N-CSRS

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number			811-01829
Columbia Acorn Trust
(Exact name of registrant as specified in charter)
227 W. Monroe Street Suite 3000 Chicago, IL					60606
(Address of principal executive offices)					(Zip code)
Mary C. Moynihan Perkins Coie LLP 700 13th Street, NW Suite 600 Washington, DC 20005
(Name and address of agent for service)
Registrant’s telephone number, including area code:				312-634-9200
Date of fiscal year end:	December 31
Date of reporting period:		June 30, 2013

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Stockholders.

Q2 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

Semiannual Report

June 30, 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

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.

You are invited to the 2013 Columbia Acorn Funds Shareholder Information Meeting

Join us to hear presentations by Columbia Acorn Fund's lead portfolio manager Chuck McQuaid and other members of the Columbia Wanger Asset Management investment team.

Where: Drinker Biddle & Reath LLP
191 North Wacker Drive, Suite 3700
Chicago, IL

When: Wednesday, September 18, 2013
12 p.m. CDTA buffet lunch will be served beginning at 11:30.

RSVP: By calling 800.922.6769 or online at columbiamanagement.com. Please respond by September 13, 2013.

Webcast Replay: Available at columbiamanagement.com in October.

Public Transportation

For directions using public transportation, call 312.836.7000 or visit the Chicago Transit Authority website at transitchicago.com. Metra information is also available by calling this number or can be found at metrarail.com.

Parking Information

Two parking options are located on Lake Street in the same block as the meeting location, which is between N. Wacker Drive and N. Franklin Street. Lake Street runs one way east after crossing N. Wacker Drive. Hourly parking rates apply at both locations. The first, with signage stating "Public Parking," provides direct access to the building in which the meeting will be held. The second option is a "Self Park" garage located next to the first but without direct access to the building.

Driving Directions

From the south:
Take 1-57 to the Dan Ryan Expressway. Follow the signs for the Kennedy Expressway West. Travel on the Kennedy and exit using the Washington Blvd. exit (Exit 51C). Turn right onto W. Washington. Turn left onto N. Upper Wacker Drive. Destination will be on the right.

From the north:
Take the Kennedy Expressway (I-90/94) south to Chicago. Travel on the Kennedy and exit using the Washington Blvd. exit (Exit 51C). Turn left onto W. Washington. Turn left onto N. Upper Wacker Drive. Destination will be on the right.

From the west:
Take the Eisenhower Expressway (I-290) from the west. Follow the signs for the Kennedy Expressway West. Travel on the Kennedy and exit using the Washington Blvd. exit (Exit 51C). Turn right onto W. Washington. Turn left onto N. Upper Wacker Drive. Destination will be on the right.

From the southwest:
Take the Stevenson Expressway (I-55). Exit to the Kennedy Expressway (North-Wisconsin). Travel on the Kennedy and exit using the Washington Blvd. exit (Exit 51C). Turn right onto W. Washington. Turn left onto N. Upper Wacker Drive. Destination will be on the right.

Columbia Acorn Family of Funds

Table of Contents

2013 Mid-year Distributions	1
Net Asset Value Per Share	2
Understanding Your Expenses	3
Share Class Performance	6
Fund Performance vs. Benchmarks	7
Squirrel Chatter II: Health Care in the United States	8
Columbia Acorn Fund
In a Nutshell	12
At a Glance	13
Major Portfolio Changes	28
Statement of Investments	30
Columbia Acorn International
In a Nutshell	14
At a Glance	15
Major Portfolio Changes	43
Statement of Investments	46
Portfolio Diversification	55
Columbia Acorn USA
In a Nutshell	16
At a Glance	17
Major Portfolio Changes	56
Statement of Investments	57
Columbia Acorn International Select
In a Nutshell	18
At a Glance	19
Major Portfolio Changes	64
Statement of Investments	65
Portfolio Diversification	69

Columbia Acorn Select
In a Nutshell	20
At a Glance	21
Major Portfolio Changes	70
Statement of Investments	71
Columbia Thermostat Fund
In a Nutshell	22
At a Glance	23
Statement of Investments	76
Columbia Acorn Emerging Markets Fund
In a Nutshell	24
At a Glance	25
Major Portfolio Changes	78
Statement of Investments	80
Portfolio Diversification	84
Columbia Acorn European Fund
In a Nutshell	26
At a Glance	27
Major Portfolio Changes	85
Statement of Investments	87
Portfolio Diversification	91
Columbia Acorn Family of Funds
Statements of Assets and Liabilities	92
Statements of Operations	94
Statements of Changes in Net Assets	96
Financial Highlights	102
Notes to Financial Statements	118
Board Approval of the Advisory Agreement	128
Expense Information	133

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 Acorn Family of Funds

2013 Mid-year Distributions

The following table lists the mid-year distributions for the Columbia Acorn Funds. The record date was June 4, 2013, and the ex-dividend date and the payable date was June 5, 2013. Columbia Acorn Emerging Markets Fund and Columbia Acorn European Fund did not have any distributions at mid-year.

Fund	Short-term Capital Gain		Long-term Capital Gain		Ordinary Income		Reinvestment Price
Columbia Acorn Fund
Class A		None	$	0.38297	$	0.04178	$	31.93
Class B		None	$	0.38297		None	$	29.06
Class C		None	$	0.38297		None	$	28.55
Class I		None	$	0.38297	$	0.04182	$	33.20
Class R4		None	$	0.38297	$	0.05083	$	33.65
Class R5		None	$	0.38297	$	0.04181	$	33.65
Class Y		None	$	0.38297	$	0.04482	$	33.67
Class Z		None	$	0.38297	$	0.03881	$	33.17
Columbia Acorn International
Class A		None		None	$	0.47714	$	43.39
Class B		None		None	$	0.47714	$	42.06
Class C		None		None	$	0.47714	$	41.87
Class I		None		None	$	0.47714	$	43.53
Class R		None		None	$	0.47714	$	43.32
Class R4		None		None	$	0.47714	$	43.75
Class R5		None		None	$	0.47714	$	43.48
Class Y		None		None	$	0.47714	$	43.77
Class Z		None		None	$	0.47714	$	43.50
Columbia Acorn USA
Class A		None	$	0.04426		None	$	31.10
Class B		None	$	0.04426		None	$	28.36
Class C		None	$	0.04426		None	$	28.02
Class I		None	$	0.04426		None	$	32.56
Class R4		None	$	0.04426		None	$	33.04
Class R5		None	$	0.04426		None	$	33.02
Class Y		None	$	0.04426		None	$	33.07
Class Z		None	$	0.04426		None	$	32.51
Columbia Acorn International Select
Class A		None	$	0.52948		None	$	25.76
Class B		None	$	0.52948		None	$	24.45
Class C		None	$	0.52948		None	$	24.31
Class I		None	$	0.52948		None	$	26.04
Class R4		None	$	0.52948		None	$	26.18
Class R5		None	$	0.52948		None	$	26.18
Class Y		None	$	0.52948		None	$	26.18
Class Z		None	$	0.52948		None	$	26.04

1

Columbia Acorn Family of Funds

2013 Mid-year Distributions, continued

Fund	Short-term Capital Gain		Long-term Capital Gain		Ordinary Income		Reinvestment Price
Columbia Acorn Select
Class A		None	$	1.35142	$	0.07036	$	26.25
Class B		None	$	1.35142		None	$	24.05
Class C		None	$	1.35142		None	$	23.74
Class I		None	$	1.35142	$	0.16264	$	27.22
Class R4		None	$	1.35142	$	0.13444	$	27.57
Class R5		None	$	1.35142	$	0.15239	$	27.56
Class Y		None	$	1.35142	$	0.17033	$	27.61
Class Z		None	$	1.35142	$	0.14213	$	27.17
Columbia Thermostat Fund
Class A		None		None	$	0.00911	$	14.99
Class B		None		None	$	0.00911	$	15.06
Class C		None		None	$	0.00911	$	15.04
Class R4		None		None	$	0.00911	$	14.89
Class R5		None		None	$	0.00911	$	14.90
Class Y		None		None	$	0.00911	$	14.90
Class Z		None		None	$	0.00911	$	14.83

Net Asset Value Per Share as of 6/30/13

	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	$	31.98	$	42.65	$	31.36	$	25.53	$	26.26	$	14.86	$	11.99	$	12.63
Class B	$	29.09	$	41.31	$	28.57	$	24.21	$	24.05	$	14.93		NA		NA
Class C	$	28.58	$	41.13	$	28.23	$	24.08	$	23.74	$	14.91	$	11.92	$	12.55
Class I	$	33.26	$	42.79	$	32.83	$	25.81	$	27.25		NA	$	12.04	$	12.64
Class R		NA	$	42.57		NA		NA		NA		NA		NA		NA
Class R4	$	33.71	$	43.01	$	33.31	$	25.95	$	27.59	$	14.77	$	12.11		NA
Class R5	$	33.71	$	42.74	$	33.30	$	25.94	$	27.58	$	14.78	$	12.10	$	12.75
Class Y	$	33.74	$	43.03	$	33.34	$	25.94	$	27.63	$	14.78	$	12.00		NA
Class Z	$	33.23	$	42.76	$	32.78	$	25.81	$	27.19	$	14.71	$	12.02	$	12.64

Class B shares of the Columbia Acorn Funds are closed to new investors. Class R, Class R4, Class R5, Class Y and Class Z shares of the Columbia Acorn Funds are available only to certain eligible investors described in the Funds' prospectuses. Class I shares of the Columbia Acorn Funds are only available to other Columbia Funds and are not available to individual investors.

2

Understanding Your Expenses

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

Analyzing Your Fund's Expenses

To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in Class A, B, C, I, R, R4, R5, Y and Z shares of the Funds during the period. The actual and hypothetical information in the tables is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Funds' actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the Actual column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Funds' actual return) and then applies the Funds' actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare With Other Funds" below for details on how to use the hypothetical data.

In addition to the ongoing expenses which the Funds bear directly, Columbia Thermostat Fund's shareholders indirectly bear the Fund's allocable share of the costs and expenses of each underlying fund in which the Fund invests. You can also estimate the effective expenses paid during the period, which includes the indirect fees associated with investing in the underlying funds, by using the amounts listed in the effective expenses paid during the period column in the "Fund of Funds" table.

Compare With Other Funds

Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Funds with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.

January 1, 2013 — June 30, 2013

	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Fund's annualized expense ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Columbia Acorn Fund
Class A		1,000.00		1,000.00		1,103.70		1,019.27		5.52		5.30		1.07
Class B		1,000.00		1,000.00		1,099.80		1,016.13		8.80		8.45		1.71
Class C		1,000.00		1,000.00		1,099.60		1,015.74		9.22		8.85		1.79
Class I		1,000.00		1,000.00		1,105.50		1,021.04		3.67		3.52		0.71
Class R4		1,000.00		1,000.00		1,105.00		1,020.74		3.97		3.82		0.77
Class R5		1,000.00		1,000.00		1,105.40		1,020.94		3.77		3.62		0.73
Class Y		1,000.00		1,000.00		1,105.80		1,020.99		3.72		3.57		0.72
Class Z		1,000.00		1,000.00		1,105.20		1,020.70		4.03		3.86		0.78

3

Understanding Your Expenses, continued

	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Fund's annualized expense ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual
Columbia Acorn International
Class A		1,000.00		1,000.00		1,057.10		1,018.54		6.15		6.04		1.22
Class B		1,000.00		1,000.00		1,053.20		1,014.96		9.82		9.63		1.95
Class C		1,000.00		1,000.00		1,053.10		1,014.76		10.02		9.83		1.99
Class I		1,000.00		1,000.00		1,058.70		1,020.30		4.34		4.26		0.86
Class R		1,000.00		1,000.00		1,055.10		1,016.87		7.86		7.71		1.56
Class R4		1,000.00		1,000.00		1,058.40		1,020.01		4.64		4.56		0.92
Class R5		1,000.00		1,000.00		1,058.80		1,020.11		4.54		4.46		0.90
Class Y		1,000.00		1,000.00		1,058.90		1,020.30		4.34		4.26		0.86
Class Z		1,000.00		1,000.00		1,058.50		1,020.01		4.64		4.56		0.92
Columbia Acorn USA
Class A		1,000.00		1,000.00		1,113.20		1,018.00		6.89		6.58		1.33
Class B		1,000.00		1,000.00		1,108.70		1,014.12		10.96		10.47		2.12
Class C		1,000.00		1,000.00		1,109.20		1,014.61		10.45		9.98		2.02
Class I		1,000.00		1,000.00		1,115.50		1,020.06		4.72		4.51		0.91
Class R4		1,000.00		1,000.00		1,114.80		1,019.57		5.24		5.00		1.01
Class R5		1,000.00		1,000.00		1,115.20		1,019.62		5.19		4.95		1.00
Class Y		1,000.00		1,000.00		1,115.40		1,019.76		5.03		4.80		0.97
Class Z		1,000.00		1,000.00		1,114.60		1,019.27		5.55		5.30		1.07
Columbia Acorn International Select
Class A		1,000.00		1,000.00		1,017.40		1,017.26		7.32		7.32		1.48
Class B		1,000.00		1,000.00		1,014.10		1,014.03		10.57		10.57		2.14
Class C		1,000.00		1,000.00		1,013.40		1,013.39		11.21		11.21		2.27
Class I		1,000.00		1,000.00		1,019.10		1,018.83		5.74		5.74		1.16
Class R4		1,000.00		1,000.00		1,018.70		1,018.34		6.24		6.24		1.26
Class R5		1,000.00		1,000.00		1,018.70		1,018.34		6.24		6.24		1.26
Class Y		1,000.00		1,000.00		1,018.70		1,018.83		5.74		5.74		1.16
Class Z		1,000.00		1,000.00		1,018.40		1,018.59		5.99		5.99		1.21
Columbia Acorn Select
Class A		1,000.00		1,000.00		1,119.80		1,018.05		6.86		6.53		1.32
Class B		1,000.00		1,000.00		1,116.50		1,014.71		10.38		9.88		2.00
Class C		1,000.00		1,000.00		1,116.20		1,014.37		10.74		10.22		2.07
Class I		1,000.00		1,000.00		1,122.30		1,019.81		5.00		4.75		0.96
Class R4		1,000.00		1,000.00		1,121.80		1,019.22		5.62		5.35		1.08
Class R5		1,000.00		1,000.00		1,121.70		1,019.62		5.20		4.95		1.00
Class Y		1,000.00		1,000.00		1,122.10		1,019.18		5.67		5.40		1.09
Class Z		1,000.00		1,000.00		1,121.80		1,019.37		5.46		5.20		1.05

4

	Account value at the beginning of the period ($)				Account value at the end of the period ($)					Expenses paid during the period ($)					Fund's annualized expense ratio (%)
	Actual		Hypothetical		Actual			Hypothetical		Actual			Hypothetical		Actual
Columbia Acorn Emerging Markets Fund
Class A		1,000.00		1,000.00		995.80			1,015.60		8.91			9.00		1.82
Class C		1,000.00		1,000.00		992.50			1,011.82		12.65			12.78		2.59
Class I		1,000.00		1,000.00		996.70			1,017.41		7.10			7.17		1.45
Class R4		1,000.00		1,000.00		997.50			1,016.97		7.54			7.62		1.54
Class R5		1,000.00		1,000.00		996.70			1,016.87		7.64			7.71		1.56
Class Y		1,000.00		1,000.00		982.00	*		1,016.97		0.59	*		7.62		1.54	*
Class Z		1,000.00		1,000.00		995.90			1,016.92		7.59			7.67		1.55
Columbia Acorn European Fund
Class A		1,000.00		1,000.00		1,074.00			1,016.13		8.70			8.45		1.71
Class C		1,000.00		1,000.00		1,069.90			1,012.26		12.69			12.34		2.50
Class I		1,000.00		1,000.00		1,075.70			1,017.85		6.92			6.73		1.36
Class R5		1,000.00		1,000.00		1,075.00			1,017.31		7.48			7.27		1.47
Class Z		1,000.00		1,000.00		1,074.80			1,017.65		7.12			6.93		1.40

Fund of Funds—Columbia Thermostat Fund

January 1, 2013 – June 30, 2013

	Account value at the beginning of the period ($)				Account value at the end of the period ($)				Expenses paid during the period ($)				Fund's annualized expense ratio (%)		Effective expenses paid during the period ($)				Fund's effective annualized expense ratio (%)
	Actual		Hypothetical		Actual		Hypothetical		Actual		Hypothetical		Actual		Actual		Hypothetical		Actual
Columbia Thermostat Fund
Class A		1,000.00		1,000.00		1,040.50		1,022.07		2.50		2.48		0.50		5.35		5.31		1.07
Class B		1,000.00		1,000.00		1,038.20		1,019.62		5.00		4.95		1.00		7.85		7.77		1.57
Class C		1,000.00		1,000.00		1,036.80		1,018.39		6.24		6.19		1.25		9.09		9.01		1.82
Class R4		1,000.00		1,000.00		1,041.50		1,023.44		1.10		1.09		0.22		3.95		3.92		0.79
Class R5		1,000.00		1,000.00		1,042.20		1,023.39		1.15		1.14		0.23		4.01		3.97		0.80
Class Y		1,000.00		1,000.00		1,043.00		1,023.83		0.70		0.69		0.14		3.56		3.52		0.71
Class Z		1,000.00		1,000.00		1,041.70		1,023.29		1.25		1.24		0.25		4.11		4.07		0.82

Expenses paid during the period are equal to the annualized expense ratio, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.

Except with respect to Columbia Thermostat Fund, expenses do not include any fees and expenses incurred indirectly by a Fund from the underlying funds in which the Fund may invest (also referred to as "acquired funds"), including affiliated and non-affiliated pooled investments vehicles (including mutual funds and exchange traded funds).

In the case of Columbia Thermostat Fund, effective expenses paid during the period and the Fund's effective annualized expense ratio include expenses borne directly by the class plus the Fund's pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund's most recent shareholder report.

Had the investment manager and/or certain of its affiliates not waived/reimbursed certain fees and expenses for Columbia Acorn International, Columbia Acorn International Select, Columbia Acorn Select, Columbia Thermostat Fund, Columbia Acorn Emerging Markets Fund and Columbia Acorn European Fund, account value at the end of the period would have been reduced.

*  For the period from June 13, 2013 (commencement of operations) through June 30, 2013.

5

Columbia Acorn Family of Funds

Share Class Performance Average Annual Total Returns through 6/30/13

	Class A						Class B						Class C						Class I			Class R			Class R4			Class R5			Class Y			Class Z
	Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge
Columbia Acorn Fund
Year to date*		10.37	%		4.03	%		9.98	%		4.98	%		9.96	%		8.96	%		10.55	%		NA			10.50	%		10.54	%		10.58	%		10.52	%
1 year		18.98	%		12.14	%		18.27	%		13.27	%		18.12	%		17.12	%		19.41	%		NA			19.29	%		19.36	%		19.41	%		19.32	%
5 years		7.82	%		6.54	%		7.18	%		6.88	%		6.99	%		6.99	%		8.17	%		NA			8.13	%		8.14	%		8.15	%		8.13	%
10 years		10.66	%		10.00	%		9.97	%		9.97	%		9.81	%		9.81	%		11.02	%		NA			11.00	%		11.00	%		11.01	%		11.00	%
Columbia Acorn International
Year to date*		5.71	%		-0.37	%		5.32	%		0.32	%		5.31	%		4.31	%		5.87	%		5.51	%		5.84	%		5.88	%		5.89	%		5.85	%
1 year		18.03	%		11.24	%		17.16	%		12.16	%		17.12	%		16.12	%		18.43	%		17.63	%		18.35	%		18.38	%		18.42	%		18.39	%
5 years		3.62	%		2.40	%		2.93	%		2.57	%		2.82	%		2.82	%		4.03	%		3.33	%		3.98	%		3.99	%		3.99	%		3.99	%
10 years		13.22	%		12.55	%		12.47	%		12.47	%		12.36	%		12.36	%		13.64	%		12.91	%		13.62	%		13.62	%		13.63	%		13.62	%
Columbia Acorn USA
Year to date*		11.32	%		4.93	%		10.87	%		5.87	%		10.92	%		9.92	%		11.55	%		NA			11.48	%		11.52	%		11.54	%		11.46	%
1 year		19.94	%		13.04	%		19.05	%		14.05	%		19.03	%		18.03	%		20.36	%		NA			20.19	%		20.23	%		20.26	%		20.18	%
5 years		7.55	%		6.28	%		6.85	%		6.54	%		6.73	%		6.73	%		7.90	%		NA			7.84	%		7.85	%		7.86	%		7.84	%
10 years		9.25	%		8.60	%		8.54	%		8.54	%		8.43	%		8.43	%		9.62	%		NA			9.59	%		9.59	%		9.59	%		9.59	%
Columbia Acorn International Select
Year to date*		1.74	%		-4.10	%		1.37	%		-3.59	%		1.34	%		0.34	%		1.88	%		NA			1.87	%		1.87	%		1.87	%		1.84	%
1 year		12.64	%		6.18	%		11.88	%		7.12	%		11.76	%		10.81	%		12.99	%		NA			12.93	%		12.93	%		12.95	%		12.93	%
5 years		1.11	%		-0.07	%		0.46	%		0.13	%		0.31	%		0.31	%		1.51	%		NA			1.47	%		1.47	%		1.48	%		1.47	%
10 years		12.01	%		11.35	%		11.29	%		11.29	%		11.14	%		11.14	%		12.39	%		NA			12.37	%		12.37	%		12.37	%		12.37	%
Columbia Acorn Select
Year to date*		11.98	%		5.54	%		11.65	%		6.65	%		11.62	%		10.62	%		12.23	%		NA			12.18	%		12.17	%		12.21	%		12.18	%
1 year		21.59	%		14.62	%		20.82	%		15.82	%		20.68	%		19.68	%		22.09	%		NA			21.91	%		21.95	%		21.98	%		21.96	%
5 years		3.59	%		2.37	%		2.94	%		2.58	%		2.78	%		2.78	%		3.97	%		NA			3.89	%		3.90	%		3.90	%		3.90	%
10 years		7.88	%		7.24	%		7.17	%		7.17	%		7.03	%		7.03	%		8.24	%		NA			8.20	%		8.21	%		8.21	%		8.21	%
Columbia Thermostat Fund
Year to date*		4.05	%		-1.92	%		3.82	%		-1.18	%		3.68	%		2.68	%		NA			NA			4.15	%		4.22	%		4.30	%		4.17	%
1 year		10.61	%		4.27	%		10.11	%		5.11	%		9.86	%		8.86	%		NA			NA			10.89	%		10.94	%		11.00	%		10.92	%
5 years		6.79	%		5.53	%		6.26	%		5.94	%		6.00	%		6.00	%		NA			NA			7.05	%		7.06	%		7.07	%		7.05	%
10 years		7.13	%		6.50	%		6.55	%		6.55	%		6.34	%		6.34	%		NA			NA			7.40	%		7.40	%		7.41	%		7.40	%
Columbia Acorn Emerging Markets Fund
Year to date*		-0.42	%		-6.11	%		NA			NA			-0.75	%		-1.74	%		-0.33	%		NA			-0.25	%		-0.33	%		-0.34	%		-0.41	%
1 year		18.89	%		12.05	%		NA			NA			18.02	%		17.02	%		19.31	%		NA			19.24	%		19.22	%		19.17	%		19.07	%
Life of Fund		10.58	%		7.13	%		NA			NA			9.86	%		9.86	%		11.06	%		NA			11.02	%		11.00	%		10.98	%		10.93	%
Columbia Acorn European Fund
Year to date*		7.40	%		1.20	%		NA			NA			6.99	%		5.99	%		7.57	%		NA			NA			7.50	%		NA			7.48	%
1 year		20.82	%		13.88	%		NA			NA			19.98	%		18.98	%		21.14	%		NA			NA			21.03	%		NA			21.00	%
Life of Fund		14.15	%		10.59	%		NA			NA			13.32	%		13.32	%		14.47	%		NA			NA			14.43	%		NA			14.41	%

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 133 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 June 30, 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 7.

6

Fund Performance vs. Benchmarks Class Z Average Annual Total Returns through 6/30/13

Class Z Shares	2nd quarter*			Year to date*			1 year			5 years			10 years			Life of Fund
Columbia Acorn Fund (ACRNX) (6/10/70)		0.64	%		10.52	%		19.32	%		8.13	%		11.00	%		14.66	%
Russell 2500 Index		2.27	%		15.42	%		25.61	%		9.21	%		10.34	%		NA
S&P 500 Index**		2.91	%		13.82	%		20.60	%		7.01	%		7.30	%		10.77	%
Russell 2000 Index		3.08	%		15.86	%		24.21	%		8.77	%		9.53	%		NA
Lipper Mid-Cap Growth Funds Index		2.36	%		14.26	%		20.24	%		6.09	%		9.26	%		NA
Columbia Acorn International (ACINX) (9/23/92)		-1.10	%		5.85	%		18.39	%		3.99	%		13.62	%		11.17	%
S&P Global Ex-U.S. Between $500M and $5B Index		-3.46	%		1.95	%		15.91	%		2.88	%		12.36	%		8.32	%
S&P Global Ex-U.S. SmallCap Index		-3.72	%		2.13	%		17.11	%		2.02	%		11.60	%		7.64	%
MSCI EAFE Index (Net)		-0.98	%		4.10	%		18.62	%		-0.63	%		7.67	%		5.83	%
Lipper International Small/Mid Growth Funds Index		-0.30	%		7.11	%		22.73	%		3.39	%		12.31	%		NA
Columbia Acorn USA (AUSAX) (9/4/96)		0.91	%		11.46	%		20.18	%		7.84	%		9.59	%		10.45	%
Russell 2000 Index		3.08	%		15.86	%		24.21	%		8.77	%		9.53	%		8.03	%
Lipper Small-Cap Growth Funds Index		3.70	%		15.86	%		22.24	%		8.01	%		8.29	%		6.54	%
Columbia Acorn Int'l Select (ACFFX) (11/23/98)		-1.26	%		1.84	%		12.93	%		1.47	%		12.37	%		9.37	%
S&P Developed Ex-U.S. Between $2B and $10B Index		-1.05	%		4.30	%		17.71	%		1.17	%		10.30	%		7.23	%
MSCI EAFE Index (Net)		-0.98	%		4.10	%		18.62	%		-0.63	%		7.67	%		3.77	%
Lipper International Small/Mid Growth Funds Index		-0.30	%		7.11	%		22.73	%		3.39	%		12.31	%		10.23	%
Columbia Acorn Select (ACTWX) (11/23/98)		1.40	%		12.18	%		21.96	%		3.90	%		8.21	%		9.86	%
S&P MidCap 400 Index		1.00	%		14.59	%		25.18	%		8.91	%		10.74	%		9.90	%
S&P 500 Index**		2.91	%		13.82	%		20.60	%		7.01	%		7.30	%		4.13	%
Lipper Mid-Cap Core Funds Index		2.02	%		14.64	%		24.58	%		7.50	%		9.32	%		8.35	%
Columbia Thermostat Fund (COTZX) (9/25/02)		0.06	%		4.17	%		10.92	%		7.05	%		7.40	%		8.12	%
S&P 500 Index		2.91	%		13.82	%		20.60	%		7.01	%		7.30	%		8.64	%
Barclays U.S. Aggregate Bond Index		-2.32	%		-2.44	%		-0.69	%		5.19	%		4.52	%		4.74	%
Lipper Flexible Portfolio Funds Index		-0.99	%		3.86	%		11.32	%		4.49	%		6.72	%		7.71	%
50/50 Blended Benchmark		0.28	%		5.46	%		9.55	%		6.55	%		6.20	%		6.99	%
Columbia Acorn Emerging Markets Fund (CEFZX) (8/19/11)		-3.69	%		-0.41	%		19.07	%		—			—			10.93	%
S&P Emerging Markets Between $500M and $5B Index		-6.55	%		-4.74	%		9.98	%		—			—			1.93	%
MSCI Emering Markets Small Cap Index		-7.47	%		-3.58	%		9.86	%		—			—			-0.95	%
Lipper Emerging Markets Index		-7.48	%		-8.01	%		4.66	%		—			—			1.57	%
Columbia Acorn European Fund (CAEZX) (8/19/11)		3.10	%		7.48	%		21.00	%		—			—			14.41	%
S&P Europe Between $500M and $5B Index		1.50	%		6.46	%		26.83	%		—			—			13.52	%
HSBC Smaller European Companies Index		2.23	%		6.37	%		26.89	%		—			—			10.81	%
Lipper European Region Index		1.65	%		5.29	%		22.35	%		—			—			13.62	%

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, except that Class Y shares of Columbia Acorn Emerging Markets Fund commenced operations on June 13, 2013. 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 inside front cover for a description of the indexes listed above.

