,000
WH Smith		2,321,211		3,306,211
Whitbread		0		617,000
> Netherlands
Fugro		368,000		520,900
> France
Neopost		770,000		1,086,100
> Germany
Elringklinger		333,000		475,000
TAG Immobilien		1,865,000		2,130,000
> Sweden
Unibet		666,777		868,700
> Denmark
Jyske Bank		0		1,064,013
SimCorp		168,042		184,942
> Norway
Subsea 7		0		906,000
> Finland
Vacon		401,000		520,664
> Spain
Dia		0		4,771,000

Columbia Acorn International

Major Portfolio Changes in the First Quarter (Unaudited), continued

	Number of Shares
	12/31/12		3/31/13
Purchases (continued)
Europe—continued
> Turkey
Bizim Toptan		543,494		1,421,890
Other Countries
> South Africa
Coronation Fund Managers		11,920,964		13,935,448
> Australia
Austbrokers		0		572,051
Challenger Financial		15,000,000		15,714,426
Regis Resources		1,840,985		5,057,000
SAI Global		5,640,000		6,096,515
> United States
Rowan		548,900		1,052,900
Latin America
> Brazil
Beadell Resources		17,793,303		41,525,340
Linx		0		955,000
> Mexico
Bolsa Mexicana de Valores		0		6,273,000
> Colombia
Isagen		0		7,720,411
> Chile
Grupo Hites		0		8,366,013

			Number of Shares
			12/31/12		3/31/13
Sales
Asia
> Japan
Aeon Delight				964,000		0
Aeon Mall				790,000		0
Jupiter Telecommunications				30,500		0
Nippon Paint				1,586,000		0
Park24				2,545,200		2,400,000
Sanrio				960,000		900,000
Seven Bank				20,227,000		19,233,000
Torishima Pump Manufacturing				302,263		0
> Taiwan
Chroma Ate				10,520,000		7,587,000
PC Home				3,101,000		3,034,000
President Chain Store				3,181,000		2,491,000
Radiant Opto-Electronics				2,577,960		0
Simplo Technology				5,159,713		2,654,713
Tripod Technologies				5,625,135		1,406,283
> Hong Kong
Melco Crown Entertainment - ADR				6,500,000		5,000,000
> Singapore
Ascendas REIT				22,000,000		19,000,000
Mapletree Industrial Trust				30,000,000		25,000,000
Mapletree Logistics Trust				40,000,000		33,000,000
> Korea
Hana Tour Service				182,000		0
Hite Jinro				751,390		567,600
> India
Adani Ports & Special Economic Zone				8,945,000		0
REI Agro				10,823,473		0
> China
	51	job - ADR		328,779		162,939
New Oriental Education & Technology - ADR				1,000,000		0
Zhaojin Mining Industry				9,306,554		0
Europe
> United Kingdom
Asos				485,000		0
Intertek Group				935,000		693,000
Rotork				63,577		0
Sterling Resources				2,272,000		0
> Netherlands
UNIT4				1,574,145		1,514,545

	Number of Shares
	12/31/12		3/31/13
Sales (continued)
Europe—continued
> Switzerland
Geberit		255,000		240,500
Kuehne & Nagel		170,000		0
> France
Eurofins Scientific		553,000		349,000
Gemalto		729,700		445,700
> Germany
CTS Eventim		625,000		152,654
Deutsche Beteiligungs		338,886		260,000
Durr		285,000		61,078
NORMA Group		1,050,000		685,000
> Sweden
Hexagon		3,957,522		3,426,522
> Denmark
Solar		207,968		0
> Italy
CIR		4,842,819		0
Tod's		168,200		0
> Finland
Stockmann		1,168,630		0
> Czech Republic
Komercni Banka		130,682		0
Other Countries
> Canada
Celtic Exploration		454,000		0
Horizon North Logistics		1,921,379		1,901,514
> Australia
Cochlear		498,560		0
UGL		3,557,000		0
> United States
BioMarin Pharmaceutical		928,000		0
> New Zealand
Telecom NZ		10,879,000		0
Latin America
> Mexico
Grupo Aeroportuario del Sureste - ADR		600,000		430,000
Herdez		1,728,500		0
> Colombia
Canacol		785,077		0
Gulf United Energy		19,893,109		0
> Chile
Vina Concha y Toro		12,956,011		0

Columbia Acorn International

Statement of Investments (Unaudited), March 31, 2013

Number of Shares			Value
			Equities: 96.2%
Asia 46.5%
		> Japan 18.6%
	18,500	Wacom (a)	$	71,729,840
		Computer Graphic Illustration Devices
	5,582,600	Kansai Paint		62,002,474
		Paint Producer in Japan, India, China & Southeast Asia
	19,233,000	Seven Bank		61,928,121
		ATM Processing Services
	41,878	Orix JREIT		59,136,875
		Diversified REIT
	2,400,000	Park24		46,986,733
		Parking Lot Operator
	1,817,562	Glory		43,550,077
		Currency Handling Systems & Related Equipment
	2,981,100	Kuraray		42,037,507
		Special Resin, Fine Chemical, Fibers & Textures
	1,430,000	Hoshizaki Electric		41,887,813
		Commercial Kitchen Equipment
	3,287,962	Start Today (b)		41,739,147
		Online Japanese Apparel Retailer
	900,000	Sanrio (b)		39,972,856
		Character Goods & Licensing
	295,762	Nakanishi		37,158,241
		Dental Tools & Machinery
	7,532	Kenedix Realty Investment		36,575,385
		Tokyo Mid-size Office REIT
	937,651	Kintetsu World Express		34,888,217
		Airfreight Logistics
	720,506	Miraca Holdings		34,626,427
		Outsourced Lab Testing, Diagnostic Equipment & Reagents
	2,255,000	NGK Spark Plug		34,584,259
		Automobile Parts
	2,380,000	Japan Airport Terminal		32,226,203
		Airport Terminal Operator at Haneda
	1,750,000	Daiseki		29,746,025
		Waste Disposal & Recycling
	594,700	Itochu Techno-Science		29,442,563
		IT Network Equipment Sales & Services
	2,720,000	NGK Insulators		29,059,101
		Ceramic Products for Auto, Power & Electronics
	3,860	Mori Hills REIT Investment		28,650,614
		Tokyo Centric Diversified REIT
	709,500	Hamamatsu Photonics		28,144,963
		Optical Sensors for Medical & Industrial Applications
	1,330,000	Nabtesco		27,306,709
		Machinery Components
	637,300	Benesse		27,122,722
		Education Service Provider
	2,430	Nippon Prologis REIT (c)		26,459,340
		Logistics REIT in Japan

Number of Shares			Value
	9,503	Advance Residence Investment	$	25,500,286
		Residential REIT
	1,676,000	Doshisha		25,204,852
		Wholesaler
	532,000	Familymart		24,316,349
		Japanese Convenience Store Operator
	340,000	Rinnai		24,239,530
		Gas Appliances for Household & Commercial Use
	765,000	Horiba		24,204,986
		Test & Measurement Instruments
	1,346,080	Nihon Parkerizing		23,558,031
		Metal Surface Treatment Agents & Processing Service
	3,000	Global One Real Estate		23,155,161
		Office REIT
	345,000	FP Corporation		23,087,972
		Disposable Food Trays & Containers
	396,000	Disco		22,594,572
		Semiconductor Dicing & Grinding Equipment
	399,292	Ain Pharmaciez		21,547,813
		Dispensing Pharmacy/ Drugstore Operator
	772,000	Misumi Group		21,362,904
		Industrial Components Distributor
	1,900,000	Ushio		19,450,621
		Industrial Light Sources
	918,500	Ariake Japan		18,847,673
		Manufacturer of Soup/Sauce Extracts for Business-to-business Use
	732,108	Icom		18,608,740
		Two-way Radio Communication Equipment
	1,885,600	Asahi Diamond Industrial		18,394,444
		Consumable Diamond Tools
	1,940,200	Sintokogio		17,491,503
		Automated Casting Machines, Surface Treatment System & Consumables
	437,100	Milbon		15,403,743
		Manufacturer of Hair Products for Business-to-business Use
	321,500	Santen Pharmaceutical		14,869,755
		Specialty Pharma (Ophthalmic Medicine)
	1,575,000	Lifenet Insurance (b)(c)		14,067,768
		Online Life Insurance Company in Japan
	150,900	Shimano		12,351,774
		Bicycle Components & Fishing Tackle
	808,000	Nippon Kayaku		9,885,178
		Functional Chemicals, Pharmaceuticals & Auto Safety Systems
	191,900	MonotaRO (b)		9,387,297
		Online MRO (Maintenance, Repair, Operations) Goods Distributor in Japan
				1,374,493,164

Number of Shares			Value
		> Taiwan 6.2%
	39,592,000	Far EasTone Telecom	$	89,790,377
		Taiwan's Third Largest Mobile Operator
	17,000,000	Taiwan Mobile		57,534,421
		Taiwan's Second Largest Mobile Operator
	23,043,000	CTCI Corp		44,518,335
		International Engineering Firm
	2,270,000	St. Shine Optical		44,400,906
		World's Leading Disposable Contact Lens OEM (Original Equipment Manufacturer)
	12,488,000	Taiwan Hon Chuan		32,338,541
		Beverage Packaging (Bottles, Caps, Labels) Manufacturer
	6,258,000	Advantech		27,186,024
		Industrial PC & Components
	7,401,000	Flexium Interconnect		24,671,441
		Flexible Printed Circuit for Mobile Electronics
	5,429,000	Delta Electronics		22,771,128
		Industrial Automation, Switching Power Supplies & Passive Components
	6,173,000	Lung Yen		21,430,334
		Funeral Services & Columbaria
	7,587,000	Chroma Ate		18,303,754
		Automatic Test Systems, Testing & Measurement Instruments
	2,491,000	President Chain Store		13,682,986
		Taiwan's Number One Convenience Chain Store Operator
	3,291,000	CHC Healthcare		12,986,459
		Medical Device Distributor
	3,034,000	PC Home		12,520,982
		Taiwanese Internet Retail Company
	2,654,713	Simplo Technology		12,306,369
		Battery Packs for Notebook & Tablet PCs
	743,000	Ginko International		12,275,547
		Largest Contact Lens Maker in China
	2,503,230	Chipbond		5,684,437
		Semiconductor Back-end Packaging Services
	1,406,283	Tripod Technologies		3,139,981
		Printed Circuit Boards (PCB)
				455,542,022
		> Hong Kong 5.3%
	5,000,000	Melco Crown Entertainment - ADR (c)		116,700,000
		Macau Casino Operator
	22,000,000	Lifestyle International		48,918,984
		Mid- to High-end Department Store Operator in Hong Kong & China
	15,625,000	L'Occitane International		47,620,736
		Skin Care & Cosmetics Producer
	8,518,000	AAC Technologies		41,069,835
		Miniature Acoustic Components

Number of Shares			Value
	47,558,000	Mapletree Greater China Commercial Trust (c)	$	39,876,099
		Retail & Office Property Landlord
	20,000,000	Melco International		34,787,757
		Macau Casino Operator
	30,000,000	Sa Sa International		29,094,885
		Cosmetics Retailer
	10,000,000	MGM China Holdings		21,442,520
		Macau Casino Operator
	13,767,900	Vitasoy International		15,523,312
		Hong Kong Soy Food Brand
				395,034,128
		> Singapore 3.5%
	40,000,000	Mapletree Commercial Trust		43,404,426
		Retail & Office Property Landlord
	19,000,000	Ascendas REIT		39,924,525
		Industrial Property Landlord
	22,000,000	CDL Hospitality Trust		36,421,968
		Hotel Owner/Operator
	33,000,000	Mapletree Logistics Trust		32,350,163
		Industrial Property Landlord
	25,000,000	Mapletree Industrial Trust		28,318,620
		Industrial Property Landlord
	15,000,000	Goodpack Limited		22,675,052
		International Bulk Container Leasing
	3,500,000	Singapore Exchange		21,803,802
		Singapore Equity & Derivatives Market Operator
	14,000,000	Olam International (b)		19,490,063
		Agriculture Supply Chain Manager
	4,772,000	Petra Foods		16,007,281
		Cocoa Processor & Chocolate Manufacturer
				260,395,900
		> Korea 3.3%
	834,580	Coway		37,055,772
		Household Appliance Rental Service Provider
	1,617,261	Paradise Co		30,891,586
		Korean 'Foreigner Only' Casino Operator
	1,726,000	BS Financial Group		23,556,219
		Regional Bank in Busan (Korea's Second Largest City)
	465,540	Kepco Plant Service & Engineering		23,480,728
		Power Plant & Grid Maintenance
	16,200	Lotte Chilsung Beverage		21,848,104
		Beverages & Liquor Manufacturer
	886,204	iMarketKorea		20,116,295
		Procurement, Distribution of MRO (Maintenance, Repair, Operations) Goods
	74,400	KCC		19,902,333
		Paint & Housing Material Manufacturer
	567,600	Hite Jinro		16,623,755
		Beer & Spirits Manufacturer
	624,441	Handsome		16,320,560
		High-end Apparel Company

Columbia Acorn International

Statement of Investments (Unaudited), continued

Number of Shares			Value
		> Korea—continued
	132,000	Samsung Engineering	$	15,304,854
		Global EPC (Engineering, Procurement & Construction) Firm
	66,070	Hyundai Glovis		11,458,999
		Auto-related Shipping & Distribution
	704,000	Nexen Tire		9,491,711
		Korean Tire Manufacturer
				246,050,916
		> India 2.3%
	341,652	Asian Paints		30,954,274
		India's Largest Paint Company
	2,262,300	United Breweries		29,121,450
		India's Largest Brewer
	2,765,000	Yes Bank		21,870,448
		Commercial Banking in India
	6,000,000	Bharti Infratel (c)		19,755,290
		Communication Towers
	13,195,000	Redington India		19,687,417
		Supply Chain Solutions for IT & Mobile Handsets in Emerging Markets
	840,000	Colgate Palmolive India		19,203,009
		Consumer Products in Oral Care
	85,000	Bosch		14,070,933
		Automotive Parts
	1,600,000	Titan Industries		7,557,320
		Jewlery, Watches, Eyeglasses
	95,000	TTK Prestige		5,675,960
		Branded Cooking Equipment
	1,650,000	SKIL Ports and Logistics (c)		3,133,865
		Indian Container Port Project
				171,029,966
		> Indonesia 2.1%
	60,516,300	Tower Bersama Infrastructure (c)		37,723,697
		Communications Towers
	31,764,600	Archipelago Resources (a)(c)		27,872,871
		Gold Mining Projects in Indonesia, Vietnam & the Philippines
	300,000,000	Ace Indonesia		25,695,670
		Home Improvement Retailer
	5,109,000	Mayora Indah		14,283,067
		Consumer Branded Food Manufacturer
	12,488,000	Mitra Adiperkasa		11,721,271
		Operator of Department Store & Specialty Retail Stores
	9,732,500	Matahari Department Store (c)		11,016,979
		Largest Department Store Chain in Indonesia
	38,065,000	Surya Citra Media		10,892,024
		Free to Air TV in Indonesia
	47,323,000	MNC Skyvision (c)		10,713,723
		Largest Satellite Pay TV Operator in Indonesia
	12,719,500	Indosiar Karya Media (c)		1,704,340
		Free to Air TV Station in Indonesia

Number of Shares					Value
	6,217,500	Southern Arc Minerals (a)(c)			$	1,254,700
		Gold & Copper Exploration in Indonesia
						152,878,342
		> China 1.5%
	28,736,000	Want Want				44,266,560
		Chinese Branded Consumer Food Company
	22,168,300	Digital China				30,068,217
		IT Distribution & Systems Integration Services
	200,000,000	RexLot Holdings				17,554,464
		Lottery Equipment Supplier in China
	30,000,000	AMVIG Holdings				11,246,304
		Chinese Tobacco Packaging Material Supplier
	162,939		51	job - ADR (c)		9,680,206
		Integrated Human Resource Services
						112,815,751
		> Thailand 1.5%
	106,813,700	Home Product Center				61,504,620
		Home Improvement Retailer
	1,920,300	Siam Makro				34,595,873
		General Merchadise Wholesaler in Thailand
	4,548,800	Robinson's Department Store				11,921,700
		Mass-market Department Srore Operator in Thailand
	5,000,000	Samui Airport Property Fund				3,073,246
		Thai Airport Operator
						111,095,439
		> Philippines 1.0%
	73,221,250	SM Prime Holdings				34,295,154
		Shopping Mall Operator
	19,454,700	Manila Water Company				19,111,542
		Water Utility Company in Philippines
	7,931,700	International Container Terminal Services				17,888,819
		Container Handling Terminals & Port Management
						71,295,515
		> Cambodia 0.7%
	60,000,000	Nagacorp				50,714,549
		Casino/Entertainment Complex in Cambodia
		> Mongolia 0.5%
	74,865,700	Mongolian Mining (c)				27,521,312
		Coking Coal Mining in Mongolia
	1,049,943	Turquoise Hill Resources (c)				6,687,140
	914,678	Turquoise Hill Resources (c)(d)				5,817,352
		Copper Mine Project in Mongolia
						40,025,804
Asia: Total						3,441,371,496