7

Squirrel Chatter II: Health Care in the United States

Critics of the U.S. health care system note that the World Health Organization (WHO) ranked the United States thirtieth in the world in life expectancy¹ despite the fact that the United States spends more money per capita on health care than any other country. They argue that health care in the United States is inferior to health care in many other developed countries.

Scott W. Atlas's book, In Excellent Health, Setting the Record Straight on America's Health Care,² analyzes the consequences of poor lifestyle choices made by many Americans and how the U.S. health care system operates compared to health care systems elsewhere. His book cites numerous studies indicating the U.S. health care system does a great job addressing the health concerns of Americans and is likely the best system in the world.

Life Expectancy

The United States is much more violent and accident-prone than other developed countries. Homicide rates in the United States are ten times that of the United Kingdom and five times that of Canada.³ Death rates from transportation accidents in the United States are 250% that of the United Kingdom and 160% that of Canada.⁴ Murder and accidents account for the majority of deaths among young adults in the United States,⁵ and deaths at young ages substantially impact life expectancies.

Robert Ohsfeldt's and John Schneider's book, The Business of Health,⁶ attempts to quantify the impact of fatal injuries on life expectancy. Using linear regression, they calculate that after standardizing for fatal injuries alone, the United States would edge out Switzerland by 0.3 years and have the highest life expectancy of any country in the world.⁷

Other studies indicate that violence and accidents account for much, but not all, of the life expectancy shortfall in the United States. A National Academy of Sciences panel addressing cross-national health differences issued a paper that indicated 57% of the life expectancy gap for males under age 50 and 38% for females under 50 is

explained by higher violence and accidents in the United States.⁸

The United States has a much higher incidence of obesity than other developed countries. Atlas notes that in 2010 34% of people in the United States were obese compared to 15% in Canada, 17% in Western Europe and about 24% in the United Kingdom.⁹ The Organization for Economic Cooperation and Development (OECD) estimates that obesity reduces life spans by up to eight to ten years.¹⁰ Sadly, the worst is yet to come for the United States, as obesity rates have increased and there appears to be a 25-year time lag between becoming obese and suffering premature death.¹¹

Cigarette use in the United States is down substantially; smoking rates are now lower than most other OECD countries.¹² However, studies have found a time lag of roughly 25 to 30 years between smoking and lung cancer mortality.¹³ The United States had the highest rate of smoking in the developed world from the 1930s to the mid-1980s and, according to a 2007 study, 53% of Americans were current or former smokers, compared to 43% of Western Europeans.¹⁴ Clearly the United States' legacy of smoking continues to impact health. The Surgeon General estimates that cigarette smoking causes 443,000 deaths in the United States yearly, nearly one-fifth of all deaths.¹⁵

With respect to neonatal mortality, Atlas writes that the United States has stringent reporting requirements and definitions. Birth registrations in the United States are done by hospitals and health care professionals, while many other countries rely on reporting by families or surveys.¹⁶ In the United States, a live birth is tabulated should a newborn breathe, have a beating heart, move voluntary muscles or show any other evidence of life.¹⁷ According to WHO, countries representing only 13% of births worldwide had reliable data meeting this definition.¹⁸

Elsewhere, definitions for live births vary greatly. Some countries consider births as live only if 28 weeks gestation was achieved, if a baby is 30 centimeters long, or if a baby survives 24 hours.¹⁹ Otherwise, the baby is classified as stillborn and is not considered an infant mortality.

8

Atlas states, "... considering that roughly half of all U.S. infant mortality occurs in the first twenty-four hours, the single criterion of omitting deaths within the first twenty-four hours by many European nations generates their falsely superior infant mortality rates."²⁰

Data from 2004 indicated that the United States had 12% of births classified as preterm (under 32 weeks gestation), a rate 50% to 100% higher than most European countries.²¹ These figures are impacted by the fact the United States has more multiple gestation pregnancies. Since the early 1980s, the incidence of triplets in the United States has more than tripled to over 140 births per 100,000.²² Atlas notes that in 2007, 17% of twins and 40% of triplets in the United States were associated with fertility treatments.

The U.S. health care system should be applauded for its efforts to save premature babies rather than write them off as stillborn, as many other countries do. Except for a very limited number of abusive cases, fertility treatment should be considered a virtue of the U.S. health care system. Yet, coupled with superior record keeping, these efforts depress the country's life expectancy ranking.

Diagnosis, Treatment and Outcomes

The Centers for Disease Control and Prevention (CDC) lists heart disease as the top killer in the United States, accounting for 25% of deaths, followed by cancer at 23%, and stroke a distant third at 6%.²³ Rather than judge a health care system on reported life expectancy, Atlas assesses health care quality in the United States based on actual medical care, especially diagnosis and treatment of important diseases, using objective data.

Atlas notes the challenges facing the health care system due to the poor lifestyle choices of many Americans. The CDC estimates that 80% of diabetes, heart disease and stroke, and 40% of cancer, could be eliminated through reduction in obesity and smoking.²⁴ The rate of diabetes in the United States is typically 33% to 100% higher than other developed countries.²⁵ A 2007 study indicated that 12% of Americans over age 50 were diagnosed with cancer, compared to only 5% in a composite of 10 European countries.²⁶

Atlas cites data showing more timely diagnosis and treatment in the United States as compared to other countries. He writes that, "... prolonged wait times are commonly found in health systems with government-controlled nationalized health insurance."²⁷ Numerous countries with single payer systems had to create policies to address prolonged wait times, including Canada, England, Italy, Sweden and Spain.

The United States is among the world's leaders in per capita computerized tomography (CT) and magnetic resonance imaging (MRI) scanners,²⁸ which are crucial to accurately diagnosing leading fatal diseases and guiding lower risk and more effective treatments. In the United States, referring doctors book CT and MRI appointments within days. In other countries, people wait. In 2010, the average wait time in Canada for a CT scan was four weeks and for an MRI, ten weeks.²⁹ A 2011 study in the United Kingdom indicated thousands of people waited over six weeks for an MRI scan. With respect to breast cancer biopsies, another survey indicated that only 1% of U.S. patients waited three weeks or more while 44% of Canadian and 20% of U.K. patients waited that long.³⁰

Treatment of diseases also tends to be very timely in the United States. One study indicated that no elective (non-emergency) cardiac bypass patients in the United States were known to have waited more than three months, while 47% in Canada and 89% in the United Kingdom waited at least that long.³¹

Furthermore, treatments in the United States tend to be aggressive. A 2009 paper written by University of Pennsylvania professor Samuel Preston and doctoral candidate Jessica Ho states that 88% of Americans with high cholesterol are being medicated versus 62% of Europeans. Likewise a higher percentage of Americans over age 50 with heart disease receive medication. Among those with hypertension in the United States, 66% were being successfully treated, versus 25% to 49% in other countries.³²

With respect to cancer, Preston and Ho cite studies showing that the United States tends to have the highest percentage of screenings for breast, cervical, prostate and colon cancer.³³ If cancer is detected, Americans tend to receive more surgery, chemotherapy and advanced cancer drugs. A 2008 study calculated five-year survival rates for

9

breast, colorectal and prostate cancers. Patients in the United States lead the world with a 74% survival rate. Second-best Canada came in at 71% and the United Kingdom was a laggard at 52%.

Atlas adds that new oncology drugs are most often approved and first used in the United States.³⁴ Some 80% of worldwide medical innovation originates in the United States and, since the mid-1970s, U.S. scientists have won more than half of Nobel Prize awards in medicine and physiology.

The statistics are clear. Sick Americans are more likely to receive timely and aggressive health care than citizens of other countries. Atlas writes, "Availability of state-of-the-art medical technology, timely access to specialists, the most effective screening, the shortest wait times for life-changing surgeries, the newest, most effective drugs for more accurate, safer diagnosis and for the most advanced treatment are all superior in the United States."³⁵

Many people appear to agree. In 2008, a McKinsey & Company study estimated that up to 85,000 patients sought in-patient treatment outside their home country. Of that number, 87% traveled to the United States for advanced medical technology, better quality care or quicker access to care. In contrast, critics of the U.S. health care system don't appear to be traveling to Cuba for treatment. Based on the facts, I agree with Atlas.

Health Care Economics and Investment Implications

Atlas states that the, "... only real crisis in America's health care today is the unsustainable and increasing burden of health care costs..."³⁶ and recommends free market reforms. Health care costs are not the topic of this essay, but world-class health care clearly is expensive, and costs in the United States are exacerbated by detrimental lifestyle choices. I also believe that poor government policies result in few incentives for cost restraint.

Columbia Wanger Asset Management, the investment manager of the Columbia Acorn Funds, strives to provide Columbia Acorn Funds' shareholders with investments in health care companies that are pursuing breakthrough drugs and devices, with the potential to transform treatment of serious and poorly managed diseases. For example, in pivotal studies Seattle Genetics' drug

Adcetris delivered 80% response rates in advanced Hodgkin's lymphoma patients who had exhausted all other treatment options.³⁷ In addition, we seek to invest in companies with products and services that we believe increase the cost effectiveness of health care delivery. We attempt to avoid investing in health care companies that may be more likely to be subject to cost cuts or price controls.

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.

¹  Atlas, Scott W., In Excellent Health, Setting the Record Straight on American's Heath Care, (Stanford, California, Hoover Institution Press), p. 2.

²  Ibid.

³  Ohsfeldt, Robert L., and Schneider, John E., The Business of Health, The Role of Competition, Markets, and Regulation, (Washington, D.C., The AEI Press), p. 19.

⁴  Atlas, Scott W., op. cit., p. 28.

⁵  Ibid., p. 28.

⁶  Ohsfeldt, Robert L., and Schneider, John E., op. cit.

⁷  Ibid., p. 22.

⁸  Steven H. Woolf and Laudan Aron, Editors; Panel on Understanding Cross-National Health Differences Among High-Income Countries; Committee on Population; Division of Behavioral and Social Sciences and Education; National Research Council; Board on Population Health and Public Health Practice; Institute of Medicine, www.nap.edu.

⁹  Atlas, Scott W., op. cit., p. 105.

¹⁰  Ibid., p. 31.

¹¹  Ibid., p. 107.

¹²  Ibid., p. 40.

¹³  Ibid., p. 41.

¹⁴  Ibid., p. 111.

¹⁵  Ibid., p. 108.

¹⁶  Ibid., p. 60.

¹⁷  Ibid., p. 67.

¹⁸  Ibid., p. 71.

¹⁹  Ibid., p. 68.

²⁰  Ibid., p. 70.

10

²¹  Ibid., p. 73.

²²  Ibid., p. 89.

²³  Ibid., p. 119.

²⁴  Ibid., p. 103.

²⁵  Ibid., p. 113.

²⁶  Preston, Samuel H., and Ho, Jessica Y., "Low Life Expectancy in the United States: Is the Health Care System at Fault?" University of Pennsylvania Scholarly Commons Working Paper Series, July 1, 2009, p. 4, http://repository.upenn.edu/psc_working_papers/13/. Accessed July 24, 2013.

²⁷  Atlas, Scott W., op. cit., p. 159.

²⁸  Ibid., p. 192-193.

²⁹  Ibid., p. 194.

³⁰  Ibid., p. 175.

³¹  Ibid., p. 187.

³²  Preston, Samuel H., and Ho, Jessica Y., op. cit., p. 6.

³³  Ibid., p. 3.

³⁴  Atlas, Scott W., op. cit., p. 222.

³⁵  Ibid., p. 233.

³⁶  Ibid., p. 245.

³⁷  Seattle Genetics is held in the following Columbia Acorn Funds: Columbia Acorn Fund, 1.0%; Columbia Acorn USA, 1.3%; Columbia Acorn Select, 1.4%. Please refer to Columbia Acorn Fund's and Columbia Acorn USA's "nutshell" commentaries for more on this stock's performance.

11

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 0.64% in the second quarter and 10.52% in the first half of 2013. The Russell 2500 Index, the Fund's primary benchmark, rose 2.27% in the quarter and 15.42% in the half. As shown on Page 7, the Fund also underperformed its other benchmarks. We are pleased with the absolute return for the half, but disappointed that the gain fell short of the benchmarks.

Shutterfly, an Internet photo-centric retailer, jumped 26% in the second quarter and 87% in the half on strong market share gains, surging revenues and improving margins. It was the Fund's top dollar winner in the half.

Rental car companies Hertz and Avis Budget Group were also big winners; Hertz was up 11% in the second quarter and drove home a 52% gain in the half. Avis still needs to try a bit harder; it moved up 3% in the quarter and a fine 45% in the half. We've liked the car rental business for a while because the industry has been consolidating and companies in it can adjust capacity quickly. Also, rental car rates and car resale pricing have been bolstered by less aggressive discounting of new car prices by automakers.

Biotech stocks were generally nice winners in the first quarter, but several moderately corrected in the second quarter. Drug developers Seattle Genetics and BioMarin Pharmaceutical each fell about 10% in the second quarter, reducing Seattle Genetics' first-half gain to 36% and BioMarin's first-half gain to 13%. Equipment maker Cepheid fell 10% in the quarter, cutting its gain for the half to just 2%, on fears that demand may slow and competition could increase. Synageva Biopharma, a biotech company focused on orphan diseases, fell 23% in the second quarter and 9% in the half on rumors that a key drug study is progressing more slowly than expected. In contrast, NPS Pharmaceuticals jumped 48% in the quarter and 66% in the six-month period on optimism concerning the launch of a gastrointestinal drug.

Columbia Acorn Fund's international stocks were down 5.83% in the second quarter and 3.73% for the half year.* Netherlands-based Imtech, a technical installation and maintenance services provider, plunged 35% in the second quarter and 68% for the half year. Imtech had reported a fraud in its German and Polish operations in the first quarter, and in the second quarter disclosed that the fraud would be more costly than expected. Other international losers included Pacific Rubiales Energy, off 16% in the quarter and 24% in the six-month period on a slow environmental licensing process in Colombia, which in turn is delaying the company's oil exploration and production. Athabasca Oil Sands, another oil development company, fell 31% in the second quarter and 41% in the half on a regulatory ruling concerning an oil sands

property. Fertilizer company Sociedad Quimica y Minera de Chile dropped 27% in the quarter and 30% in the half. We've kept the Fund's international stock weighting toward the lower end of its 10-year range, and ended the quarter with a 7.8% weight.

We've spent some time analyzing Fund performance. It appears that the highest and lowest valued stocks in the Fund's benchmark tended to perform best in the second quarter and six months. Our style, growth-at-a-reasonable-price (GARP), results in Columbia Acorn Fund having a relatively low weighting of such stocks, which hurt performance somewhat during these periods. These market anomalies tend to be transitory, and we continue to believe that our GARP style should provide favorable long-term results. We also believe that our research process is sound and that we have an excellent core group of analysts. We've modestly downsized the domestic analyst team and increased coverage areas for some analysts. We think, but cannot guarantee, that this will result in more selectivity and improved relative performance.

*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 6/30/13

Cepheid	1.1	%
Seattle Genetics	1.0
Avis Budget Group	0.7
BioMarin Pharmaceutical	0.7
Shutterfly	0.6
Hertz	0.5
Synageva Biopharma	0.4
NPS Pharmaceuticals	0.3
Pacific Rubiales Energy	0.3
Sociedad Quimica y Minera de Chile	0.1
Athabasca Oil Sands	0.1
Imtech	0.1

12

Columbia Acorn Fund

At a Glance

Total Net Assets of the Fund:
$18.8 billion

Performance data shown in the table and graph below represent past performance, do not guarantee future results, assume reinvestment of dividends and distributions and do 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 reflect 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 June 30, 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 June 30, 2013

	2nd quarter*			Year to date*			1 year			5 years			10 years			Life of Fund
Class Z (6/10/70 inception)		0.64	%		10.52	%		19.32	%		8.13	%		11.00	%		14.66	%
Class A (10/16/00 inception)
without sales charge		0.54			10.37			18.98			7.82			10.66			14.29
with sales charge		-5.25			4.03			12.14			6.54			10.00			14.13
Russell 2500 Index**		2.27			15.42			25.61			9.21			10.34			N/A

Results for other share classes can be found on Page 6.

*Not annualized.

**The Fund's primary benchmark. Please see the inside front cover for index descriptions.

Returns for Class A shown with and without the maximum initial sales charge of 5.75%. As stated in the May 1, 2013, prospectus, the Fund's annual operating expense ratio is 0.82% for Class Z shares and 1.10% for Class A shares. The returns shown for periods prior to the inception of the Fund's Class A shares 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 Breakdown

as a percentage of net assets, as of 6/30/13

Top 10 Holdings

as a percentage of net assets, as of 6/30/13

1.	Ametek Aerospace/Industrial Instruments	2.2	%
2.	Mettler-Toledo International Laboratory Equipment	1.7	%
3.	Donaldson Industrial Air Filtration	1.6	%
4.	Crown Castle International Communications Towers	1.5	%
5.	tw telecom Fiber Optic Telephone/Data Services	1.4	%
6.	Amphenol Electronic Connectors	1.4	%
7.	FMC Technologies Oil & Gas Well Head Manufacturer	1.4	%
8.	SBA Communications Communications Towers	1.3	%
9.	Nordson Dispensing Systems for Adhesives & Coatings	1.3	%
10.	Cepheid Molecular Diagnostics	1.1	%

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.

13

Columbia Acorn International

In a Nutshell

P. Zachary Egan Co-Portfolio Manager	Louis J. Mendes III 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 International Class Z shares fell 1.10% in the second quarter of 2013, 2.36% better than the Fund's primary benchmark, the S&P Global Ex-U.S. Between $500M and $5B Index, which fell 3.46%. This comes on the heels of a solid first quarter, during which the Fund rose 7.03%. The Fund's return for the semiannual period was 5.85%, 3.90% ahead of its primary benchmark. For comparison, the large-cap, developed market MSCI EAFE Index (Net) rose 4.10% during the period.

In the second quarter, many bond markets experienced a sharp rise in mid-term interest rates following the mid-May remarks by U.S. Federal Reserve Bank Chairman Ben Bernanke that the Fed could "take a step down in our pace of purchase" of bonds, an unconventional practice that has supported low interest rates through the present financial crisis. How the Fed will manage this policy shift is of critical importance to investors globally, since many risk assets are priced off of U.S. government bonds. While Bernanke's remarks are grounded in signs of a normalizing U.S. economy—ostensibly good news—10-year bond rates rose on average 100 basis points in the ensuing weeks, which triggered a sell-off in international equities as investors discounted the impact more expensive money would have on economic activity and asset values in diverse markets. While the outlook for the U.S. economy may be brightening, things still appear grim in many parts of the world. In June, fears of stagflation in Brazil sent over one million people into the streets demanding more accountability from a government whose popularity has reached historic lows. Slowing economic growth in China upset already weak commodity markets and sent resources shares tumbling in the second quarter. Japanese stocks also took a breather in the quarter as the initial euphoria of "Abenomics" began to fade following two prior quarters of sharply rising markets. Despite the ebb and flow of market sentiment, many of the Fund's holdings have continued to post growth in earnings.

The Fund's top performer for the second quarter and the half year was Start Today, a Japanese online apparel retailer that has successfully managed costs to return the company to strong profitability after a rough 2012, during which its shares declined 60%. Start Today rose 54% in the second quarter and was up 114% for the six-month period. Siam Makro, a Thai-based cash and carry retailer of goods and produce, rose 41% in the quarter and 75% for the half year following a takeover bid from fellow Thai retailer CP-ALL. In recent years, Thailand has had a strong domestic economy as government policies and foreign investment have continued to increase the purchasing power of the rising middle class outside of urban Bangkok. Taiwan's St. Shine Optical, the world's leading manufacturer of daily disposable contact lenses,

rose 32% in the second quarter and ended the six-month period up 69%. Continued expansion of its overseas presence and increasing penetration of daily-wear contact lenses, which have become more affordable with rising regional incomes, drove gains.

Commodity-related holdings, namely in energy and basic materials, came under pressure as anxiety about the macroeconomic outlook spiked. Coal miner Mongolian Mining fell nearly 50% in the second quarter and was off 63% for the half year on disappointing volume throughput to China as logistic improvements continue to be delayed. Brazilian gold miner Beadell Resources and Australia's Regis Resources declined 51% and 39%, respectively, in the second quarter and were both off more than 50% for the half year as gold prices dropped over 25% in the first six months of 2013. Imtech, a Dutch technical installation and maintenance services provider, fell 35% in the second quarter as it became clear an earnings-dilutive rights issue was in the offing. This offering became necessary following news of fraud in Imtech's German and Polish operations. Year to date through June 30, Imtech's stock was down 68%. In Korea, Samsung Engineering fell 32% during the second quarter and was off 49% for the half year as the outlook for earnings declined amidst weakening overseas construction orders. We opted to sell the Fund's position in this stock.

Considerable uncertainties mar the international landscape. We expect continued high volatility in the second half of the year. We believe that, while unsettling, volatility provides opportunities to buy good companies at attractive prices.

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 6/30/13

Start Today	0.8	%
St. Shine Optical	0.8
Beadell Resources	0.4
Regis Resources	0.2
Imtech	0.2
Mongolian Mining	0.2

14

Columbia Acorn International

At a Glance

Total Net Assets of the Fund:
$7.3 billion

Performance data shown in the table and graph below represent past performance, do not guarantee future results, assume reinvestment of dividends and distributions and do 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 reflect 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 International Class Z Shares

September 23, 1992 (Fund inception) through June 30, 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 June 30, 2013

	2nd quarter*			Year to date*			1 year			5 years			10 years			Life of Fund
Class Z (9/23/92 inception)		-1.10	%		5.85	%		18.39	%		3.99	%		13.62	%		11.17	%
Class A (10/16/00 inception)
without sales charge		-1.17			5.71			18.03			3.62			13.22			10.74
with sales charge		-6.85			-0.37			11.24			2.40			12.55			10.42
S&P Global Ex-U.S. Between $500M and $5B**		-3.46			1.95			15.91			2.88			12.36			8.32

Results for other share classes can be found on Page 6.

*Not annualized.

**The Fund's primary benchmark. Please see the inside front cover for index descriptions.

Returns for Class A shown with and without the maximum initial sales charge of 5.75%. As stated in the May 1, 2013, prospectus, the Fund's annual operating expense ratio is 0.95% for Class Z shares and 1.31% for Class A shares. The returns shown for periods prior to the inception of the Fund's Class A shares 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 Breakdown

as a percentage of net assets, as of 6/30/13

Top 10 Holdings

as a percentage of net assets, as of 6/30/13

1.	Far EasTone Telecom (Taiwan) Taiwan Third Largest Mobile Operator	1.5	%
2.	Coronation Fund Managers (South Africa) South African Fund Manager	1.2	%
3.	Hexagon (Sweden) Design, Measurement & Visualization Software & Equipment	1.1	%
4.	CCL Industries (Canada) Leading Global Label Converter	1.1	%
5.	Melco Crown Entertainment - ADR (Hong Kong) Macau Casino Operator	1.1	%
6.	Eurofins Scientific (France) Food, Pharmaceuticals & Materials Screening & Testing	1.0	%
7.	Neopost (France) Postage Meter Machines	1.0	%
8.	Partners Group (Switzerland) Private Markets Asset Management	1.0	%
9.	Taiwan Mobile (Taiwan) Taiwan's Second Largest Mobile Operator	1.0	%
10.	Aalberts Industries (Netherlands) Flow Control & Heat Treatment	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.

15

Columbia Acorn USA

In a Nutshell

Robert A. Mohn
Lead 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 daily and most recent month-end performance updates.

Columbia Acorn USA Class Z shares ended the second quarter of 2013 up 0.91%, underperforming the 3.08% gain of the Fund's primary benchmark, the Russell 2000 Index. Year to date through June 30, 2013, the Fund was up 11.46% compared to its benchmark's gain of 15.86%. The Fund underperformed its benchmark due, in part, to our growth-at-a-reasonable-price (GARP) style of investing. This style tends to lag the benchmark during a strong market spurt like that experienced during the first half of 2013.

Top contributors in the quarter included tw telecom, a fiber optic telephone and data services provider, up 12% in the second quarter and 10% for the half year. Rumblings of a potential sale of the company sent the stock up in the second quarter. NPS Pharmaceuticals bucked the downward trend of some Fund health care stocks, gaining 48% in the second quarter and ending the half up 65%. NPS successfully launched a new drug to treat short bowel syndrome. SPS Commerce, a developer of supply chain management software delivered via the web, gained 29% in the second quarter and 48% for the half year on strong growth in revenue.

Year to date, rental car companies Avis Budget Group and Hertz were strong contributors with gains of 45% and 52%, respectively, for the six-month period. The rental car industry has benefited from consolidation and positive trends in rental car pricing. Bally Technologies, a slot machine manufacturer and software developer, gained 26% in the half after reporting a strong first quarter fueled by increased demand for replacement slot machines. Internet photo-centric retailer Shutterfly ended the half year up 87% and gained 26% in the second quarter after reporting solid market share gains.

Health care stocks Synageva Biopharma, Seattle Genetics and Cepheid had losses ranging from 10% to 23% in the second quarter. The stock of Synageva Biopharma, a biotech focused on rare diseases, suffered from investor concerns over potential delays. Seattle Genetics dropped 11% in the second quarter as biotech stocks in general corrected. Cepheid, a provider of molecular diagnostic supplies, fell after a medical journal article suggested screening using a test similar to one offered by Cepheid was an ineffective approach to addressing hospital

infections. For the half year, Synageva Biopharma was down 9%, while Seattle Genetics' strong first quarter left the stock with a 36% six-month gain and Cepheid held onto a 2% gain for the half.

While its stock bounced back 4% in the second quarter, premium active apparel retailer lululemon athletica was down 15% for the six months as investors reacted negatively to the resignation of the company's CEO. Fiber laser manufacturer IPG Photonics was off over 8% for the second quarter and the half on weaker than expected revenue growth and concerns about China, the source of 17% of the company's revenue. Plagued by a number of project delays, ESCO Technologies, a manufacturer of automatic electric meter readers, fell 13% for the half year and was off 21% in the second quarter.

The Fund's double-digit gain for the first half of the year was impressive, but we were disappointed that its return lagged the small-cap benchmarks. As mentioned above, our GARP style was somewhat out of favor for both the quarter and the half year, as stocks at the top and bottom of the valuation spectrum brought top gains. Investing styles ebb and flow during market cycles, but our GARP approach has historically worked well over the long term.