Number of Shares			Value
Europe 29.7%
		> United Kingdom 8.0%
	4,106,842	JLT Group	$	53,103,591
		International Business Insurance Broker
	1,602,000	Rightmove		43,352,362
		Internet Real Estate Listings
	965,000	Spirax Sarco		39,398,647
		Steam Systems for Manufacturing & Process Industries
	4,181,000	Domino's Pizza UK & Ireland		38,275,736
		Pizza Delivery in UK, Ireland & Germany
	3,306,211	WH Smith (b)		37,501,333
		Newsprint, Books & General Stationery Retailer
	693,000	Intertek Group		35,727,566
		Testing, Inspection, Certification Services
	8,785,000	BBA Aviation		34,372,042
		Aviation Support Services
	3,565,000	Shaftesbury		31,498,914
		London Prime Retail REIT
	7,760,000	Elementis		30,738,954
		Clay-based Additives
	2,627,810	Smith & Nephew		30,345,471
		Medical Equipment & Supplies
	2,125,000	Telecity		29,172,485
		European Data Center Provider
	650,000	Croda		27,091,029
		Oleochemicals & Industrial Chemicals
	3,715,000	Abcam		25,260,282
		Online Sales of Antibodies
	617,000	Whitbread		24,075,012
		The UK's Leading Hotelier & Coffee Shop
	875,000	Aggreko		23,692,020
		Temporary Power & Temperature Control Services
	34,752,000	Cable & Wireless		22,145,963
		Leading Telecom Service Supplier in the Caribbean
	2,843,000	Greggs		20,596,785
		Bakery
	4,163,948	PureCircle (b)(c)		16,095,658
		Natural Sweeteners
	1,403,932	Premier Oil (c)		8,291,764
		Oil & Gas Producer in Europe, Pakistan & Asia
	382,581	Tullow Oil		7,155,958
		Oil & Gas Producer
	2,537,212	Smiths News		7,132,057
		Newspaper & Magazine Distributor
	1,576,984	Ocado (b)(c)		3,785,914
		Leading Online Grocery Retailer
	27,508	Fidessa Group		812,952
		Software for Financial Trading Systems
				589,622,495

Number of Shares			Value
		> Netherlands 3.5%
	2,915,700	Aalberts Industries	$	65,200,554
		Flow Control & Heat Treatment
	1,514,545	UNIT4 (a)		49,244,136
		Business Software Development
	1,141,468	TKH Group		29,556,471
		Dutch Industrial Conglomerate
	1,043,014	Arcadis		28,872,263
		Engineering Consultants
	520,900	Fugro		28,831,980
		Subsea Oilfield Services
	2,114,073	Imtech (b)		23,925,938
		Technical Installation & Maintenance
	143,395	Core Labs		19,777,038
		Oil & Gas Reservoir Consulting
	266,124	Vopak		16,043,403
		World's Largest Operator of Petroleum & Chemical Storage Terminals
				261,451,783
		> Switzerland 3.2%
	267,500	Partners Group		66,022,596
		Private Markets Asset Management
	240,500	Geberit		59,206,626
		Plumbing Supplies
	400,000	Dufry Group (c)		49,636,574
		Operates Airport Duty Free & Duty Paid Shops
	20,000	Sika		48,583,166
		Chemicals for Construction & Industrial Applications
	380,000	Zehnder		16,492,152
		Radiators & Heat Recovery Ventilation Systems
				239,941,114
		> France 3.1%
	349,000	Eurofins Scientific		73,278,539
		Food, Pharmaceuticals & Materials Screening & Testing
	1,086,100	Neopost (b)		65,065,315
		Postage Meter Machines
	445,700	Gemalto		38,878,387
		Digital Security Solutions
	971,800	Saft		25,038,622
		Niche Battery Manufacturer
	308,400	Norbert Dentressangle		23,395,202
		Leading European Logistics & Transport Group
	1,831,204	Hi-Media (b)(c)		4,107,828
		Online Advertiser in Europe
				229,763,893
		> Germany 3.0%
	2,000,000	Wirecard		55,247,769
		Online Payment Processing & Risk Management
	148,295	Rational		44,548,075
		Commercial Ovens
	2,130,000	TAG Immobilien		24,381,956
		Owner of Residential Properties in Germany

Columbia Acorn International

Statement of Investments (Unaudited), continued

Number of Shares			Value
		> Germany—continued
	215,000	Pfeiffer Vacuum	$	23,715,201
		Vacuum Pumps
	685,000	NORMA Group		21,587,296
		Clamps for Automotive & Industrial Applications
	165,400	Bertrandt		19,293,649
		Outsourced Engineering
	475,000	Elringklinger (b)		14,393,902
		Automobile Components
	61,078	Dürr		6,655,678
		Automotive Plant Engineering & Associated Capital Equipment
	260,000	Deutsche Beteiligungs (b)		6,270,686
		Private Equity Investment Management
	152,654	CTS Eventim		5,175,727
		Event Ticket Sales
				221,269,939
		> Sweden 2.3%
	3,426,522	Hexagon		93,577,684
		Design, Measurement & Visualization Software & Equipment
	4,150,024	Sweco (a)		49,036,967
		Engineering Consultants
	868,700	Unibet		30,327,282
		European Online Gaming Operator
				172,941,933
		> Denmark 1.6%
	184,942	SimCorp (b)		49,692,183
		Software for Investment Managers
	1,064,013	Jyske Bank (c)		36,312,442
		Danish Bank
	1,049,800	Novozymes (b)		35,647,372
		Industrial Enzymes
				121,651,997
		> Italy 0.8%
	3,658,000	Pirelli (b)		38,379,548
		Global Tire Supplier
	8,501,000	Geox		23,668,314
		Apparel & Shoe Maker
				62,047,862
		> Norway 0.8%
	3,281,864	Atea		36,558,709
		Leading Nordic IT Hardware/ Software Reseller & Installation Company
	906,000	Subsea 7		21,292,532
		Offshore Subsea Contractor
				57,851,241
		> Kazakhstan 0.5%
	5,143,000	Halyk Savings Bank of Kazakhstan - GDR (c)		36,926,740
		Largest Retail Bank & Insurer in Kazakhstan
		> Finland 0.5%
	520,664	Vacon		35,039,212
		Leading Independent Manufacturer of Variable Speed Alternating Current Drives

Number of Shares			Value
		> Iceland 0.5%
	28,312,499	Marel (e)	$	24,185,165
	7,670,000	Marel (e)		9,610,363
		Largest Manufacturer of Poultry & Fish Processing Equipment
				33,795,528
		> Spain 0.5%
	4,771,000	Dia		33,000,372
		Leading Hard Discounter in Spain, Latin America & the Eastern Mediterranean
		> Belgium 0.4%
	438,880	EVS Broadcast Equipment		28,162,688
		Digital Live Mobile Production Software & Systems
		> Russia 0.4%
	1,167,000	Yandex (c)		26,981,040
		Search Engine for Russian & Turkish Languages
		> Portugal 0.3%
	8,635,000	Redes Energéticas Nacionais		24,904,758
		Portuguese Power Transmission & Gas Transportation
		> Turkey 0.3%
	1,421,890	Bizim Toptan		24,283,646
		Cash & Carry Stores in Turkey
Europe: Total				2,199,636,241
Other Countries 14.9%
		> South Africa 4.2%
	1,170,188	Naspers		72,900,525
		Media in Africa, China, Russia & Other Emerging Markets
	13,935,448	Coronation Fund Managers		72,743,848
		South African Fund Manager
	19,098,300	Rand Merchant Insurance		48,372,473
		Directly Sold Property & Casualty Insurance; Holdings in Other Insurers
	2,230,504	Massmart Holdings		46,148,944
		General Merchandise, Food & Home Improvement Stores; Wal-Mart Subsidiary
	8,679,940	Northam Platinum (c)		37,474,973
		Platinum Mining in South Africa
	2,644,083	Mr. Price		33,640,150
		South African Retailer of Apparel, Household & Sporting Goods
				311,280,913
		> Canada 3.8%
	1,403,772	CCL Industries		82,773,975
		Largest Global Label Converter
	1,084,597	ShawCor		45,984,735
		Oil & Gas Pipeline Products
	653,200	Onex Capital		31,147,323
		Private Equity
	3,047,000	CAE		29,784,624
		Flight Simulator Equipment & Training Centers

Number of Shares			Value
		> Canada—continued
	582,942	AG Growth	$	18,994,320
		Leading Manufacturer of Augers & Grain Handling Equipment
	709,576	Black Diamond Group		14,703,524
		Provides Accommodations/ Equipment for Oil Sands Development
	1,142,377	DeeThree Exploration (c)		7,410,803
	1,130,000	DeeThree Exploration (c)(f)		7,183,901
		Canadian Oil & Gas Producer
	984,500	Alliance Grain Traders		12,579,426
		Global Leader in Pulse Processing & Distribution
	263,857	Baytex		11,057,137
		Oil & Gas Producer in Canada
	1,901,514	Horizon North Logistics		10,688,236
		Provides Diversified Oil Service Offering in Northern Canada
	1,607,306	Pan Orient		4,272,015
		Asian Oil & Gas Explorer
	450,000	Athabasca Oil Sands (c)		4,026,677
		Oil Sands & Unconventional Oil Development
	1,611,000	Americas Petrogas (c)		3,060,718
		Oil & Gas Exploration in Argentina, Potash in Peru
	332,700	Crew Energy (c)		2,348,239
		Canadian Oil & Gas Producer
				286,015,653
		> Australia 3.3%
	15,714,426	Challenger Financial		63,266,911
		Largest Annuity Provider
	52,500,000	Commonwealth Property Office Fund		60,769,025
		Australia Prime Office REIT
	7,059,010	IAG		42,111,681
		General Insurance Provider
	2,500,000	Domino's Pizza Enterprises		30,128,059
		Domino's Pizza Operator in Australia/New Zealand & France/Benelux
	5,057,000	Regis Resources (c)		21,940,989
		Gold Mining in Australia
	6,096,515	SAI Global (b)		21,416,980
		Publishing, Certification, Compliance Services
	572,051	Austbrokers		5,835,660
		Local Australian Small Business Insurance Broker
				245,469,305
		> United States 2.8%
	1,272,297	Textainer Group Holdings		50,319,347
		Top International Container Leasor
	952,080	Atwood Oceanics (c)		50,022,283
		Offshore Drilling Contractor
	1,052,900	Rowan (c)		37,230,544
		Contract Offshore Driller
	601,213	FMC Technologies (c)		32,699,975
		Oil & Gas Well Head Manufacturer

Number of Shares			Value
	439,500	Hornbeck Offshore (c)	$	20,419,170
		Supply Vessel Operator in U.S. Gulf of Mexico
	428,228	World Fuel Services		17,009,216
		Global Fuel Broker
				207,700,535
		> Israel 0.8%
	3,145,527	Israel Chemicals		40,760,174
		Producer of Potash, Phosphates, Bromine & Specialty Chemicals
	625,000	Caesarstone (c)		16,500,000
		Quartz Countertops
				57,260,174
Other Countries: Total				1,107,726,580
Latin America 5.1%
		> Brazil 2.9%
	3,700,000	Localiza Rent A Car		66,465,421
		Car Rental
	41,525,340	Beadell Resources (a)(c)		39,475,739
		Gold Mining in Brazil
	1,800,000	Mills Estruturas e Servicos de Engenharia		28,869,479
		Civil Engineering & Construction
	1,800,000	Arcos Dorados (b)		23,760,000
		McDonald's Master Franchise for Latin America
	5,000,000	Odontoprev		22,788,569
		Dental Insurance
	1,200,000	Multiplus		17,334,158
		Loyalty Program Operator in Brazil
	955,000	Linx (c)		15,009,675
		Retail Management Software in Brazil
				213,703,041
		> Mexico 1.4%
	430,000	Grupo Aeroportuario del Sureste - ADR		58,768,100
		Mexican Airport Operator
	11,945,000	Genomma Lab Internacional (c)		29,215,877
		Develops, Markets & Distributes Consumer Products
	6,273,000	Bolsa Mexicana de Valores		17,963,560
		Mexico's Stock Exchange
				105,947,537
		> Guatemala 0.3%
	1,434,600	Tahoe Resources (c)		25,236,307
		Silver Project in Guatemala
		> Uruguay 0.2%
	1,306,818	Union Agriculture Group (c)(f)(g)		13,355,680
		Farmland Operator in Uruguay
		> Colombia 0.2%
	7,720,411	Isagen		10,742,177
		Leading Colombian Electricity Provider

Columbia Acorn International

Statement of Investments (Unaudited), continued

Number of Shares			Value
		> Chile 0.1%
	8,366,013	Grupo Hites	$	9,936,304
		Mass Retailer for the Lower Income Strata
		> Argentina —%
	7,425,000	Madalena Ventures (c)		2,558,202
		Oil & Gas Exploration in Argentina
Latin America: Total				381,479,248
Total Equities: 96.2% (Cost: $5,304,806,423)			7,130,213,565(h)
Short-Term Investments: 3.6%
	229,530,234	J.P. Morgan U.S. Government Money Market Fund - Agency Shares (7 day yield of 0.01%)		229,530,234
	35,205,876	J.P. Morgan U.S. Government Money Market Fund - Capital Shares (7 day yield of 0.01%)		35,205,876
Total Short-Term Investments: 3.6% (Cost: $264,736,110)				264,736,110

Number of Shares			Value
Securities Lending Collateral: 2.0%
	148,329,046	Dreyfus Government Cash Management Fund - Institutional Shares (7 day yield of 0.01%) (i)	$	148,329,046
Total Securities Lending Collateral: 2.0% (Cost: $148,329,046)				148,329,046
Total Investments: 101.8% (Cost: $5,717,871,579)(j)				7,543,278,721	(k)
Obligation to Return Collateral for Securities Loaned: (2.0)%				(148,329,046	)
Cash and Other Assets Less Liabilities: 0.2%				12,254,727
Net Assets: 100.0%			$	7,407,204,402

ADR - American Depositary Receipts

GDR - Global Depositary Receipts

REIT - Real Estate Investment Trust

> Notes to Statement of Investments

(a) An affiliated person of the Fund may include any company in which the Fund owns five percent or more of its outstanding voting shares. Holdings and transactions in these affiliated companies during the period ended March 31, 2013, are as follows:

Security	Balance of Shares Held 12/31/12		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 3/31/13		Value		Dividend
Archipelago Resources		31,764,600		-		-		31,764,600	$	27,872,871	$	-
Beadell Resources		17,793,303		23,732,037		-		41,525,340		39,475,739		-
Southern Arc Minerals		6,217,500		-		-		6,217,500		1,254,700		-
Sweco		4,150,024		-		-		4,150,024		49,036,967		-
UNIT4		1,574,145		-		59,600		1,514,545		49,244,136		-
Wacom		21,500		-		3,000		18,500		71,729,840		881,792
Total of Affiliated Transactions		61,521,072		23,732,037		62,600		85,190,509	$	238,614,253	$	881,792

(1) At March 31, 2013, the Fund owned less than five percent of the company's outstanding voting shares.

The aggregate cost and value of these companies at March 31, 2013, were $146,107,641 and $238,614,253, respectively. Investments in affiliated companies represented 3.22% of the Fund's total net assets at March 31, 2013.

(b) All or a portion of this security was on loan at March 31, 2013. The total market value of securities on loan at March 31, 2013 was $140,881,914.

(d) Security is traded on a U.S. exchange.

(e) The common stock equity holdings of Marel are stated separately on the Statement of Investments due to the application of the onshore or offshore foreign currency exchange rate. The appropriate exchange rate is applied to each purchased security lot based on the applicable registration obtained from Marel's regulatory governing body, the Icelandic Central Bank.

(f) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities are valued at fair value determined in good faith under consistently applied procedures established by the Board of Trustees. At March 31, 2013, the market value of these securities amounted to $20,539,581, which represented 0.28% of total net assets. Additional information on these securities is as follows:

Security	Acquisition Dates	Shares		Cost		Value
Union Agriculture Group	12/8/10-6/27/12		1,306,818	$	15,000,000	$	13,355,680
DeeThree Exploration	9/7/10		1,130,000		2,950,812		7,183,901
				$	17,950,812	$	20,539,581

> Notes to Statement of Investments

(g) Illiquid security.

(h) On March 31, 2013, the Fund's total investments were denominated in currencies as follows:

Currency	Value		Percentage of Net Assets
Japanese Yen	$	1,374,493,164		18.6
Euro		875,863,469		11.8
British Pound		620,629,231		8.4
United States Dollar		535,966,691		7.2
Taiwan Dollar		455,542,023		6.2
Hong Kong Dollar		419,829,433		5.7
Other currencies less than 5% of total net assets		2,847,889,554		38.4
Total Equities	$	7,130,213,565		96.3

(i) Investment made with cash collateral received from securities lending activity.

(j) At March 31, 2013, for federal income tax purposes, the cost of investments was $5,717,871,579 and net unrealized appreciation was $1,825,407,142 consisting of gross unrealized appreciation of $2,072,174,504 and gross unrealized depreciation of $246,767,362.

(k) Securities are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.

Fair Value Measurements

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

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

• Level 3 - prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management's own assumptions about the factors market participants would use in pricing an investment)

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

Under the direction of the Board, the Committee is responsible for carrying out the valuation procedures approved by the Board.

Columbia Acorn International

Statement of Investments (Unaudited), continued

> Notes to Statement of Investments

The following table summarizes the inputs used, as of March 31, 2013, in valuing the Fund's assets:

Investment Type	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equities
Asia	$	140,139,398	$	3,301,232,098	$	-	$	3,441,371,496
Europe		46,758,078		2,152,878,163		-		2,199,636,241
Other Countries		503,032,287		604,694,293		-		1,107,726,580
Latin America		328,647,829		39,475,739		13,355,680		381,479,248
Total Equities		1,018,577,592		6,098,280,293		13,355,680		7,130,213,565
Total Short-Term Investments		264,736,110		-		-		264,736,110
Total Securities Lending Collateral		148,329,046		-		-		148,329,046
Total Investments	$	1,431,642,748	$	6,098,280,293	$	13,355,680	$	7,543,278,721

There were no transfers of financial assets between levels 1 and 2 during the period.