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 6/30/13

tw telecom	2.4	%
Avis Budget Group	2.2
Bally Technologies	2.2
IPG Photonics	1.8
ESCO Technologies	1.6
Cepheid	1.3
Seattle Genetics	1.3
SPS Commerce	1.0
Hertz	1.0
Shutterfly	0.8
NPS Pharmaceuticals	0.7
Synageva Biopharma	0.7
lululemon athletica	0.5

16

Columbia Acorn USA

At a Glance

Total Net Assets of the Fund:
$1.5 billion

Performance data shown in the table and graph below represent past performance, do not guarantee future results, assume reinvestment of dividends and distributions and do 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 reflect 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 USA Class Z Shares

September 4, 1996 (Fund inception) through June 30, 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 June 30, 2013

	2nd quarter*			Year to date*			1 year			5 years			10 years			Life of Fund
Class Z (9/4/96 inception)		0.91	%		11.46	%		20.18	%		7.84	%		9.59	%		10.45	%
Class A (10/16/00 inception)
without sales charge		0.85			11.32			19.94			7.55			9.25			10.07
with sales charge		-4.95			4.93			13.04			6.28			8.60			9.68
Russell 2000 Index**		3.08			15.86			24.21			8.77			9.53			8.03

Results for other share classes can be found on Page 6.

*Not annualized.

**The Fund's primary benchmark. Please see the inside front cover for index descriptions.

Returns for Class A shown with and without the maximum initial sales charge of 5.75%. As stated in the May 1, 2013, prospectus, the Fund's annual operating expense ratio is 1.15% for Class Z shares and 1.38% for Class A shares. The returns shown for periods prior to the inception of the Fund's Class A shares 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 Breakdown

as a percentage of net assets, as of 6/30/13

Top 10 Holdings

as a percentage of net assets, as of 6/30/13

1.	Nordson Dispensing Systems for Adhesives & Coatings	3.0	%
2.	tw telecom Fiber Optic Telephone/Data Services	2.4	%
3.	Ametek Aerospace/Industrial Instruments	2.3	%
4.	Extra Space Storage Self Storage Facilities	2.2	%
5.	Avis Budget Group Second Largest Car Rental Company	2.2	%
6.	Bally Technologies Slot Machines & Software	2.2	%
7.	Mettler-Toledo International Laboratory Equipment	2.1	%
8.	Donaldson Industrial Air Filtration	1.9	%
9.	Atwood Oceanics Offshore Drilling Contractor	1.9	%
10.	IPG Photonics Fiber Lasers	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.

17

Columbia Acorn International Select

In a Nutshell

Christopher J. Olson
Lead 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 daily and most recent month-end performance updates.

Columbia Acorn International Select Class Z shares ended the second quarter of 2013 down 1.26% versus a 1.05% drop for the Fund's primary benchmark, the S&P Developed Ex-U.S. Between $2B and $10B Index. For the first half, the Fund gained 1.84% while its benchmark rose 4.30%. Overall for both periods, the Fund's very strong stock performance in Japan was more than offset by an overweight in the underperforming materials sector.

Start Today, a Japanese online apparel retailer, was the top contributor to Fund gains in the second quarter and the half year. Up 54% in the second quarter and 114% year to date as of June 30, the company continued to benefit from improved marketing and cost cutting, combined with strong revenue growth. NGK Spark Plug, a Japanese auto parts manufacturer, ended the quarter up 30% and the half up 53%, as exporters continued to benefit from a weaker yen. Rounding out the Japanese winners, Seven Bank, a provider of ATM processing services, enjoyed a 13% gain in the second quarter and was up 39% for the half as the company continued expansion of ATMs in the 7-11 store network in Japan.

Far EasTone Telecom, Taiwan's third largest mobile operator, and Taiwan Mobile, its second largest, rebounded from first quarter declines during the period. Far EasTone Telecom was up 18% for the second quarter and ended the half with a 5% gain. Taiwan Mobile was up 16% for the quarter and 7% for the half. Both companies continue to report very steady earnings growth driven by increasing smartphone usage and subsequent data growth.

As mentioned, the Fund's performance during the period was dampened by its overweight in the materials sector. The laggards list for the second quarter and for the half year was dominated by mining stocks. Brazilian gold miner Beadell Resources was down more than 50% for the second quarter and the half year. Fresnillo, a silver and metal byproduct miner in Mexico, fell 33% in the second quarter and was off 54% year to date as of June 30. Australian gold miner Regis Resources fell 39% in the quarter and was down 50% for the half-year period. Falling gold and silver prices drove the sector's underperformance despite the good operating results reported by these companies. The Fund cut back on its exposure in the materials sector earlier this year, but we believe that historically low valuations at this point argue for leaving its current weighting in place.

Real estate stocks pulled back in the second quarter on fears of higher interest rates. Singapore's industrial property landlords Ascendas REIT and Mapletree Logistics Trust fell 17% and 10%, respectively, while Japan's Nippon Prologis REIT and Orix JREIT both fell 19% in the second quarter. Operationally, all the REITs held by the Fund continue to perform well.

Monetary policy has been one of the main drivers of stock market performance and those countries with significant easing programs (Japan and the United States, for example) have reported strong returns while those countries that have not opted for such programs (Hong Kong, Korea, many emerging markets) have been decidedly weak. Fund holdings reflected this trend with strength coming from Japanese names, while those listed in emerging markets struggled during the period. The Fund will continue to focus on companies with strong fundamentals but will seek to be mindful of the impact that government fiscal policies are having on the investment environment.

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. The Fund has potentially greater price volatility due to its concentration in a limited number of stocks of small- and mid-size companies. Investing in emerging markets may involve greater risks than investing in more developed countries.

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 6/30/13

Far EasTone Telecom	7.9	%
Taiwan Mobile	5.4
Ascendas REIT	4.9
Start Today	4.6
NGK Spark Plug	4.5
Seven Bank	3.0
Mapletree Logistics Trust	2.8
Nippon Prologis REIT	2.2
Beadell Resources	1.6
Regis Resources	1.3
Orix JREIT	1.2
Fresnillo	1.0

18

Columbia Acorn International Select

At a Glance

Total Net Assets of the Fund:
$339.6 million

Performance data shown in the table and graph below represent past performance, do not guarantee future results, assume reinvestment of dividends and distributions and do 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 reflect 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 International Select Class Z Shares

November 23, 1998 (Fund inception) through June 30, 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 June 30, 2013

	2nd quarter*			Year to date*			1 year			5 years			10 years			Life of Fund
Class Z (11/23/98 inception)		-1.26	%		1.84	%		12.93	%		1.47	%		12.37	%		9.37	%
Class A (10/16/00 inception)
without sales charge		-1.31			1.74			12.64			1.11			12.01			9.02
with sales charge		-6.98			-4.10			6.18			-0.07			11.35			8.57
S&P Developed Ex-U.S. Between $2B and $10B Index**		-1.05			4.30			17.71			1.17			10.30			7.23

Results for other share classes can be found on Page 6.

*Not annualized.

**The Fund's primary benchmark. Please see the inside front cover for index descriptions.

Returns for Class A shown with and without the maximum initial sales charge of 5.75%. As stated in the May 1, 2013, prospectus, the Fund's annual operating expense ratio is 1.26% for Class Z shares and 1.51% for Class A shares. The returns shown for periods prior to the inception of the Fund's Class A shares 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 Breakdown

as a percentage of net assets, as of 6/30/13

Top 10 Holdings

as a percentage of net assets, as of 6/30/13

1.	Far EasTone Telecom (Taiwan) Taiwan's Third Largest Mobile Operator	7.9	%
2.	Taiwan Mobile (Taiwan) Taiwan's Second Largest Mobile Operator	5.4	%
3.	Ascendas REIT (Singapore) Industrial Property Landlord	4.9	%
4.	Start Today (Japan) Online Japanese Apparel Retailer	4.6	%
5.	NGK Spark Plug (Japan) Automobile Parts	4.5	%
6.	Jardine Lloyd Thompson Group (United Kingdom) International Business Insurance Broker	4.0	%
7.	CCL Industries (Canada) Largest Global Label Converter	4.0	%
8.	Seven Bank (Japan) ATM Processing Services	3.0	%
9.	Mapletree Logistics Trust (Singapore) Industrial Property Landlord	2.8	%
10.	Archipelago Resources (Indonesia) Gold Mining Projects in Indonesia, Vietnam & the Philippines	2.5	%

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.

19

Columbia Acorn Select

In a Nutshell

Robert A. Chalupnik
Lead 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 Select Class Z shares ended the second quarter of 2013 up 1.40%, outperforming the 1.00% gain of its primary benchmark, the S&P MidCap 400 Index. For the semiannual period, the Fund was up 12.18%, falling short of the 14.59% gain of the benchmark. While the Fund gained ground in the second quarter, poor stock performance in the energy sector dampened six-month gains. The Fund was underweight in energy versus the benchmark and its investments in smaller energy companies lagged the sector.

Three holdings discussed last quarter continued to show strength through the second quarter. U.S. car rental company Hertz gained 11% in the quarter and was up 52% for the half year. The rental car industry is benefiting from consolidation and its ability to quickly adjust capacity. WNS, an offshore business process outsourcing company, ended the quarter up 13% and the half up nearly 60% on solid revenue growth. Insurance provider CNO Financial was up 14% for the quarter and 39% for the half year, as an increase in interest rates sparked investor interest in life insurance companies.

Other strong contributors included Sanmina, a provider of electronic manufacturing services, which bounced with the tech sector and gained 26% in the second quarter and ended the half up 29%. Globalstar, a satellite mobile voice and data carrier, provided a 75% gain for the Fund in the quarter and ended the half up 78%. Real Goods Solar, a residential solar energy installer, rose 211% in the quarter and 646% in the Fund for the half. We sold Globalstar and Real Goods Solar during the period, capturing the surge in their stock prices. Both stocks dropped after we sold them. Removing these two holdings from the portfolio was also in keeping with our effort to reposition the portfolio away from riskier, micro-cap names.

On the downside, convention hotel operator Ryman Hospitality Properties pulled back in the second quarter, falling 13% on reduced group bookings. Year to date through the end of June, the stock held onto a 4% gain. Petrodorado Energy, an oil and gas exploration company, fell 68% in the second quarter, leaving the stock with a 53% loss for the half year. Petrodorado hit oil in Colombia, but uncertainty as to whether the find would be commercially viable caused investors to move away from the stock. Also in the oil exploration sector, Pacific Rubiales Energy was off 16% in the quarter and down 24% for the half year due to delays caused by a slow environmental licensing process in Colombia. F5 Networks, a provider of Internet traffic management equipment, fell 23% in the second quarter and 30% in the half on a slight earnings miss and lowered guidance.

Four new names were added to the portfolio including PVH, an apparel wholesaler and retailer with global mega-brands including Calvin Klein and Tommy Hilfiger. Another new holding, Blackhawk Network, is a third-party distributor of prepaid content like gift cards. Blackhawk was spun out of former Fund holding Safeway grocery stores. Since we have covered Safeway for years, we know this piece of their business well and we believe it has growth potential. Trimble Navigation, a manufacturer of global positioning satellites (GPS) instruments, was also added during the second quarter. We believe increased use of GPS technology in many areas including agriculture, engineering and construction provides a nice runway of growth for Trimble. The final new addition was consumer electronics specialty retailer Best Buy, which offers a turnaround opportunity driven by new company management.

The stock market rally continued into the second quarter while gold and bond prices retreated on concerns that the Federal Reserve will taper off its bond buying program. Although we think about macro issues including global growth rates, government deficits and interest rate changes, our primary focus is on finding companies that have strong prospects for growing sales and earnings through product innovation, market share gains and manufacturing efficiencies, while paying a reasonable price for that outlook. The trades we made during the quarter continue to focus the Fund on this strategy. Thank you for your investment in the Fund.

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 6/30/13

CNO Financial Group	5.8	%
Hertz	5.4
WNS	4.8
Ryman Hospitality Properties	2.0
Sanmina	1.8
F5 Networks	1.6
Pacific Rubiales Energy	1.4
PVH	1.3
Blackhawk Network	1.2
Trimble Navigation	1.0
Best Buy	0.7
Petrodorado Energy	0.2

20

Columbia Acorn Select

At a Glance

Total Net Assets of the Fund:
$857.4 million

Performance data shown in the table and graph below represent past performance, do not guarantee future results, assume reinvestment of dividends and distributions and do 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 reflect 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 Select Class Z Shares

November 23, 1998 (Fund inception) through June 30, 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 June 30, 2013

	2nd quarter*			Year to date*			1 year			5 years			10 years			Life of Fund
Class Z (11/23/98 inception)		1.40	%		12.18	%		21.96	%		3.90	%		8.21	%		9.86	%
Class A (10/16/00 inception)
without sales charge		1.33			11.98			21.59			3.59			7.88			9.51
with sales charge		-4.51			5.54			14.62			2.37			7.24			9.07
S&P MidCap 400 Index**		1.00			14.59			25.18			8.91			10.74			9.90

Results for other share classes can be found on Page 6.

*Not annualized.

**The Fund's primary benchmark. Please see the inside front cover for index descriptions.

Returns for Class A shown with and without the maximum initial sales charge of 5.75%. As stated in the May 1, 2013, prospectus, the Fund's annual operating expense ratio is 1.07% for Class Z shares and 1.35% for Class A shares. The returns shown for periods prior to the inception of the Fund's Class A shares 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 Breakdown

as a percentage of net assets, as of 6/30/13

Top 10 Holdings

as a percentage of net assets, as of 6/30/13

1.	Ametek Aerospace/Industrial Instruments	6.0	%
2.	CNO Financial Group Life, Long-term Care & Medical Supplement Insurance	5.8	%
3.	Hertz Largest U.S. Rental Car Operator	5.4	%
4.	WNS - ADR (India) Offshore Business Process Outsourcing Services	4.8	%
5.	Discover Financial Services Credit Card Company	4.2	%
6.	Amphenol Electronic Connectors	4.0	%
7.	Donaldson Industrial Air Filtration	3.9	%
8.	City National Bank & Asset Manager	3.5	%
9.	Crown Castle International Communications Towers	3.3	%
10.	SBA Communications Communications Towers	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.

21

Columbia Thermostat Fund

In a Nutshell

Charles P. McQuaid
Lead 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 daily and most recent month-end performance updates.

A "fund of fund" 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 second quarter of 2013 with a slight gain of 0.06%. This compares to a 2.91% return for the Fund's primary equity benchmark, the S&P 500 Index, and a 2.32% decline for its primary debt benchmark, the Barclays U.S. Aggregate Bond Index. Year to date through June 30, the Fund was up 4.17% versus a 13.82% return for the S&P 500 Index and a 2.44% drop in the Barclays U.S. Aggregate Bond Index.

The Fund hit four reallocation triggers during the second quarter. Responding to market moves, stock exposure was increased to 35% in April, reduced to 20% in May and increased twice in June, ultimately to 30%. In keeping with the "31-day Rule" defined in the Fund's prospectus, the Fund makes additional reallocations within a 31-day period as long as the reallocation is in the same direction, but does not switch directions within that period of time. The 31-day Rule fortuitously delayed the Fund from selling stocks while the market rallied in late April and early May.

The equity portion of the portfolio provided a 1.51% weighted average gain for the second quarter and was up 11.80% year to date through the end of June. Columbia Large Cap Enhanced Core Fund led performance in the quarter with a 3.74% gain, while Columbia Dividend Income Fund was the half year winner with a 15.27% return.

The bond portion of the Fund had a weighted average loss for both the second quarter and the six months, down 1.45% and 0.74%, respectively. Columbia Short Term Bond Fund was down 0.38% in the second quarter and was the best performing bond fund in the portfolio. Columbia Income Opportunities Fund eked out a 0.03% gain for the half year, the highest bond fund return within the portfolio for that period.

Once again, the Fund ended the quarter with an equity weight of 30%. As we mentioned in our first quarter shareholder report, this is substantially greater than the Fund's minimum

allocation of 10%, which the Fund would reach if the S&P 500 exceeds 1,750. At press time, the S&P 500 had reached new record highs but remained below the 1,750 level.

Results of the Funds Owned in Columbia Thermostat Fund

as of June 30, 2013

Stock Funds

Fund	Weightings in category			2nd quarter			Year to date
Columbia Acorn International, Class I		20	%		-1.10	%		5.87	%
Columbia Dividend Income Fund, Class I		20	%		3.41	%		15.27	%
Columbia Acorn Fund, Class I		15	%		0.64	%		10.55	%
Columbia Contrarian Core Fund, Class I		15	%		3.28	%		15.17	%
Columbia Acorn Select, Class I		10	%		1.43	%		12.23	%
Columbia Large Cap Enhanced Core Fund, Class I		10	%		3.74	%		14.56	%
Columbia Select Large Cap Growth Fund, Class I		10	%		-0.77	%		10.48	%
Weighted Average Equity Gain		100	%		1.51	%		11.80	%

Bond Funds

Fund	Weightings in category			2nd quarter			Year to date
Columbia Short Term Bond Fund, Class I		40	%		-0.38	%		-0.05	%
Columbia Intermediate Bond Fund, Class I		30	%		-2.63	%		-2.44	%
Columbia Income Opportunities Fund, Class I		30	%		-1.74	%		0.03	%
Weighted Average Income Loss		100	%		-1.45	%		-0.74	%

Columbia Thermostat Fund Rebalancing in the Second Quarter

April 19, 2013	35% stocks, 65% bonds
May 20, 2013	20% stocks, 80% bonds
June 20, 2013	25% stocks, 75% bonds
June 21, 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.

22

Columbia Thermostat Fund

At a Glance

Total Net Assets of the Fund:
$1.2 billion

Performance data shown in the table and graph below represent past performance, do not guarantee future results, assume reinvestment of dividends and distributions and do 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 reflect 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 Thermostat Fund Class Z Shares

September 25, 2002 (Fund inception) through June 30, 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 June 30, 2013

	2nd quarter*			Year to date*			1 year			5 years			10 years			Life of Fund
Class Z (9/25/02 inception)		0.06	%		4.17	%		10.92	%		7.05	%		7.40	%		8.12	%
Class A (3/3/03 inception)
without sales charge		-0.07			4.05			10.61			6.79			7.13			7.85
with sales charge		-5.83			-1.92			4.27			5.53			6.50			7.25
S&P 500 Index**		2.91			13.82			20.60			7.01			7.30			8.64
Barclays U.S. Aggregate Bond Index**		-2.32			-2.44			-0.69			5.19			4.52			4.74

Results for other share classes can be found on Page 6.

*Not annualized.

**The Fund's primary stock and primary bond benchmarks. Please see inside front cover for index descriptions.

Returns for Class A shown with and without the maximum initial sales charge of 5.75%. As stated in the May 1, 2013, prospectus, the Fund's annual operating expense ratio is 0.85% for Class Z shares and 1.10% for Class A shares. The returns shown for periods prior to the inception of the Fund's Class A shares 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 6/30/13

Portfolio Weightings

as a percentage of assets in each investment category, as of 6/30/13

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	%

23

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

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 Emerging Markets Fund Class Z shares declined 3.69% in the second quarter of 2013, less than the 6.55% drop of its primary benchmark, the S&P Emerging Markets Between $500M and $5B Index. The Fund also outperformed for the six month period, falling 0.41% versus the benchmark's decline of 4.74%. Since its inception in August 2011, the Fund had an annualized gain of 10.93%, nine percentage points ahead of the benchmark's 1.93% return.

The Fund's two Russian holdings had the highest returns in the second quarter. Internet search engine Yandex rose 38% as solid growth in the amount that advertisers pay per click drove strong first quarter results and higher expectations for the full year. QIWI, a Russian electronic payments processor, rose 37% after its May IPO on better expectations for growth in digital payments volume. Other winners in the second quarter included WuXi Pharma Tech, a new stock added to the Fund. It is the largest contract research organization to the pharmaceutical, biotech and medical device industries in China. The stock was up 24% in the quarter on expectations that investments in biologic manufacturing will start to pay off.

In Taiwan, St. Shine Optical, the world's leading disposable contact lens manufacturer, was up 31% in the second quarter and 68% for the first half of the year. The company has benefited from continued strong orders from Japan. South Africa's Coronation Fund Managers, an independent mutual fund company, gained 25% in the second quarter and 39% for the half year as strong retail inflows and good fund performance have boosted both assets under management and the firm's average overall fees. First half top percentage gainers also included miniature acoustic components manufacturer AAC Technologies in Hong Kong, up 64%, and Hong Kong casino operator Melco International, up 58%.

Fund resources stocks were the biggest losers in the second quarter and for the semiannual period. Brazilian gold miner Beadell Resources fell 55% in the second quarter and 58% in the first half due to falling gold prices and declining valuations for gold miners. As one of the lowest-cost miners in the industry, we believe Beadell should be profitable even with significantly lower gold prices. Coal miner Mongolian Mining fell 50% in the quarter and 63% over the six months, hurt by uncertainty surrounding operating conditions, falling coking coal prices, Chinese demand, and the health of the company's balance sheet. We are hopeful that the Mongolian government will adopt a standard-gauge rail link to China and thus reduce logistics costs.

Melco Crown (Philippines) Resorts executed an initial public offering at the market peak in April, and the stock proceeded to drop 44% in the second quarter on worries about a potential increase in the local gaming tax. CHC Healthcare, a distributor of medical devices in Taiwan and China, fell 36%

during the quarter due to license delays and project cost overruns. Chilean retailer Empresas Hites fell roughly 35% in the quarter and the half year following the announcement of an investigation by the local consumer protection agency. Brazilian loyalty program operator Multiplus dropped 35% over the six-month period due to increased competition for its leading airline partner TAM and a weakening local economy.

Emerging markets stocks have been shaken by worries about tightening liquidity and real investment outflows. Such volatility is part of the challenge in emerging markets investing and, as seen in the last half decade, also describes the experience of investing in developed markets. While we possess no proven edge in outguessing the macroeconomics driving the emerging markets group, we believe that our fundamental research, investment process and long-term ownership horizon do provide the chance to outperform in individual stock selection. We have responded to seeming valuation discrepancies and significant recent price swings by adjusting the Fund's position weights and adding a total of 14 new stocks during the second quarter. The Fund's total net assets reached $177 million at the end of the period, up from $23 million at the end of the first quarter. As we write these comments in mid-August, Fund assets have risen to approximately $240 million. While we believe these strong inflows have been manageable and have not adversely impacted Fund performance, we recognize that there are capacity limitations to the Fund's strategy and we are monitoring the Fund's growth carefully, mindful of those limitations. The team is encouraged that the Fund has substantially outperformed the benchmark in this volatile first half of 2013, proving, we believe, the merit of our focus on higher quality business models.

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.

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 6/30/13

Coronation Fund Managers	2.7	%
Melco International	2.4
St. Shine Optical	1.3
Yandex	1.2
AAC Technologies	1.2
QIWI	1.2
Empresas Hites	0.9
WuXi Pharma Tech	0.9
Multiplus	0.9
CHC Healthcare	0.8
Mongolian Mining	0.8
Melco Crown (Philippines) Resorts	0.8
Beadell Resources	0.7

24

Columbia Acorn Emerging Markets Fund

At a Glance

Total Net Assets of the Fund:
$177.4 million

Performance data shown in the table and graph below represent past performance, do not guarantee future results, assume reinvestment of dividends and distributions and do 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 reflect 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 Emerging Markets Fund Class Z Shares

August 19, 2011 (Fund inception) through June 30, 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 June 30, 2013

	2nd quarter*			Year to date*			1 year			Life of Fund
Class Z (8/19/11 inception)		-3.69	%		-0.41	%		19.07	%		10.93	%
Class A (8/19/11 inception)
without sales charge		-3.69			-0.42			18.89			10.58
with sales charge		-9.24			-6.11			12.05			7.13
S&P Emerging Markets Between $500M and $5B Index**		-6.55			-4.74			9.98			1.93

Results for other share classes can be found on Page 6.

*Not annualized.

**The Fund's primary benchmark. Please see inside front cover for index descriptions.

Returns for Class A shown with and without the maximum initial sales charge of 5.75%. As stated in the May 1, 2013, prospectus, the Fund's annual operating expense ratio is 1.60% for Class Z shares and 1.85% for Class A shares.

Portfolio Breakdown

as a percentage of net assets, as of 6/30/13

Top 10 Holdings

as a percentage of net assets, as of 6/30/13

1.	Far EasTone Telecom (Taiwan) Taiwan's Third Largest Mobile Operator	2.9	%
2.	Coronation Fund Managers (South Africa) South African Fund Manager	2.7	%
3.	Melco International (Hong Kong) Macau Casino Operator	2.4	%
4.	Hexagon (Sweden) Design, Measurement & Visualization Software & Equipment	2.1	%
5.	Nagacorp (Cambodia) Casino/Entertainment Complex in Cambodia	2.0	%
6.	Rand Merchant Insurance (South Africa) Directly Sold Property & Casualty Insurance; Holdings in Other Insurers	1.9	%
7.	Halyk Savings Bank of Kazakhstan - GDR (Kazakhstan) Largest Retail Bank & Insurer in Kazakhstan	1.8	%
8.	Lifestyle International (Hong Kong) Mid to High-end Department Store Operator in Hong Kong & China	1.8	%
9.	Tower Bersama Infrastructure (Indonesia) Communications Towers	1.8	%
10.	Samui Airport Property Fund (Thailand) Thai Airport Operator	1.7	%

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.

25

Columbia Acorn European Fund

In a Nutshell

Andreas Waldburg-Wolfegg Lead Portfolio Manager	Stephen Kusmierczak 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 daily and most recent month-end performance updates.

Columbia Acorn European Fund Class Z shares closed the second quarter of 2013 up 3.10% and the semiannual period up 7.48%. The Fund outperformed its primary benchmark, the S&P Europe Between $500M and $5B Index, for both periods. The benchmark was up 1.50% in the second quarter and 6.46% year to date through June.

The information technology sector contributed the most to performance in the second quarter and industrial stocks were the main detractor. From a country perspective, our stock picks in the United Kingdom, Switzerland and Finland did well, while holdings of companies located in Iceland, Italy, Norway and the Asian markets struggled.

For the half year, information technology again did well, as did financials and consumer discretionary stocks. Industrials remained a major detractor. In country terms, U.K. holdings were strong, followed by those listed in Finland and France. Major detractors were again located in Asian markets and Norway, as well as the Netherlands.

In terms of individual stocks, U.K. Internet grocer Ocado, up 91%, was the top contributor in the second quarter. QIWI, a Russian Internet electronic payment provider quoted in London, had a 35% gain in the quarter. Whitbread, a British budget hotel and coffee shop operator, rounded out the quarterly winner list with a 21% gain.

Detractors in the second quarter included Dutch technical installation and maintenance service provider Imtech, off 35%. L'Occitane International, a skin care and cosmetics producer listed in Hong Kong, fell 13%. Icelandic poultry and fish processing equipment manufacturer Marel fell 16%.

For the first six months of the year, Ocado again was the largest contributor to gains, rising 220%. In the Netherlands, Core Labs, a provider of oil and gas reservoir consulting services, gained 40%. French testing company Eurofins Scientific rose 29% for the half year and Rightmove, a U.K. Internet real estate listings service, gained 37%.

Detractors for the six-month period included Imtech, down 68%. Archipelago Resources, an Indonesian gold miner listed in the United Kingdom, fell 26% and Subsea 7, a Norwegian offshore subsea contractor, fell 27%.

Looking more closely at the reasons for top gains and losses, Ocado recently signed a deal with U.K. grocer Morrison's to provide warehouse space and white label products that will allow Morrison's to enter the Internet grocery trade quickly. The deal came with a large amount of cash for Ocado, the likelihood of breaking even much

earlier than expected, and the expectation that the company may evolve from a pure provider of groceries to the general public to a provider of solutions to the trade. The announcement of the Morrison's deal and the change in perception made the stock perform strongly.

QIWI went public at the beginning of May as mail.ru, a former Fund holding, sold a large part of its stake in QIWI. The IPO was priced in the middle of the range, which we took as an indication that management wanted a solid after market. QIWI has a strong market share and innovative products and reported solid operating results at the beginning of June, which drove strong demand for the shares.

In April, Whitbread reported very strong results for the full year. This announcement sent its stock up after being range bound in the first four months of the year.

Imtech uncovered a serious case of accounting fraud and mismanagement in its Polish and German operations. The stock more than halved in February, when the fraud was first discovered, and took another 40% hit in June after the terms of the rights issue were announced, which is necessary to restore the balance sheet.