Quantitative information pertaining to Level 3 unobservable fair value measurements

Fair Value at
3/31/13

Valuation Technique(s)

Unobservable Input(s)

Range (Weighted
Average)

Equities

13,355,680

Market comparable companies

Discount for lack of marketability

-5

% to +2% (-10%)

Columbia Acorn International

Portfolio Diversification (Unaudited)

At March 31, 2013, the Fund's portfolio investments as a percentage of net assets were diversified as follows:

	Value		Percentage of Net Assets
> Consumer Goods & Services
Retail	$	584,821,687		7.8
Casinos & Gaming		302,418,156		4.1
Food & Beverage		273,797,867		3.7
Nondurables		175,014,332		2.4
Other Durable Goods		141,214,934		1.9
Other Consumer Services		117,085,296		1.6
Restaurants		92,478,807		1.2
Consumer Goods Distribution		71,227,335		1.0
Travel		66,465,421		0.9
Apparel		39,988,873		0.5
Educational Services		27,122,722		0.4
Furniture & Textiles		16,500,000		0.2
Other Entertainment		5,175,727		0.1
		1,913,311,157		25.8
> Industrial Goods & Services
Other Industrial Services		474,113,500		6.4
Industrial Materials & Specialty Chemicals		452,227,213		6.1
Machinery		416,461,540		5.6
Construction		147,899,294		2.0
Electrical Components		108,587,556		1.5
Conglomerates		94,757,025		1.3
Industrial Distribution		52,178,643		0.7
Outsourcing Services		42,774,377		0.6
		1,788,999,148		24.2
> Information
Computer Hardware & Related Equipment		245,244,252		3.3
Mobile Communications		223,412,524		3.0
Business Software		208,336,630		2.8
Internet Related		143,233,927		1.9
Computer Services		95,173,757		1.3
Financial Processors		77,051,571		1.0
Instrumentation		70,653,703		1.0
Semiconductors & Related Equipment		52,950,450		0.7
Electronics Distribution		30,068,217		0.4
Telephone & Data Services		22,145,963		0.3
TV Broadcasting		12,596,364		0.2
Satellite Broadcasting & Services		10,713,723		0.1
Advertising		4,107,828		0.1
		1,195,688,909		16.1

	Value			Percentage of Net Assets
> Other Industries
Real Estate	$	570,718,511			7.7
Transportation		145,930,966			1.9
Regulated Utilities		54,758,478			0.7
		771,407,955			10.3
> Finance
Insurance		249,546,653			3.4
Banks		180,593,971			2.4
Brokerage & Money Management		145,037,129			2.0
Finance Companies		81,466,669			1.1
Specialized Finance		17,963,560			0.2
		674,607,982			9.1
> Energy & Minerals
Oil Services		261,872,979			3.5
Mining		213,058,423			2.9
Oil & Gas Producers		57,365,415			0.8
Agricultural Commodities		25,935,106			0.4
Oil Refining, Marketing & Distribution		16,043,403			0.2
		574,275,326			7.8
> Health Care
Medical Supplies		81,936,735			1.1
Medical Equipment & Devices		80,490,171			1.1
Health Care Services		34,626,427			0.5
Pharmaceuticals		14,869,755			0.2
		211,923,088			2.9
Total Equities:		7,130,213,565			96.2
Short-Term Investments:		264,736,110			3.6
Securities Lending Collateral:		148,329,046			2.0
Total Investments:		7,543,278,721			101.8
Obligation to Return Collateral for Securities Loaned:		(148,329,046	)		(2.0	)
Cash and Other Assets Less Liabilities:		12,254,727			0.2
Net Assets:	$	7,407,204,402			100.0

Columbia Acorn USA

Major Portfolio Changes in the First Quarter (Unaudited)

	Number of Shares
	12/31/12		3/31/13
Purchases
Information
InContact		0		160,200
Liquidity Services		81,000		153,000
Rogers		4,558		67,000
RPX		0		155,948
Industrial Goods & Services
Thermon		260,000		386,000
WESCO International		0		41,000
Consumer Goods & Services
Caesarstone (Israel)		200,000		243,814
Casey's General Stores		63,000		113,000
Quiksilver		0		475,000
Finance
CAI International		542,055		569,208
Kennedy-Wilson Holdings		0		200,000
Health Care
Alnylam Pharmaceuticals		0		145,000
Synageva Biopharma		197,000		210,553
Other Industries
Coresite Realty		0		42,628
Energy & Minerals
Hornbeck Offshore		0		74,000

	Number of Shares
	12/31/12		3/31/13
Sales
Information
Ansys		329,000		299,000
Bally Technologies		660,000		600,000
Boingo Wireless		400,000		364,000
Concur Technologies		196,000		178,000
Entravision Communications		875,000		0
ExlService Holdings		556,000		506,000
Finisar		732,000		666,000
II-VI		1,317,000		1,242,000
Informatica		910,000		745,000
IPG Photonics		525,000		504,000
Ixia		813,000		740,000
Micros Systems		633,000		340,000
NetSuite		197,000		179,000
Pericom Semiconductor		390,000		0
SBA Communications		300,000		273,000
Syntel		87,000		0
tw telecom		1,457,000		1,325,000
Velti		400,000		364,000
Virtusa		192,000		175,000
WMS Industries		83,500		0
WNS - ADR (India)		359,000		327,000
Industrial Goods & Services
Ametek		1,082,000		984,000
Donaldson		890,000		855,000
Oshkosh Corporation		76,000		0
Polypore International		227,000		207,000
Consumer Goods & Services
Abercrombie & Fitch		468,500		362,500
Avis Budget Group		1,300,950		1,183,950
Cavco Industries		206,000		187,000
Herman Miller		78,000		0
Hertz		675,000		614,000
Interface		756,000		688,000
Knoll		880,000		658,502
lululemon athletica		522,000		198,000
Pinnacle Entertainment		698,000		635,000
Ryman Hospitality Properties		997,722		907,722
Saks		715,000		351,000
Skullcandy		213,494		0
Finance
Associated Banc-Corp		1,053,000		993,000
CVB Financial		210,000		0
Eaton Vance		203,500		0
H & E Equipment Services		357,861		189,000
MB Financial		833,000		801,000
ViewPoint Financial		602,487		548,487
World Acceptance		315,000		287,000

	Number of Shares
	12/31/12		3/31/13
Sales (continued)
Heath Care
Alexion Pharmaceuticals		63,000		0
ARIAD Pharmaceuticals		466,000		388,000
Auxilium Pharmaceuticals		103,527		0
BioMarin Pharmaceutical		381,000		228,000
Cepheid		587,600		574,600
Health Management Associates		664,900		604,900
NPS Pharmaceuticals		1,196,450		729,000
Raptor Pharmaceutical		259,000		0
Seattle Genetics		696,000		645,000
Other Industries
Dupont Fabros Technology		499,100		356,738
EdR		1,084,800		986,800
World Fuel Services		128,000		0
Energy & Minerals
Atwood Oceanics		725,000		660,000
Augusta Resource		180,000		0
Chart Industries		27,050		0
PDC Energy		182,000		166,000

Columbia Acorn USA

Statement of Investments (Unaudited), March 31, 2013

Number of Shares			Value
			Equities: 98.2%
Information 28.2%
		> Business Software 7.2%
	745,000	Informatica (a)	$	25,680,150
		Enterprise Data Integration Software
	299,000	Ansys (a)		24,344,580
		Simulation Software for Engineers & Designers
	340,000	Micros Systems (a)		15,473,400
		Information Systems for Hotels, Restaurants & Retailers
	179,000	NetSuite (a)		14,330,740
		End-to-end IT Systems Solutions Delivered Over the Web
	290,000	SPS Commerce (a)		12,374,300
		Supply Chain Management Software Delivered Via the Web
	178,000	Concur Technologies (a)		12,221,480
		Web-enabled Cost & Expense Management Software
	158,542	RealPage (a)		3,283,405
		Software for Managing Rental Properties Delivered Via the Web
	310,000	Exa (a)		2,951,200
		Simulation Software
	160,200	InContact		1,296,018
		Call Center Systems Delivered Via the Web & Telco Services
	364,000	Velti (a)(b)		720,720
		Mobile Marketing Software Platform
	28,561	Envestnet		500,103
		Technology Platform for Investment Advisors
				113,176,096
		> Instrumentation 4.8%
	164,000	Mettler-Toledo International (a)		34,968,080
		Laboratory Equipment
	504,000	IPG Photonics (b)		33,470,640
		Fiber Lasers
	274,000	Trimble Navigation (a)		8,209,040
		GPS-based Instruments
				76,647,760
		> Semiconductors & Related Equipment 3.8%
	628,000	Microsemi (a)		14,550,760
		Analog/Mixed Signal Semiconductors
	238,000	Ultratech (a)		9,408,140
		Semiconductor Equipment
	1,189,000	Atmel (a)		8,275,440
		Microcontrollers, Radio Frequency & Memory Semiconductors
	333,000	Monolithic Power Systems		8,115,210
		High Performance Analog & Mixed Signal Integrated Circuits
	874,000	ON Semiconductor (a)		7,236,720
		Mixed Signal & Power Management Semiconductors
	978,000	TriQuint Semiconductor (a)		4,938,900
		Radio Frequency Semiconductors
	118,000	Semtech (a)		4,176,020
		Analog Semiconductors

Number of Shares			Value
	45,000	Hittite Microwave (a)	$	2,725,200
		Radio Frequency, Microwave & Millimeterwave Semiconductors
				59,426,390
		> Telephone & Data Services 2.2%
	1,325,000	tw telecom (a)		33,376,750
		Fiber Optic Telephone/Data Services
	364,000	Boingo Wireless (a)(b)		2,009,280
		Wholesale & Retail WiFi Networks
				35,386,030
		> Computer Hardware & Related Equipment 2.1%
	1,242,000	II-VI (a)		21,163,680
		Laser Optics & Specialty Materials
	146,000	Nice Systems - ADR (Israel) (a)		5,377,180
		Audio & Video Recording Solutions
	67,000	Rogers (a)		3,190,540
		Printed Circuit Materials & High-performance Foams
	88,000	Netgear (a)		2,948,880
		Networking Products for Small Business & Home
				32,680,280
		> Computer Services 2.1%
	506,000	ExlService Holdings (a)		16,637,280
		Business Process Outsourcing
	327,000	WNS - ADR (India) (a)		4,819,980
		Offshore BPO (Business Process Outsourcing) Services
	175,000	Virtusa (a)		4,158,000
		Offshore IT Outsourcing
	582,000	RCM Technologies		3,526,920
		Technology & Engineering Services
	706,766	Hackett Group		3,229,921
		IT Integration & Best Practice Research
				32,372,101
		> Gaming Equipment & Services 2.0%
	600,000	Bally Technologies (a)		31,182,000
		Slot Machines & Software
		> Telecommunications Equipment 1.7%
	740,000	Ixia (a)		16,013,600
		Telecom Network Test Equipment
	666,000	Finisar (a)		8,784,540
		Optical Subsystems & Components
	294,278	Infinera (a)		2,059,946
		Optical Networking Equipment
				26,858,086
		> Mobile Communications 1.2%
	273,000	SBA Communications (a)		19,661,460
		Communications Towers
		> Financial Processors 0.7%
	139,000	Global Payments		6,902,740
		Credit Card Processor
	153,000	Liquidity Services (a)(b)		4,560,930
		E-Auctions for Surplus & Salvage Goods
				11,463,670

Number of Shares			Value
		> Contract Manufacturing 0.3%
	215,000	Plexus (a)	$	5,226,650
		Electronic Manufacturing Services
		> Business Information & Marketing Services 0.1%
	155,948	RPX		2,200,426
		Patent Aggregation & Defensive Patent Consulting
Information: Total				446,280,949
Industrial Goods & Services 19.1%
		> Machinery 14.8%
	718,200	Nordson		47,365,290
		Dispensing Systems for Adhesives & Coatings
	984,000	Ametek		42,666,240
		Aerospace/Industrial Instruments
	760,000	ESCO Technologies		31,053,600
		Automatic Electric Meter Readers
	855,000	Donaldson		30,942,450
		Industrial Air Filtration
	606,000	HEICO		20,791,860
		FAA Approved Aircraft Replacement Parts
	436,000	Moog (a)		19,981,880
		Motion Control Products for Aerospace, Defense & Industrial Markets
	237,000	Toro		10,911,480
		Turf Maintenance Equipment
	224,000	Kennametal		8,744,960
		Consumable Cutting Tools
	207,000	Polypore International (a)(b)		8,317,260
		Battery Separators & Filtration Media
	166,963	Generac		5,900,472
		Standby Power Generators
	26,000	Middleby (a)		3,955,900
		Manufacturer of Cooking Equipment
	97,000	Dorman Products		3,609,370
		Aftermarket Auto Parts Distributor
				234,240,762
		> Industrial Materials & Specialty Chemicals 1.5%
	539,000	Drew Industries		19,571,090
		RV & Manufactured Home Components
	164,000	Polyone		4,003,240
		Intermediate Stage Chemicals Producer
				23,574,330
		> Electrical Components 1.3%
	190,000	Acuity Brands		13,176,500
		Commercial Lighting Fixtures
	386,000	Thermon (a)		8,573,060
		Global Engineered Thermal Solutions
				21,749,560
		> Other Industrial Services 0.7%
	188,000	Forward Air		7,010,520
		Freight Transportation Between Airports
	496,643	Acorn Energy (b)		3,650,326
		Frac Well Exploration/Monitoring Device, Sonar Security, Electric Grid Monitoring
				10,660,846

Number of Shares			Value
		> Construction 0.4%
	164,000	Fortune Brands Home & Security (a)	$	6,138,520
		Home Building Supplies & Small Locks
		> Industrial Distribution 0.2%
	41,000	WESCO International		2,977,010
		Industrial Distributor
		> Waste Management 0.2%
	82,000	Waste Connections		2,950,360
		Solid Waste Management
Industrial Goods & Services: Total				302,291,388
Consumer Goods & Services 16.4%
		> Travel 6.4%
	907,722	Ryman Hospitality Properties (b)		41,528,281
		Convention Hotels
	1,183,950	Avis Budget Group (a)		32,949,329
		Second Largest Car Rental Company
	614,000	Hertz (a)		13,667,640
		Largest U.S. Rental Car Operator
	173,000	Choice Hotels		7,319,630
		Franchisor of Budget Hotel Brands
	135,000	HomeAway (a)		4,387,500
		Vacation Rental Online Marketplace
	29,000	Vail Resorts		1,807,280
		Ski Resort Operator & Developer
				101,659,660
		> Retail 4.3%
	805,000	Pier 1 Imports		18,515,000
		Home Furnishing Retailer
	362,500	Abercrombie & Fitch		16,747,500
		Teen Apparel Retailer
	198,000	lululemon athletica (a)		12,345,300
		Premium Active Apparel Retailer
	224,000	Shutterfly (a)		9,894,080
		Internet Photo-centric Retailer
	113,000	Casey's General Stores		6,587,900
		Owner/Operator of Convenience Stores
	351,000	Saks (a)		4,025,970
		Luxury Department Store Retailer
				68,115,750
		> Furniture & Textiles 2.0%
	688,000	Interface		13,223,360
		Modular Carpet
	658,502	Knoll		11,938,641
		Office Furniture
	243,814	Caesarstone (Israel) (a)		6,436,690
		Quartz Countertops
				31,598,691
		> Consumer Goods Distribution 1.1%
	358,000	Pool		17,184,000
		Swimming Pool Supplies & Equipment Distributor
		> Other Consumer Services 0.6%
	233,000	Lifetime Fitness (a)		9,967,740
		Sport & Fitness Club Operator

Columbia Acorn USA

Statement of Investments (Unaudited), continued

Number of Shares			Value
		> Casinos & Gaming 0.6%
	635,000	Pinnacle Entertainment (a)	$	9,283,700
		Regional Casino Operator
		> Nondurables 0.6%
	238,000	Helen of Troy (a)		9,129,680
		Personal Care, Housewares, Healthcare & Home Environment Products
		> Other Durable Goods 0.5%
	187,000	Cavco Industries (a)		8,895,590
		Manufactured Homes
		> Apparel 0.2%
	475,000	Quiksilver		2,883,250
		Action Sports Lifestyle Branded Apparel & Footwear
		> Food & Beverage 0.1%
	136,000	Boulder Brands (a)		1,221,280
		Healthy Food Products
		> Educational Services —%
	34,350	ITT Educational Services (a)(b)		473,343
		Postsecondary Degree Services
Consumer Goods & Services: Total				260,412,684
Finance 13.8%
		> Banks 7.2%
	801,000	MB Financial		19,360,170
		Chicago Bank
	993,000	Associated Banc-Corp		15,083,670
		Midwest Bank
	164,000	SVB Financial Group (a)		11,634,160
		Bank to Venture Capitalists
	392,597	Lakeland Financial		10,478,414
		Indiana Bank
	173,000	City National		10,191,430
		Bank & Asset Manager
	487,000	TCF Financial		7,285,520
		Great Lakes Bank
	228,000	Hancock Holding		7,049,760
		Gulf Coast Bank
	1,345,200	First Busey		6,147,564
		Illinois Bank
	566,750	Valley National Bancorp (b)		5,803,520
		New Jersey/New York Bank
	738,000	First Commonwealth		5,505,480
		Western Pennsylvania Bank
	191,000	Eagle Bancorp (a)		4,180,990
		Metro Washington, D.C. Bank
	695,000	TrustCo Bank		3,878,100
		New York State Bank
	171,826	Sandy Spring Bancorp		3,453,702
		Baltimore, Washington, D.C. Bank
	774,247	Guaranty Bancorp (a)		1,625,919
		Colorado Bank
	82,000	TriCo Bancshares		1,402,200
		California Central Valley Bank
	89,700	Hudson Valley		1,337,427
		Metro New York City Bank
				114,418,026