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.

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 6/30/13

Eurofins Scientific	2.8	%
Whitbread	1.8
Ocado	1.7
Rightmove	1.6
QIWI	1.4
Archipelago Resources	1.3
L'Occitane International	1.1
Core Labs	1.0
Subsea 7	0.8
Imtech	0.7
Marel	0.6

26

Columbia Acorn
European Fund

At a Glance

Total Net Assets of the Fund:
$8.0 million

Performance data shown in the table and graph below represent past performance, do not guarantee future results, assume reinvestment of dividends and distributions and do 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 reflect 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 European Fund Class Z Shares

August 19, 2011 (Fund inception) through June 30, 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 June 30, 2013

	2nd quarter*			Year to date*			1 year			Life of Fund
Class Z (8/19/11 inception)		3.10	%		7.48	%		21.00	%		14.41	%
Class A (8/19/11 inception)
without sales charge		3.10			7.40			20.82			14.15
with sales charge		-2.85			1.20			13.88			10.59
S&P Europe Between $500M and $5B Index**		1.50			6.46			26.83			13.52

Results for other share classes can be found on Page 6.

*Not annualized.

**The Fund's primary benchmark. Please see inside front cover for index descriptions.

Returns for Class A shown with and without the maximum initial sales charge of 5.75%. As stated in the May 1, 2013, prospectus, the Fund's annual operating expense ratio is 1.50% for Class Z shares and 1.75% for Class A shares.

Portfolio Breakdown

as a percentage of net assets, as of 6/30/13

Top 10 Holdings

as a percentage of net assets, as of 6/30/13

1.	Eurofins Scientific (France) Food, Pharmaceuticals & Materials Screening & Testing	2.8	%
2.	Jardine Lloyd Thompson Group (United Kingdom) International Business Insurance Broker	2.7	%
3.	1000 mercis (France) Interactive Advertising and Marketing	2.2	%
4.	Assura (United Kingdom) UK Primary Health Care Property Developer	2.2	%
5.	Neopost (France) Postage Meter Machines	2.2	%
6.	Partners Group (Switzerland) Private Markets Asset Management	2.1	%
7.	Charles Taylor (United Kingdom) Insurance Services	2.0	%
8.	Telecity (United Kingdom) European Data Center Provider	1.9	%
9.	Aalberts Industries (Netherlands) Flow Control & Heat Treatment	1.9	%
10.	Domino's Pizza UK & Ireland (United Kingdom) Pizza Delivery in UK, Ireland & Germany	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.

27

Columbia Acorn Fund

Major Portfolio Changes in the Second Quarter (Unaudited)

	Number of Shares
	3/31/13		6/30/13
Purchases
Information
Boingo Wireless		1,900,000		2,200,000
CalAmp		0		560,298
ChannelAdvisor		0		229,059
DemandWare		566,412		1,310,000
E2Open		0		603,799
Envestnet		214,200		610,000
Far EasTone Telecom (Taiwan)		0		13,200,000
Finisar		1,675,000		2,025,000
Gemalto (France)		169,000		280,000
Globalstar		910,254		21,942,200
iGATE		3,718,400		4,500,000
Liquidity Services		600,000		750,000
Navigant Consulting		3,924,100		4,020,891
RealPage		1,500,000		2,000,000
RPX		1,921,382		2,561,123
Solera Holdings		350,000		697,000
Telecity (United Kingdom)		0		1,100,000
Towerstream		2,800,000		3,000,000
Webgroup.com		0		801,748
Windstream		3,000,000		3,500,000
Industrial Goods & Services
Aalberts Industries (Netherlands)		2,695,419		2,747,253
CAE (Canada)		0		2,400,000
Echo Global Logistics		0		400,000
ESCO Technologies		2,200,000		2,300,000
KAR Auction Services		0		1,375,000
Middleby		201,220		247,000
MRC Global		700,000		1,900,000
Neopost (France)		400,000		600,000
Novozymes (Denmark)		1,000,000		1,288,000
NVR		72,000		82,000
Owens-Illinois		0		400,000
RockTenn		125,000		300,000
Titan Machinery		0		393,100
TrueBlue		0		1,000,000
Consumer Goods & Services
B&G Foods		700,000		1,143,265
Blackhawk Network		0		800,000
Bon-Ton Stores		0		300,000
Caesarstone (Israel)		215,000		812,360
Casey's General Stores		538,104		604,000
Choice Hotels		1,650,000		1,893,000
Churchill Downs		0		28,508
Fiesta Restaurant Group		0		285,000
Melco International (Hong Kong)		0		20,000,000

	Number of Shares
	3/31/13		6/30/13
Nagacorp (Cambodia)		25,000,000		40,000,000
Quiksilver		1,500,000		2,620,000
Restoration Hardware Holdings		0		125,000
Select Comfort		0		450,000
Tile Shop Holdings		200,000		446,000
ULTA		1,065,627		1,185,000
Urban Outfitters		790,000		1,000,000
Finance
Associated Banc-Corp		7,756,800		9,000,000
CAI International		1,400,000		1,500,000
H & E Equipment Services		3,400,000		3,422,749
OFG Bancorp		733,896		900,000
Rand Merchant Insurance (South Africa)		0		10,837,000
RLI		0		400,000
Health Care
Allscripts Healthcare Solutions		0		5,600,000
Cepheid		5,670,000		6,170,000
Coronado Biosciences		406,343		1,027,000
HealthSouth		825,000		1,450,000
Other Industries
American Residential Properties		0		950,000
Coresite Realty		317,440		1,050,000
EdR		5,744,300		6,650,000
Mapletree Commercial Trust (Singapore)		10,000,000		20,000,000
Terreno Realty		786,000		1,050,000
World Fuel Services		627,000		750,000
Energy & Minerals
Atwood Oceanics		2,193,000		2,400,000
Gulfmark Offshore		300,000		511,000
Hornbeck Offshore		499,000		661,000
Real Goods Solar		0		2,000,000
Rowan		684,000		1,008,000
SM Energy		590,000		940,000

See accompanying notes to financial statements.

28

	Number of Shares
	3/31/13		6/30/13
Sales
Information
Active Network		900,000		0
Atmel		6,614,000		5,390,000
Concur Technologies		1,010,000		700,000
Crown Castle International		4,200,000		4,000,000
Entegris		4,000,000		2,545,680
Entravision Communications		2,361,062		0
Equinix		250,000		175,000
IPG Photonics		2,620,000		2,286,000
IXYS		850,000		587,529
Lamar Advertising		1,200,000		1,000,000
Microsemi		2,160,000		0
Monolithic Power Systems		1,415,000		1,113,389
NetSuite		700,000		550,000
Nice Systems - ADR (Israel)		800,000		0
ON Semiconductor		7,932,000		2,430,000
Pericom Semiconductor		1,471,224		0
TIBCO		1,000,000		0
TriQuint Semiconductor		2,290,000		0
Industrial Goods & Services
Albemarle		1,430,000		1,250,000
Ashland		775,000		550,000
Clarcor		1,750,000		1,670,000
Expeditors International of Washington		2,000,000		1,800,000
Fortune Brands Home & Security		1,050,000		930,000
Polypore International		1,600,000		1,225,000
Spartan Motors		369,758		0
UTI Worldwide		500,000		0
Consumer Goods & Services
Abercrombie & Fitch		2,231,000		1,816,000
Crimson Wine Group		282,000		0
CTS Eventim (Germany)		64,727		0
Helen of Troy		1,600,000		1,233,851
Jarden		892,500		472,500
lululemon athletica		2,718,427		1,730,000
Melco Crown Entertainment - ADR (Hong Kong)		3,000,000		2,500,000
Monster Beverage		320,845		0
Olam International (Singapore)		14,000,000		0
Pinnacle Entertainment		3,950,000		1,947,000
Ryman Hospitality Properties		4,520,690		2,707,000
Saks		4,100,000		3,700,000
Tesla Motors		550,000		0

	Number of Shares
	3/31/13		6/30/13
Finance
Artio Global Investors		1,000,000		0
Berkshire Hills Bancorp		65,991		0
CVB Financial		850,000		0
Eagle Bancorp		635,000		0
Financial Engines		400,000		0
Hancock Holding		2,337,313		1,900,000
Kemper		925,000		0
Provident New York Bancorp		1,010,000		505,000
The Hanover Insurance Group		1,400,000		500,000
TriCo Bancshares		1,350,000		1,314,800
Wintrust Financial		550,000		0
World Acceptance		1,285,000		1,050,000
Heath Care
BioMarin Pharmaceutical		2,540,000		2,230,000
Chelsea Therapeutics International		2,798,416		0
DENTSPLY International		1,950,000		0
Health Management Associates		1,875,000		0
Orthofix International		725,000		0
PerkinElmer		1,475,000		925,000
Seattle Genetics		6,550,000		6,050,000
Other Industries
Ascendas REIT (Singapore)		22,000,000		17,000,000
Digital Realty Trust		558,886		230,000
Mapletree Industrial Trust (Singapore)		10,000,000		0
Mapletree Logistics Trust (Singapore)		50,000,000		33,000,000
Energy & Minerals
Allied Nevada Gold		1,150,000		0
Oil States International		119,000		0
Petroamerica Oil (Colombia)		24,774,500		22,250,500
Regis Resources (Australia)		3,524,000		0
Silver Wheaton (Canada)		1,000,000		700,000

See accompanying notes to financial statements.

29

Columbia Acorn Fund

Statement of Investments (Unaudited), June 30, 2013

Number of Shares			Value
			Equities: 97.1%
Information 26.4%
		> Business Software 6.1%
	2,350,000	Ansys (a)	$	171,785,000
		Simulation Software for Engineers & Designers
	4,500,000	Informatica (a)		157,410,000
		Enterprise Data Integration Software
	4,862,000	Hexagon (Sweden)		129,967,975
		Design, Measurement & Visualization Software & Equipment
	2,700,000	Micros Systems (a)		116,505,000
		Information Systems for Hotels, Restaurants & Retailers
	700,000	Concur Technologies (a)		56,966,000
		Web Enabled Cost & Expense Management Software
	1,310,000	DemandWare (a)(b)		55,557,100
		eCommerce Website Solution for Retailers & Apparel Manufacturers
	800,000	Tyler Technologies (a)		54,840,000
		Financial, Tax, Court & Document Management Systems for Local Governments
	550,000	NetSuite (a)		50,457,000
		End-to-end IT Systems Solution Delivered Over the Web
	900,000	SPS Commerce (a)(c)		49,500,000
		Supply Chain Management Software Delivered Via the Web
	697,000	Solera Holdings		38,788,050
		Software for Automotive Insurance Claims Processing
	2,000,000	RealPage (a)(b)		36,680,000
		Software for Managing Rental Properties Delivered Via the Web
	750,000	Jack Henry & Associates		35,347,500
		IT Systems & Outsourced IT Solutions for Financial Institutions
	700,000	Red Hat (a)		33,474,000
		Maintenance & Support for Opensource Operating System & Middleware
	900,000	Blackbaud		29,313,000
		Software & Services for Non-profits
	2,761,147	InContact (a)(c)		22,696,628
		Call Center Systems Delivered Via the Web & Telecommunications Services
	801,748	Webgroup.com (a)		20,524,749
		Website Creation & Management for Small Businesses
	1,200,000	Constant Contact (a)		19,284,000
		Email & Other Marketing Campaign Management Systems Delivered Over Web
	1,700,000	Bazaarvoice (a)(b)		16,014,000
		Platform for Managing Consumer Interaction Via the Web
	610,000	Envestnet (a)		15,006,000
		Technology Platform for Investment Advisors
	603,799	E2Open (a)(b)		10,566,483
		Supply Chain Management Software & Supplier/Partner Network
	1,000,000	Exa (a)(c)		10,300,000
		Simulation Software

Number of Shares			Value
	3,700,000	Velti (a)(b)	$	5,180,000
		Mobile Marketing Software Platform
	229,059	ChannelAdvisor (a)		3,603,098
		eCommerce Software
	8,443	SciQuest (a)		211,497
		Procurement Management Software & Vendor Network
				1,139,977,080
		> Mobile Communications 3.1%
	4,000,000	Crown Castle International (a)		289,560,000
		Communications Towers
	3,400,000	SBA Communications (a)		252,008,000
		Communications Towers
	13,200,000	Far EasTone Telecom (Taiwan)		35,377,401
		Taiwan's Third Largest Mobile Operator
	21,942,200	Globalstar (a)(c)		12,068,210
		Satellite Mobile Voice & Data Carrier
				589,013,611
		> Instrumentation 3.0%
	1,600,000	Mettler-Toledo International (a)(c)		321,920,000
		Laboratory Equipment
	2,286,000	IPG Photonics (b)		138,828,780
		Fiber Lasers
	4,070,000	Trimble Navigation (a)		105,860,700
		GPS-based Instruments
				566,609,480
		> Computer Hardware & Related Equipment 2.6%
	3,415,000	Amphenol		266,165,100
		Electronic Connectors
	4,550,000	II-VI (a)(c)		73,983,000
		Laser Optics & Specialty Materials
	1,365,000	Zebra Technologies (a)		59,295,600
		Bar Code Printers
	900,000	Netgear (a)		27,486,000
		Networking Products for Small Business & Home
	310,000	Stratasys (a)(b)		25,959,400
		Rapid Prototyping & Direct Digital Manufacturing Systems
	280,000	Gemalto (France) (b)		25,351,966
		Digital Security Solutions
	250,000	Rogers (a)		11,830,000
		Printed Circuit Materials & High-performance Foams
				490,071,066
		> Telephone & Data Services 2.1%
	9,500,000	tw telecom (a)(c)		267,330,000
		Fiber Optic Telephone/Data Services
	2,200,000	Cogent Communications		61,930,000
		Internet Data Pipelines
	3,500,000	Windstream (b)		26,985,000
		Business & Rural Telecom Services
	2,200,000	Boingo Wireless (a)(c)		13,662,000
		Wholesale & Retail WiFi Networks
	1,500,000	General Communications (a)		11,745,000
		Commercial Communications & Consumer CATV, Web & Phone in Alaska

See accompanying notes to financial statements.

30

Number of Shares			Value
		> Telephone & Data Services—continued
	3,000,000	Towerstream (a)(b)	$	7,650,000
		High Speed Wireless, Rooftop Antenna Space & WIFI Offload
				389,302,000
		> Computer Services 1.8%
	4,500,000	iGATE (a)(c)		73,890,000
		IT & Business Process Outsourcing Services
	3,419,000	Genpact		65,781,560
		Business Process Outsourcing
	1,618,000	ExlService Holdings (a)		47,828,080
		Business Process Outsourcing
	2,125,000	Virtusa (a)(c)		47,090,000
		Offshore IT Outsourcing
	2,000,000	WNS - ADR (India) (a)		33,380,000
		Offshore Business Process Outsourcing Services
	430,000	Syntel		27,034,100
		Offshore IT Services
	3,849,207	Hackett Group (c)		19,977,384
		IT Integration & Best Practice Research
	1,100,000	Telecity (United Kingdom)		16,951,073
		European Data Center Provider
				331,932,197
		> Semiconductors & Related Equipment 1.4%
	720,000	Cree (a)		45,979,200
		LED Lighting, Components & Chips
	5,390,000	Atmel (a)		39,616,500
		Microcontrollers, Radio Frequency & Memory Semiconductors
	420,000	Littelfuse		31,336,200
		Little Fuses
	1,113,389	Monolithic Power Systems		26,843,809
		High Performance Analog & Mixed Signal Integrated Circuits
	2,545,680	Entegris (a)		23,903,935
		Semiconductor Materials Management Products
	400,000	Hittite Microwave (a)		23,200,000
		Radio Frequency, Microwave & Millimeterwave Semiconductors
	650,000	Semtech (a)		22,769,500
		Analog Semiconductors
	615,000	Ultratech (a)		22,582,800
		Semiconductor Equipment
	2,430,000	ON Semiconductor (a)		19,634,400
		Mixed Signal & Power Management Semiconductors
	587,529	IXYS		6,498,071
		Power Semiconductors
				262,364,415
		> Gaming Equipment & Services 1.1%
	3,725,000	Bally Technologies (a)(c)		210,164,500
		Slot Machines & Software
		> Business Information & Marketing Services 1.1%
	1,900,000	Verisk Analytics (a)		113,430,000
		Risk & Decision Analytics

Number of Shares			Value
	4,020,891	Navigant Consulting (a)(c)	$	48,250,692
		Financial Consulting Firm
	2,561,123	RPX (a)		43,026,866
		Patent Aggregation & Defensive Patent Consulting
	100,000	Bankrate (a)		1,436,000
		Internet Advertising
				206,143,558
		> Telecommunications Equipment 0.8%
	640,000	F5 Networks (a)		44,032,000
		Internet Traffic Management Equipment
	2,030,000	Ixia (a)		37,352,000
		Telecom Network Test Equipment
	2,025,000	Finisar (a)		34,323,750
		Optical Subsystems & Components
	1,925,000	Infinera (a)(b)		20,539,750
		Optical Networking Equipment
	560,298	CalAmp (a)		8,180,351
		Machine-to-machine Communications
				144,427,851
		> Internet Related 0.7%
	1,325,000	TripAdvisor (a)		80,652,750
		Online Travel Research
	175,000	Equinix (a)		32,326,000
		Network Neutral Data Centers
	727,000	Yandex (Russia) (a)		20,087,010
		Search Engine for Russian & Turkish Languages
				133,065,760
		> Financial Processors 0.7%
	1,700,000	Global Payments		78,744,000
		Credit Card Processor
	5,000,000	Singapore Exchange (Singapore)		27,636,978
		Singapore Equity & Derivatives Market Operator
	750,000	Liquidity Services (a)(b)		26,002,500
		E-Auctions for Surplus & Salvage Goods
				132,383,478
		> CATV 0.6%
	800,000	Liberty Global Series A (a)		59,264,000
		Cable TV Franchises Outside the U.S.
	720,000	Discovery Series C (a)		50,155,200
		Cable TV Programming
				109,419,200
		> Electronics Distribution 0.6%
	3,125,000	Avnet (a)		105,000,000
		Electronic Components Distribution
		> Contract Manufacturing 0.4%
	3,800,000	Sanmina-SCI (a)		54,530,000
		Electronic Manufacturing Services
	960,000	Plexus (a)		28,694,400
		Electronic Manufacturing Services
				83,224,400
		> Advertising 0.2%
	1,000,000	Lamar Advertising (a)		43,400,000
		Outdoor Advertising

See accompanying notes to financial statements.

31

Columbia Acorn Fund

Statement of Investments (Unaudited), continued

Number of Shares			Value
		> Advertising—continued
	100,000	Tree.com	$	1,714,000
		Advertising Lead Generation for the Mortgage, Education & Auto Markets
				45,114,000
		> Entertainment Programming 0.1%
	1,100,000	IMAX (Canada) (a)		27,346,000
		IMAX Movies, Theatre Equipment & Theatre Joint Ventures
Information: Total				4,965,558,596
Industrial Goods & Services 21.1%
		> Machinery 11.9%
	9,900,000	Ametek		418,770,000
		Aerospace/Industrial Instruments
	8,400,000	Donaldson (c)		299,544,000
		Industrial Air Filtration
	3,400,000	Nordson (c)		235,654,000
		Dispensing Systems for Adhesives & Coatings
	3,230,000	Moog (a)(c)		166,441,900
		Motion Control Products for Aerospace, Defense & Industrial Markets
	3,725,000	Kennametal		144,641,750
		Consumable Cutting Tools
	3,063,000	HEICO (c)		113,055,330
		FAA-approved Aircraft Replacement Parts
	1,660,000	Pall		110,273,800
		Life Science, Water & Industrial Filtration
	2,728,000	Generac		100,963,280
		Standby Power Generators
	2,400,000	Oshkosh Corporation (a)		91,128,000
		Specialty Truck Manufacturer
	1,670,000	Clarcor		87,190,700
		Mobile Equipment & Industrial Filters
	2,300,000	ESCO Technologies (c)		74,474,000
		Automatic Electric Meter Readers
	1,610,000	Toro		73,110,100
		Turf Maintenance Equipment
	1,200,000	Wabtec		64,116,000
		Freight & Transit Component Supplier
	435,000	Valmont Industries		62,244,150
		Center Pivot Irrigation Systems & Utility Poles
	750,000	WABCO Holdings (a)		56,017,500
		Truck & Bus Component Supplier
	1,225,000	Polypore International (a)(b)		49,367,500
		Battery Separators & Filtration Media
	247,000	Middleby (a)		42,012,230
		Manufacturer of Cooking Equipment
	600,000	Neopost (France)		39,727,029
		Postage Meter Machines
	10,000,000	Marel (Iceland)		10,579,447
		Largest Manufacturer of Poultry & Fish Processing Equipment
				2,239,310,716

Number of Shares			Value
		> Industrial Materials & Specialty Chemicals 2.4%
	1,250,000	Albemarle	$	77,862,500
		Specialty Chemicals for Refineries, Plastics, Pharma, Food
	1,880,000	Drew Industries (c)		73,921,600
		RV & Manufactured Home Components
	1,050,000	FMC Corporation		64,113,000
		Niche Specialty Chemicals
	550,000	Ashland		45,925,000
		Diversified Chemicals Company
	1,288,000	Novozymes (Denmark)		41,254,918
		Industrial Enzymes
	300,000	RockTenn		29,964,000
		Paper-based Packaging
	1,200,000	Polyone		29,736,000
		Intermediate Stage Chemicals Producer
	2,218,700	Kansai Paint (Japan)		28,322,053
		Paint Producer in Japan, India, China & Southeast Asia
	673,000	Sociedad Quimica y Minera de Chile - ADR (Chile)		27,189,200
		Producer of Specialty Fertilizers, Lithium & Iodine
	400,000	Owens-Illinois (a)		11,116,000
		Glass Packaging for Food & Beverages
	200,000	Silgan Holdings		9,392,000
		Metal & Plastic Packaging
				438,796,271
		> Other Industrial Services 1.9%
	2,700,000	LKQ (a)		69,525,000
		Alternative Auto Parts Distribution
	1,800,000	Expeditors International of Washington		68,418,000
		International Freight Forwarder
	1,500,000	Forward Air		57,420,000
		Freight Transportation Between Airports
	1,600,000	Mobile Mini (a)		53,040,000
		Portable Storage Units Leasing
	1,375,000	KAR Auction Services		31,446,250
		Auto Auctions
	2,400,000	CAE (Canada)		24,896,834
		Flight Simulator Equipment & Training Centers
	1,000,000	TrueBlue (a)		21,050,000
		Temporary Industrial Labor
	1,948,368	Imtech (Netherlands) (a)(b)		14,341,994
		Technical Installation & Maintenance
	1,520,957	Acorn Energy (c)		12,836,877
		Frac Well Exploration/Monitoring Device, Sonar Security & Electric Grid Monitoring
	400,000	Echo Global Logistics (a)		7,796,000
		Third Party Logisitics
				360,770,955
		> Construction 1.6%
	2,850,000	Chicago Bridge & Iron		170,031,000
		Engineering & Construction for Liquefied Natural Gas & Petrochemicals

See accompanying notes to financial statements.

32

Number of Shares			Value
		> Construction—continued
	82,000	NVR (a)	$	75,604,000
		Homebuilder
	930,000	Fortune Brands Home & Security		36,028,200
		Home Building Supplies & Small Locks
	1,800,000	Mills Estruturas e Servicos de Engenharia (Brazil)		24,394,201
		Civil Engineering & Construction
				306,057,401
		> Electrical Components 0.9%
	1,765,000	Acuity Brands		133,292,800
		Commercial Lighting Fixtures
	1,065,000	Thermon (a)		21,726,000
		Global Engineered Thermal Solutions
	1,500,000	Ushio (Japan)		19,805,583
		Industrial Light Sources
				174,824,383
		> Industrial Distribution 0.9%
	1,200,000	WESCO International (a)		81,552,000
		Industrial Distributor
	1,900,000	MRC Global (a)		52,478,000
		Industrial Distributor
	294,180	Airgas		28,082,423
		Industrial Gas Distributor
	393,100	Titan Machinery (a)		7,716,553
		Agriculture & Construction Dealerships
				169,828,976
		> Outsourcing Services 0.7%
	3,000,000	Quanta Services (a)		79,380,000
		Electrical & Telecom Construction Services
	1,400,000	Insperity (c)		42,420,000
		Professional Employer Organization
	600,000	GP Strategies (a)		14,292,000
		Outsourced Training Services
				136,092,000
		> Waste Management 0.5%
	2,050,000	Waste Connections		84,337,000
		Solid Waste Management
		> Conglomerates 0.3%
	2,747,253	Aalberts Industries (Netherlands)		61,400,473
		Flow Control & Heat Treatment
Industrial Goods & Services: Total				3,971,418,175
Consumer Goods & Services 16.6%
		> Retail 5.5%
	7,185,000	Pier 1 Imports (c)		168,775,650
		Home Furnishing Retailer
	1,185,000	ULTA (a)		118,689,600
		Specialty Beauty Product Retailer
	1,730,000	lululemon athletica (a)(b)		113,349,600
		Premium Active Apparel Retailer
	1,975,000	Shutterfly (a)(c)		110,185,250
		Internet Photo-centric Retailer
	1,675,000	Williams-Sonoma		93,615,750
		Home Goods & Furnishing Retailer
	822,845	Fossil (a)		85,008,117
		Watch Designer & Retailer

Number of Shares			Value
	1,816,000	Abercrombie & Fitch	$	82,174,000
		Teen Apparel Retailer
	3,700,000	Saks (a)		50,468,000
		Luxury Department Store Retailer
	1,000,000	Urban Outfitters (a)		40,220,000
		Multi-Channel Apparrel & Accessory Retailer
	525,000	DSW		38,571,750
		Branded Footwear Retailer
	604,000	Casey's General Stores		36,336,640
		Owner/Operator of Convenience Stores
	1,925,000	American Eagle Outfitters		35,150,500
		Teen Apparel Retailer
	450,000	Five Below		16,542,000
		Specialty Retailer Targeting Pre-Teen & Teen
	852,000	Massmart Holdings (South Africa)		15,454,004
		General Merchandise, Food & Home Improvement Stores; Wal-Mart Subsidiary
	446,000	Tile Shop Holdings (a)		12,916,160
		Specialty Retailer of Tiles & Related Accessories
	125,000	Restoration Hardware Holdings (a)		9,375,000
		Specialty Home Furnishing Retailer
	1,371,366	Gaiam (a)(c)		6,116,292
		Healthy Living Catalogs & E-Commerce, Non-theatrical Media
	300,000	Bon-Ton Stores (b)		5,415,000
		Regional Department Stores
				1,038,363,313
		> Travel 3.4%
	4,400,000	Avis Budget Group (a)		126,500,000
		Second Largest Car Rental Company
	2,707,000	Ryman Hospitality Properties (b)(c)		105,600,070
		Convention Hotels
	3,750,000	Hertz (a)		93,000,000
		Largest U.S. Rental Car Operator
	1,430,000	Vail Resorts		87,973,600
		Ski Resort Operator & Developer
	1,893,000	Choice Hotels		75,133,170
		Franchisor of Budget Hotel Brands
	1,100,000	Expedia		66,165,000
		Online Travel Services Company
	1,600,000	HomeAway (a)		51,744,000
		Vacation Rental Online Marketplace
	2,100,000	Localiza Rent A Car (Brazil)		29,692,787
		Car Rental
				635,808,627
		> Apparel 1.3%
	1,296,000	PVH		162,064,800
		Apparel Wholesaler & Retailer
	810,000	Deckers Outdoor (a)(b)		40,913,100
		Fashion Footwear Wholesaler
	600,000	Steven Madden (a)		29,028,000
		Wholesaler/Retailer of Fashion Footwear
	2,620,000	Quiksilver (a)		16,872,800
		Action Sports Lifestyle Branded Apparel & Footwear
				248,878,700

See accompanying notes to financial statements.