Number of Shares			Value
		> Finance Companies 4.6%
	287,000	World Acceptance (a)(b)	$	24,644,690
		Personal Loans
	569,208	CAI International (a)		16,404,575
		International Container Leasing
	389,000	Textainer Group Holdings		15,384,950
		Top International Container Leasor
	315,000	McGrath Rentcorp		9,796,500
		Temporary Space & IT Rentals
	189,000	H & E Equipment Services		3,855,600
		Heavy Equipment Leasing
	91,000	Marlin Business Services		2,110,290
		Small Equipment Leasing
				72,196,605
		> Savings & Loans 1.1%
	548,487	ViewPoint Financial		11,030,074
		Texas Thrift
	128,000	Berkshire Hills Bancorp		3,269,120
		Northeast Thrift
	157,073	Simplicity Bancorp		2,360,807
		Los Angeles Savings & Loan
				16,660,001
		> Insurance 0.5%
	35,000	Enstar Group (a)		4,350,150
		Insurance/Reinsurance & Related Services
	45,000	Allied World Holdings		4,172,400
		Commerical Lines Insurance/Reinsurance
				8,522,550
		> Brokerage & Money Management 0.4%
	139,000	SEI Investments		4,010,150
		Mutual Fund Administration & Investment Management
	200,000	Kennedy-Wilson Holdings		3,102,000
		Global Distress Real Estate
				7,112,150
Finance: Total				218,909,332
Health Care 9.3%
		> Biotechnology & Drug Delivery 5.5%
	645,000	Seattle Genetics (a)		22,903,950
		Antibody-based Therapies for Cancer
	228,000	BioMarin Pharmaceutical (a)		14,195,280
		Biotech Focused on Orphan Diseases
	210,553	Synageva Biopharma (a)		11,563,571
		Biotech Focused on Orphan Diseases
	91,000	Onyx Pharmaceuticals (a)		8,086,260
		Commercial-stage Biotech Focused on Cancer
	729,000	NPS Pharmaceuticals (a)		7,428,510
		Orphan Drugs & Healthy Royalties
	388,000	ARIAD Pharmaceuticals (a)		7,018,920
		Biotech Focused on Cancer
	186,000	Sarepta Therapeutics (a)(b)		6,872,700
		Biotech Focused on Rare Diseases
	145,000	Alnylam Pharmaceuticals		3,533,650
		Biotech Developing Drugs for Rare Diseases

Number of Shares			Value
		> Biotechnology & Drug Delivery—continued
	364,000	InterMune (a)	$	3,294,200
		Drugs for Pulmonary Fibrosis & Hepatitis C
	419,511	Chelsea Therapeutics International (a)(b)		855,803
		Biotech Focused on Rare Diseases
	67,263	Coronado Biosciences		653,796
		Development-stage Biotech
	18,181	Metabolex (a)(c)(d)		1,818
		Diabetes Drug Development
				86,408,458
		> Medical Supplies 1.8%
	574,600	Cepheid (a)		22,047,402
		Molecular Diagnostics
	87,000	Techne		5,902,950
		Cytokines, Antibodies & Other Reagents for Life Science
				27,950,352
		> Medical Equipment & Devices 1.0%
	224,012	Sirona Dental Systems (a)		16,516,405
		Manufacturer of Dental Equipment
		> Pharmaceuticals 0.5%
	584,000	Akorn (a)		8,076,720
		Develops, Manufactures & Sells Specialty Generic Drugs
	121,180	Alimera Sciences (a)(b)		372,022
		Ophthalmology-focused Pharmaceutical Company
				8,448,742
		> Health Care Services 0.5%
	604,900	Health Management Associates (a)		7,785,063
		Non-urban Hospitals
Health Care: Total				147,109,020
Other Industries 6.9%
		> Real Estate 6.1%
	832,000	Extra Space Storage		32,672,640
		Self Storage Facilities
	496,200	Biomed Realty Trust		10,717,920
		Life Science-focused Office Buildings
	986,800	EdR		10,391,004
		Student Housing
	491,000	Associated Estates Realty		9,152,240
		Multifamily Properties
	356,738	Dupont Fabros Technology		8,658,031
		Data Centers
	1,255,000	Kite Realty Group		8,458,700
		Community Shopping Centers
	871,000	DCT Industrial Trust		6,445,400
		Industrial Properties
	91,000	Post Properties		4,286,100
		Multifamily Properties
	182,000	St. Joe (a)(b)		3,867,500
		Florida Panhandle Landowner
	42,628	Coresite Realty		1,491,128
		Data Centers
				96,140,663

Number of Shares			Value
		> Transportation 0.8%
	468,091	Rush Enterprises, Class A (a)	$	11,290,355
	105,000	Rush Enterprises, Class B (a)		2,163,000
		Truck Sales & Service
				13,453,355
Other Industries: Total				109,594,018
Energy & Minerals 4.5%
		> Oil Services 2.4%
	660,000	Atwood Oceanics (a)		34,676,400
		Offshore Drilling Contractor
	74,000	Hornbeck Offshore		3,438,040
		Supply Vessel Operator in U.S. Gulf of Mexico
				38,114,440
		> Oil & Gas Producers 1.4%
	166,000	PDC Energy (a)		8,228,620
		Oil & Gas Producer in U.S.
	90,000	SM Energy		5,329,800
		Oil & Gas Producer
	83,000	Rosetta Resources (a)		3,949,140
		Oil & Gas Producer Exploring in Texas
	158,000	Approach Resources (a)		3,888,380
		Oil & Gas Producer in West Texas Permian
	464,000	Quicksilver Resources (a)(b)		1,044,000
		Natural Gas & Coal Seam Gas Producer
				22,439,940
		> Mining 0.7%
	70,000	Core Labs (Netherlands)		9,654,400
		Oil & Gas Reservoir Consulting
	546,000	Alexco Resource (a)		1,812,720
		Mining, Exploration & Environmental Services
				11,467,120
Energy & Minerals: Total				72,021,500
Total Equities: 98.2% (Cost: $910,415,604)				1,556,618,891	(e)(f)
Short-Term Investments: 1.7%
	26,910,566	J.P. Morgan U.S. Government Money Market Fund - Agency Shares (7 day yield of 0.01%)		26,910,566
Total Short-Term Investments: 1.7% (Cost: $26,910,566)				26,910,566

Columbia Acorn USA

Statement of Investments (Unaudited), continued

Number of Shares			Value
Securities Lending Collateral: 4.0%
	62,924,490	Dreyfus Government Cash Management Fund - Institutional Shares (7 day yield of 0.01%) (g)	$	62,924,490
Total Securities Lending Collateral: 4.0% (Cost: $62,924,490)				62,924,490
Total Investments: 103.9% (Cost: $1,000,250,660)(h)				1,646,453,947	(i)
Obligation to Return Collateral for Securities Loaned: (4.0)%				(62,924,490	)
Cash and Other Assets Less Liabilities: 0.1%				1,265,884
Net Assets: 100.0%			$	1,584,795,341

ADR – American Depositary Receipts

> Notes to Statement of Investments

(a) Non-income producing security.

(b) All or a portion of this security was on loan at March 31, 2013. The total market value of securities on loan at March 31, 2013 was $61,666,096.

(d) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. This security is valued at fair value determined in good faith under consistently applied procedures established by the Board of Trustees. At March 31, 2013, the market value of this security amounted to $1,818, which represented less than 0.01% of total net assets. Additional information on this security is as follows:

Security				Acquisition Dates				Shares				Cost				Value
Metabolex				2/11/00					18,181			$	1,999,910			$	1,818

(e) An affiliated person of the Fund may include any company in which the Fund owns five percent or more of its outstanding voting shares. Holdings and transactions in these affiliated companies during the period ended March 31, 2013, are as follows:

Security				Balance of Shares Held 12/31/12				Purchases/ Additions				Sales/ Reductions				Balance of Shares Held 3/31/13				Value				Dividend
RCM Technologies (1)					640,000				-				58,000				582,000			$	3,526,920			$	-

(1) At March 31, 2013, the Fund owned less than five percent of the company's outstanding voting shares.

(f) On March 31, 2013, the market value of foreign securities represented 1.66% of total net assets. The Fund's foreign portfolio was diversified as follows:

Country	Value		Percentage of Net Assets
Israel	$	11,813,870		0.75
Netherlands		9,654,400		0.61
India		4,819,980		0.30
Total Foreign Portfolio	$	26,288,250		1.66

(g) Investment made with cash collateral received from securities lending activity.

(h) At March 31, 2013, for federal income tax purposes, the cost of investments was $1,000,250,660 and net unrealized appreciation was $646,203,287 consisting of gross unrealized appreciation of $693,222,777 and gross unrealized depreciation of $47,019,490.

(i) Securities are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.

> Notes to Statement of Investments

Fair Value Measurements

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

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

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

Under the direction of the Board, the Committee is responsible for carrying out the valuation procedures approved by the Board.

The following table summarizes the inputs used, as of March 31, 2013, in valuing the Fund's assets:

Investment Type	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equities
Information	$	446,280,949	$	-	$	-	$	446,280,949
Industrial Goods & Services		302,291,388		-		-		302,291,388
Consumer Goods & Services		260,412,684		-		-		260,412,684
Finance		218,909,332		-		-		218,909,332
Health Care		147,107,202		-		1,818		147,109,020
Other Industries		109,594,018		-		-		109,594,018
Energy & Minerals		72,021,500		-		-		72,021,500
Total Equities		1,556,617,073		-		1,818		1,556,618,891
Total Short-Term Investments		26,910,566		-		-		26,910,566
Total Securities Lending Collateral		62,924,490		-		-		62,924,490
Total Investments	$	1,646,452,129	$	-	$	1,818	$	1,646,453,947

There were no transfers of financial assets between levels 1 and 2 during the period.

The fund does not hold any significant investments categorized as Level 3.

Columbia Acorn International Select

Major Portfolio Changes in the First Quarter (Unaudited)

	Number of Shares
	12/31/12		3/31/13
Purchases
Asia
> Japan
Familymart		0		95,000
FP Corporation		55,400		59,000
Itochu Techno-Science		0		134,000
NGK Spark Plug		0		632,000
Orix JREIT		0		2,655
Park24		110,400		210,000
Rinnai		0		79,000
Start Today		869,000		936,100
> Singapore
CDL Hospitality Trust		0		2,349,000
Mapletree Commercial Trust		0		3,012,000
> Korea
Coway		0		88,800
Hyundai Motor		0		51,000
Kepco Plant Service & Engineering		0		157,000
> Indonesia
Archipelago Resources		11,136,600		11,903,000
> Hong Kong
Mapletree Greater China Commercial Trust		0		4,932,000
Melco International		0		2,391,000
Other Countries
> Australia
Regis Resources		562,088		1,213,715
> United States
SM Energy		52,000		66,000
> South Africa
Coronation Fund Mergers		0		846,448
Europe
> United Kingdom
JLT Group		501,000		812,116
Smith & Nephew		0		314,515
> Denmark
Jyske Bank		0		113,356
SimCorp		0		14,400
> Switzerland
Partners Group		19,800		24,000
> France
Neopost		0		65,000
Latin America
> Brazil
Beadell Resources		2,755,603		6,667,760

	Number of Shares
	12/31/12		3/31/13
Sales
Asia
> Japan
Miraca Holdings		187,000		0
Seven Bank		5,421,000		4,520,000
> Singapore
Ascendas REIT		13,130,000		11,081,000
Mapletree Industrial Trust		16,000,000		13,429,001
Mapletree Logistics Trust		14,162,000		11,748,000
> Taiwan
Far EasTone Telecom		11,103,000		9,985,000
Taiwan Mobile		4,810,000		4,242,000
> Korea
Hite Jinro		156,680		118,360
Other Countries
> Australia
Challenger Financial		4,170,000		3,214,907
Commonwealth Property Office Fund		12,057,000		3,310,000
IAG		1,335,000		1,089,000
UGL		498,000		0
> United States
Allied Nevada Gold		277,000		161,000
> South Africa
Rand Merchant Insurance		3,106,606		0
> Canada
Alamos Gold		643,000		25,180
Central Fund of Canada		263,000		0
Goldcorp		500,000		21,500
> New Zealand
Telecom NZ		1,980,000		0
Europe
> Germany
Wirecard		355,000		150,000
> France
Gemalto		45,000		0
> Sweden
Hexagon		192,000		140,000
> Netherlands
Imtech		184,186		176,586
Latin America
> Mexico
Fresnillo		745,000		200,326

Columbia Acorn International Select

Statement of Investments (Unaudited), March 31, 2013

Number of Shares			Value
			Equities: 92.0%
Asia 56.7%
		> Japan 18.4%
	4,520,000	Seven Bank	$	14,553,897
		ATM Processing Services
	936,100	Start Today (a)		11,883,354
		Online Japanese Apparel Retailer
	632,000	NGK Spark Plug		9,692,794
		Automobile Parts
	134,000	Itochu Techno-Science		6,634,107
		IT Network Equipment Sales & Services
	79,000	Rinnai		5,632,126
		Gas Appliances for Household & Commercial Use
	440	Nippon Prologis REIT (b)		4,790,992
		Logistics REIT in Japan
	95,000	Familymart		4,342,205
		Japanese Convenience Store Operator
	210,000	Park24		4,111,339
		Parking Lot Operator
	59,000	FP Corporation		3,948,378
		Disposable Food Trays & Containers
	2,655	Orix JREIT		3,749,186
		Diversified REIT
				69,338,378
		> Singapore 15.2%
	11,081,000	Ascendas REIT		23,284,403
		Industrial Property Landlord
	13,429,001	Mapletree Industrial Trust		15,211,630
		Industrial Property Landlord
	11,748,000	Mapletree Logistics Trust		11,516,658
		Industrial Property Landlord
	2,349,000	CDL Hospitality Trust		3,888,873
		Hotel Owner/Operator
	3,012,000	Mapletree Commercial Trust		3,268,353
		Retail & Office Property Landlord
				57,169,917
		> Taiwan 11.9%
	9,985,000	Far EasTone Telecom		22,644,901
		Taiwan's Third Largest Mobile Operator
	4,242,000	Taiwan Mobile		14,356,530
		Taiwan's Second Largest Mobile Operator
	3,947,000	CTCI Corp		7,625,477
		International Engineering Firm
				44,626,908
		> Korea 5.1%
	157,000	Kepco Plant Service & Engineering		7,918,706
		Power Plant & Grid Maintenance
	88,800	Coway (b)		3,942,764
		Household Appliance Rental Service Provider
	51,000	Hyundai Motor		3,913,754
		Global Automaker
	118,360	Hite Jinro		3,466,504
		Beer & Spirits Manufacturer
				19,241,728

Number of Shares			Value
		> Indonesia 2.8%
	11,903,000	Archipelago Resources (a)(b)	$	10,444,671
		Gold Mining Projects in Indonesia, Vietnam & the Philippines
		> Hong Kong 2.2%
	2,391,000	Melco International		4,158,876
		Macau Casino Operator
	4,932,000	Mapletree Greater China Commercial Trust (b)		4,135,349
		Retail & Office Property Landlord
				8,294,225
		> China 1.1%
	2,770,000	Want Want		4,267,065
		Chinese Branded Consumer Food Company
Asia: Total				213,382,892
Other Countries 16.0%
		> Australia 7.6%
	3,214,907	Challenger Financial		12,943,345
		Largest Annuity Provider
	1,089,000	IAG		6,496,608
		General Insurance Provider
	1,213,715	Regis Resources (b)		5,265,989
		Gold Mining in Australia
	3,310,000	Commonwealth Property Office Fund		3,831,342
		Australia Prime Office REIT
				28,537,284
		> United States 2.9%
	82,000	Atwood Oceanics (b)		4,308,280
		Offshore Drilling Contractor
	66,000	SM Energy		3,908,520
		Oil & Gas Producer
	161,000	Allied Nevada Gold (b)		2,650,060
		Gold & Silver Mining
				10,866,860
		> South Africa 2.8%
	95,700	Naspers		5,961,931
		Media in Africa, China, Russia & Other Emerging Markets
	846,448	Coronation Fund Managers		4,418,508
		South African Fund Manager
				10,380,439
		> Canada 1.7%
	91,400	CCL Industries		5,389,438
		Largest Global Label Converter
	21,500	Goldcorp		723,045
		Gold Mining
	25,180	Alamos Gold		345,780
		Gold Mining
				6,458,263
		> Israel 1.0%
	307,000	Israel Chemicals		3,978,149
		Producer of Potash, Phosphates, Bromine & Specialty Chemicals
Other Countries: Total				60,220,995

Columbia Acorn International Select

Statement of Investments (Unaudited), continued

Number of Shares			Value
Europe 13.2%
		> United Kingdom 4.8%
	812,116	JLT Group	$	10,501,080
		International Business Insurance Broker
	74,000	Intertek Group		3,815,065
		Testing, Inspection, Certification Services
	314,515	Smith & Nephew		3,631,962
		Medical Equipment & Supplies
				17,948,107
		> Denmark 2.0%
	14,400	SimCorp (a)		3,869,145
		Software for Investment Managers
	113,356	Jyske Bank (b)		3,868,593
		Danish Bank
				7,737,738
		> Switzerland 1.6%
	24,000	Partners Group		5,923,523
		Private Markets Asset Management
		> Iceland 1.2%
	3,488,000	Marel		4,370,397
		Largest Manufacturer of Poultry & Fish Processing Equipment
		> Germany 1.1%
	150,000	Wirecard		4,143,583
		Online Payment Processing & Risk Management
		> France 1.0%
	65,000	Neopost (a)		3,893,974
		Postage Meter Machines
		> Sweden 1.0%
	140,000	Hexagon		3,823,374
		Design, Measurement & Visualization Software & Equipment
		> Netherlands 0.5%
	176,586	Imtech (a)		1,998,505
		Technical Installation & Maintenance
Europe: Total				49,839,201
Latin America 6.1%
		> Guatemala 2.8%
	588,000	Tahoe Resources (b)		10,343,614
		Silver Project in Guatemala
		> Brazil 1.7%
	6,667,760	Beadell Resources (b)		6,338,654
		Gold Mining in Brazil

Number of Shares			Value
		> Mexico 1.1%
	200,326	Fresnillo	$	4,127,464
		Silver & Metal Byproduct Mining in Mexico
		> Uruguay 0.5%
	191,666	Union Agriculture Group (b)(c)(d)		1,958,826
		Farmland Operator in Uruguay
		> Colombia —%
	1,880,000	Santa Maria Petroleum (b)(c)		124,365
		Explores for Oil & Gas in Latin America
Latin America: Total				22,892,923
Total Equities: 92.0% (Cost: $287,246,172)			346,336,011(e)
Short-Term Investments: 7.2%
	27,038,077	J.P. Morgan U.S. Government Money Market Fund - Agency Shares (7 day yield of 0.01%)		27,038,077
Total Short-Term Investments: 7.2% (Cost: $27,038,077)				27,038,077
Securities Lending Collateral: 3.0%
	11,365,268	Dreyfus Government Cash Management Fund - Institutional Shares (7 day yield of 0.01%) (f)		11,365,268
Total Securities Lending Collateral: 3.0% (Cost: $11,365,268)				11,365,268
Total Investments: 102.2% (Cost: $325,649,517)(g)				384,739,356	(h)
Obligation to Return Collateral for Securities Loaned: (3.0)%				(11,365,268	)
Cash and Other Assets Less Liabilities: 0.8%				3,020,912
Net Assets: 100.0%			$	376,395,000

REIT - Real Estate Investment Trust

> Notes to Statement of Investments

(a) All or a portion of this security was on loan at March 31, 2013. The total market value of securities on loan at March 31, 2013 was $10,786,994.