33

Columbia Acorn Fund

Statement of Investments (Unaudited), continued

Number of Shares			Value
		> Casinos & Gaming 1.3%
	2,500,000	Melco Crown Entertainment - ADR (Hong Kong) (a)	$	55,900,000
		Macau Casino Operator
	850,000	Penn National Gaming (a)		44,931,000
		Regional Casino Operator
	1,947,000	Pinnacle Entertainment (a)		38,297,490
		Regional Casino Operator
	20,000,000	Melco International (Hong Kong)		37,526,798
		Macau Casino Operator
	12,000,000	MGM China Holdings (Hong Kong)		31,843,877
		Macau Casino Operator
	40,000,000	Nagacorp (Cambodia)		31,090,006
		Casino/Entertainment Complex in Cambodia
	28,508	Churchill Downs		2,247,856
		Owner/Operator of Horse Racing Tracks & Regional Casinos
				241,837,027
		> Consumer Goods Distribution 1.2%
	2,015,000	Pool		105,606,150
		Swimming Pool Supplies & Equipment Distributor
	2,305,000	GNC Holdings		101,904,050
		Specialty Retailer of Health & Wellness Products
	625,000	United Stationers		20,968,750
		Wholesale Distributor of Business Products
				228,478,950
		> Other Consumer Services 1.0%
	2,280,000	Lifetime Fitness (a)(c)		114,250,800
		Sport & Fitness Club Operator
	17,000,000	Lifestyle International (Hong Kong)		35,482,190
		Mid to High-end Department Store Operator in Hong Kong & China
	800,000	Blackhawk Network (a)(c)		18,560,000
		Third Party Distributer of Prepaid Content, Mostly Gift Cards
	1,062,500	Move (a)		13,621,250
		Real Estate Internet Websites
	450,000	IFM Investments (Century 21 China RE) - ADR (China) (a)		1,048,500
		Provide Real Estate Services in China
				182,962,740
		> Furniture & Textiles 0.9%
	2,250,000	Herman Miller		60,907,500
		Office Furniture
	3,669,000	Knoll (c)		52,136,490
		Office Furniture
	2,325,000	Interface		39,455,250
		Modular Carpet
	812,360	Caesarstone (Israel) (a)		22,120,563
		Quartz Countertops
				174,619,803
		> Restaurants 0.7%
	2,000,000	AFC Enterprises (a)(c)		71,880,000
		Popeye's Restaurants

Number of Shares			Value
	630,000	Domino's Pizza	$	36,634,500
		Franchisor of Pizza Restaurants
	675,000	Bravo Brio Restaurant Group (a)		12,028,500
		Upscale Casual Italian Restaurants
	285,000	Fiesta Restaurant Group (a)		9,801,150
		Owns/Operates Two Restaurant Chains: Pollo Tropical & Taco Cabana
				130,344,150
		> Food & Beverage 0.5%
	1,143,265	B&G Foods		38,928,173
		Acquiror of Small Food Brands
	2,475,000	Boulder Brands (a)		29,823,750
		Healthy Food Products
	1,800,000	Arcos Dorados (Brazil) (b)		21,024,000
		McDonald's Master Franchise for Latin America
	1,665,270	GLG Life Tech (Canada) (a)(c)		666,108
		Produce an All-natural Sweetener Extracted from the Stevia Plant
				90,442,031
		> Other Durable Goods 0.3%
	460,000	Cavco Industries (a)(c)		23,207,000
		Manufactured Homes
	472,500	Jarden (a)		20,671,875
		Branded Household Products
	450,000	Select Comfort (a)		11,277,000
		Specialty Mattresses
				55,155,875
		> Educational Services 0.3%
	1,300,000	DeVry		40,326,000
		Post-secondary Degree Services
	500,000	ITT Educational Services (a)(b)		12,200,000
		Postsecondary Degree Services
				52,526,000
		> Nondurables 0.2%
	1,233,851	Helen of Troy (a)		47,342,863
		Personal Care, Housewares, Healthcare & Home Environment Products
Consumer Goods & Services: Total				3,126,760,079
Finance 12.0%
		> Banks 4.4%
	2,638,000	BOK Financial		168,963,900
		Tulsa-based Southwest Bank
	9,000,000	Associated Banc-Corp (c)		139,950,000
		Midwest Bank
	1,348,000	City National		85,422,760
		Bank & Asset Manager
	985,000	SVB Financial Group (a)		82,070,200
		Bank to Venture Capitalists
	2,860,000	MB Financial (c)		76,648,000
		Chicago Bank
	1,900,000	Hancock Holding		57,133,000
		Gulf Coast Bank
	5,323,500	Valley National Bancorp (b)		50,413,545
		New Jersey/New York Bank
	2,200,000	TCF Financial		31,196,000
		Great Lakes Bank

See accompanying notes to financial statements.

34

Number of Shares			Value
		> Banks—continued
	1,314,800	TriCo Bancshares (c)	$	28,044,684
		California Central Valley Bank
	1,162,000	Sandy Spring Bancorp		25,122,440
		Baltimore & Washington, D.C. Bank
	4,299,507	First Busey		19,347,782
		Illinois Bank
	2,500,000	First Commonwealth		18,425,000
		Western Pennsylvania Bank
	900,000	OFG Bancorp		16,299,000
		Puerto Rican Bank
	811,295	Hudson Valley		13,775,789
		Metro New York City Bank
	2,136,500	TrustCo Bank		11,622,560
		New York State Bank
	—	Eagle Bancorp (a)		4
		Metro Washington D.C. Bank
				824,434,664
		> Insurance 2.9%
	8,900,000	CNO Financial Group		115,344,000
		Life, Long-term Care & Medical Supplement Insurance
	3,738,900	Tower Group (c)		76,684,839
		Commercial & Personal Lines Insurance
	833,000	Allied World Holdings		76,227,830
		Commerical Lines Insurance/Reinsurance
	2,625,000	Selective Insurance Group		60,427,500
		Commercial & Personal Lines Insurance
	1,500,000	Brown & Brown		48,360,000
		Insurance Broker
	1,100,000	HCC Insurance Holdings		47,421,000
		Specialty Insurance
	250,000	Enstar Group (a)		33,245,000
		Insurance/Reinsurance & Related Services
	400,000	RLI		30,564,000
		Specialty Insurance
	10,837,000	Rand Merchant Insurance (South Africa)		27,595,523
		Directly Sold Property & Casualty Insurance; Holdings in Other Insurers
	500,000	The Hanover Insurance Group		24,465,000
		Commercial & Personal Lines Insurance
				540,334,692
		> Finance Companies 1.8%
	1,050,000	World Acceptance (a)(c)		91,287,000
		Personal Loans
	2,150,000	McGrath Rentcorp (c)		73,444,000
		Temporary Space & IT Rentals
	3,422,749	H & E Equipment Services (c)		72,117,322
		Heavy Equipment Leasing
	1,500,000	CAI International (a)(c)		35,355,000
		International Container Leasing
	1,091,000	Marlin Business Services (c)		24,852,980
		Small Equipment Leasing
	450,000	Onex Capital (Canada)		20,418,370
		Private Equity
	228,500	Textainer Group Holdings		8,783,540
		Top International Container Leasor

Number of Shares			Value
	100,000	Green Dot (a)(b)	$	1,995,000
		Provider of Reloadable Prepaid Debt Cards & Online Banking
				328,253,212
		> Brokerage & Money Management 1.7%
	7,100,000	SEI Investments		201,853,000
		Mutual Fund Administration & Investment Management
	3,052,000	Eaton Vance		114,724,680
		Specialty Mutual Funds
	380,446	Kennedy-Wilson Holdings		6,330,621
		Global Distressed Real Estate
				322,908,301
		> Credit Cards 0.7%
	550,000	Alliance Data Systems (a)		99,566,500
		Diversified Credit Card Provider
	500,000	WEX Corp (a)		38,350,000
		Pay Card Processor
				137,916,500
		> Diversified Financial Companies 0.4%
	2,820,000	Leucadia National		73,940,400
		Holding Company
		> Savings & Loans 0.1%
	470,000	ViewPoint Financial		9,780,700
		Texas Thrift
	452,146	Simplicity Bancorp (c)		6,556,117
		Los Angeles Savings & Loan
	505,000	Provident New York Bancorp		4,716,700
		New York State Thrift
				21,053,517
Finance: Total				2,248,841,286
Health Care 7.8%
		> Biotechnology & Drug Delivery 4.1%
	6,050,000	Seattle Genetics (a)		190,333,000
		Antibody-based Therapies for Cancer
	2,230,000	BioMarin Pharmaceutical (a)		124,411,700
		Biotech Focused on Orphan Diseases
	950,000	Henry Schein (a)		90,962,500
		Largest Distributor of Healthcare Products
	1,812,575	Synageva Biopharma (a)(c)		76,128,150
		Biotech Focused on Orphan Diseases
	870,000	Onyx Pharmaceuticals (a)		75,533,400
		Commercial-stage Biotech Focused on Cancer
	3,130,000	ARIAD Pharmaceuticals (a)		54,743,700
		Biotech Focused on Cancer
	1,310,000	Sarepta Therapeutics (a)(b)		49,845,500
		Biotech Focused on Rare Diseases
	3,283,000	NPS Pharmaceuticals (a)		49,573,300
		Orphan Drugs & Healthy Royalties
	730,000	Alnylam Pharmaceuticals (a)		22,637,300
		Biotech Developing Drugs for Rare Diseases
	2,025,000	InterMune (a)		19,480,500
		Drugs for Pulmonary Fibrosis & Hepatitis C
	3,610,890	Ultragenyx (a)(d)(e)		11,988,155
		Biotech Focused On Ultra-Orphan Drugs
	1,027,000	Coronado Biosciences (a)(b)		8,832,200
		Development-stage Biotech

See accompanying notes to financial statements.

35

Columbia Acorn Fund

Statement of Investments (Unaudited), continued

Number of Shares			Value
		> Biotechnology & Drug Delivery—continued
	359,944	MicroDose Therapeutx (a)(d)(e)	$	1,745,728
		Drug Inhaler Development
				776,215,133
		> Medical Supplies 1.6%
	6,170,000	Cepheid (a)(c)		212,371,400
		Molecular Diagnostics
	1,676,000	Patterson Companies		63,017,600
		Dental/Veterinary/Medical Distributor
	375,000	Techne		25,905,000
		Cytokines, Antibodies & Other Reagents for Life Science
				301,294,000
		> Health Care Services 0.9%
	5,600,000	Allscripts Healthcare Solutions (a)		72,464,000
		Health Care IT
	665,000	Mednax (a)		60,900,700
		Physician Management for Pediatric & Anesthesia Practices
	1,450,000	HealthSouth (a)		41,760,000
		Inpatient Rehabalitation Facilities
				175,124,700
		> Medical Equipment & Devices 0.8%
	1,025,000	Sirona Dental Systems (a)		67,527,000
		Manufacturer of Dental Equipment
	1,100,000	Haemonetics (a)		45,485,000
		Blood & Plasma Collection Equipment
	925,000	PerkinElmer		30,062,500
		Analytical Instruments for Life Sciences
				143,074,500
		> Pharmaceuticals 0.4%
	4,000,000	Akorn (a)		54,080,000
		Develops, Manufactures & Sells Specialty Generic Drugs
	2,040,000	Alimera Sciences (a)(b)(c)		9,955,200
		Ophthalmology-focused Pharmaceutical Company
				64,035,200
Health Care: Total				1,459,743,533
Other Industries 6.8%
		> Real Estate 4.5%
	3,625,000	Dupont Fabros Technology (b)(c)		87,543,750
		Data Centers
	750,000	Federal Realty		77,760,000
		Shopping Centers
	1,850,000	Extra Space Storage		77,570,500
		Self Storage Facilities
	1,435,000	Post Properties		71,018,150
		Multi-family Properties
	6,650,000	EdR (c)		68,029,500
		Student Housing
	2,450,000	Biomed Realty Trust		49,563,500
		Life Science-focused Office Buildings
	3,000,000	Associated Estates Realty (c)		48,240,000
		Multi-family Properties

Number of Shares			Value
	1,050,000	Coresite Realty	$	33,400,500
		Data Centers
	1,500,000	St. Joe (a)		31,575,000
		Florida Panhandle Landowner
	17,000,000	Ascendas REIT (Singapore)		29,792,235
		Industrial Property Landlord
	325,000	Jones Lang LaSalle		29,620,500
		Real Estate Services
	33,000,000	Mapletree Logistics Trust (Singapore)		28,601,198
		Industrial Property Landlord
	1,300,000	Hudson Pacific Properties		27,664,000
		West Coast Office Buildings & Production Studios
	2,850,000	Summit Hotel Properties		26,932,500
		Owner of Select Service Hotels
	3,750,000	DCT Industrial Trust		26,812,500
		Industrial Properties
	4,000,000	Kite Realty Group		24,120,000
		Community Shopping Centers
	1,050,000	Terreno Realty (c)		19,456,500
		Industrial Properties
	20,000,000	Mapletree Commercial Trust (Singapore)		18,639,053
		Retail & Office Property Landlord
	24,664,000	Mapletree Greater China Commercial Trust (Hong Kong) (a)		18,331,472
		Retail & Office Property Landlord
	950,000	American Residential Properties (a)(b)		16,340,000
		Single-family Rental Properties
	14,000	Orix JREIT (Japan)		15,979,473
		Diversified Real Estate Investment Trust
	11,655,000	CDL Hospitality Trust (Singapore)		15,595,678
		Hotel Owner/Operator
	230,000	Digital Realty Trust (b)		14,030,000
		Data Centers
				856,616,009
		> Transportation 1.5%
	3,100,000	Rush Enterprises, Class A (a)(c)		76,725,000
	550,000	Rush Enterprises, Class B (a)(c)		11,836,000
		Truck Sales & Service
	1,155,000	JB Hunt Transport Services		83,437,200
		Truck & Intermodal Carrier
	602,000	Kirby (a)		47,883,080
		Largest Operator of U.S. (Jones Act) Liquid Tank Barges
	750,000	World Fuel Services		29,985,000
		Global Fuel Broker
	300,000	Genesee & Wyoming (a)		25,452,000
		Short-line Operator
				275,318,280
		> Regulated Utilities 0.8%
	2,000,000	Northeast Utilities		84,040,000
		Regulated Electric Utility
	2,200,000	Pepco Holdings		44,352,000
		Regulated Utility

See accompanying notes to financial statements.

36

Number of Shares			Value
		> Regulated Utilities—continued
	700,000	Wisconsin Energy	$	28,693,000
		Wisconsin Utility
				157,085,000
Other Industries: Total				1,289,019,288
Energy & Minerals 6.4%
		> Oil Services 3.5%
	4,635,000	FMC Technologies (a)		258,076,800
		Oil & Gas Well Head Manufacturer
	2,400,000	Atwood Oceanics (a)		124,920,000
		Offshore Drilling Contractor
	1,031,106	Fugro (Netherlands)		56,026,529
		Subsea Oilfield Services
	1,334,000	ShawCor (Canada)		52,715,641
		Oil & Gas Pipeline Products
	661,000	Hornbeck Offshore (a)		35,363,500
		Supply Vessel Operator in U.S. Gulf of Mexico
	1,008,000	Rowan (a)		34,342,560
		Contract Offshore Driller
	268,000	Chart Industries (a)		25,216,120
		Manufacturer of Natural Gas Processing/Storage Equipment
	400,000	Dresser-Rand Group (a)		23,992,000
		Manufactures & Services Compressors
	511,000	Gulfmark Offshore		23,040,990
		Operator of Offshore Supply Vessels
	2,601,900	Horizon North Logistics (Canada) (b)		15,709,865
		Diversified Oil Services Offering in Northern Canada
	596,600	Black Diamond Group (Canada)		12,678,530
		Provides Accommodations/Equipment for Oil Sands Development
				662,082,535
		> Oil & Gas Producers 2.0%
	940,000	SM Energy		56,381,200
		Oil & Gas Producer
	695,000	Range Resources		53,737,400
		Oil & Gas Producer
	1,153,600	Rosetta Resources (a)		49,051,072
		Oil & Gas Producer Exploring in Texas
	2,700,000	Pacific Rubiales Energy (Colombia)		47,417,515
		Oil Production & Exploration in Colombia
	443,000	Cabot Oil and Gas		31,461,860
		Large Natural Gas Producer in Appalachia & Gulf Coast
	1,477,000	Denbury Resources (a)		25,581,640
		Oil Producer Using Co2 Injection
	1,159,000	Laredo Petroleum (a)		23,829,040
		Permian Basin Oil Producer
	3,095,000	Athabasca Oil Sands (Canada) (a)		19,157,982
		Oil Sands & Unconventional Oil Development
	340,000	PDC Energy (a)		17,503,200
		Oil & Gas Producer in U.S.
	361,000	Baytex (Canada)		13,009,318
		Oil & Gas Producer in Canada

Number of Shares			Value
	850,000	Tullow Oil (United Kingdom)	$	12,939,392
		Oil & Gas Producer
	27,000,000	Shamaran Petroleum (Iraq) (a)		9,242,179
		Oil Exploration & Production in Kurdistan
	22,250,500	Petroamerica Oil (Colombia) (a)(b)		5,394,958
		Oil Exploration & Production in Colombia
	37,500,000	Petromanas (Canada) (a)(c)		3,743,939
		Exploring for Oil in Albania
	493,000	Crew Energy (Canada) (a)		2,428,202
		Canadian Oil & Gas Producer
	1,198,100	Pan Orient (Canada)		1,856,901
		Asian Oil & Gas Explorer
	26,000,000	Petrodorado Energy (Colombia) (a)(c)		1,483,313
		Oil & Gas Exploration & Production in Colombia, Peru & Paraguay
	511,600	Canacol (Colombia) (a)		1,425,300
		Oil Producer in South America
	8,400,000	Canadian Overseas Petroleum (United Kingdom) (a)(e)		1,365,789
	4,200,000	Canadian Overseas Petroleum - Warrants (United Kingdom) (a)(d)(e)		20,239
		Oil & Gas Exploration/Production in the North Sea
	50,000,000	Gulf United Energy (Colombia) (a)(c)		245,000
		Prospecting for Oil Alongside Large Producers in Colombia
	4,110,000	Santa Maria Petroleum (Colombia) (a)(c)(e)		102,584
	890,000	Santa Maria Petroleum (Colombia) (a)(c)		29,619
		Explores for Oil & Gas in Latin America
				377,407,642
		> Mining 0.7%
	387,000	Core Labs (Netherlands)		58,692,420
		Oil & Gas Reservoir Consulting
	6,044,000	Northam Platinum (South Africa) (a)		19,517,302
		Platinum Mining in South Africa
	1,600,000	Alamos Gold (Canada)		19,381,953
		Gold Mining
	700,000	Silver Wheaton (Canada)		13,769,000
		Silver Mining Royalty Company
	7,500,000	Duluth Metals (Canada) (a)(c)		9,841,209
		Copper & Nickel Miner
	1,900,000	Kirkland Lake Gold (Canada) (a)(b)		7,985,167
		Gold Mining
	1,150,000	Turquoise Hill Resources (Mongolia) (a)		6,823,239
		Copper Mine Project in Mongolia
	16,000,000	Mongolian Mining (Mongolia) (a)		2,968,317
		Coking Coal Mining in Mongolia
	3,000,000	Kaminak Gold (a)(b)		2,310,545
		Exploration Stage Canadian Gold Miner
	2,050,000	Alexco Resource (a)		2,296,000
		Mining, Exploration & Environmental Services
	800,000	Augusta Resource (a)		1,680,000
		US Copper/Molybdenum Mine

See accompanying notes to financial statements.

37

Columbia Acorn Fund

Statement of Investments (Unaudited), continued

Number of Shares			Value
		> Mining—continued
	500,000	Duluth Exploration - Special Warrants (Canada) (a)(d)(e)	$	—
		Copper & Nickel Miner
				145,265,152
		> Alternative Energy 0.1%
	2,000,000	GT Advanced Technologies (a)(b)		8,300,000
		Largest Manufacturer of Furnaces & Reactors to Produce & Cast Polysilicon
	2,000,000	Real Goods Solar (a)(b)(c)		5,080,000
		Residential Solar Energy Installer
	1,210,300	Synthesis Energy Systems (China) (a)		940,403
		Owner/Operator of Gasification Plants
				14,320,403
		> Agricultural Commodities 0.1%
	1,306,818	Union Agriculture Group (Uruguay) (a)(d)(e)		13,525,566
		Farmland Operator in Uruguay
Energy & Minerals: Total				1,212,601,299
Total Equities: 97.1% (Cost: $10,429,978,659)				18,273,942,256	(f)
Short-Term Investments 3.0%
	422,654,855	JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%)		422,654,855
	140,420,394	JPMorgan U.S. Government Money Market Fund, Capital Shares (7 day yield of 0.01%)		140,420,394
Total Short-Term Investments: 3.0% (Cost: $563,075,249)				563,075,249

Number of Shares			Value
Securities Lending Collateral 2.4%
	454,607,005	Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (g)	$	454,607,005
Total Securities Lending Collateral: (Cost: $454,607,005)				454,607,005
Total Investments: 102.5% (Cost: $11,447,660,913)(h)				19,291,624,510
Obligation to Return Collateral for Securities Loaned: (2.4)%				(454,607,005	)
Cash and Other Assets Less Liabilities: (0.1)%				(20,020,576	)
Net Assets: 100.0%			$	18,816,996,929

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 June 30, 2013. The total market value of securities on loan at June 30, 2013 was $447,311,479.

(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 June 30, 2013, are as follows:

Security	Balance of Shares Held 12/31/12		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 6/30/13		Value		Dividend
Mettler-Toledo International		1,600,000		-		-		1,600,000	$	321,920,000	$	-
Donaldson		8,400,000		-		-		8,400,000		299,544,000		1,932,000
tw telecom		9,500,000		-		-		9,500,000		267,330,000		-
Nordson		3,125,000		275,000		-		3,400,000		235,654,000		978,750
Cepheid		4,970,000		1,200,000		-		6,170,000		212,371,400		-
Bally Technologies		3,725,000		-		-		3,725,000		210,164,500		-
Seattle Genetics (1)		6,550,000		-		500,000		6,050,000		190,333,000		-
Pier 1 Imports		7,185,000		-		-		7,185,000		168,775,650		718,500
Moog		3,230,000		-		-		3,230,000		166,441,900		-
Associated Banc-Corp		7,756,800		1,243,200		-		9,000,000		139,950,000		1,338,544
IPG Photonics (1)		2,780,000		-		494,000		2,286,000		138,828,780		-
Lifetime Fitness		2,280,000		-		-		2,280,000		114,250,800		-
HEICO		3,063,000		-		-		3,063,000		113,055,330		-
Shutterfly		2,835,000		-		860,000		1,975,000		110,185,250		-

See accompanying notes to financial statements.

38

> Notes to Statement of Investments

Security	Balance of Shares Held 12/31/12		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 6/30/13		Value		Dividend
Ryman Hospitality Properties		4,520,690		-		1,813,690		2,707,000	$	105,600,070	$	3,613,845
World Acceptance		1,285,000		-		235,000		1,050,000		91,287,000		-
Rush Enterprises		3,650,000		-		-		3,650,000		88,561,000		-
Dupont Fabros Technology		3,625,000		-		-		3,625,000		87,543,750		725,000
Tower Group (2)		3,300,000		438,900		-		3,738,900		76,684,839		1,235,669
MB Financial		2,860,000		-		-		2,860,000		76,648,000		572,000
Synageva Biopharma		1,165,000		647,575		-		1,812,575		76,128,150		-
ESCO Technologies		2,200,000		100,000		-		2,300,000		74,474,000		352,000
II-VI		4,550,000		-		-		4,550,000		73,983,000		-
Drew Industries		1,880,000		-		-		1,880,000		73,921,600		-
iGATE		3,700,000		800,000		-		4,500,000		73,890,000		-
McGrath Rentcorp		2,150,000		-		-		2,150,000		73,444,000		1,021,250
H & E Equipment Services		3,400,000		22,749		-		3,422,749		72,117,322		-
AFC Enterprises		2,000,000		-		-		2,000,000		71,880,000		-
EdR		5,744,300		905,700		-		6,650,000		68,029,500		1,148,860
Forward Air (1)		1,500,000		-		-		1,500,000		57,420,000		300,000
Knoll		4,200,000		-		531,000		3,669,000		52,136,490		924,857
NPS Pharmaceuticals (1)		6,000,000		-		2,717,000		3,283,000		49,573,300		-
SPS Commerce		900,000		-		-		900,000		49,500,000		-
Navigant Consulting		3,704,600		316,291		-		4,020,891		48,250,692		-
Associated Estates Realty		3,000,000		-		-		3,000,000		48,240,000		1,140,000
ExlService Holdings (1)		1,618,000		-		-		1,618,000		47,828,080		-
Helen of Troy (1)		1,600,000		-		366,149		1,233,851		47,342,863		-
Virtusa		2,125,000		-		-		2,125,000		47,090,000		-
Insperity		1,800,000		-		400,000		1,400,000		42,420,000		504,733
Pinnacle Entertainment (1)		3,950,000		-		2,003,000		1,947,000		38,297,490		-
CAI International		1,397,834		102,166		-		1,500,000		35,355,000		-
TriCo Bancshares		1,350,000		-		35,200		1,314,800		28,044,684		270,000
Summit Hotel Properties (1)		2,850,000		-		-		2,850,000		26,932,500		641,250
Marlin Business Services		1,091,000		-		-		1,091,000		24,852,980		218,200
Kite Realty Group (1)		4,000,000		-		-		4,000,000		24,120,000		480,000
Cavco Industries		460,000		-		-		460,000		23,207,000		-
InContact		2,200,000		561,147		-		2,761,147		22,696,628		-
Hackett Group		3,849,207		-		-		3,849,207		19,977,384		-
Terreno Realty		358,151		691,849		-		1,050,000		19,456,500		94,320
Blackhawk Network		-		800,000		-		800,000		18,560,000		-
Boingo Wireless		1,900,000		300,000		-		2,200,000		13,662,000		-
Acorn Energy		1,512,352		8,605		-		1,520,957		12,836,877		52,932
Globalstar		1,200,000		21,031,946		289,746		21,942,200		12,068,210
Exa		872,060		127,940		-		1,000,000		10,300,000		-
Alimera Sciences		2,040,000		-		-		2,040,000		9,955,200		-
Duluth Metals		7,500,000		-		-		7,500,000		9,841,209		-
Simplicity Bancorp		452,146		-		-		452,146		6,556,117		72,343
Gaiam		1,371,366		-		-		1,371,366		6,116,292		-
Real Goods Solar		-		2,000,000		-		2,000,000		5,080,000
Petromanas		37,500,000		-		-		37,500,000		3,743,939		-
Petrodorado Energy		26,000,000		-		-		26,000,000		1,483,313		-
GLG Life Tech		1,665,270		-		-		1,665,270		666,108		-
Gulf United Energy		50,000,000		-		-		50,000,000		245,000		-
Santa Maria Petroleum		5,000,000		-		-		5,000,000		132,203		-
Chelsea Therapeutics International (1)		4,949,000		-		4,949,000		-		-		-
Pericom Semiconductor (1)		1,765,000		-		1,765,000		-		-		-
Raptor Pharmaceutical (1)		3,000,000		-		3,000,000		-		-		-
Wolverine Minerals (1)(2)		4,000,000		-		4,000,000		-		-		-
Total of Affiliated Transactions		311,710,776		31,573,068		23,958,785		319,325,059	$	4,736,984,900	$	18,335,053

(1) At June 30, 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 June 30, 2013, were $2,405,816,179 and $4,116,308,887, respectively. Investments in affiliated companies represented 21.88% of the Fund's total net assets at June 30, 2013.

(d)  Illiquid security.

See accompanying notes to financial statements.

39

Columbia Acorn Fund

Statement of Investments (Unaudited), continued

> Notes to Statement of Investments

(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 June 30, 2013, the market value of these securities amounted to $28,748,061, 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	$	13,525,566
Ultragenyx	12/19/12		3,610,890		9,999,999		11,988,155
MicroDose Therapeutx	11/24/00		359,944		2,004,900		1,745,728
Canadian Overseas Petroleum	11/24/10		8,400,000		3,591,152		1,365,789
Santa Maria Petroleum	1/14/11		4,110,000		5,193,292		102,584
Canadian Overseas Petroleum - Warrants	11/24/10		4,200,000		525,688		20,239
Duluth Exploration - Special Warrants	8/19/11		500,000		-		-
				$	36,315,031	$	28,748,061

(f)  On June 30, 2013, the market value of foreign securities represented 7.84% of total net assets. The Fund's foreign portfolio was diversified as follows:

Country	Value		Percentage of Net Assets
Canada	$	245,605,019		1.30
Netherlands		190,461,416		1.01
Hong Kong		179,084,337		0.95
Sweden		129,967,975		0.69
Singapore		120,265,148		0.64
Brazil		75,110,988		0.40
France		65,078,995		0.35
Japan		64,107,109		0.33
South Africa		62,566,829		0.33
Colombia		56,098,289		0.30
Denmark		41,254,918		0.22
Taiwan		35,377,401		0.19
India		33,380,000		0.18
United Kingdom		31,276,493		0.17
Cambodia		31,090,006		0.17
Chile		27,189,200		0.14
Israel		22,120,563		0.12
Russia		20,087,010		0.11
Uruguay		13,525,566		0.07
Iceland		10,579,447		0.06
Mongolia		9,791,556		0.05
Iraq		9,242,179		0.05
China		1,988,903		0.01
Total Foreign Portfolio	$	1,475,249,341		7.84

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

(h)  At June 30, 2013, for federal income tax purposes, the cost of investments was $11,447,660,913 and net unrealized appreciation was $7,843,963,597 consisting of gross unrealized appreciation of $8,275,688,774 and gross unrealized depreciation of $431,725,177.

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.

See accompanying notes to financial statements.

40

> Notes to Statement of Investments

  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 June 30, 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	$	4,730,273,203	$	235,285,393	$	-	$	4,965,558,596
Industrial Goods & Services		3,755,986,678		215,431,497		-		3,971,418,175
Consumer Goods & Services		2,975,363,204		151,396,875		-		3,126,760,079
Finance		2,221,245,763		27,595,523		-		2,248,841,286
Health Care		1,446,009,650		-		13,733,883		1,459,743,533
Other Industries		1,162,080,180		126,939,108		-		1,289,019,288
Energy & Minerals		1,106,135,580		92,940,153		13,525,566		1,212,601,299
Total Equities		17,397,094,258		849,588,549		27,259,449		18,273,942,256
Total Short-Term Investments		563,075,249		-		-		563,075,249
Total Securities Lending Collateral		454,607,005		-		-		454,607,005
Total Investments	$	18,414,776,512	$	849,588,549	$	27,259,449	$	19,291,624,510

  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 which do not trade are valued as a percentage of the actively trading common stock using a model, based on Black Scholes.

  The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy:

Transfers In				Transfers Out
Level 1		Level 2		Level 1		Level 2
$	434,636	$	-	$	-	$	434,636

  Financial assets were transferred from Level 2 to Level 1 as trading resumed during the period.

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

See accompanying notes to financial statements.

41

Columbia Acorn Fund

Statement of Investments (Unaudited), continued

> Notes to Statement of Investments

  Certain common stocks 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.

See accompanying notes to financial statements.

42

Columbia Acorn International

Major Portfolio Changes in the Second Quarter (Unaudited)

	Number of Shares
	3/31/13		6/30/13
Purchases
Asia
> Japan
Aica Kogyo		0		1,102,500
Ariake Japan		918,500		1,448,500
Asahi Diamond Industrial		1,885,600		2,100,000
Benesse		637,300		790,000
FP Corporation		345,000		355,800
Hirose Electric		0		221,000
Icom		732,108		835,000
Japan Airport Terminal		2,380,000		2,460,000
Kuraray		2,981,100		3,448,100
Nakanishi		295,762		315,162
NGK Spark Plug		2,255,000		2,640,000
Nihon Parkerizing		1,346,080		1,448,080
Nippon Kayaku		808,000		2,130,500
Omron		0		734,800
OSG		0		1,355,400
Rinnai		340,000		370,000
Santen Pharmaceutical		321,500		524,600
Shimano		150,900		225,900
Suruga Bank		0		1,500,000
Toyo Suisan Kaisha		0		735,000
Ushio		1,900,000		2,350,000
> Taiwan
CHC Healthcare		3,291,000		4,048,000
Chipbond		2,503,230		5,865,230
Delta Electronics		5,429,000		6,995,000
Far EasTone Telecom		39,592,000		40,480,000
Ginko International		743,000		1,345,000
Lite-On Technology		0		9,078,000
President Chain Store		2,491,000		2,673,000
Taiwan Mobile		17,000,000		18,206,000
> Hong Kong
ASM Pacific		0		1,660,100
Vitasoy International		13,767,900		18,000,000
> Singapore
Super Group		0		4,856,000
> Korea
LS Industrial Systems		0		416,998
> India
Adani Ports & Special Economic Zone		0		7,222,544
Colgate Palmolive India		840,000		920,000
> Indonesia
Arwana Citramulia		0		17,357,000
Surya Citra Media		38,065,000		43,599,000

	Number of Shares
	3/31/13		6/30/13
> China
AMVIG Holdings		30,000,000		34,418,000
Biostime		0		1,377,000
WuXi PharmaTech - ADR		0		2,143,203
> Thailand
Airports of Thailand		0		4,500,000
Robinson's Department Store		4,548,800		8,775,000
Samui Airport Property Fund		5,000,000		9,053,600
> Philippines
Melco Crown (Philippines) Resorts		0		60,000,000
Europe
> United Kingdom
Babcock International		0		1,198,263
Croda		650,000		795,000
Fidessa Group		27,508		473,246
Halford's		0		4,577,000
Jardine Lloyd Thompson Group		4,106,842		4,561,000
Ocado		1,576,984		1,864,319
Smiths News		2,537,212		8,141,000
Spirax Sarco		965,000		1,130,000
Telecity		2,125,000		3,560,000
Telecom Plus		0		57,745
Whitbread		617,000		952,000
> Netherlands
Aalberts Industries		2,915,700		2,971,770
> France
Neopost		1,086,100		1,100,000
Saft		971,800		1,002,314
> Germany
Aurelius		0		597,726
> Denmark
Jyske Bank		1,064,013		1,117,000
Novozymes		1,049,800		1,315,800
> Finland
Tikkurila		0		1,084,000
Vacon		520,664		551,816
> Spain
Dia		4,771,000		6,064,000
> Russia
QIWI - ADR		0		400,000
Other Countries
> Canada
CAE		3,047,000		3,188,000
DeeThree Exploration		1,142,377		1,436,127

See accompanying notes to financial statements.

43

Columbia Acorn International

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

	Number of Shares
	3/31/13		6/30/13
Purchases (continued)
Other Countries—continued
> Australia
Austbrokers		572,051		928,701
Domino's Pizza Enterprises		2,500,000		2,800,000
Regis Resources		5,057,000		6,440,000
SAI Global		6,096,515		8,000,000
> Israel
Caesarstone		625,000		791,000
Latin America
> Brazil
Beadell Resources		41,525,340		55,632,340
Linx		955,000		1,000,000
Multiplus		1,200,000		1,400,000
> Mexico
Bolsa Mexicana de Valores		6,273,000		8,361,000
Genomma Lab Internacional		11,945,000		17,626,000
Gruma		0		6,090,000
Qualitas		0		6,569,005
> Chile
Empresas Hites		8,366,013		23,280,000
Sociedad Quimica y Minera de Chile - ADR		0		671,499
> Guatemala
Tahoe Resources		1,434,600		1,626,600
> Colombia
Isagen		7,720,411		14,729,000

	Number of Shares
	3/31/13		6/30/13
Sales
Asia
> Japan
Glory		1,817,562		1,500,000
Horiba		765,000		243,100
Hoshizaki Electric		1,430,000		1,350,000
Kintetsu World Express		937,651		920,951
Miraca Holdings		720,506		603,706
Misumi Group		772,000		0
Park24		2,400,000		2,057,000
Sanrio		900,000		640,000
Seven Bank		19,233,000		13,822,000
Start Today		3,287,962		3,020,000
Wacom		7,400,000		5,150,200
> Taiwan
Chroma Ate		7,587,000		7,568,000
Simplo Technology		2,654,713		0
Tripod Technologies		1,406,283		0
> Hong Kong
AAC Technologies		8,518,000		7,581,000
Lifestyle International		22,000,000		18,223,000
Mapletree Greater China Commercial Trust		47,558,000		40,000,000
Melco Crown Entertainment - ADR		5,000,000		3,500,000
> Singapore
Olam International		14,000,000		0
Ascendas REIT		19,000,000		13,500,000
CDL Hospitality Trust		22,000,000		20,000,000
Goodpack Limited		15,000,000		13,640,000
Mapletree Logistics Trust		33,000,000		30,000,000
> Korea
BS Financial Group		1,726,000		145,370
Hite Jinro		567,600		0
Hyundai Glovis		66,070		0
Samsung Engineering		132,000		0
> India
Titan Industries		1,600,000		0
Bharti Infratel		6,000,000		5,514,527
United Breweries		2,262,300		1,875,000
> Indonesia
Ace Indonesia		300,000,000		250,000,000
Indosiair Karya Media		12,719,500		0
Mitra Adiperkasa		12,488,000		6,622,000
Tower Bersama Infrastructure		60,516,300		58,000,000
> China
51job - ADR		162,939		0
Digital China		22,168,300		4,561,300
RexLot Holdings		200,000,000		193,550,000
Want Want		28,736,000		16,769,000

See accompanying notes to financial statements.

44

	Number of Shares
	3/31/13		6/30/13
Sales (continued)
Asia—continued
> Thailand
Home Product Center		106,813,700		100,000,000
Siam Makro		1,920,300		0
> Philippines
Int'l Container Terminal		7,931,700		7,570,000
Manila Water Company		19,454,700		18,600,000
SM Prime Holdings		73,221,250		64,283,000
Europe
> United Kingdom
BBA Aviation		8,785,000		5,815,000
Domino's Pizza UK & Ireland		4,181,000		3,583,000
Greggs		2,843,000		0
Intertek Group		693,000		322,000
Premier Oil		1,403,932		0
Rightmove		1,602,000		1,147,000
WH Smith		3,306,211		3,229,068
> Germany
Bertrandt		165,400		90,000
CTS Eventim		152,654		0
Dürr		61,078		0
Pfeiffer Vacuum		215,000		113,662
> Switzerland
Dufry Group		400,000		232,576
Geberit		240,500		212,500
> Sweden
Hexagon		3,426,522		3,130,522
Other Countries
> South Africa
Naspers		1,170,188		858,188
> Canada
Americas Petrogas		1,611,000		284,865
CCL Industries		1,403,772		1,303,772
> Australia
Challenger Financial		15,714,426		11,155,000
Commonwealth Property Office Fund		52,500,000		37,464,000
IAG		7,059,010		5,814,100

	Number of Shares
	3/31/13		6/30/13
Latin America
> Brazil
Localiza Rent A Car		3,700,000		3,350,000
Mills Estruturas e Servicos de Engenharia		1,800,000		1,206,000
> Mexico
Grupo Aeroportuario del Sureste - ADR		430,000		300,000
> Argentina
Madalena Ventures		7,425,000		3,769,500

See accompanying notes to financial statements.

45

Columbia Acorn International

Statement of Investments (Unaudited), June 30, 2013

Number of Shares			Value
			Equities: 97.9%
Asia 47.3%
		> Japan 21.1%
	4,784,600	Kansai Paint	$	61,076,168
		Paint Producer in Japan, India, China & Southeast Asia
	3,020,000	Start Today (a)		59,136,399
		Online Japanese Apparel Retailer
	5,150,200	Wacom		56,930,402
		Computer Graphic Illustration Devices
	2,640,000	NGK Spark Plug		52,839,297
		Automobile Parts
	13,822,000	Seven Bank		50,105,924
		ATM Processing Services
	43,612	Orix JREIT		49,778,341
		Diversified Real Estate Investment Trust
	3,448,100	Kuraray		48,325,816
		Special Resin, Fine Chemical, Fibers & Textures
	1,350,000	Hoshizaki Electric		43,232,986
		Commercial Kitchen Equipment
	315,162	Nakanishi (b)		40,172,035
		Dental Tools & Machinery
	2,460,000	Japan Airport Terminal		38,935,712
		Airport Terminal Operator at Haneda
	2,057,000	Park24		37,318,155
		Parking Lot Operator
	920,951	Kintetsu World Express		36,852,242
		Airfreight Logistics
	1,448,500	Ariake Japan		35,273,360
		Manufacturer of Soup/Sauce Extracts for Business-to-business Use
	1,500,000	Glory		35,192,320
		Currency Handling Systems & Related Equipment
	8,700	Kenedix Realty Investment		34,632,713
		Tokyo Mid-size Office Real Estate Investment Trust
	2,350,000	Ushio		31,028,747
		Industrial Light Sources
	1,750,000	Daiseki		30,614,739
		Waste Disposal & Recycling
	640,000	Sanrio		29,688,201
		Character Goods & Licensing
	2,390,000	NGK Insulators		29,534,589
		Ceramic Products for Auto, Power & Electronics
	221,000	Hirose Electric		29,107,950
		Electrical Connectors
	1,448,080	Nihon Parkerizing		28,676,368
		Metal Surface Treatment Agents & Processing Service
	790,000	Benesse		28,500,777
		Education Service Provider
	603,706	Miraca Holdings		27,742,059
		Outsourced Lab Testing, Diagnostic Equipment & Reagents
	398,400	Disco		27,478,797
		Semiconductor Dicing & Grinding Equipment

Number of Shares			Value
	1,500,000	Suruga Bank	$	27,201,721
		Regional Bank
	2,130,500	Nippon Kayaku (a)		26,543,426
		Functional Chemicals, Pharmaceuticals & Auto Safety Systems
	1,268,000	Nabtesco		26,327,177
		Machinery Components
	370,000	Rinnai		26,309,060
		Gas Appliances for Household & Commercial Use
	709,500	Hamamatsu Photonics		25,622,338
		Optical Sensors for Medical & Industrial Applications
	2,940	Nippon Prologis REIT		25,511,120
		Logistics Real Estate Investment Trust in Japan
	2,580	Industrial & Infrastructure Fund (a)		25,092,235
		Industrial Real Estate Investment Trust in Japan
	355,800	FP Corporation		24,669,046
		Disposable Food Trays & Containers
	594,700	Itochu Techno-Science		24,617,999
		IT Network Equipment Sales & Services
	735,000	Toyo Suisan Kaisha		24,455,457
		Instant Noodle Manufacturer
	11,200	Advance Residence Investment		24,281,448
		Residential REIT
	1,676,000	Doshisha		23,871,216
		Wholesaler of Household Products
	3,730	Mori Hills REIT Investment (a)		23,293,267
		Tokyo Centric Diversified Real Estate Investment Trust
	524,600	Santen Pharmaceutical		22,701,958
		Specialty Pharma (Ophthalmic Medicine)
	532,000	Familymart		22,699,611
		Convenience Store Operator
	3,850	Global One Real Estate		22,367,032
		Office Real Estate Investment Trust
	1,102,500	Aica Kogyo		22,098,228
		Laminated Sheets, Building Materials & Chemical Adhesives
	734,800	Omron		21,906,599
		Electric Components for Factory Automation
	488,892	Ain Pharmaciez		21,072,931
		Dispensing Pharmacy/Drugstore Operator
	1,355,400	OSG		20,277,410
		Consumable Cutting Tools
	835,000	Icom (b)		20,254,170
		Two Way Radio Communication Equipment
	2,100,000	Asahi Diamond Industrial		19,849,549
		Consumable Diamond Tools
	225,900	Shimano		19,243,259
		Bicycle Components & Fishing Tackle
	1,940,200	Sintokogio		16,039,733
		Automated Casting Machines, Surface Treatment System & Consumables

See accompanying notes to financial statements.

46

Number of Shares			Value
		> Japan—continued
	446,400	Milbon	$	15,739,483
		Manufacturer of Hair Products for Business-to-business Use
	1,575,000	Lifenet Insurance (a)(c)		12,858,331
		Online Life Insurance Company in Japan
	243,100	Horiba		8,866,523
		Test & Measurement Instruments
	350,000	MonotaRO (a)		8,521,766
		Online MRO (Maintenance, Repair, Operations) Goods Distributor in Japan
				1,544,466,190
		> Taiwan 7.2%
	40,480,000	Far EasTone Telecom		108,490,695
		Taiwan's Third Largest Mobile Operator
	18,206,000	Taiwan Mobile		71,725,361
		Taiwan's Second Largest Mobile Operator
	2,270,000	St. Shine Optical		58,678,512
		World's Leading Disposable Contact Lens OEM (Original Equipment Manufacturer)
	23,043,000	CTCI Corp		41,792,382
		International Engineering Firm
	6,995,000	Delta Electronics		31,767,668
		Industrial Automation, Switching Power Supplies & Passive Components
	6,258,000	Advantech		29,681,321
		Industrial PC & Components
	12,488,000	Taiwan Hon Chuan		29,141,451
		Beverage Packaging (Bottles, Caps, Labels) Manufacturer
	7,401,000	Flexium Interconnect		25,143,638
		Flexible Printed Circuit for Mobile Electronics
	1,345,000	Ginko International		22,538,714
		Largest Contact Lens Maker in China
	6,173,000	Lung Yen		20,050,573
		Funeral Services & Columbaria
	2,673,000	President Chain Store		17,472,922
		Taiwan's Number One Convenience Chain Store Operator
	9,078,000	Lite-On Technology		15,867,974
		Mobile Device, LED & IT Component Supplier
	3,034,000	PC Home		15,820,969
		Taiwanese Internet Retail Company
	5,865,230	Chipbond		14,272,169
		Semiconductor Back-end Packaging Services
	7,568,000	Chroma Ate		12,807,203
		Automatic Test Systems, Testing & Measurement Instruments
	4,048,000	CHC Healthcare		10,715,007
		Medical Device Distributor
				525,966,559
		> Hong Kong 5.0%
	3,500,000	Melco Crown Entertainment - ADR (c)		78,260,000
		Macau Casino Operator

Number of Shares			Value
	7,581,000	AAC Technologies	$	42,533,006
		Miniature Acoustic Components
	15,625,000	L'Occitane International		41,973,748
		Skin Care & Cosmetics Producer
	18,223,000	Lifestyle International		38,034,821
		Mid to High-end Department Store Operator in Hong Kong & China
	20,000,000	Melco International		37,526,798
		Macau Casino Operator
	40,000,000	Mapletree Greater China Commercial Trust (c)		29,729,925
		Retail & Office Property Landlord
	30,000,000	Sa Sa International		29,625,606
		Cosmetics Retailer
	10,000,000	MGM China Holdings		26,536,564
		Macau Casino Operator
	18,000,000	Vitasoy International		21,667,342
		Well Known Hong Kong Soy Food Brand Reinventing Brand
	1,660,100	ASM Pacific		18,224,174
		Semi Backend & Surface Mounting Equipment
				364,111,984
		> Singapore 2.8%
	40,000,000	Mapletree Commercial Trust		37,278,106
		Retail & Office Property Landlord
	20,000,000	CDL Hospitality Trust		26,762,209
		Hotel Owner/Operator
	30,000,000	Mapletree Logistics Trust		26,001,089
		Industrial Property Landlord
	25,000,000	Mapletree Industrial Trust		25,980,789
		Industrial Property Landlord
	13,500,000	Ascendas REIT		23,658,539
		Industrial Property Landlord
	3,500,000	Singapore Exchange		19,345,885
		Singapore Equity & Derivatives Market Operator
	4,856,000	Super Group		17,037,185
		Instant Food & Beverages in Southeast Asia
	13,640,000	Goodpack Limited		16,895,306
		International Bulk Container Leasing
	4,772,000	Petra Foods		14,246,952
		Cocoa Processor & Chocolate Manufacturer
				207,206,060
		> Korea 2.7%
	834,580	Coway		40,555,792
		Household Appliance Rental Service Provider
	1,617,261	Paradise Co		32,643,745
		Korean 'Foreigner Only' Casino Operator
	74,400	KCC		21,268,787
		Paint & Housing Material Manufacturer
	465,540	Kepco Plant Service & Engineering		21,196,992
		Power Plant & Grid Maintenance

See accompanying notes to financial statements.

47

Columbia Acorn International

Statement of Investments (Unaudited), continued

Number of Shares			Value
		> Korea—continued
	416,998	LS Industrial Systems	$	20,839,457
		Manufacturer of Electrical & Automation Equipment
	16,200	Lotte Chilsung Beverage		19,510,059
		Beverages & Liquor Manufacturer
	886,204	iMarketKorea		17,074,215
		Procurement, Distribution of MRO (Maintenance, Repair, Operations) Goods
	624,441	Handsome		15,831,661
		High-end Apparel Company
	704,000	Nexen Tire		10,008,850
		Tire Manufacturer
	145,370	BS Financial Group		1,829,325
		Regional Bank in Busan (Korea's Second Largest City)
				200,758,883
		> India 2.2%
	341,652	Asian Paints		26,585,740
		India's Largest Paint Company
	1,875,000	United Breweries		22,778,747
		India's Largest Brewer
	2,765,000	Yes Bank		21,374,317
		Commercial Banking in India
	920,000	Colgate Palmolive India		21,016,183
		Consumer Products in Oral Care
	7,222,544	Adani Ports & Special Economic Zone		18,235,366
		Indian West Coast Shipping Port
	13,195,000	Redington India		15,930,587
		Supply Chain Solutions for IT & Mobile Handsets in Emerging Markets
	5,514,527	Bharti Infratel		14,100,634
		Communication Towers
	85,000	Bosch		12,903,517
		Automotive Parts
	125,000	TTK Prestige		6,622,824
		Branded Cooking Equipment
	1,650,000	SKIL Ports and Logistics (c)		2,471,923
		Indian Container Port Project
				162,019,838
		> Indonesia 1.8%
	58,000,000	Tower Bersama Infrastructure (c)		30,287,954
		Communications Towers
	31,764,600	Archipelago Resources (b)(c)		22,827,587
		Gold Mining Projects in Indonesia, Vietnam & the Philippines
	250,000,000	Ace Indonesia		18,594,030
		Home Improvement Retailer
	5,003,500	Mayora Indah		15,163,329
		Consumer Branded Food Manufacturer
	43,599,000	Surya Citra Media		11,965,120
		Free to Air TV Station in Indonesia
	9,720,000	Matahari Department Store (c)		11,365,495
		Largest Department Store Chain in Indonesia

Number of Shares			Value
	44,420,000	MNC Skyvision (c)	$	10,476,701
		Largest Satellite Pay TV Operator in Indonesia
	17,357,000	Arwana Citramulia		5,586,348
		Ceramic Tiles for Home Decoration
	6,622,000	Mitra Adiperkasa		4,649,184
		Operator of Department Store & Specialty Retail Stores
	5,719,500	Southern Arc Minerals (b)(c)		652,600
		Gold & Copper Exploration in Indonesia
				131,568,348
		> China 1.5%
	2,143,203	WuXi PharmaTech - ADR (c)		45,007,263
		Largest Contract Research Organization Business in China
	16,769,000	Want Want		23,504,153
		Chinese Branded Consumer Food Company
	34,418,000	AMVIG Holdings		13,312,705
		Chinese Tobacco Packaging Material Supplier
	193,550,000	RexLot Holdings		12,692,865
		Lottery Equipment Supplier in China
	1,377,000	Biostime		7,700,294
		Pediatric Nutrition & Baby Care Products Provider
	4,561,300	Digital China		5,421,852
		IT Distribution & Systems Integration Services
				107,639,132
		> Thailand 1.1%
	100,000,000	Home Product Center		36,924,798
		Home Improvement Retailer
	4,500,000	Airports of Thailand		24,318,775
		Airport Operator of Thailand
	8,775,000	Robinson's Department Store		17,149,305
		Mass-market Department Store Operator in Thailand
	9,053,600	Samui Airport Property Fund		5,126,112
		Thai Airport Operator
				83,518,990
		> Philippines 0.9%
	64,283,000	SM Prime Holdings		24,148,616
		Shopping Mall Operator
	7,570,000	Int'l Container Terminal		15,173,544
		Container Handling Terminals & Port Management
	18,600,000	Manila Water Company		13,935,799
		Water Utility Company in Philippines
	60,000,000	Melco Crown (Philippines) Resorts (c)		11,527,778
		Integrated Resort Operator in Manila
				64,785,737
		> Cambodia 0.6%
	60,000,000	Nagacorp		46,635,009
		Casino/Entertainment Complex in Cambodia

See accompanying notes to financial statements.

48

Number of Shares			Value
		> Mongolia 0.4%
	74,865,700	Mongolian Mining (c)	$	13,889,071
		Coking Coal Mining in Mongolia
	1,049,943	Turquoise Hill Resources (c)		6,229,575
	914,678	Turquoise Hill Resources (c)(d)		5,424,041
		Copper Mine Project in Mongolia
				25,542,687
Asia: Total				3,464,219,417
Europe 31.0%
		> United Kingdom 8.9%
	4,561,000	Jardine Lloyd Thompson Group		63,175,508
		International Business Insurance Broker
	3,560,000	Telecity		54,859,836
		European Data Center Provider
	1,130,000	Spirax Sarco		46,311,712
		Steam Systems for Manufacturing & Process Industries
	952,000	Whitbread		44,286,718
		The UK's Leading Hotelier & Coffee Shop
	3,583,000	Domino's Pizza UK & Ireland		36,526,280
		Pizza Delivery in UK, Ireland & Germany
	1,147,000	Rightmove		36,363,400
		Internet Real Estate Listings
	3,229,068	WH Smith (a)		35,263,931
		Newsprint, Books & General Stationery Retailer
	3,565,000	Shaftesbury		32,301,258
		London Prime Retail Real Estate Investment Trust
	2,709,000	Smith & Nephew		30,340,422
		Medical Equipment & Supplies
	795,000	Croda		29,979,531
		Oleochemicals & Industrial Chemicals
	7,760,000	Elementis		25,893,643
		Clay-based Additives
	3,715,000	Abcam		25,624,236
		Online Sales of Antibodies
	5,815,000	BBA Aviation		24,765,816
		Aviation Support Services
	4,577,000	Halford's		22,013,511
		The UK's Leading Retailer for Leisure Goods & Auto Parts
	875,000	Aggreko		21,870,170
		Temporary Power & Temperature Control Services
	34,752,000	Cable and Wireless		21,632,920
		Leading Telecoms Service Provider in the Caribbean
	1,198,263	Babcock International		20,119,923
		Public Sector Outsourcer
	8,141,000	Smiths News		18,727,851
		Newspaper & Magazine Distributor
	3,100,000	PureCircle (a)(c)		16,502,303
		Natural Sweeteners
	322,000	Intertek Group		14,313,413
		Testing, Inspection & Certification Services

Number of Shares			Value
	473,246	Fidessa Group	$	13,879,665
		Software for Financial Trading Systems
	1,864,319	Ocado (a)(c)		8,458,401
		Leading Online Grocery Retailer
	382,581	Tullow Oil		5,823,960
		Oil & Gas Producer
	57,745	Telecom Plus		1,096,084
		UK Multi Utility
				650,130,492
		> Netherlands 3.5%
	2,971,770	Aalberts Industries		66,418,376
		Flow Control & Heat Treatment
	1,514,545	UNIT4 (b)		49,086,350
		Business Software Development
	1,178,288	TKH Group		30,297,920
		Dutch Industrial Conglomerate
	1,068,478	Arcadis		28,771,297
		Engineering Consultants
	520,900	Fugro		28,303,801
		Subsea Oilfield Services
	143,395	Core Labs		21,747,286
		Oil & Gas Reservoir Consulting
	266,124	Vopak		15,707,549
		World's Largest Operator of Petroleum & Chemical Storage Terminals
	2,114,073	Imtech (a)(c)		15,561,754
		Technical Installation & Maintenance
				255,894,333
		> France 3.3%
	349,000	Eurofins Scientific (c)		73,646,945
		Food, Pharmaceuticals & Materials Screening & Testing
	1,100,000	Neopost		72,832,888
		Postage Meter Machines
	445,700	Gemalto (a)		40,354,897
		Digital Security Solutions
	308,400	Norbert Dentressangle		25,089,293
		Leading European Logistics & Transport Group
	1,002,314	Saft		23,816,045
		Niche Battery Manufacturer
	1,831,204	Hi-Media (a)(c)		3,982,843
		Online Advertiser in Europe
				239,722,911
		> Germany 2.9%
	2,000,000	Wirecard		54,419,897
		Online Payment Processing & Risk Management
	148,295	Rational		49,646,568
		Commercial Ovens
	685,000	NORMA Group		24,774,048
		Clamps for Automotive & Industrial Applications
	2,130,000	TAG Immobilien		23,215,518
		Owner of Residential Properties in Germany
	475,000	Elringklinger		15,828,930
		Automobile Components

See accompanying notes to financial statements.