(b) Non-income producing security.

(c) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities are valued at fair value determined in good faith under consistently applied procedures established by the Board of Trustees. At March 31, 2013, the market value of these securities amounted to $2,083,191, which represented 0.55% of total net assets. Additional information on these securities is as follows:

Security	Acquisition Dates	Shares		Cost		Value
Union Agriculture Group	12/8/10-6/27/12		191,666	$	2,200,000	$	1,958,826
Santa Maria Petroleum	1/14/11		1,880,000		2,375,897		124,365
				$	4,575,897	$	2,083,191

> Notes to Statement of Investments

(d) Illiquid security.

(e) On March 31, 2013, the Fund's total investments were denominated in currencies as follows:

Currency	Value		Percentage of Net Assets
Japanese Yen	$	69,338,378		18.4
Singapore Dollar		61,305,266		16.3
Taiwan Dollar		44,626,908		11.9
Australian Dollar		34,875,938		9.3
British Pound		32,520,242		8.6
South Korean Won		19,241,728		5.1
Other currencies less than 5% of total net assets		84,427,551		22.4
Total Equities	$	346,336,011		92.0

(f) Investment made with cash collateral received from securities lending activity.

(g) At March 31, 2013, for federal income tax purposes, the cost of investments was $325,649,517 and net unrealized appreciation was $59,089,839 consisting of gross unrealized appreciation of $71,486,087 and gross unrealized depreciation of $12,396,248.

(h) Securities are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.

At March 31, 2013, the Fund had entered into the following forward foreign currency exchange contract:

				Forward Foreign Currency Exchange Contracts to Buy				Forward Foreign Currency Exchange Contracts to Sell				Principal Amount in Foreign Currency				Principal Amount in U.S. Dollar				Settlement Date				Unrealized Appreciation (Depreciation)
				USD				ZAR					102,021,700			$	11,000,000			4/15/13				$	(75,534	)

The counterparty for all forward foreign currency exchange contracts is State Street Bank and Trust Company.

USD - United States Dollar

ZAR - South African Rand

Fair Value Measurements

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

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

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

Under the direction of the Board, the Committee is responsible for carrying out the valuation procedures approved by the Board.

Columbia Acorn International Select

Statement of Investments (Unaudited), continued

> Notes to Statement of Investments

The following table summarizes the inputs used, as of March 31, 2013, in valuing the Fund's assets:

Investment Type	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Equities
Asia	$	-	$	213,382,892		$	-	$	213,382,892
Other Countries		17,325,123		42,895,872			-		60,220,995
Europe		-		49,839,201			-		49,839,201
Latin America		10,343,614		10,590,483			1,958,826		22,892,923
Total Equities		27,668,737		316,708,448			1,958,826		346,336,011
Total Short-Term Investments		27,038,077		-			-		27,038,077
Total Securities Lending Collateral		11,365,268		-			-		11,365,268
Total Investments	$	66,072,082	$	316,708,448		$	1,958,826	$	384,739,356
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		-		(75,534	)		-		(75,534	)
Total	$	66,072,082	$	316,632,914		$	1,958,826	$	384,663,822

The Fund's assets assigned to the Level 2 input category are generally valued using a market approach, in which a security's value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Foreign equities are generally valued at the last sale price on the foreign exchange or market on which they trade. The Fund may use a statistical fair valuation model, in accordance with the policy adopted by the Board, provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. These models take into account available market data including intraday index, ADR, and ETF movements. Forward foreign currency exchange contracts are valued at the prevailing forward exchange rate of the underlying currencies. Securities acquired via private placement that have a holding period or an extended settlement period are valued at a discount to the same shares that are trading freely on the market. These discounts are determined by the investment manager's experience with similar securities or situations. Factors may include, but are not limited to, trade volume, shares outstanding and stock price.

There were no transfers of financial assets between levels 1 and 2 during the period.

The Fund does not hold any significant investments categorized as Level 3.

Columbia Acorn International Select

Portfolio Diversification (Unaudited)

At March 31, 2013, the Fund's portfolio investments as a percentage of net assets were diversified as follows:

	Value		Percentage of Net Assets
> Other Industries
Real Estate	$	73,676,786		19.6
		73,676,786		19.6
> Information
Mobile Communications		37,001,431		9.8
Business Software		7,692,519		2.0
Computer Services		6,634,107		1.8
Internet Related		5,961,931		1.6
Financial Processors		4,143,583		1.1
		61,433,571		16.3
> Finance
Insurance		29,941,033		8.0
Banks		18,422,490		4.9
Brokerage & Money Management		10,342,030		2.7
		58,705,553		15.6
> Consumer Goods & Services
Other Durable Goods		19,238,674		5.1
Retail		16,225,559		4.3
Food & Beverage		7,733,569		2.1
Nondurables		5,389,437		1.4
Casinos & Gaming		4,158,876		1.1
Other Consumer Services		3,942,765		1.1
		56,688,880		15.1
> Energy & Minerals
Mining		40,239,277		10.7
Oil Services		4,308,280		1.1
Oil & Gas Producers		4,032,885		1.1
Agricultural Commodities		1,958,827		0.5
		50,539,269		13.4

	Value			Percentage of Net Assets
> Industrial Goods & Services
Other Industrial Services	$	9,924,909			2.6
Machinery		8,264,372			2.2
Industrial Materials & Specialty Chemicals		7,926,526			2.1
Outsourcing Services		7,918,706			2.1
Construction		7,625,477			2.0
		41,659,990			11.0
> Health Care
Medical Equipment & Devices		3,631,962			1.0
		3,631,962			1.0
Total Equities:		346,336,011			92.0
Short-Term Investments:		27,038,077			7.2
Securities Lending Collateral:		11,365,268			3.0
Total Investments:		384,739,356			102.2
Obligation to Return Collateral for Securities Loaned:		(11,365,268	)		(3.0	)
Cash and Other Assets Less Liabilities:		3,020,912			0.8
Net Assets:	$	376,395,000			100.0

Columbia Acorn Select

Major Portfolio Changes in the First Quarter (Unaudited)

	Number of Shares
	12/31/12		3/31/13
Purchases
Information
F5 Networks		140,000		165,000
Industrial Goods & Services
Forward Air		106,509		160,000
Nordson		214,000		240,000
Consumer Goods & Services
Choice Hotels		87,591		155,000
Lifetime Fitness		0		170,000
ULTA		0		129,000
Vail Resorts		205,000		238,000
Energy & Minerals
Canacol (Colombia)		2,918,740		3,600,000
Kirkland Lake Gold (Canada)		1,200,000		1,550,000
Health Care
Cepheid		320,000		385,000

	Number of Shares
	12/31/12		3/31/13
Sales
Information
Amphenol		510,000		474,000
Atmel		1,140,000		575,000
Crown Castle International		566,000		488,000
SBA Communications		431,000		377,000
WNS - ADR (India)		3,034,100		2,783,000
Industrial Goods & Services
Ametek		1,533,000		1,270,000
Kennametal		713,000		615,000
Pall		426,000		412,000
Consumer Goods & Services
Abercrombie & Fitch		445,000		345,000
Coach		285,000		0
Hertz		2,976,000		2,260,000
ITT Educational Services		223,000		198,000
lululemon athletica		209,000		107,000
RexLot Holdings (China)		187,475,000		119,425,000
Finance
Associated Banc-Corp		1,075,000		1,043,000
City National		496,000		480,000
CNO Financial Group		5,539,000		4,100,000
Discover Financial Services		1,412,000		970,000
SEI Investments		731,000		687,000
Energy & Minerals
Canadian Solar (China)		1,500,000		0
Pacific Rubiales Energy (Colombia)		757,000		690,000
Petromanas (Canada)		17,575,000		12,000,000
Shamaran Petroleum (Iraq)		26,965,500		21,700,000
Tuscany International Drilling (Colombia)		10,559,800		8,259,800
Heath Care
NPS Pharmaceuticals		1,444,255		0
Seattle Genetics		468,000		388,000
Other Industries
Biomed Realty Trust		954,000		924,000
Wisconsin Energy		220,000		0

Columbia Acorn Select

Statement of Investments (Unaudited), March 31, 2013

Number of Shares			Value
			Equities: 98.7%
Information 23.3%
		> Mobile Communications 7.3%
	488,000	Crown Castle International (a)	$	33,984,320
		Communications Towers
	377,000	SBA Communications (a)		27,151,540
		Communications Towers
	17,458,546	Globalstar (a)(b)		5,499,442
		Satellite Mobile Voice & Data Carrier
				66,635,302
		> Computer Services 4.5%
	2,783,000	WNS - ADR (India) (a)(c)		41,021,420
		Offshore BPO (Business Process Outsourcing) Services
		> Computer Hardware & Related Equipment 3.9%
	474,000	Amphenol		35,384,100
		Electronic Connectors
		> Instrumentation 2.5%
	107,000	Mettler-Toledo International (a)		22,814,540
		Laboratory Equipment
		> Contract Manufacturing 2.4%
	1,880,000	Sanmina (a)		21,356,800
		Electronic Manufacturing Services
		> Telecommunications Equipment 1.6%
	165,000	F5 Networks (a)		14,698,200
		Internet Traffic Management Equipment
		> Business Software 0.7%
	74,000	Ansys (a)		6,025,080
		Simulation Software for Engineers & Designers
		> Semiconductors & Related Equipment 0.4%
	575,000	Atmel (a)		4,002,000
		Microcontrollers, Radio Frequency & Memory Semiconductors
Information: Total				211,937,442
Industrial Goods & Services 23.2%
		> Machinery 17.4%
	1,270,000	Ametek		55,067,200
		Aerospace/Industrial Instruments
	988,000	Donaldson		35,755,720
		Industrial Air Filtration
	412,000	Pall		28,168,440
		Life Science, Water & Industrial Filtration
	615,000	Kennametal		24,009,600
		Consumable Cutting Tools
	240,000	Nordson		15,828,000
		Dispensing Systems for Adhesives & Coatings
				158,828,960
		> Outsourcing Services 2.6%
	839,000	Quanta Services (a)		23,978,620
		Electrical & Telecom Construction Services

Number of Shares			Value
		> Industrial Materials & Specialty Chemicals 1.7%
	265,000	FMC Corporation	$	15,112,950
		Niche Specialty Chemicals
		> Industrial Distribution 0.8%
	74,233	Airgas		7,360,944
		Industrial Gas Distributor
		> Other Industrial Services 0.7%
	160,000	Forward Air		5,966,400
		Freight Transportation Between Airports
Industrial Goods & Services: Total				211,247,874
Consumer Goods & Services 18.6%
		> Travel 12.3%
	2,260,000	Hertz (a)		50,307,600
		Largest U.S. Rental Car Operator
	875,783	Ryman Hospitality Properties (b)		40,067,072
		Convention Hotels
	238,000	Vail Resorts		14,832,160
		Ski Resort Operator & Developer
	155,000	Choice Hotels		6,558,050
		Franchisor of Budget Hotel Brands
				111,764,882
		> Retail 3.6%
	345,000	Abercrombie & Fitch		15,939,000
		Teen Apparel Retailer
	129,000	ULTA (a)		10,470,930
		Specialty Beauty Product Retailer
	107,000	lululemon athletica (a)		6,671,450
		Premium Active Apparel Retailer
				33,081,380
		> Other Consumer Services 1.2%
	170,000	Lifetime Fitness (a)		7,272,600
		Sport & Fitness Club Operator
	1,300,000	IFM Investments (Century 21 China RE) - ADR (China) (a)(c)		3,484,000
		Provide Real Estate Services in China
				10,756,600
		> Casinos & Gaming 1.1%
	119,425,000	RexLot Holdings (China)		10,482,209
		Lottery Equipment Supplier in China
		> Educational Services 0.3%
	198,000	ITT Educational Services (a)(b)		2,728,440
		Postsecondary Degree Services
		> Food & Beverage 0.1%
	1,500,000	GLG Life Tech (Canada) (a)(d)		498,750
		Produce an All-natural Sweetener Extracted from the Stevia Plant
Consumer Goods & Services: Total				169,312,261
Finance 16.9%
		> Insurance 5.1%
	4,100,000	CNO Financial Group		46,945,000
		Life, Long-term Care & Medical Supplement Insurance

Columbia Acorn Select

Statement of Investments (Unaudited), continued

Number of Shares			Value
		> Banks 4.8%
	480,000	City National	$	28,276,800
		Bank & Asset Manager
	1,043,000	Associated Banc-Corp		15,843,170
		Midwest Bank
				44,119,970
		> Credit Cards 4.8%
	970,000	Discover Financial Services		43,494,800
		Credit Card Company
		> Brokerage & Money Management 2.2%
	687,000	SEI Investments		19,819,950
		Mutual Fund Administration & Investment Management
Finance: Total				154,379,720
Energy & Minerals 8.5%
		> Oil & Gas Producers 5.1%
	690,000	Pacific Rubiales Energy (Colombia)		14,562,780
		Oil Production & Exploration in Colombia
	3,600,000	Canacol (Colombia) (a)		11,800,955
		Oil Producer in South America
	21,700,000	Shamaran Petroleum (Iraq) (a)		7,049,269
		Oil Exploration & Production in Kurdistan
	33,700,000	Petrodorado Energy (Colombia) (a)(c)		5,971,354
		Oil & Gas Exploration & Production in Colombia, Peru & Paraguay
	24,000,000	Canadian Overseas Petroleum (United Kingdom) (a)(c)(e)		5,443,323
	12,000,000	Canadian Overseas Petroleum - Warrants (United Kingdom) (a)(d)(e)		342,322
		Oil & Gas Exploration/Production in the North Sea
	12,000,000	Petromanas (Canada) (a)		1,240,341
		Exploring for Oil in Albania
				46,410,344
		> Agricultural Commodities 1.9%
	1,742,424	Union Agriculture Group (Uruguay) (a)(d)(e)		17,807,574
		Farmland Operator in Uruguay
		> Mining 0.9%
	1,550,000	Kirkland Lake Gold (Canada) (a)(b)		8,208,889
		Gold Mining

Number of Shares			Value
		> Alternative Energy 0.5%
	1,165,000	Real Goods Solar (a)(b)	$	2,097,000
		Residential Solar Energy Installer
	2,000,000	Synthesis Energy Systems (China) (a)		2,080,000
		Owner/Operator of Gasification Plants
				4,177,000
		> Oil Services 0.1%
	8,259,800	Tuscany International Drilling (Colombia) (a)		1,057,020
		South America Based Drilling Rig Contractor
Energy & Minerals: Total				77,660,827
Health Care 4.8%
		> Medical Supplies 3.3%
	163,000	Henry Schein (a)		15,085,650
		Largest Distributor of Healthcare Products
	385,000	Cepheid (a)		14,772,450
		Molecular Diagnostics
				29,858,100
		> Biotechnology & Drug Delivery 1.5%
	388,000	Seattle Genetics (a)		13,777,880
		Antibody-based Therapies for Cancer
Health Care: Total				43,635,980
Other Industries 3.4%
		> Real Estate 3.4%
	924,000	Biomed Realty Trust		19,958,400
		Life Science-focused Office Buildings
	456,000	Dupont Fabros Technology		11,067,120
		Data Centers
				31,025,520
Other Industries: Total				31,025,520
Total Equities: 98.7% (Cost: $595,910,291)				899,199,624	(f)
Short-Term Investments: 1.2%
	10,843,811	J.P. Morgan U.S. Government Money Market Fund - Agency Shares (7 day yield of 0.01%)		10,843,811
Total Short-Term Investments: 1.2% (Cost: $10,843,811)				10,843,811

Number of Shares			Value
Securities Lending Collateral: 2.3%
	20,974,050	Dreyfus Government Cash Management Fund - Institutional Shares (7 day yield of 0.01%) (g)	$	20,974,050
Total Securities Lending Collateral: 2.3% (Cost: $20,974,050)				20,974,050
Total Investments: 102.2% (Cost: $627,728,152)(h)				931,017,485	(i)
Obligation to Return Collateral for Securities Loaned: (2.3)%				(20,974,050	)
Cash and Other Assets Less Liabilities: 0.1%				650,160
Net Assets: 100.0%			$	910,693,595

ADR - American Depositary Receipts

> Notes to Statement of Investments

(a) Non-income producing security.