49

Columbia Acorn International

Statement of Investments (Unaudited), continued

Number of Shares			Value
		> Germany—continued
	597,726	Aurelius	$	14,362,429
		European Turnaround Investor
	113,662	Pfeiffer Vacuum		11,770,013
		Vacuum Pumps
	90,000	Bertrandt		9,672,927
		Outsourced Engineering
	260,000	Deutsche Beteiligungs		6,254,652
		Private Equity Investment Management
				209,944,982
		> Switzerland 2.8%
	267,500	Partners Group		72,406,589
		Private Markets Asset Management
	212,500	Geberit		52,641,275
		Plumbing Supplies
	15,250	Sika		39,432,521
		Chemicals for Construction & Industrial Applications
	232,576	Dufry Group (c)		28,173,474
		Operates Airport Duty Free & Duty Paid Shops
	380,000	Zehnder		16,937,166
		Radiators & Heat Recovery Ventilation Systems
				209,591,025
		> Sweden 2.2%
	3,130,522	Hexagon		83,683,177
		Design, Measurement & Visualization Software & Equipment
	4,150,024	Sweco (b)		47,186,789
		Engineering Consultants
	868,700	Unibet		29,081,456
		European Online Gaming Operator
				159,951,422
		> Denmark 1.9%
	1,849,420	SimCorp		54,968,998
		Software for Investment Managers
	1,315,800	Novozymes		42,145,358
		Industrial Enzymes
	1,117,000	Jyske Bank (c)		42,014,811
		Danish Bank
				139,129,167
		> Italy 0.9%
	3,658,000	Pirelli (a)		42,286,993
		Global Tire Supplier
	8,501,000	Geox (a)		21,130,250
		Apparel & Shoe Maker
				63,417,243
		> Finland 0.8%
	551,816	Vacon		36,595,907
		Leading Independent Manufacturer of Variable Speed Alternating Current Drives
	1,084,000	Tikkurila		24,464,397
		Decorative & Industrial Paint in Scandinavia & Central & Eastern Europe
				61,060,304

Number of Shares			Value
		> Norway 0.7%
	3,281,864	Atea	$	33,092,293
		Leading Nordic IT Hardware/Software Reseller & Installation Company
	906,000	Subsea 7 (c)		15,884,662
		Offshore Subsea Contractor
				48,976,955
		> Spain 0.6%
	6,064,000	Dia		45,809,107
		Leading Hard Discounter in Spain, Latin America & the Eastern Mediterranean
		> Russia 0.6%
	1,167,000	Yandex (c)		32,244,210
		Search Engine for Russian & Turkish Languages
	400,000	QIWI - ADR		9,280,000
		Electronic Payments Network Serving Russia & the Commonwealth of Independent States
				41,524,210
		> Kazakhstan 0.5%
	5,143,000	Halyk Savings Bank of Kazakhstan - GDR		37,955,340
		Largest Retail Bank & Insurer in Kazakhstan
		> Belgium 0.4%
	438,880	EVS Broadcast Equipment		30,428,142
		Digital Live Mobile Production Software & Systems
		> Iceland 0.4%
	28,312,499	Marel (e)		20,256,367
	7,670,000	Marel (e)		8,114,436
		Largest Manufacturer of Poultry & Fish Processing Equipment
				28,370,803
		> Portugal 0.3%
	8,635,000	Redes Energéticas Nacionais		24,761,154
		Portuguese Power Transmission & Gas Transportation
		> Turkey 0.3%
	1,426,000	Bizim Toptan		23,215,845
		Cash & Carry Stores in Turkey
Europe: Total				2,269,883,435
Other Countries 14.1%
		> South Africa 4.2%
	13,935,448	Coronation Fund Managers		88,468,422
		South African Fund Manager
	858,188	Naspers		63,344,299
		Media in Africa, China, Russia & Other Emerging Markets
	19,098,300	Rand Merchant Insurance		48,632,239
		Directly Sold Property & Casualty Insurance; Holdings in Other Insurers
	2,230,504	Massmart Holdings		40,458,001
		General Merchandise, Food & Home Improvement Stores; Wal-Mart Subsidiary

See accompanying notes to financial statements.

50

Number of Shares			Value
		> South Africa—continued
	2,644,083	Mr. Price	$	36,040,775
		South African Retailer of Apparel, Household & Sporting Goods
	8,679,940	Northam Platinum (c)		28,029,287
		Platinum Mining in South Africa
				304,973,023
		> Canada 3.8%
	1,303,772	CCL Industries (c)		80,430,472
		Largest Global Label Converter
	1,084,597	ShawCor		42,859,990
		Oil & Gas Pipeline Products
	3,188,000	CAE		33,071,294
		Flight Simulator Equipment & Training Centers
	653,200	Onex Capital		29,638,399
		Private Equity
	590,228	AG Growth		19,159,821
		Leading Manufacturer of Augers & Grain Handling Equipment
	1,436,127	DeeThree Exploration (c)		10,378,021
	1,130,000	DeeThree Exploration (c)(f)		8,002,510
		Canadian Oil & Gas Producer
	709,576	Black Diamond Group		15,079,418
		Provides Accommodations/Equipment for Oil Sands Development
	984,500	Alliance Grain Traders		13,713,916
		Global Leader in Pulse Processing & Distribution
	1,901,514	Horizon North Logistics (a)		11,481,044
		Diversified Oil Services Offering in Northern Canada
	263,857	Baytex		9,508,586
		Oil & Gas Producer in Canada
	450,000	Athabasca Oil Sands (c)		2,785,490
		Oil Sands & Unconventional Oil Development
	1,607,306	Pan Orient		2,491,118
		Asian Oil & Gas Explorer
	332,700	Crew Energy (c)		1,638,667
		Canadian Oil & Gas Producer
	284,865	Americas Petrogas (c)		241,067
		Oil & Gas Exploration in Argentina, Potash in Peru
				280,479,813
		> United States 2.8%
	952,080	Atwood Oceanics (c)		49,555,764
		Offshore Drilling Contractor
	1,272,297	Textainer Group Holdings (a)		48,907,097
		Top International Container Leasor
	1,052,900	Rowan (c)		35,872,303
		Contract Offshore Driller
	601,213	FMC Technologies (c)		33,475,540
		Oil & Gas Well Head Manufacturer
	439,500	Hornbeck Offshore (c)		23,513,250
		Supply Vessel Operator in U.S. Gulf of Mexico
	428,228	World Fuel Services		17,120,555
		Global Fuel Broker
				208,444,509

Number of Shares			Value
		> Australia 2.6%
	11,155,000	Challenger Financial	$	40,676,982
		Largest Annuity Provider
	37,464,000	Commonwealth Property Office Fund		37,546,916
		Australia Prime Office Real Estate Investment Trust
	5,814,100	IAG		28,859,446
		General Insurance Provider
	2,800,000	Domino's Pizza Enterprises		28,627,809
		Domino's Pizza Operator in Australia/New Zealand & France/Benelux
	8,000,000	SAI Global		26,501,140
		Publishing, Certification & Compliance Services
	6,440,000	Regis Resources (c)		17,047,565
		Gold Mining in Australia
	928,701	Austbrokers		9,213,620
		Local Australian Small Business Insurance Broker
				188,473,478
		> Israel 0.7%
	3,145,527	Israel Chemicals		30,890,441
		Producer of Potash, Phosphates, Bromine & Specialty Chemicals
	791,000	Caesarstone (c)		21,538,930
		Quartz Countertops
				52,429,371
Other Countries: Total				1,034,800,194
Latin America 5.5%
		> Brazil 2.3%
	3,350,000	Localiza Rent A Car		47,367,065
		Car Rental
	55,632,340	Beadell Resources (b)(c)		25,954,829
		Gold Mining in Brazil
	1,800,000	Arcos Dorados (a)		21,024,000
		McDonald's Master Franchise for Latin America
	1,400,000	Multiplus		20,686,132
		Loyalty Program Operator in Brazil
	5,000,000	Odontoprev		20,592,915
		Dental Insurance
	1,000,000	Linx		16,734,264
		Retail Management Software in Brazil
	1,206,000	Mills Estruturas e Servicos de Engenharia		16,344,114
		Civil Engineering & Construction
				168,703,319
		> Mexico 1.8%
	17,626,000	Genomma Lab Internacional (c)		34,810,039
		Develops, Markets & Distributes Consumer Products
	300,000	Grupo Aeroportuario del Sureste - ADR		33,372,000
		Mexican Airport Operator
	6,090,000	Gruma (c)		27,682,993
		Tortilla Producer & Distributor

See accompanying notes to financial statements.

51

Columbia Acorn International

Statement of Investments (Unaudited), continued

Number of Shares			Value
		> Mexico—continued
	8,361,000	Bolsa Mexicana de Valores	$	20,790,466
		Mexico's Stock Exchange
	6,569,005	Qualitas		15,715,990
		Leading Auto Insurer in Mexico & Central America
				132,371,488
		> Chile 0.6%
	671,499	Sociedad Quimica y Minera de Chile - ADR		27,128,559
		Producer of Specialty Fertilizers, Lithium & Iodine
	23,280,000	Empresas Hites (b)		18,287,665
		Mass Retailer for the Lower Income Strata
				45,416,224
		> Guatemala 0.3%
	1,626,600	Tahoe Resources (c)		23,060,384
		Silver Project in Guatemala
		> Colombia 0.3%
	14,729,000	Isagen (c)		19,736,416
		Leading Colombian Electricity Provider
		> Uruguay 0.2%
	1,306,818	Union Agriculture Group (c)(f)(g)		13,525,567
		Farmland Operator in Uruguay
		> Argentina —%
	3,769,500	Madalena Ventures (c)		1,003,575
		Oil & Gas Exploration in Argentina
Latin America: Total				403,816,973
Total Equities: 97.9% (Cost: $5,652,916,839)				7,172,720,019	(h)

Number of Shares			Value
Short-Term Investments 1.7%
	87,517,862	JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%)	$	87,517,862
	40,633,751	JPMorgan U.S. Government Money Market Fund, Capital Shares (7 day yield of 0.01%)		40,633,751
Total Short-Term Investments: 1.7% (Cost: $128,151,613)				128,151,613
Securities Lending Collateral 1.7%
	128,096,564	Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (i)		128,096,564
Total Securities Lending Collateral: (Cost: $128,096,564)				128,096,564
Total Investments: 101.3% (Cost: $5,909,165,016)(j)				7,428,968,196
Obligation to Return Collateral for Securities Loaned: (1.7)%				(128,096,564	)
Cash and Other Assets Less Liabilities: 0.4%				29,519,826
Net Assets: 100.0%			$	7,330,391,458

ADR - American Depositary Receipts

GDR - Global Depositary Receipts

REIT - Real Estate Investment Trust

> Notes to Statement of Investments

(a)  All or a portion of this security was on loan at June 30, 2013. The total market value of securities on loan at June 30, 2013 was $122,061,343.

(b)  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 June 30, 2013, are as follows:

Security	Balance of Shares Held 12/31/12		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 6/30/13		Value		Dividend
Wacom (1)(2)		21,500		5,337,600		208,900		5,150,200	$	56,930,402	$	881,792
UNIT4		1,574,145		-		59,600		1,514,545		49,086,350		881,545
Sweco		4,150,024		-		-		4,150,024		47,186,789		2,061,879
Nakanishi		295,762		25,400		6,000		315,162		40,172,035		(40	)
Beadell Resources		17,793,303		37,839,037		-		55,632,340		25,954,829		-
Archipelago Resources		31,764,600		-		-		31,764,600		22,827,587		-
Icom		732,108		102,892		-		835,000		20,254,170		148,428
Empresas Hites		-		23,280,000		-		23,280,000		18,287,665		264,187
Southern Arc Minerals		6,217,500		-		498,000		5,719,500		652,600		-
Total of Affiliated Transactions		62,548,942		66,584,929		772,500		128,361,371	$	281,352,427	$	4,237,791

(1) At June 30, 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 June 30, 2013, were $208,516,589 and $224,422,025, respectively. Investments in affiliated companies represented 3.06% of the Fund's total net assets at June 30, 2013.

See accompanying notes to financial statements.

52

> Notes to Statement of Investments

(c)  Non-income producing security.

(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 June 30, 2013, the market value of these securities amounted to $21,528,077, which represented 0.29% 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	$	13,525,567
DeeThree Exploration	9/7/10		1,130,000		2,950,812		8,002,510
				$	17,950,812	$	21,528,077

(g)  Illiquid security.

(h)  On June 30, 2013, the Fund's total investments were denominated in currencies as follows:

Currency	Value		Percentage of Net Assets
Japanese Yen	$	1,544,466,190		21.1
Euro		909,290,890		12.4
British Pound		675,430,002		9.2
United States Dollar		554,951,704		7.6
Taiwan Dollar		525,966,559		7.2
Hong Kong Dollar		379,278,007		5.2
Other currencies less than 5% of total net assets		2,583,336,667		35.2
Total Equities	$	7,172,720,019		97.9

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

(j)  At June 30, 2013, for federal income tax purposes, the cost of investments was $5,909,165,016 and net unrealized appreciation was $1,519,803,180 consisting of gross unrealized appreciation of $1,897,242,868 and gross unrealized depreciation of $377,439,688.

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.

See accompanying notes to financial statements.

53

Columbia Acorn International

Statement of Investments (Unaudited), continued

> Notes to Statement of Investments

  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 June 30, 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	$	135,573,479	$	3,328,645,938	$	-	$	3,464,219,417
Europe		63,271,496		2,206,611,939		-		2,269,883,435
Other Countries		502,460,742		532,339,452		-		1,034,800,194
Latin America		364,336,577		25,954,829		13,525,567		403,816,973
Total Equities		1,065,642,294		6,093,552,158		13,525,567		7,172,720,019
Total Short-Term Investments		128,151,613		-		-		128,151,613
Total Securities Lending Collateral		128,096,564		-		-		128,096,564
Total Investments	$	1,321,890,471	$	6,093,552,158	$	13,525,567	$	7,428,968,196

  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.

  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 stocks 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.

See accompanying notes to financial statements.

54

Columbia Acorn International

Portfolio Diversification (Unaudited)

At June 30, 2013, the Fund's portfolio investments as a percentage of net assets were diversified as follows:

	Value		Percentage of Net Assets
> Industrial Goods & Services
Industrial Materials & Specialty Chemicals	$	543,047,465		7.4
Machinery		426,688,544		5.8
Other Industrial Services		426,354,591		5.8
Electrical Components		192,829,293		2.6
Conglomerates		111,078,725		1.5
Construction		110,777,772		1.5
Outsourcing Services		50,989,842		0.7
Industrial Distribution		42,491,287		0.6
		1,904,257,519		25.9
> Consumer Goods & Services
Retail		541,920,160		7.4
Food & Beverage		287,232,306		3.9
Casinos & Gaming		274,904,214		3.8
Other Durable Goods		174,247,448		2.4
Nondurables		172,953,742		2.4
Restaurants		109,440,806		1.5
Other Consumer Services		98,641,186		1.3
Consumer Goods Distribution		79,545,837		1.1
Travel		47,367,065		0.6
Apparel		36,961,911		0.5
Educational Services		28,500,777		0.4
Furniture & Textiles		21,538,930		0.3
		1,873,254,382		25.6
> Information
Computer Hardware & Related Equipment		247,563,411		3.4
Mobile Communications		244,858,814		3.3
Business Software		218,352,454		3.0
Internet Related		131,951,908		1.8
Computer Services		112,570,127		1.5
Semiconductors & Related Equipment		85,118,777		1.2
Financial Processors		83,045,781		1.1
Instrumentation		47,296,064		0.6
Telephone & Data Services		21,632,920		0.3
TV Broadcasting		11,965,120		0.2
Satellite Broadcasting & Services		10,476,701		0.1
Electronics Distribution		5,421,852		0.1
Advertising		3,982,843		0.1
		1,224,236,772		16.7

	Value			Percentage of Net Assets
> Other Industries
Real Estate	$	491,579,122			6.7
Transportation		143,962,449			2.0
Regulated Utilities		59,529,453			0.8
		695,071,024			9.5
> Finance
Insurance		239,725,031			3.2
Banks		180,481,437			2.5
Brokerage & Money Management		167,129,663			2.3
Finance Companies		78,545,495			1.1
Specialized Finance		20,790,466			0.3
		686,672,092			9.4
> Energy & Minerals
Oil Services		256,025,772			3.5
Mining		164,862,226			2.2
Oil & Gas Producers		41,872,995			0.6
Agricultural Commodities		27,239,482			0.4
Oil Refining, Marketing & Distribution		15,707,549			0.2
		505,708,024			6.9
> Health Care
Medical Supplies		106,841,462			1.5
Medical Equipment & Devices		81,227,464			1.1
Pharmaceuticals		67,709,221			0.9
Health Care Services		27,742,059			0.4
		283,520,206			3.9
Total Equities:		7,172,720,019			97.9
Short-Term Investments:		128,151,613			1.7
Securities Lending Collateral:		128,096,564			1.7
Total Investments:		7,428,968,196			101.3
Obligation to Return Collateral for Securities Loaned:		(128,096,564	)		(1.7	)
Cash and Other Assets Less Liabilities:		29,519,826			0.4
Net Assets:	$	7,330,391,458			100.0

See accompanying notes to financial statements.

55

Columbia Acorn USA

Major Portfolio Changes in the Second Quarter (Unaudited)

	Number of Shares
	3/31/13		6/30/13
Purchases
Information
CalAmp		0		173,015
ChannelAdvisor		0		44,119
DemandWare		0		72,000
E2Open		0		125,685
Envestnet		28,561		82,000
RealPage		158,542		330,000
RPX		155,948		228,294
Webgroup.com		0		81,192
Industrial Goods & Services
KAR Auction Services		0		151,000
Kennametal		224,000		264,000
Middleby		26,000		46,000
MRC Global		0		217,000
Polyone		164,000		290,000
TrueBlue		0		151,000
Consumer Goods & Services
B&G Foods		0		70,764
Blackhawk Network		0		252,000
Caesarstone (Israel)		243,814		333,814
Fiesta Restaurant Group		0		92,000
Select Comfort		0		145,000
Finance
CAI International		569,208		673,208
H & E Equipment Services		189,000		264,072
Health Care
Allscripts Healthcare Solutions		0		468,000
Cepheid		574,600		612,600
Coronado Biosciences		67,263		170,000
HealthSouth		0		114,000
Synageva Biopharma		210,553		258,773
Other Industries
American Residential Properties		0		90,000
Coresite Realty		42,628		223,000
World Fuel Services		0		79,000
Energy & Minerals
Gulfmark Offshore		0		84,000
Hornbeck Offshore		74,000		182,000
SM Energy		90,000		116,000

	Number of Shares
	3/31/13		6/30/13
Sales
Information
Nice Systems - ADR (Israel)		146,000		0
Microsemi		628,000		0
IPG Photonics		504,000		454,000
ON Semiconductor		874,000		260,000
TriQuint Semiconductor		978,000		0
Industrial Goods & Services
Ametek		984,000		871,000
Fortune Brands Home & Security		164,000		86,000
Nordson		718,200		675,200
Polypore International		207,000		130,000
Consumer Goods & Services
Abercrombie & Fitch		362,500		179,500
Helen of Troy		238,000		183,843
lululemon athletica		198,000		113,000
Pinnacle Entertainment		635,000		321,913
Ryman Hospitality Properties		907,722		569,722
Finance
Eagle Bancorp		191,000		1
TriCo Bancshares		82,000		67,569
World Acceptance		287,000		234,000
Heath Care
Health Management Associates		604,900		0
BioMarin Pharmaceutical		228,000		193,000
Chelsea Therapeutics International		419,511		0
Sirona Dental Systems		224,012		135,000
Other Industries
Biomed Realty Trust		496,200		352,200
Dupont Fabros Technology		356,738		0
Energy & Minerals
Atwood Oceanics		660,000		584,000

See accompanying notes to financial statements.

56

Columbia Acorn USA

Statement of Investments (Unaudited), June 30, 2013

Number of Shares			Value
			Equities: 98.1%
Information 27.8%
		> Business Software 8.3%
	745,000	Informatica (a)	$	26,060,100
		Enterprise Data Integration Software
	299,000	Ansys (a)		21,856,900
		Simulation Software for Engineers & Designers
	290,000	SPS Commerce (a)		15,950,000
		Supply Chain Management Software Delivered Via the Web
	170,000	NetSuite (a)		15,595,800
		End-to-end IT Systems Solution Delivered Over the Web
	340,000	Micros Systems (a)		14,671,000
		Information Systems for Hotels, Restaurants & Retailers
	178,000	Concur Technologies (a)(b)		14,485,640
		Web Enabled Cost & Expense Management Software
	330,000	RealPage (a)(b)		6,052,200
		Software for Managing Rental Properties Delivered Via the Web
	310,000	Exa (a)		3,193,000
		Simulation Software
	72,000	DemandWare (a)(b)		3,053,520
		eCommerce Website Solution for Retailers & Apparel Manufacturers
	125,685	E2Open (a)(b)		2,199,487
		Supply Chain Management Software & Supplier/Partner Network
	81,192	Webgroup.com (a)		2,078,515
		Website Creation & Management for Small Businesses
	82,000	Envestnet (a)		2,017,200
		Technology Platform for Investment Advisors
	160,200	InContact (a)		1,316,844
		Call Center Systems Delivered Via the Web & Telecommunications Services
	44,119	ChannelAdvisor (a)		693,992
		eCommerce Software
	364,000	Velti (a)(b)		509,600
		Mobile Marketing Software Platform
	1,090	SciQuest (a)		27,305
		Procurement Management Software & Vendor Network
				129,761,103
		> Instrumentation 4.3%
	164,000	Mettler-Toledo International (a)		32,996,800
		Laboratory Equipment
	454,000	IPG Photonics (b)		27,571,420
		Fiber Lasers
	274,000	Trimble Navigation (a)		7,126,740
		GPS-based Instruments
				67,694,960
		> Telephone & Data Services 2.5%
	1,325,000	tw telecom (a)		37,285,500
		Fiber Optic Telephone/Data Services
	364,000	Boingo Wireless (a)		2,260,440
		Wholesale & Retail WiFi Networks
				39,545,940

Number of Shares			Value
		> Semiconductors & Related Equipment 2.2%
	238,000	Ultratech (a)	$	8,739,360
		Semiconductor Equipment
	1,189,000	Atmel (a)		8,739,150
		Microcontrollers, Radio Frequency & Memory Semiconductors
	333,000	Monolithic Power Systems		8,028,630
		High Performance Analog & Mixed Signal Integrated Circuits
	118,000	Semtech (a)		4,133,540
		Analog Semiconductors
	45,000	Hittite Microwave (a)		2,610,000
		Radio Frequency, Microwave & Millimeterwave Semiconductors
	260,000	ON Semiconductor (a)		2,100,800
		Mixed Signal & Power Management Semiconductors
				34,351,480
		> Gaming Equipment & Services 2.2%
	600,000	Bally Technologies (a)(b)		33,852,000
		Slot Machines & Software
		> Computer Services 2.0%
	506,000	ExlService Holdings (a)		14,957,360
		Business Process Outsourcing
	327,000	WNS - ADR (India) (a)		5,457,630
		Offshore Business Process Outsourcing Services
	175,000	Virtusa (a)		3,878,000
		Offshore IT Outsourcing
	706,766	Hackett Group		3,668,116
		IT Integration & Best Practice Research
	582,000	RCM Technologies		3,160,260
		Technology & Engineering Services
				31,121,366
		> Telecommunications Equipment 2.0%
	740,000	Ixia (a)		13,616,000
		Telecom Network Test Equipment
	666,000	Finisar (a)		11,288,700
		Optical Subsystems & Components
	294,278	Infinera (a)		3,139,946
		Optical Networking Equipment
	173,015	CalAmp (a)		2,526,019
		Machine-to-machine Communications
				30,570,665
		> Computer Hardware & Related Equipment 1.7%
	1,242,000	II-VI (a)		20,194,920
		Laser Optics & Specialty Materials
	67,000	Rogers (a)		3,170,440
		Printed Circuit Materials & High-performance Foams
	88,000	Netgear (a)		2,687,520
		Networking Products for Small Business & Home
				26,052,880
		> Mobile Communications 1.3%
	273,000	SBA Communications (a)		20,234,760
		Communications Towers

See accompanying notes to financial statements.