(b) All or a portion of this security was on loan at March 31, 2013. The total market value of securities on loan at March 31, 2013 was $20,389,449.

Security	Balance of Shares Held 12/31/12		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 3/31/13		Value		Dividend
Canadian Overseas Petroleum		24,000,000		-		-		24,000,000	$	5,443,323	$	-
Globalstar (1)		19,000,000		-		1,541,454		17,458,546		5,499,442		-
IFM Investments (Century 21 China RE) - ADR		1,300,000		-		-		1,300,000		3,484,000		-
Petrodorado Energy		33,700,000		-		-		33,700,000		5,971,354		-
WNS - ADR		3,034,100		-		251,100		2,783,000		41,021,420		-
Total of Affiliated Transactions		81,034,100		-		1,792,554		79,241,546	$	61,419,539	$	-

(1) At March 31, 2013, the Fund owned less than five percent of the company's outstanding voting shares.

The aggregate cost and value of these companies at March 31, 2013, were $62,543,814 and $55,920,097, respectively. Investments in affiliated companies represented 6.14% of the Fund's total net assets at March 31, 2013.

(d) Illiquid security.

(e) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities are valued at fair value determined in good faith under consistently applied procedures established by the Board of Trustees. At March 31, 2013, the market value of these securities amounted to $23,593,219, which represented 2.59% of total net assets. Additional information on these securities is as follows:

Security	Acquisition Dates	Shares		Cost		Value
Union Agriculture Group	12/8/10-6/27/12		1,742,424	$	20,000,000	$	17,807,574
Canadian Overseas Petroleum	11/24/10		24,000,000		10,260,435		5,443,323
Canadian Overseas Petroleum - Warrants	11/24/10		12,000,000		1,501,964		342,322
				$	31,762,399	$	23,593,219

Columbia Acorn Select

Statement of Investments (Unaudited), continued

> Notes to Statement of Investments

(f) On March 31, 2013, the market value of foreign securities represented 14.39% of total net assets. The Fund's foreign portfolio was diversified as follows:

Country	Value		Percentage of Net Assets
India	$	41,021,420		4.50
Colombia		33,392,109		3.67
Uruguay		17,807,574		1.96
China		16,046,209		1.76
Canada		9,947,980		1.09
Iraq		7,049,269		0.77
United Kingdom		5,785,645		0.64
Total Foreign Portfolio	$	131,050,206		14.39

(g) Investment made with cash collateral received from securities lending activity.

(h) At March 31, 2013, for federal income tax purposes, the cost of investments was $627,728,152 and net unrealized appreciation was $303,289,333 consisting of gross unrealized appreciation of $379,837,422 and gross unrealized depreciation of $76,548,089.

(i) Securities are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.

Fair Value Measurements

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

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

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

Under the direction of the Board, the Committee is responsible for carrying out the valuation procedures approved by the Board.

> Notes to Statement of Investments

The following table summarizes the inputs used, as of March 31, 2013, in valuing the Fund's assets:

Investment Type	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equities
Information	$	211,937,442	$	-	$	-	$	211,937,442
Industrial Goods & Services		211,247,874		-		-		211,247,874
Consumer Goods & Services		158,331,302		10,980,959		-		169,312,261
Finance		154,379,720		-		-		154,379,720
Energy & Minerals		54,067,608		5,785,645		17,807,574		77,660,827
Health Care		43,635,980		-		-		43,635,980
Other Industries		31,025,520		-		-		31,025,520
Total Equities		864,625,446		16,766,604		17,807,574		899,199,624
Total Short-Term Investments		10,843,811		-		-		10,843,811
Total Securities Lending Collateral		20,974,050		-		-		20,974,050
Total Investments	$	896,443,307	$	16,766,604	$	17,807,574	$	931,017,485

There were no transfers of financial assets between levels 1 and 2 during the period.

Quantitative information pertaining to Level 3 unobservable fair value measurements

Fair Value at
3/31/13

Valuation Technique(s)

Unobservable Input(s)

Range (Weighted
Average)

Equities

17,807,574

Market comparable companies

Discount for lack of marketability

-5

% to +2% (-10%)

Columbia Thermostat Fund

Statement of Investments (Unaudited), March 31, 2013

Number of Shares			Value
		> Affiliated Bond Funds 69.1%
	30,560,305	Columbia Short Term Bond Fund, Class I	$	305,908,658
	22,780,409	Columbia Income Opportunities Fund, Class I		230,309,932
	24,375,926	Columbia Intermediate Bond Fund, Class I		229,864,979
Total Affiliated Bond Funds: (Cost: $758,263,956)				766,083,569
		> Affiliated Stock Funds 29.7%
	4,036,039	Columbia Dividend Income Fund, Class I		66,029,601
	1,505,345	Columbia Acorn International, Class I		65,843,786
	1,476,469	Columbia Acorn Fund, Class I		49,417,426
	2,740,284	Columbia Contrarian Core Fund, Class I		49,352,519
	2,149,781	Columbia Select Large Cap Growth Fund, Class I (a)		33,343,098
	1,162,700	Columbia Acorn Select, Class I (a)		32,974,183
	2,114,935	Columbia Large Cap Enhanced Core Fund, Class I		32,908,381
Total Affiliated Stock Funds: (Cost: $266,533,871)				329,868,994

Number of Shares			Value
		> Short-Term Investments 0.6%
	6,625,255	J.P. Morgan U.S. Government Money Market Fund - Agency Shares (7 day yield of 0.01%)	$	6,625,255
Total Short-Term Investments: (Cost: $6,625,255)				6,625,255
Total Investments: 99.4% (Cost: $1,031,423,082)(b)				1,102,577,818	(c)
Cash and Other Assets Less Liabilities: 0.6%				6,601,091
Net Assets: 100.0%			$	1,109,178,909

> Notes to Statement of Investments

(a) Non-income producing security.

(b) At March 31, 2013, for federal income tax purposes, the cost of investments was $1,031,423,082 and net unrealized appreciation was $71,154,736 consisting of gross unrealized appreciation of $71,154,736.

(c) Securities are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.

Fair Value Measurements

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

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

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

Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include mutual funds whose NAVs are published each day.

Under the direction of the Board, the Committee is responsible for carrying out the valuation procedures approved by the Board.

> Notes to Statement of Investments

The following table summarizes the inputs used, as of March 31, 2013, in valuing the Fund's assets:

Investment Type	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Affiliated Bond Funds	$	766,083,569	$	-	$	-	$	766,083,569
Total Affiliated Stock Funds		329,868,994		-		-		329,868,994
Total Short-Term Investments		6,625,255		-		-		6,625,255
Total Investments	$	1,102,577,818	$	-	$	-	$	1,102,577,818

There were no transfers of financial assets between levels 1 and 2 during the period.

Columbia Acorn Emerging Markets Fund

Major Portfolio Changes in the First Quarter (Unaudited)

	Number of Shares
	12/31/12		3/31/13
Purchases
Asia
> Taiwan
Advantech		32,169		76,169
CHC Healthcare		0		39,000
Chroma Ate		42,990		88,990
CTCI Corp		99,762		201,000
Far EasTone Telecom		137,000		289,000
Flexium Interconnect		38,000		98,000
Ginko International		0		11,000
Lung Yen		30,500		63,500
PC Home		46,000		55,000
St. Shine Optical		11,000		15,000
Taiwan Hon Chuan		68,000		126,000
> Indonesia
Ace Indonesia		3,078,691		6,656,690
Archipelago Resources		255,898		350,164
Indosiar Karya Media		0		1,358,000
Matahari Department Store		0		236,500
Mayora Indah		48,500		121,500
MNC Skyvision		389,500		1,420,000
Surya Citra Media		428,440		781,440
Tower Bersama Infrastructure		537,609		966,609
> Hong Kong
AAC Technologies		46,027		80,527
Lifestyle International		71,589		195,589
L'Occitane International		0		73,250
Mapletree Greater China Commercial Trust		0		259,000
Melco International		200,000		379,000
Sa Sa International		121,799		231,799
> India
Bosch		597		1,986
Colgate Palmolive India		3,580		9,617
Redington India		74,582		181,621
TTK Prestige		1,627		3,725
United Breweries		12,844		34,532
Yes Bank		11,731		28,042
> Thailand
Home Product Center		472,000		579,900
Robinson's Department Store		0		84,400
Samui Airport Property Fund		180,800		350,700
Siam Makro		6,400		10,300
> Cambodia
Nagacorp		482,000		784,000
> China
AMVIG Holdings		312,000		578,000
Digital China		115,151		235,151

	Number of Shares
	12/31/12		3/31/13
> Philippines
International Container Terminal Services		44,487		104,387
Manila Water Company		127,365		234,865
> Korea
Paradise Co		6,500		19,125
> Japan
Kansai Paint		13,760		28,760
> Mongolia
Mongolian Mining		345,100		579,600
Latin America
> Brazil
Arcos Dorados		9,977		16,317
Beadell Resources		101,706		320,191
Linx		0		13,900
Localiza Rent A Car		10,700		24,100
Multiplus		6,300		15,600
Odontoprev		18,500		47,300
> Mexico
Bolsa Mexicana de Valores		0		77,000
Genomma Lab Internacional		48,300		90,400
Grupo Aeroportuario del Sureste - ADR		1,808		2,447
> Argentina
Madalena Ventures		106,000		635,500
> Colombia
Isagen		0		135,457
> Chile
Grupo Hites		0		155,147
Europe
> Sweden
Hexagon		10,359		20,314
> Switzerland
Dufry Group		1,866		4,348
> Kazakhstan
Halyk Savings Bank of Kazakhstan - GDR		35,257		57,785
> Finland
Vacon		2,220		5,016
> Italy
Pirelli		13,812		31,152
> United Kingdom
Cable & Wireless		0		413,481
> Turkey
Bizim Toptan		2,496		13,675

	Number of Shares
	12/31/12		3/31/13
Purchases (continued)
Other Countries
> South Africa
Coronation Fund Managers		55,348		109,663
Massmart Holdings		8,306		18,011
Mr. Price		6,722		18,556
Rand Merchant Insurance		81,332		161,832
> United States
Atwood Oceanics		3,076		6,014
Textainer Group Holdings		5,419		9,393
> Canada
Alliance Grain Traders		9,973		17,199
Americas Petrogas		36,607		67,105

			Number of Shares
			12/31/12		3/31/13
Sales
Asia
> Taiwan
Radiant Opto-Electronics				10,735		0
Simplo Technology				17,576		0
Tripod Technologies				20,248		0
> Hong Kong
Melco Crown Entertainment - ADR				9,081		0
> India
Adani Ports & Special Economic Zone				59,839		0
Titan Industries				19,309		0
> China
	51	job - ADR		1,057		0
> Philippines
SM Prime Holdings				242,518		0
> Singapore
Petra Foods				40,000		0
Latin America
> Chile
Vina Concha y Toro				44,806		0
Europe
> Czech Republic
Komercni Banka				665		0
> Germany
Durr				1,119		0

Columbia Acorn Emerging Markets Fund

Statement of Investments (Unaudited), March 31, 2013

Number of Shares			Value
			Equities: 92.9%
Asia 57.6%
		> Taiwan 14.1%
	289,000	Far EasTone Telecom	$	655,421
		Taiwan's Third Largest Mobile Operator
	201,000	CTCI Corp		388,325
		International Engineering Firm
	76,169	Advantech		330,894
		Industrial PC & Components
	98,000	Flexium Interconnect		326,686
		Flexible Printed Circuit for Mobile Electronics
	126,000	Taiwan Hon Chuan		326,286
		Beverage Packaging (Bottles, Caps, Labels) Manufacturer
	15,000	St. Shine Optical		293,398
		World's Leading Disposable Contact Lens OEM (Original Equipment Manufacturer)
	55,000	PC Home		226,979
		Taiwanese Internet Retail Company
	63,500	Lung Yen		220,448
		Funeral Services & Columbaria
	88,990	Chroma Ate		214,690
		Automatic Test Systems, Testing & Measurement Instruments
	11,000	Ginko International		181,737
		Largest Contact Lens Maker in China
	39,000	CHC Healthcare		153,896
		Medical Device Distributor
				3,318,760
		> Indonesia 12.0%
	966,609	Tower Bersama Infrastructure (a)		602,549
		Communications Towers
	6,656,690	Ace Indonesia		570,160
		Home Improvement Retailer
	121,500	Mayora Indah		339,674
		Consumer Branded Food Manufacturer
	1,420,000	MNC Skyvision (a)		321,482
		Largest Satellite Pay TV Operator in Indonesia
	350,164	Archipelago Resources (a)		307,263
		Gold Mining Projects in Indonesia, Vietnam & the Philippines
	236,500	Matahari Department Store (a)		267,713
		Largest Department Store Chain in Indonesia
	781,440	Surya Citra Media		223,603
		Free to Air TV Station in Indonesia
	1,358,000	Indosiar Karya Media (a)		181,964
		Free to Air TV Station in Indonesia
				2,814,408
		> Hong Kong 9.1%
	379,000	Melco International		659,228
		Macau Casino Operator
	195,589	Lifestyle International		434,910
		Mid- to High-end Department Store Operator in Hong Kong & China
	80,527	AAC Technologies		388,264
		Miniature Acoustic Components
	231,799	Sa Sa International		224,805
		Cosmetics Retailer

Number of Shares			Value
	73,250	L'Occitane International	$	223,246
		Skin Care & Cosmetics Producer
	259,000	Mapletree Greater China Commercial Trust (a)		217,165
		Retail & Office Property Landlord
				2,147,618
		> India 7.3%
	34,532	United Breweries		444,513
		India's Largest Brewer
	1,986	Bosch		328,763
		Automotive Parts
	181,621	Redington India		270,985
		Supply Chain Solutions for IT & Mobile Handsets in Emerging Markets
	3,725	TTK Prestige		222,557
		Branded Cooking Equipment
	28,042	Yes Bank		221,805
		Commercial Banking in India
	9,617	Colgate Palmolive India		219,852
		Consumer Products in Oral Care
				1,708,475
		> Thailand 4.1%
	579,900	Home Product Center		333,913
		Home Improvement Retailer
	84,400	Robinson's Department Store		221,199
		Mass-market Department Srore Operator in Thailand
	350,700	Samui Airport Property Fund		215,558
		Thai Airport Operator
	10,300	Siam Makro		185,564
		General Merchadise Wholesaler in Thailand
				956,234
		> Cambodia 2.8%
	784,000	Nagacorp		662,670
		Casino/Entertainment Complex in Cambodia
		> China 2.3%
	235,151	Digital China		318,949
		IT Distribution & Systems Integration Services
	578,000	AMVIG Holdings		216,679
		Chinese Tobacco Packaging Material Supplier
				535,628
		> Philippines 2.0%
	104,387	International Container Terminal Services		235,430
		Container Handling Terminals & Port Management
	234,865	Manila Water Company		230,722
		Water Utility Company in Philippines
				466,152
		> Korea 1.6%
	19,125	Paradise Co		365,310
		Korean 'Foreigner Only' Casino Operator
		> Japan 1.4%
	28,760	Kansai Paint		319,420
		Paint Producer in Japan, India, China & Southeast Asia
		> Mongolia 0.9%
	579,600	Mongolian Mining (a)		213,066
		Coking Coal Mining in Mongolia
Asia: Total				13,507,741

Number of Shares			Value
Latin America 12.7%
		> Brazil 6.9%
	24,100	Localiza Rent A Car	$	432,924
		Car Rental
	320,191	Beadell Resources (a)		304,387
		Gold Mining in Brazil
	15,600	Multiplus		225,344
		Loyalty Program Operator in Brazil
	13,900	Linx (a)		218,465
		Retail Management Software in Brazil
	47,300	Odontoprev		215,580
		Dental Insurance
	16,317	Arcos Dorados (b)		215,384
		McDonald's Master Franchise for Latin America
				1,612,084
		> Mexico 3.3%
	2,447	Grupo Aeroportuario del Sureste - ADR		334,431
		Mexican Airport Operator
	90,400	Genomma Lab Internacional (a)		221,106
		Develops, Markets & Distributes Consumer Products
	77,000	Bolsa Mexicana de Valores		220,500
		Mexico's Stock Exchange
				776,037
		> Argentina 0.9%
	635,500	Madalena Ventures (a)		218,955
		Oil & Gas Exploration in Argentina
		> Colombia 0.8%
	135,457	Isagen		188,475
		Leading Colombian Electricity Provider
		> Chile 0.8%
	155,147	Grupo Hites		184,268
		Mass Retailer for the Lower Income Strata
Latin America: Total				2,979,819
Europe 11.4%
		> Sweden 2.4%
	20,314	Hexagon		554,772
		Design, Measurement & Visualization Software & Equipment
		> Switzerland 2.3%
	4,348	Dufry Group (a)		539,550
		Operates Airport Duty Free & Duty Paid Shops
		> Kazakhstan 1.8%
	57,785	Halyk Savings Bank of Kazakhstan - GDR (a)		414,896
		Largest Retail Bank & Insurer in Kazakhstan
		> Finland 1.4%
	5,016	Vacon		337,563
		Leading Independent Manufacturer of Variable Speed Alternating Current Drives
		> Italy 1.4%
	31,152	Pirelli		326,845
		Global Tire Supplier

Number of Shares			Value
		> United Kingdom 1.1%
	413,481	Cable & Wireless	$	263,494
		Leading Telecom Service Supplier in the Caribbean
		> Turkey 1.0%
	13,675	Bizim Toptan		233,547
		Cash & Carry Stores in Turkey
Europe: Total				2,670,667
Other Countries 11.2%
		> South Africa 6.8%
	109,663	Coronation Fund Managers		572,447
		South African Fund Manager
	161,832	Rand Merchant Insurance		409,891
		Directly Sold Property & Casualty Insurance; Holdings in Other Insurers
	18,011	Massmart Holdings		372,646
		General Merchandise, Food & Home Improvement Stores; Wal-Mart Subsidiary
	18,556	Mr. Price		236,084
		South African Retailer of Apparel, Household & Sporting Goods
				1,591,068
		> United States 2.9%
	9,393	Textainer Group Holdings		371,493
		Top International Container Leasor
	6,014	Atwood Oceanics (a)		315,976
		Offshore Drilling Contractor
				687,469
		> Canada 1.5%
	17,199	Alliance Grain Traders		219,760
		Global Leader in Pulse Processing & Distribution
	67,105	Americas Petrogas (a)		127,492
		Oil & Gas Exploration in Argentina, Potash in Peru
				347,252
Other Countries: Total				2,625,789
Total Equities: 92.9% (Cost: $20,122,537)				21,784,016	(c)
Short-Term Investments: 4.8%
	1,131,791	J.P. Morgan U.S. Government Money Market Fund - Agency Shares (7 day yield of 0.01%)		1,131,791
Total Short-Term Investments: 4.8% (Cost: $1,131,791)				1,131,791

Columbia Acorn Emerging Markets Fund

Statement of Investments (Unaudited), continued

Number of Shares			Value
Securities Lending Collateral: 0.6%
	149,800	Dreyfus Government Cash Management Fund - Institutional Shares (7 day yield of 0.01%) (d)	$	149,800
Total Securities Lending Collateral: 0.6% (Cost: $149,800)				149,800
Total Investments: 98.3% (Cost: $21,404,128)(e)				23,065,607	(f)
Obligation to Return Collateral for Securities Loaned: (0.6)%				(149,800	)
Cash and Other Assets Less Liabilities: 2.3%				537,769
Net Assets: 100.0%			$	23,453,576

ADR - American Depositary Receipts

GDR - Global Depositary Receipts

> Notes to Statement of Investments

(a) Non-income producing security.

(b) All or a portion of this security was on loan at March 31, 2013. The total market value of securities on loan at March 31, 2013 was $141,240.

Currency	Value		Percentage of Net Assets
Hong Kong Dollar	$	3,341,818		14.2
Taiwan Dollar		3,318,760		14.2
Indonesian Rupiah		2,507,145		10.7
Indian Rupee		1,708,475		7.3
United States Dollar		1,652,181		7.0
South African Rand		1,591,068		6.8
Other currencies less than 5% of total net assets		7,664,568		32.7
Total Equities	$	21,784,015		92.9

(d) Investment made with cash collateral received from securities lending activity.

(e) At March 31, 2013, for federal income tax purposes, the cost of investments was $21,404,128 and net unrealized appreciation was $1,661,479 consisting of gross unrealized appreciation of $2,310,732 and gross unrealized depreciation of $649,253.

(f) Securities are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.

Fair Value Measurements

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

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

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

> Notes to Statement of Investments

amortized cost. Additionally, securities fair valued by the Valuation Committee (the Committee) of the Fund's Board of Trustees (the Board) that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Committee that relies on significant unobservable inputs.

Under the direction of the Board, the Committee is responsible for carrying out the valuation procedures approved by the Board.

The following table summarizes the inputs used, as of March 31, 2013, in valuing the Fund's assets:

Investment Type	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equities
Asia	$	-	$	13,507,741	$	-	$	13,507,741
Latin America		2,675,432		304,387		-		2,979,819
Europe		-		2,670,667		-		2,670,667
Other Countries		1,034,721		1,591,068		-		2,625,789
Total Equities		3,710,153		18,073,863		-		21,784,016
Total Short-Term Investments		1,131,791		-		-		1,131,791
Total Securities Lending Collateral		149,800		-		-		149,800
Total Investments	$	4,991,744	$	18,073,863	$	-	$	23,065,607

There were no transfers of financial assets between levels 1 and 2 during the period.

Columbia Acorn Emerging Markets Fund

Portfolio Diversification (Unaudited)

At March 31, 2013, the Fund's portfolio investments as a percentage of net assets were diversified as follows:

	Value		Percentage of Net Assets
> Consumer Goods & Services
Retail	$	3,596,429		15.3
Casinos & Gaming		1,687,208		7.2
Food & Beverage		1,224,915		5.2
Other Consumer Services		655,358		2.8
Other Durable Goods		549,403		2.3
Consumer Goods Distribution		490,837		2.1
Nondurables		444,352		1.9
Travel		432,923		1.8
		9,081,425		38.6
> Information
Mobile Communications		1,257,970		5.4
Business Software		773,237		3.3
Computer Hardware & Related Equipment		719,157		3.1
TV Broadcasting		405,567		1.7
Semiconductors & Related Equipment		326,686		1.4
Satellite Broadcasting & Services		321,482		1.4
Electronics Distribution		318,950		1.4
Telephone & Data Services		263,494		1.1
Instrumentation		214,690		0.9
		4,601,233		19.7
> Finance
Banks		636,701		2.7
Insurance		625,471		2.7
Finance Companies		591,993		2.5
Brokerage & Money Management		572,447		2.4
		2,426,612		10.3
> Industrial Goods & Services
Industrial Materials & Specialty Chemicals		862,384		3.7
Construction		388,325		1.7
Electrical Components		337,563		1.4
Machinery		328,763		1.4
Other Industrial Services		235,430		1.0
		2,152,465		9.2
> Energy & Minerals
Mining		824,716		3.5
Oil & Gas Producers		346,446		1.5
Oil Services		315,976		1.4
Agricultural Commodities		219,760		0.9
		1,706,898		7.3
> Other Industries
Transportation		549,989		2.4
Regulated Utilities		419,197		1.8
Real Estate		217,165		0.9
		1,186,351		5.1

	Value			Percentage of Net Assets
> Health Care
Medical Supplies	$	475,135			2.0
Medical Equipment & Devices		153,896			0.7
		629,031			2.7
Total Equities:		21,784,016			92.9
Short-Term Investments:		1,131,791			4.8
Securities Lending Collateral:		149,800			0.6
Total Investments:		23,065,607			98.3
Obligation to Return Collateral for Securities Loaned:		(149,800	)		(0.6	)
Cash and Other Assets Less Liabilities:		537,769			2.3
Net Assets:	$	23,453,576			100.0

Columbia Acorn European Fund

Major Portfolio Changes in the First Quarter (Unaudited)

			Number of Shares
			12/31/12		3/31/13
Purchases
Europe
> United Kingdom
Aggreko				877		1,535
Assura				0		160,400
Cable & Wireless				0		81,000
Domino's Pizza UK & Ireland				8,500		10,550
Elementis				8,300		11,113
Greggs				5,000		8,700
JLT Group				5,500		8,535
Ocado				31,000		35,313
Rightmove				2,470		3,500
Shaftesbury				3,408		6,100
Smiths News				0		4,676
Spirax Sarco				886		2,013
Telecity				0		4,360
WH Smith				4,300		5,790
Whitbread				0		1,600
> France
	1000	mercis		1,650		1,914
Eurofins Scientific				570		671
Hi-Media				12,000		21,200
Neopost				900		1,530
Norbert Dentressangle				556		830
Saft				1,829		2,407
> Netherlands
Fugro				0		900
TKH Group				1,577		2,156
> Germany
Pfeiffer Vacuum				230		360
TAG Immobilien				2,500		3,900
> Sweden
Cavotec				0		16,100
Unibet				1,211		1,506
> Italy
Geox				17,223		21,860
Pirelli				2,800		6,000
> Norway
Atea				6,044		6,744
Subsea 7				0		2,000
> Denmark
Jyske Bank				0		1,000
SimCorp				0		200
> Finland
Vacon				1,000		1,151
> Spain
Dia				0		8,524

	Number of Shares
	12/31/12		3/31/13
> Russia
Yandex		1,049		2,381
> Turkey
Bizim Toptan		761		1,994
Asia
> Hong Kong
L'Occitane International		18,000		22,800

Columbia Acorn European Fund

Major Portfolio Changes in the First Quarter (Unaudited), continued

	Number of Shares
	12/31/12		3/31/13
Sales
Europe
> United Kingdom
Asos		1,000		0
IG Group		4,000		0
> France
Gemalto		900		760
> Netherlands
Vopak		402		0
> Switzerland
Zehnder		643		0
> Germany
CTS Eventim		882		220
Durr		360		0
> Sweden
Hexagon		3,370		2,547
> Italy
Tod's		300		0
> Denmark
Solar		700		0
> Finland
Stockmann		1,063		0
> Czech Republic
Komercni Banka		140		0
> Poland
FX Energy		4,000		0

Columbia Acorn European Fund

Statement of Investments (Unaudited), March 31, 2013

Number of Shares			Value
			Equities: 94.3%
Europe 89.6%
		> United Kingdom 28.4%
	8,535	JLT Group	$	110,362
		International Business Insurance Broker
	10,550	Domino's Pizza UK & Ireland		96,582
		Pizza Delivery in UK, Ireland & Germany
	3,500	Rightmove		94,715
		Internet Real Estate Listings
	160,400	Assura		86,521
		UK Primary Health Care Property Developer
	35,313	Ocado (a)(b)		84,777
		Leading Online Grocery Retailer
	2,013	Spirax Sarco		82,186
		Steam Systems for Manufacturing & Process Industries
	28,121	Charles Taylor		77,979
		Insurance Services
	5,790	WH Smith		65,674
		Newsprint, Books & General Stationery Retailer
	8,700	Greggs		63,029
		Bakery
	1,600	Whitbread		62,431
		The UK's Leading Hotelier & Coffee Shop
	4,360	Telecity		59,855
		European Data Center Provider
	6,100	Shaftesbury		53,897
		London Prime Retail REIT
	81,000	Cable & Wireless		51,618
		Leading Telecom Service Supplier in the Caribbean
	11,113	Elementis		44,021
		Clay-based Additives
	6,313	Abcam		42,926
		Online Sales of Antibodies
	10,870	BBA Aviation		42,530
		Aviation Support Services
	1,535	Aggreko		41,563
		Temporary Power & Temperature Control Services
	790	Intertek Group		40,728
		Testing, Inspection, Certification Services
	4,676	Smiths News		13,144
		Newspaper & Magazine Distributor
	8	Fidessa Group		236
		Software for Financial Trading Systems
				1,214,774
		> France 13.4%
	671	Eurofins Scientific		140,888
		Food, Pharmaceuticals & Materials Screening & Testing
	1,914	1000 mercis		103,045
		Interactive Advertising & Marketing
	1,530	Neopost		91,658
		Postage Meter Machines
	760	Gemalto		66,295
		Digital Security Solutions
	830	Norbert Dentressangle		62,964
		Leading European Logistics & Transport Group
	2,407	Saft		62,017
		Niche Battery Manufacturer

Number of Shares			Value
	21,200	Hi-Media (b)	$	47,556
		Online Advertiser in Europe
				574,423
		> Netherlands 8.7%
	3,617	Aalberts Industries		80,883
		Flow Control & Heat Treatment
	2,062	UNIT4		67,044
		Business Software Development
	2,156	TKH Group		55,826
		Dutch Industrial Conglomerate
	900	Fugro		49,815
		Subsea Oilfield Services
	346	Core Labs		47,721
		Oil & Gas Reservoir Consulting
	1,474	Arcadis		40,803
		Engineering Consultants
	2,596	Imtech (a)		29,380
		Technical Installation & Maintenance
				371,472
		> Switzerland 8.4%
	40	Sika		97,166
		Chemicals for Construction & Industrial Applications
	393	Partners Group		96,998
		Private Markets Asset Management
	339	Geberit		83,456
		Plumbing Supplies
	660	Dufry Group (b)		81,900
		Operates Airport Duty Free & Duty Paid Shops
				359,520
		> Germany 8.1%
	2,310	Wirecard		63,811
		Online Payment Processing & Risk Management
	454	Bertrandt		52,958
		Outsourced Engineering
	174	Rational		52,270
		Commercial Ovens
	1,038	Stratec Biomedical Systems		46,530
		Diagnostic Instrumentation
	3,900	TAG Immobilien		44,643
		Owner of Residential Properties in Germany
	1,283	NORMA Group		40,433
		Clamps for Automotive & Industrial Applications
	360	Pfeiffer Vacuum		39,709
		Vacuum Pumps
	220	CTS Eventim		7,459
		Event Ticket Sales
				347,813
		> Sweden 6.2%
	16,100	Cavotec		72,744
		Specialized Equipment to Ports, Airports & Mines
	2,547	Hexagon		69,558
		Design, Measurement & Visualization Software & Equipment
	5,861	Sweco		69,254
		Engineering Consultants
	1,506	Unibet		52,576
		European Online Gaming Operator
				264,132

Columbia Acorn European Fund

Statement of Investments (Unaudited), continued

Number of Shares			Value
		> Italy 2.9%
	6,000	Pirelli	$	62,952
		Global Tire Supplier
	21,860	Geox		60,862
		Apparel & Shoe Maker
				123,814
		> Norway 2.8%
	6,744	Atea		75,126
		Leading Nordic IT Hardware/Software Reseller & Installation Company
	2,000	Subsea 7		47,003
		Offshore Subsea Contractor
				122,129
		> Denmark 2.0%
	200	SimCorp (a)		53,738
		Software for Investment Managers
	1,000	Jyske Bank (b)		34,128
		Danish Bank
				87,866
		> Finland 1.8%
	1,151	Vacon		77,459
		Leading Independent Manufacturer of Variable Speed Alternating Current Drives
		> Spain 1.4%
	8,524	Dia		58,959
		Leading Hard Discounter in Spain, Latin America & the Eastern Mediterranean
		> Russia 1.3%
	2,381	Yandex (b)		55,049
		Search Engine for Russian & Turkish Languages
		> Iceland 1.3%
	43,750	Marel		54,818
		Largest Manufacturer of Poultry & Fish Processing Equipment
		> Belgium 1.1%
	728	EVS Broadcast Equipment		46,715
		Digital Live Mobile Production Software & Systems
		> Portugal 1.0%
	14,342	Redes Energéticas Nacionais		41,365
		Portuguese Power Transmission & Gas Transportation
		> Turkey 0.8%
	1,994	Bizim Toptan		34,054
		Cash & Carry Stores in Turkey
Europe: Total				3,834,362
Asia 3.6%
		> Indonesia 2.0%
	98,638	Archipelago Resources (b)		86,553
		Gold Mining Projects in Indonesia, Vietnam & the Philippines
		> Hong Kong 1.6%
	22,800	L'Occitane International		69,488
		Skin Care & Cosmetics Producer
Asia: Total				156,041

Number of Shares			Value
Other Countries 1.1%
		> Canada 1.1%
	3,632	Alliance Grain Traders	$	46,408
		Global Leader in Pulse Processing & Distribution
Other Countries: Total				46,408
Total Equities: 94.3% (Cost: $3,570,917)				4,036,811	(c)
Short-Term Investments: 6.2%
	266,815	J.P. Morgan U.S. Government Money Market Fund - Agency Shares (7 day yield of 0.01%)		266,815
Total Short-Term Investments: 6.2% (Cost: $266,815)				266,815
Securities Lending Collateral: 2.2%
	95,902	Dreyfus Government Cash Management Fund - Institutional Shares (7 day yield of 0.01%) (d)		95,902
Total Securities Lending Collateral: 2.2% (Cost: $95,902)				95,902
Total Investments: 102.7% (Cost: $3,933,634)(e)				4,399,528	(f)
Obligation to Return Collateral for Securities Loaned: (2.2)%				(95,902	)
Cash and Other Assets Less Liabilities: (0.5)%				(22,845	)
Net Assets: 100.0%			$	4,280,781

REIT - Real Estate Investment Trust

> Notes to Statement of Investments

(a) All or a portion of this security was on loan at March 31, 2013. The total market value of securities on loan at March 31, 2013 was $88,872.

(b) Non-income producing security.

Currency	Value		Percentage of Net Assets
Euro	$	1,594,300		37.2
British Pound		1,301,327		30.4
Swiss Franc		359,520		8.4
Swedish Krona		264,132		6.2
Other currencies less than 5% of total net assets		517,532		12.1
Total Equities	$	4,036,811		94.3

(d) Investment made with cash collateral received from securities lending activity.

(e) At March 31, 2013, for federal income tax purposes, the cost of investments was $3,933,634 and net unrealized appreciation was $465,894 consisting of gross unrealized appreciation of $568,374 and gross unrealized depreciation of $102,480.

(f) Securities are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.

Fair Value Measurements

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

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

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

Under the direction of the Board, the Committee is responsible for carrying out the valuation procedures approved by the Board.

Columbia Acorn European Fund

Statement of Investments (Unaudited), continued

> Notes to Statement of Investments

The following table summarizes the inputs used, as of March 31, 2013, in valuing the Fund's assets:

Investment Type	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equities
Europe	$	102,770	$	3,731,592	$	-	$	3,834,362
Asia		-		156,041		-		156,041
Other Countries		46,408		-		-		46,408
Total Equities		149,178		3,887,633		-		4,036,811
Total Short-Term Investments		266,815		-		-		266,815
Total Securities Lending Collateral		95,902		-		-		95,902
Total Investments	$	511,895	$	3,887,633	$	-	$	4,399,528

There were no transfers of financial assets between levels 1 and 2 during the period.

Columbia Acorn European Fund

Portfolio Diversification (Unaudited)

At March 31, 2013, the Fund's portfolio investments as a percentage of net assets were diversified as follows:

	Value		Percentage of Net Assets
> Industrial Goods & Services
Other Industrial Services	$	405,145		9.5
Machinery		361,074		8.4
Conglomerates		209,453		4.9
Industrial Materials & Specialty Chemicals		141,187		3.3
Electrical Components		139,476		3.3
Construction		83,456		1.9
Outsourcing Services		52,958		1.2
		1,392,749		32.5
> Information
Business Software		190,577		4.4
Internet Related		149,763		3.5
Computer Services		134,981		3.2
Computer Hardware & Related Equipment		113,010		2.6
Business Information & Marketing Services		103,045		2.4
Financial Processors		63,811		1.5
Telephone & Data Services		51,618		1.2
Advertising		47,557		1.1
		854,362		19.9
> Consumer Goods & Services
Retail		325,366		7.6
Restaurants		159,013		3.7
Nondurables		69,488		1.6
Food & Beverage		63,029		1.5
Other Durable Goods		62,952		1.5
Apparel		60,862		1.4
Casinos & Gaming		52,576		1.2
Consumer Goods Distribution		13,144		0.3
Other Entertainment		7,459		0.2
		813,889		19.0
> Finance
Insurance		188,341		4.4
Brokerage & Money Management		96,998		2.3
Banks		34,128		0.8
		319,467		7.5
> Other Industries
Real Estate		185,061		4.3
Transportation		62,964		1.5
Regulated Utilities		41,364		1.0
		289,389		6.8
> Energy & Minerals
Mining		134,273		3.1
Oil & Gas Producers		96,819		2.3
Agricultural Commodities		46,408		1.1
		277,500		6.5

	Value			Percentage of Net Assets
> Health Care
Medical Equipment & Devices	$	46,530			1.1
Medical Supplies		42,925			1.0
		89,455			2.1
Total Equities:		4,036,811			94.3
Short-Term Investments:		266,815			6.2
Securities Lending Collateral:		95,902			2.2
Total Investments:		4,399,528			102.7
Obligation to Return Collateral for Securities Loaned:		(95,902	)		(2.2	)
Cash and Other Assets Less Liabilities:		(22,845	)		(0.5	)
Net Assets:	$	4,280,781			100.0

Columbia Acorn Family of Funds Expense Information (Unaudited)

as of 3/31/13

Columbia Acorn Fund	Class A			Class B*			Class C			Class I			Class R
Management Fees		0.64	%		0.64	%		0.64	%		0.64	%
Distribution and Service (12b-1) Fees		0.25	%		0.75	%		1.00	%		0.00	%
Other Expenses		0.16	%		0.30	%		0.14	%		0.07	%
Net Expense Ratio		1.05	%		1.69	%		1.78	%		0.71	%
Columbia Acorn International
Management Fees		0.76	%		0.76	%		0.76	%		0.76	%		0.76	%
Distribution and Service (12b-1) Fees		0.25	%		0.75	%		1.00	%		0.00	%		0.50	%
Other Expenses		0.21	%		0.42	%		0.21	%		0.09	%		0.29	%
Net Expense Ratio		1.22	%		1.93	%		1.97	%		0.85	%		1.55	%
Columbia Acorn USA
Management Fees		0.86	%		0.86	%		0.86	%		0.86	%
Distribution and Service (12b-1) Fees		0.25	%		0.75	%		1.00	%		0.00	%
Other Expenses		0.21	%		0.46	%		0.16	%		0.07	%
Net Expense Ratio		1.32	%		2.07	%		2.02	%		0.93	%
Columbia Acorn International Select
Management Fees		0.94	%		0.94	%		0.94	%		0.94	%
Distribution and Service (12b-1) Fees		0.25	%		0.75	%		1.00	%		0.00	%
Other Expenses		0.27	%		0.40	%		0.30	%		0.24	%
Net Expense Ratio		1.46	%		2.09	%		2.24	%		1.18	%
Columbia Acorn Select
Management Fees		0.84	%		0.84	%		0.84	%		0.84	%
Distribution and Service (12b-1) Fees		0.25	%		0.75	%		1.00	%		0.00	%
Other Expenses		0.24	%		0.36	%		0.23	%		0.12	%
Net Expense Ratio		1.33	%		1.95	%		2.07	%		0.96	%
Columbia Thermostat Fund
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	%
Columbia Acorn Emerging Markets Fund
Management Fees		1.25	%					1.25	%		1.25	%
Distribution and Service (12b-1) Fees		0.25	%					1.00	%		0.00	%
Other Expenses		0.25	%					0.30	%		0.16	%
Net Expense Ratio		1.75	%					2.55	%		1.41	%
Columbia Acorn European Fund
Management Fees		1.19	%					1.19	%		1.19	%
Distribution and Service (12b-1) Fees		0.25	%					1.00	%		0.00	%
Other Expenses		0.21	%					0.31	%		0.12	%
Net Expense Ratio		1.65	%					2.50	%		1.31	%

Columbia Acorn Fund	Class R4†			Class R5†			Class Y†			Class Z
Management Fees		0.64	%		0.64	%		0.64	%		0.64	%
Distribution and Service (12b-1) Fees		0.00	%		0.00	%		0.00	%		0.00	%
Other Expenses		0.21	%		0.12	%		0.08	%		0.13	%
Net Expense Ratio		0.85	%		0.76	%		0.72	%		0.77	%
Columbia Acorn International
Management Fees		0.76	%		0.76	%		0.76	%		0.76	%
Distribution and Service (12b-1) Fees		0.00	%		0.00	%		0.00	%		0.00	%
Other Expenses		0.14	%		0.13	%		0.09	%		0.15	%
Net Expense Ratio		0.90	%		0.89	%		0.85	%		0.91	%
Columbia Acorn USA
Management Fees		0.86	%		0.86	%		0.86	%		0.86	%
Distribution and Service (12b-1) Fees		0.00	%		0.00	%		0.00	%		0.00	%
Other Expenses		0.19	%		0.17	%		0.15	%		0.22	%
Net Expense Ratio		1.05	%		1.03	%		1.01	%		1.08	%
Columbia Acorn International Select
Management Fees		0.94	%		0.94	%		0.94	%		0.94	%
Distribution and Service (12b-1) Fees		0.00	%		0.00	%		0.00	%		0.00	%
Other Expenses		0.31	%		0.29	%		0.24	%		0.25	%
Net Expense Ratio		1.25	%		1.23	%		1.18	%		1.19	%
Columbia Acorn Select
Management Fees		0.84	%		0.84	%		0.84	%		0.84	%
Distribution and Service (12b-1) Fees		0.00	%		0.00	%		0.00	%		0.00	%
Other Expenses		0.25	%		0.19	%		0.16	%		0.21	%
Net Expense Ratio		1.09	%		1.03	%		1.00	%		1.05	%
Columbia Thermostat Fund
Management Fees		0.10	%		0.10	%		0.10	%		0.10	%
Distribution and Service (12b-1) Fees		0.00	%		0.00	%		0.00	%		0.00	%
Other Expenses		0.15	%		0.17	%		0.04	%		0.14	%
Net Expense Ratio**		0.25	%		0.27	%		0.14	%		0.24	%
Columbia Acorn Emerging Markets Fund
Management Fees		1.25	%		1.25	%					1.25	%
Distribution and Service (12b-1) Fees		0.00	%		0.00	%					0.00	%
Other Expenses		0.28	%		0.21	%					0.22	%
Net Expense Ratio		1.53	%		1.46	%					1.47	%
Columbia Acorn European Fund
Management Fees					1.19	%					1.19	%
Distribution and Service (12b-1) Fees					0.00	%					0.00	%
Other Expenses					0.17	%					0.15	%
Net Expense Ratio					1.36	%					1.34	%

See the Funds' prospectuses for information on minimum initial investment amounts and other details of buying, selling and exchanging shares of the Funds.

Fees and expenses are for the three months ended March 31, 2013. The fees and expenses of Columbia Acorn International Select and Columbia Acorn Select include the effect of the voluntary undertaking by Columbia Wanger Asset Management, LLC (CWAM) to reimburse each Fund for the ordinary operating expenses (exclusive of transaction costs and certain other investment-related expenses, interest and fees on borrowings, and the Fund's investment in other investment companies, if any), exceeding annually each class' average daily net assets as follows:

Fund	Class A			Class B			Class C			Class I			Class R4			Class R5			Class Y			Class Z
Columbia Acorn International Select		1.70	%		2.20	%		2.45	%		1.28	%		1.45	%		1.33	%		1.28	%		1.45	%
Columbia Acorn Select		1.60	%		2.10	%		2.35	%		1.25	%		1.35	%		1.30	%		1.25	%		1.35	%

This arrangement may be modified or terminated by either the Funds or CWAM on 30 days notice.

The fees and expenses of Columbia Thermostat Fund include the effect of CWAM's contractual undertaking to waive fees and/or reimburse expenses of the Fund so that the ordinary operating expenses (exclusive of transaction costs and certain other investment-related expenses, interest and fees on borrowings, and the Fund's investment in other investment companies, if any), do not exceed annually the rate of 0.50%, 1.00%, 1.25%, and 0.25% of the Fund's average daily net assets attributable to Class A, Class B, Class C, and Class Z shares, respectively, through April 30, 2013, and 0.25%, 0.27% and 0.22% of the Fund's average daily net assets attributable to Class R4, Class R5 and Class Y shares, respectively, through November 8, 2013. There is no guarantee that this agreement will continue thereafter.

The fees and expenses of Columbia Acorn Emerging Markets Fund and Columbia Acorn European Fund include the effect of CWAM's contractual undertaking to waive fees and/or reimburse expenses of each Fund so that the ordinary operating expenses (exclusive of transaction costs and certain other investment-related expenses, interest and fees on borrowings, and the Fund's investment in other investment companies, if any), of each Fund's Class A, Class B, Class C and Class Z shares through April 30, 2013, and each Fund's Class R4 (if offered), Class R5 and Class Y shares through November 8, 2013, do not exceed annually each class' average daily net assets as follows:

Fund	Class A			Class C			Class I			Class R4			Class R5			Class Z
Columbia Acorn Emerging Markets Fund		1.85	%		2.60	%		1.41	%		1.60	%		1.46	%		1.60	%
Columbia Acorn European Fund		1.75	%		2.50	%		1.31	%		—	%		1.36	%		1.50	%

There is no guarantee that this agreement will continue thereafter.

The fees and expenses of Columbia Acorn International include the effect of the contractual undertaking by CWAM and its affiliates, effective August 15, 2011, to waive a portion of total annual Fund operating expenses incurred by Class A, Class B and Class C shares of Columbia Acorn International such that the Fund's total annual Fund operating expenses will be reduced by 0.04%, 0.03% and 0.02% for Class A, Class B and Class C shares of the Fund, respectively, through August 14, 2013. There is no guarantee that this agreement will continue thereafter.

* The Funds generally no longer accept investments by new or existing investors in Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of the Funds and exchanges by existing Class B shareholders of certain other funds within the Columbia Family of Funds.

** Does not include estimated fees and expenses of 0.59% incurred by the Fund from the underlying portfolio funds in which it invests.

† With the exception of Class R5 shares of Columbia Acorn International, noted share classes commenced operations on November 8, 2012, and have limited eligibility. Please see the Funds' prospectuses for details.

Columbia Acorn Family of Funds

Trustees

Laura M. Born

Chair of the Board

Steven N. Kaplan

Vice Chair of the Board

Michelle L. Collins

Maureen M. Culhane

Margaret M. Eisen

John C. Heaton

Charles P. McQuaid

David J. Rudis

David B. Small

Ralph Wanger (Trustee Emeritus)

Officers

Charles P. McQuaid

President

Ben Andrews*

Vice President

Robert A. Chalupnik

Vice President

Michael G. Clarke

Assistant Treasurer

Joseph F. DiMaria

Assistant Treasurer

P. Zachary Egan

Vice President

Fritz Kaegi

Vice President

John M. Kunka

Assistant Treasurer

Stephen Kusmierczak

Vice President

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

Christopher O. Petersen

Assistant Secretary

Scott R. Plummer

Assistant Secretary

Andreas Waldburg-Wolfegg

Vice President

Linda K. Roth-Wiszowaty

Assistant Secretary

Robert P. Scales

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

*Resigned effective May 1, 2013.

Investment Manager

Columbia Wanger Asset Management, LLC
227 West Monroe Street, Suite 3000
Chicago, Illinois 60606

1-800-922-6769

Distributor

Columbia Management Investment Distributors, Inc.
225 Franklin Street
Boston, Massachusetts 02110

Transfer Agent, Dividend Disbursing Agent

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

1-800-345-6611

Legal Counsel to the Funds

Perkins Coie LLP
Washington, DC

Legal Counsel to the Independent Trustees

Drinker Biddle & Reath LLP
Philadelphia, Pennsylvania

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP
Chicago, Illinois

This report, including the schedules of investments, is submitted for the general information of the shareholders of Columbia Acorn Trust.

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 www.columbiamanagement.com under "About Us." From there, click on "Disclosures."

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. The Funds' complete portfolio holdings are disclosed at www.columbiamanagement.com approximately 30 to 40 days after each month-end.

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus, which contains this and other important information about the funds, visit www.columbiamanagement.com. Read the prospectus carefully before investing.

Columbia Acorn Family of Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA and managed by Columbia Wanger Asset Management, LLC.

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

www.columbiamanagement.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.

This document contains Global Industry Classification Standard data. The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P") and is licensed for use by Columbia Wanger Asset Management, LLC. Neither MSCI, S&P, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

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Columbia Management^®

Columbia Acorn Family of Funds
Class A, B, C, I, R, R4, R5, Y and Z Shares

First Quarter Report, March 31, 2013

For More Information

You'll find more information about the Columbia Acorn Family of Funds in the documents described below. Contact Columbia Funds as follows to obtain these documents free of charge:

By Mail: Columbia Funds
c/o Columbia Management Investment Services Corp.
P.O. Box 8081
Boston, MA 02266-8081

By Telephone: 800.345.6611

Online: www.columbiamanagement.com

Shareholder Communications with the Board

The Funds' Board of Trustees has adopted procedures by which shareholders may communicate with the Board. Shareholders who wish to communicate with the Board should send their written communications to the Board by mail, c/o Columbia Wanger Asset Management, LLC, 227 West Monroe Street, Suite 3000, Chicago, Illinois 60606, Attention: Secretary. Shareholder communications must (i) be in writing, (ii) identify the Columbia Acorn Fund to which the communication relates and (iii) state the particular class of shares and number of shares held by the communicating shareholder.

Prospectuses and the Statement of Additional Information (SAI)

The prospectuses and the SAI provide more detailed information about the Funds and their policies. The SAI is legally part of each prospectus (it's incorporated by reference). A copy of each has been filed with the SEC.

Information Provided by the SEC

You can review and copy information about the Funds (including their prospectuses, the SAI and shareholder reports) at the SEC's Public Reference Room in Washington, DC. To find out more about the operation of the Public Reference Room, call the SEC at 202.551.8090. Reports and other information about the Fund are also available in the EDGAR Database on the SEC's website at http://www.sec.gov, or you can receive copies of this information, for a fee, by electronic request at the following e-mail address: publicinfo@sec.gov. You can also obtain copies of this information by writing the Public Reference Section, Securities and Exchange Commission, Washington, DC 20549-0102.

The investment company registration number of Columbia Acorn Trust, of which each of these Funds is a series, is 811-01829.

225 Franklin Street, Boston, MA 02110

800.345.6611 www.columbiamanagement.com

QTR110_12_CO1_(5/13) 663035

Columbia Management^®

Columbia Acorn Family of Funds
Class A, B, C, I, R, R4, R5, Y and Z Shares

First Quarter Report, March 31, 2013

For More Information

You'll find more information about the Columbia Acorn Family of Funds in the documents described below. Contact Columbia Funds as follows to obtain these documents free of charge:

By Mail: Columbia Funds
c/o Columbia Management Investment Services Corp.
P.O. Box 8081
Boston, MA 02266-8081

By Telephone: 800.345.6611

Online: www.columbiamanagement.com

Shareholder Communications with the Board

Prospectuses and the Statement of Additional Information (SAI)

Information Provided by the SEC

The investment company registration number of Columbia Acorn Trust, of which each of these Funds is a series, is 811-01829.

225 Franklin Street, Boston, MA 02110

800.345.6611 www.columbiamanagement.com

QTR110_12_CO1_(5/13) 663035

Columbia Management^®

Columbia Acorn Family of Funds
Class A, B, C, I, R, R4, R5, Y and Z Shares

First Quarter Report, March 31, 2013

For More Information

You'll find more information about the Columbia Acorn Family of Funds in the documents described below. Contact Columbia Funds as follows to obtain these documents free of charge:

By Mail: Columbia Funds
c/o Columbia Management Investment Services Corp.
P.O. Box 8081
Boston, MA 02266-8081

By Telephone: 800.345.6611

Online: www.columbiamanagement.com

Shareholder Communications with the Board

Prospectuses and the Statement of Additional Information (SAI)

Information Provided by the SEC

The investment company registration number of Columbia Acorn Trust, of which each of these Funds is a series, is 811-01829.

QTR110_12_CO1_(5/13) 663035