57

Columbia Acorn USA

Statement of Investments (Unaudited), continued

Number of Shares			Value
		> Financial Processors 0.7%
	139,000	Global Payments	$	6,438,480
		Credit Card Processor
	153,000	Liquidity Services (a)(b)		5,304,510
		E-Auctions for Surplus & Salvage Goods
				11,742,990
		> Contract Manufacturing 0.4%
	215,000	Plexus (a)		6,426,350
		Electronic Manufacturing Services
		> Business Information & Marketing Services 0.2%
	228,294	RPX (a)		3,835,339
		Patent Aggregation & Defensive Patent Consulting
Information: Total				435,189,833
Industrial Goods & Services 19.9%
		> Machinery 14.6%
	675,200	Nordson		46,798,112
		Dispensing Systems for Adhesives & Coatings
	871,000	Ametek		36,843,300
		Aerospace/Industrial Instruments
	855,000	Donaldson		30,489,300
		Industrial Air Filtration
	760,000	ESCO Technologies		24,608,800
		Automatic Electric Meter Readers
	436,000	Moog (a)		22,467,080
		Motion Control Products for Aerospace, Defense & Industrial Markets
	606,000	HEICO		22,367,460
		FAA-approved Aircraft Replacement Parts
	237,000	Toro		10,762,170
		Turf Maintenance Equipment
	264,000	Kennametal		10,251,120
		Consumable Cutting Tools
	46,000	Middleby (a)		7,824,140
		Manufacturer of Cooking Equipment
	168,000	Generac		6,217,680
		Standby Power Generators
	130,000	Polypore International (a)(b)		5,239,000
		Battery Separators & Filtration Media
	97,000	Dorman Products		4,426,110
		Aftermarket Auto Parts Distributor
				228,294,272
		> Industrial Materials & Specialty Chemicals 1.8%
	539,000	Drew Industries		21,193,480
		RV & Manufactured Home Components
	290,000	Polyone		7,186,200
		Intermediate Stage Chemicals Producer
				28,379,680
		> Electrical Components 1.4%
	190,000	Acuity Brands		14,348,800
		Commercial Lighting Fixtures

Number of Shares			Value
	386,000	Thermon (a)	$	7,874,400
		Global Engineered Thermal Solutions
				22,223,200
		> Other Industrial Services 1.1%
	188,000	Forward Air		7,196,640
		Freight Transportation Between Airports
	496,643	Acorn Energy		4,191,667
		Frac Well Exploration/Monitoring Device, Sonar Security & Electric Grid Monitoring
	151,000	KAR Auction Services		3,453,370
		Auto Auctions
	151,000	TrueBlue (a)		3,178,550
		Temporary Industrial Labor
				18,020,227
		> Industrial Distribution 0.6%
	217,000	MRC Global (a)		5,993,540
		Industrial Distributor
	41,000	WESCO International (a)		2,786,360
		Industrial Distributor
				8,779,900
		> Waste Management 0.2%
	82,000	Waste Connections		3,373,480
		Solid Waste Management
		> Construction 0.2%
	86,000	Fortune Brands Home & Security		3,331,640
		Home Building Supplies & Small Locks
Industrial Goods & Services: Total				312,402,399
Consumer Goods & Services 15.8%
		> Travel 5.4%
	1,183,950	Avis Budget Group (a)		34,038,563
		Second Largest Car Rental Company
	569,722	Ryman Hospitality Properties (b)		22,224,855
		Convention Hotels
	614,000	Hertz (a)		15,227,200
		Largest U.S. Rental Car Operator
	173,000	Choice Hotels		6,866,370
		Franchisor of Budget Hotel Brands
	135,000	HomeAway (a)		4,365,900
		Vacation Rental Online Marketplace
	29,000	Vail Resorts		1,784,080
		Ski Resort Operator & Developer
				84,506,968
		> Retail 3.7%
	805,000	Pier 1 Imports		18,909,450
		Home Furnishing Retailer
	224,000	Shutterfly (a)		12,496,960
		Internet Photo-centric Retailer
	179,500	Abercrombie & Fitch		8,122,375
		Teen Apparel Retailer
	113,000	lululemon athletica (a)(b)		7,403,760
		Premium Active Apparel Retailer
	113,000	Casey's General Stores		6,798,080
		Owner/Operator of Convenience Stores

See accompanying notes to financial statements.

58

Number of Shares			Value
		> Retail—continued
	351,000	Saks (a)	$	4,787,640
		Luxury Department Store Retailer
				58,518,265
		> Furniture & Textiles 1.9%
	688,000	Interface		11,675,360
		Modular Carpet
	657,000	Knoll		9,335,970
		Office Furniture
	333,814	Caesarstone (Israel) (a)		9,089,755
		Quartz Countertops
				30,101,085
		> Consumer Goods Distribution 1.2%
	358,000	Pool		18,762,780
		Swimming Pool Supplies & Equipment Distributor
		> Other Consumer Services 1.1%
	233,000	Lifetime Fitness (a)		11,675,630
		Sport & Fitness Club Operator
	252,000	Blackhawk Network (a)		5,846,400
		Third Party Distributer of Prepaid Content, Mostly Gift Cards
				17,522,030
		> Other Durable Goods 0.8%
	187,000	Cavco Industries (a)		9,434,150
		Manufactured Homes
	145,000	Select Comfort (a)		3,633,700
		Specialty Mattresses
				13,067,850
		> Nondurables 0.5%
	183,843	Helen of Troy (a)		7,054,056
		Personal Care, Housewares, Healthcare & Home Environment Products
		> Casinos & Gaming 0.4%
	321,913	Pinnacle Entertainment (a)		6,332,029
		Regional Casino Operator
	4,378	Churchill Downs		345,205
		Owner/Operator of Horse Racing Tracks & Regional Casinos
				6,677,234
		> Food & Beverage 0.3%
	70,764	B&G Foods		2,409,514
		Acquiror of Small Food Brands
	136,000	Boulder Brands (a)		1,638,800
		Healthy Food Products
				4,048,314
		> Restaurants 0.2%
	92,000	Fiesta Restaurant Group (a)		3,163,880
		Owns/Operates Two Restaurant Chains: Pollo Tropical & Taco Cabana
		> Apparel 0.2%
	475,000	Quiksilver (a)		3,059,000
		Action Sports Lifestyle Branded Apparel & Footwear

Number of Shares			Value
		> Educational Services 0.1%
	34,350	ITT Educational Services (a)(b)	$	838,140
		Postsecondary Degree Services
Consumer Goods & Services: Total				247,319,602
Finance 13.9%
		> Banks 7.3%
	801,000	MB Financial		21,466,800
		Chicago Bank
	993,000	Associated Banc-Corp		15,441,150
		Midwest Bank
	164,000	SVB Financial Group (a)		13,664,480
		Bank to Venture Capitalists
	173,000	City National		10,963,010
		Bank & Asset Manager
	392,597	Lakeland Financial		10,894,567
		Indiana Bank
	487,000	TCF Financial		6,905,660
		Great Lakes Bank
	228,000	Hancock Holding		6,855,960
		Gulf Coast Bank
	1,345,199	First Busey		6,053,400
		Illinois Bank
	738,000	First Commonwealth		5,439,060
		Western Pennsylvania Bank
	566,750	Valley National Bancorp (b)		5,367,122
		New Jersey/New York Bank
	695,000	TrustCo Bank		3,780,800
		New York State Bank
	171,826	Sandy Spring Bancorp		3,714,878
		Baltimore & Washington, D.C. Bank
	154,849	Guaranty Bancorp		1,757,536
		Colorado Bank
	89,700	Hudson Valley		1,523,106
		Metro New York City Bank
	67,569	TriCo Bancshares		1,441,247
		California Central Valley Bank
	1	Eagle Bancorp (a)		11
		Metro Washington D.C. Bank
				115,268,787
		> Finance Companies 4.4%
	234,000	World Acceptance (a)		20,343,960
		Personal Loans
	673,208	CAI International (a)		15,867,513
		International Container Leasing
	389,000	Textainer Group Holdings (b)		14,953,160
		Top International Container Leasor
	315,000	McGrath Rentcorp		10,760,400
		Temporary Space & IT Rentals
	264,072	H & E Equipment Services		5,563,997
		Heavy Equipment Leasing
	91,000	Marlin Business Services		2,072,980
		Small Equipment Leasing
				69,562,010
		> Savings & Loans 1.1%
	548,487	ViewPoint Financial		11,414,014
		Texas Thrift
	128,000	Berkshire Hills Bancorp		3,553,280
		Northeast Thrift

See accompanying notes to financial statements.

59

Columbia Acorn USA

Statement of Investments (Unaudited), continued

Number of Shares			Value
		> Savings & Loans—continued
	157,073	Simplicity Bancorp	$	2,277,559
		Los Angeles Savings & Loan
				17,244,853
		> Insurance 0.6%
	35,000	Enstar Group (a)		4,654,300
		Insurance/Reinsurance & Related Services
	45,000	Allied World Holdings		4,117,950
		Commerical Lines Insurance/Reinsurance
				8,772,250
		> Brokerage & Money Management 0.5%
	139,000	SEI Investments		3,951,770
		Mutual Fund Administration & Investment Management
	200,000	Kennedy-Wilson Holdings		3,328,000
		Global Distressed Real Estate
				7,279,770
Finance: Total				218,127,670
Health Care 8.8%
		> Biotechnology & Drug Delivery 5.4%
	645,000	Seattle Genetics (a)		20,291,700
		Antibody-based Therapies for Cancer
	729,000	NPS Pharmaceuticals (a)		11,007,900
		Orphan Drugs & Healthy Royalties
	258,773	Synageva Biopharma (a)		10,868,466
		Biotech Focused on Orphan Diseases
	193,000	BioMarin Pharmaceutical (a)		10,767,470
		Biotech Focused on Orphan Diseases
	91,000	Onyx Pharmaceuticals (a)		7,900,620
		Commercial-stage Biotech Focused on Cancer
	186,000	Sarepta Therapeutics (a)(b)		7,077,300
		Biotech Focused on Rare Diseases
	388,000	ARIAD Pharmaceuticals (a)		6,786,120
		Biotech Focused on Cancer
	145,000	Alnylam Pharmaceuticals (a)		4,496,450
		Biotech Developing Drugs for Rare Diseases
	364,000	InterMune (a)		3,501,680
		Drugs for Pulmonary Fibrosis & Hepatitis C
	170,000	Coronado Biosciences (a)(b)		1,462,000
		Development-stage Biotech
	18,181	Metabolex (a)(c)(d)		1,273
		Diabetes Drug Development
				84,160,979
		> Medical Supplies 1.7%
	612,600	Cepheid (a)		21,085,692
		Molecular Diagnostics
	87,000	Techne		6,009,960
		Cytokines, Antibodies & Other Reagents for Life Science
				27,095,652

Number of Shares			Value
		> Health Care Services 0.6%
	468,000	Allscripts Healthcare Solutions (a)	$	6,055,920
		Health Care IT
	114,000	HealthSouth (a)		3,283,200
		Inpatient Rehabalitation Facilities
				9,339,120
		> Medical Equipment & Devices 0.6%
	135,000	Sirona Dental Systems (a)		8,893,800
		Manufacturer of Dental Equipment
		> Pharmaceuticals 0.5%
	584,000	Akorn (a)		7,895,680
		Develops, Manufactures & Sells Specialty Generic Drugs
	121,180	Alimera Sciences (a)(b)		591,358
		Ophthalmology-focused Pharmaceutical Company
				8,487,038
Health Care: Total				137,976,589
Other Industries 6.9%
		> Real Estate 5.8%
	832,000	Extra Space Storage		34,885,760
		Self Storage Facilities
	986,800	EdR		10,094,964
		Student Housing
	491,000	Associated Estates Realty		7,895,280
		Multi-family Properties
	1,255,000	Kite Realty Group		7,567,650
		Community Shopping Centers
	352,200	Biomed Realty Trust		7,125,006
		Life Science-focused Office Buildings
	223,000	Coresite Realty		7,093,630
		Data Centers
	871,000	DCT Industrial Trust		6,227,650
		Industrial Properties
	91,000	Post Properties		4,503,590
		Multi-family Properties
	182,000	St. Joe (a)		3,831,100
		Florida Panhandle Landowner
	90,000	American Residential Properties (a)(b)		1,548,000
		Single-family Rental Properties
				90,772,630
		> Transportation 1.1%
	468,091	Rush Enterprises, Class A (a)		11,585,252
	105,000	Rush Enterprises, Class B (a)		2,259,600
		Truck Sales & Service
	79,000	World Fuel Services		3,158,420
		Global Fuel Broker
				17,003,272
Other Industries: Total				107,775,902

See accompanying notes to financial statements.

60

Number of Shares			Value
Energy & Minerals 5.0%
		> Oil Services 2.8%
	584,000	Atwood Oceanics (a)	$	30,397,200
		Offshore Drilling Contractor
	182,000	Hornbeck Offshore (a)		9,737,000
		Supply Vessel Operator in U.S. Gulf of Mexico
	84,000	Gulfmark Offshore		3,787,560
		Operator of Offshore Supply Vessels
				43,921,760
		> Oil & Gas Producers 1.5%
	166,000	PDC Energy (a)		8,545,680
		Oil & Gas Producer in U.S.
	116,000	SM Energy		6,957,680
		Oil & Gas Producer
	158,000	Approach Resources (a)		3,882,060
		Oil & Gas Producer in West Texas Permian
	83,000	Rosetta Resources (a)		3,529,160
		Oil & Gas Producer Exploring in Texas
	464,000	Quicksilver Resources (a)(b)		779,520
		Natural Gas & Coal Seam Gas Producer
				23,694,100
		> Mining 0.7%
	70,000	Core Labs (Netherlands)		10,616,200
		Oil & Gas Reservoir Consulting
	546,000	Alexco Resource (a)		611,520
		Mining, Exploration & Environmental Services
				11,227,720
Energy & Minerals: Total				78,843,580
Total Equities: 98.1% (Cost: $897,717,035)				1,537,635,575	(e)(f)

Number of Shares			Value
Short-Term Investments 1.9%
	30,437,673	JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%)	$	30,437,673
Total Short-Term Investments: 1.9% (Cost: $30,437,673)				30,437,673
Securities Lending Collateral 4.1%
	63,738,529	Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (g)		63,738,529
Total Securities Lending Collateral: (Cost: $63,738,529)				63,738,529
Total Investments: 104.1% (Cost: $991,893,237)(h)				1,631,811,777
Obligation to Return Collateral for Securities Loaned: (4.1)%				(63,738,529	)
Cash and Other Assets Less Liabilities: —%				102,768
Net Assets: 100.0%			$	1,568,176,016

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 June 30, 2013. The total market value of securities on loan at June 30, 2013 was $63,089,988.

(c)  Illiquid security.

(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 June 30, 2013, the market value of this security amounted to $1,273, 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	$	1,273

(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 June 30, 2013, are as follows:

Security	Balance of Shares Held 12/31/12		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 6/30/13		Value		Dividend
RCM Technologies (1)		640,000		-		58,000		582,000	$	3,160,260	$	-

(1) At June 30, 2013 the Fund owned less than five percent of the company's outstanding voting shares.

See accompanying notes to financial statements.

61

Columbia Acorn USA

Statement of Investments (Unaudited), continued

> Notes to Statement of Investments

(f)  On June 30, 2013, the market value of foreign securities represented 1.60% of total net assets. The Fund's foreign portfolio was diversified as follows:

Country	Value		Percentage of Net Assets
Netherlands	$	10,616,200		0.67
Israel		9,089,755		0.58
India		5,457,630		0.35
Total Foreign Portfolio	$	25,163,585		1.60

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

(h)  At June 30, 2013, for federal income tax purposes, the cost of investments was $991,893,237 and net unrealized appreciation was $639,918,540 consisting of gross unrealized appreciation of $669,973,504 and gross unrealized depreciation of $30,054,964.

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.

See accompanying notes to financial statements.

62

> Notes to Statement of Investments

  The following table summarizes the inputs used, as of June 30, 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	$	435,189,833	$	-	$	-	$	435,189,833
Industrial Goods & Services		312,402,399		-		-		312,402,399
Consumer Goods & Services		247,319,602		-		-		247,319,602
Finance		218,127,670		-		-		218,127,670
Health Care		137,975,316		-		1,273		137,976,589
Other Industries		107,775,902		-		-		107,775,902
Energy & Minerals		78,843,580		-		-		78,843,580
Total Equities		1,537,634,302		-		1,273		1,537,635,575
Total Short-Term Investments		30,437,673		-		-		30,437,673
Total Securities Lending Collateral		63,738,529		-		-		63,738,529
Total Investments	$	1,631,810,504	$	-	$	1,273	$	1,631,811,777

  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 stocks 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.

See accompanying notes to financial statements.

63

Columbia Acorn International Select

Major Portfolio Changes in the Second Quarter (Unaudited)

	Number of Shares
	3/31/13		6/30/13
Purchases
Asia
> Japan
NGK Spark Plug		632,000		759,000
Rinnai		79,000		104,500
Toyo Suisan Kaisha		0		125,000
> Taiwan
Taiwan Mobile		4,242,000		4,622,000
Europe
> United Kingdom
Babcock International		0		186,936
Jardine Lloyd Thompson Group		812,116		993,000
Smith & Nephew		314,515		688,000
Telecity		0		270,000
Whitbread		0		95,000
> Denmark
Jyske Bank		113,356		119,000
Novozymes		0		109,000
> France
Neopost		65,000		117,000
Other Countries
> Australia
Regis Resources		1,213,715		1,700,000
> Canada
CCL Industries		91,400		221,000
Latin America
> Brazil
Beadell Resources		6,667,760		11,561,000
> Mexico
Fresnillo		200,326		243,000

	Number of Shares
	3/31/13		6/30/13
Sales
Asia
> Japan
Familymart		95,000		91,000
FP Corporation		59,000		0
Itochu Techno-Science		134,000		0
Park24		210,000		205,000
Seven Bank		4,520,000		2,837,000
Start Today		936,100		796,000
> Taiwan
CTCI Corp		3,947,000		3,630,000
> Singapore
Ascendas REIT		11,081,000		9,514,000
CDL Hospitality Trust		2,349,000		0
Mapletree Industrial Trust		13,429,000		5,869,000
Mapletree Logistics Trust		11,748,000		10,847,000
> Korea
Hite Jinro		118,360		0
Hyundai Motor		51,000		0
Kepco Plant Service & Engineering		157,000		76,000
> Hong Kong
Mapletree Greater China Commercial Trust		4,932,000		4,288,000
> China
Want Want		2,770,000		0
Europe
> United Kingdom
Intertek Group		74,000		0
Other Countries
> Australia
Challenger Financial		3,214,907		1,836,000
Commonwealth Property Office Fund		3,310,000		0
IAG		1,089,000		690,000
> Canada
Alamos Gold		25,180		0
> South Africa
Naspers		95,700		50,000
> United States
Allied Nevada Gold		161,000		0
> Israel
Israel Chemicals		307,000		0

See accompanying notes to financial statements.

64

Columbia Acorn International Select

Statement of Investments (Unaudited), June 30, 2013

Number of Shares			Value
			Equities: 94.2%
Asia 53.6%
		> Japan 21.1%
	796,000	Start Today (a)	$	15,586,945
		Online Japanese Apparel Retailer
	759,000	NGK Spark Plug		15,191,298
		Automobile Parts
	2,837,000	Seven Bank		10,284,366
		ATM Processing Services
	104,500	Rinnai		7,430,532
		Gas Appliances for Household & Commercial Use
	855	Nippon Prologis REIT (a)		7,419,050
		Logistics Real Estate Investment Trust in Japan
	125,000	Toyo Suisan Kaisha		4,159,091
		Instant Noodle Manufacturer
	3,435	Orix JREIT		3,920,678
		Diversified Real Estate Investment Trust
	91,000	Familymart		3,882,828
		Convenience Store Operator
	205,000	Park24		3,719,116
		Parking Lot Operator
				71,593,904
		> Taiwan 15.2%
	9,985,000	Far EasTone Telecom		26,760,859
		Taiwan's Third Largest Mobile Operator
	4,622,000	Taiwan Mobile		18,209,086
		Taiwan's Second Largest Mobile Operator
	3,630,000	CTCI Corp		6,583,620
		International Engineering Firm
				51,553,565
		> Singapore 10.3%
	9,514,000	Ascendas REIT		16,673,137
		Industrial Property Landlord
	10,847,000	Mapletree Logistics Trust		9,401,127
		Industrial Property Landlord
	5,869,000	Mapletree Industrial Trust		6,099,250
		Industrial Property Landlord
	3,012,000	Mapletree Commercial Trust		2,807,041
		Retail & Office Property Landlord
				34,980,555
		> Indonesia 2.5%
	11,903,000	Archipelago Resources (b)		8,554,075
		Gold Mining Projects in Indonesia, Vietnam & the Philippines
		> Korea 2.3%
	88,800	Coway		4,315,170
		Household Appliance Rental Service Provider
	76,000	Kepco Plant Service & Engineering		3,460,436
		Power Plant & Grid Maintenance
				7,775,606

Number of Shares			Value
		> Hong Kong 2.2%
	2,391,000	Melco International	$	4,486,329
		Macau Casino Operator
	4,288,000	Mapletree Greater China Commercial Trust (b)		3,187,048
		Retail & Office Property Landlord
				7,673,377
Asia: Total				182,131,082
Europe 21.4%
		> United Kingdom 9.8%
	993,000	Jardine Lloyd Thompson Group		13,754,282
		International Business Insurance Broker
	688,000	Smith & Nephew		7,705,504
		Medical Equipment & Supplies
	95,000	Whitbread		4,419,368
		The UK's Leading Hotelier & Coffee Shop
	270,000	Telecity		4,160,718
		European Data Center Provider
	186,936	Babcock International		3,138,825
		Public Sector Outsourcer
				33,178,697
		> Denmark 3.6%
	119,000	Jyske Bank (b)		4,476,063
		Danish Bank
	144,000	SimCorp		4,280,010
		Software for Investment Managers
	109,000	Novozymes		3,491,293
		Industrial Enzymes
				12,247,366
		> France 2.3%
	117,000	Neopost		7,746,771
		Postage Meter Machines
		> Switzerland 1.9%
	24,000	Partners Group		6,496,292
		Private Markets Asset Management
		> Germany 1.2%
	150,000	Wirecard		4,081,492
		Online Payment Processing & Risk Management
		> Sweden 1.1%
	140,000	Hexagon		3,742,393
		Design, Measurement & Visualization Software & Equipment
		> Iceland 1.1%
	3,488,000	Marel		3,690,111
		Largest Manufacturer of Poultry & Fish Processing Equipment
		> Netherlands 0.4%
	176,586	Imtech (a)(b)		1,299,855
		Technical Installation & Maintenance
Europe: Total				72,482,977

See accompanying notes to financial statements.

65

Columbia Acorn International Select

Statement of Investments (Unaudited), continued

Number of Shares			Value
Other Countries 13.6%
		> Australia 4.3%
	1,836,000	Challenger Financial	$	6,695,019
		Largest Annuity Provider
	1,700,000	Regis Resources (b)		4,500,134
		Gold Mining in Australia
	690,000	IAG		3,424,953
		General Insurance Provider
				14,620,106
		> Canada 4.2%
	221,000	CCL Industries (b)		13,633,622
		Largest Global Label Converter
	21,500	Goldcorp		531,695
		Gold Mining
				14,165,317
		> South Africa 2.7%
	846,448	Coronation Fund Managers		5,373,628
		South African Fund Manager
	50,000	Naspers		3,690,584
		Media in Africa, China, Russia & Other Emerging Markets
				9,064,212
		> United States 2.4%
	82,000	Atwood Oceanics (b)		4,268,100
		Offshore Drilling Contractor
	66,000	SM Energy		3,958,680
		Oil & Gas Producer
				8,226,780
Other Countries: Total				46,076,415
Latin America 5.6%
		> Guatemala 2.4%
	588,000	Tahoe Resources (b)		8,336,104
		Silver Project in Guatemala
		> Brazil 1.6%
	11,561,000	Beadell Resources (b)		5,393,693
		Gold Mining in Brazil
		> Mexico 1.0%
	243,000	Fresnillo		3,280,703
		Silver & Metal Byproduct Mining in Mexico

Number of Shares			Value
		> Uruguay 0.6%
	191,666	Union Agriculture Group (b)(c)(d)	$	1,983,743
		Farmland Operator in Uruguay
		> Colombia —%
	1,880,000	Santa Maria Petroleum (b)(c)		46,924
		Explores for Oil & Gas in Latin America
Latin America: Total				19,041,167
Total Equities: 94.2% (Cost: $276,197,649)				319,731,641	(e)
Short-Term Investments 5.1%
	12,032,155	JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%)		12,032,155
	5,432,560	JPMorgan U.S. Government Money Market Fund, Capital Shares (7 day yield of 0.01%)		5,432,560
Total Short-Term Investments: 5.1% (Cost: $17,464,715)				17,464,715
Securities Lending Collateral 1.3%
	4,332,824	Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (f)		4,332,824
Total Securities Lending Collateral: (Cost: $4,332,824)				4,332,824
Total Investments: 100.6% (Cost: $297,995,188)(g)				341,529,180
Obligation to Return Collateral for Securities Loaned: (1.3)%				(4,332,824	)
Cash and Other Assets Less Liabilities: 0.7%				2,423,092
Net Assets: 100.0%			$	339,619,448

REIT - Real Estate Investment Trust

See accompanying notes to financial statements.

> Notes to Statement of Investments

(a)  All or a portion of this security was on loan at June 30, 2013. The total market value of securities on loan at June 30, 2013 was $4,098,939.

(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 June 30, 2013, the market value of these securities amounted to $2,030,667, which represented 0.60% 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	$	1,983,743
Santa Maria Petroleum	1/14/11		1,880,000		2,375,897		46,924
				$	4,575,897	$	2,030,667

66

> Notes to Statement of Investments

(d)  Illiquid security.

(e)  On June 30, 2013, the Fund's total investments were denominated in currencies as follows:

Currency	Value		Percentage of Net Assets
Japanese Yen	$	71,593,904		21.1
Taiwan Dollar		51,553,565		15.2
British Pound		45,013,475		13.3
Hong Kong Dollar		38,167,603		11.2
Canadian Dollar		22,016,649		6.5
Australian Dollar		20,013,799		5.9
Other currencies less than 5% of total net assets		71,372,646		21.0
Total Equities	$	319,731,641		94.2

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

(g)  At June 30, 2013, for federal income tax purposes, the cost of investments was $297,995,188 and net unrealized appreciation was $43,533,992 consisting of gross unrealized appreciation of $65,324,272 and gross unrealized depreciation of $21,790,280.

At June 30, 2013, the Fund had entered into the following forward foreign currency exchange contracts:

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		89,655,300	$	9,000,000	7/15/13	$	(52,114	)

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

  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.

See accompanying notes to financial statements.

67

Columbia Acorn International Select

Statement of Investments (Unaudited), continued

> Notes to Statement of Investments

  The following table summarizes the inputs used, as of June 30, 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	$	–	$	182,131,082		$	–	$	182,131,082
Europe		–		72,482,977			–		72,482,977
Other Countries		22,392,097		23,684,318			–		46,076,415
Latin America		8,336,104		8,721,320			1,983,743		19,041,167
Total Equities		30,728,201		287,019,697			1,983,743		319,731,641
Total Short-Term Investments		17,464,715		–			–		17,464,715
Total Securities Lending Collateral		4,332,824		–			–		4,332,824
Total Investments	$	52,525,740	$	287,019,697		$	1,983,743	$	341,529,180
Unrealized Depreciation on Forward Foreign Currency Exchange Contracts		–		(52,114	)		–		(52,114	)
Total	$	52,525,740	$	286,967,583		$	1,983,743	$	341,477,066

  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.

  Certain common stocks 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.

See accompanying notes to financial statements.

68

Columbia Acorn International Select

Portfolio Diversification (Unaudited)

At June 30, 2013, the Fund's portfolio investments as a percentage of net assets were diversified as follows:

	Value		Percentage of Net Assets
> Consumer Goods & Services
Other Durable Goods	$	22,621,830		6.7
Retail		19,469,773		5.7
Nondurables		13,633,622		4.0
Casinos & Gaming		4,486,328		1.3
Restaurants		4,419,368		1.3
Other Consumer Services		4,315,170		1.3
Food & Beverage		4,159,091		1.2
		73,105,182		21.5
> Information
Mobile Communications		44,969,946		13.2
Business Software		8,022,403		2.4
Computer Services		4,160,718		1.2
Financial Processors		4,081,492		1.2
Internet Related		3,690,584		1.1
		64,925,143		19.1
> Finance
Insurance		23,874,254		7.0
Banks		14,760,429		4.4
Brokerage & Money Management		11,869,920		3.5
		50,504,603		14.9
> Other Industries
Real Estate		49,507,331		14.6
		49,507,331		14.6
> Energy & Minerals
Mining		30,596,404		9.0
Oil Services		4,268,100		1.2
Oil & Gas Producers		4,005,604		1.2
Agricultural Commodities		1,983,743		0.6
		40,853,851		12.0

	Value			Percentage of Net Assets
> Industrial Goods & Services
Machinery	$	11,436,882			3.4
Outsourcing Services		6,599,261			2.0
Construction		6,583,620			1.9
Other Industrial Services		5,018,971			1.5
Industrial Materials & Specialty Chemicals		3,491,293			1.0
		33,130,027			9.8
> Health Care
Medical Equipment & Devices		7,705,504			2.3
		7,705,504			2.3
Total Equities:		319,731,641			94.2
Short-Term Investments:		17,464,715			5.1
Securities Lending Collateral:		4,332,824			1.3
Total Investments:		341,529,180			100.6
Obligation to Return Collateral for Securities Loaned:		(4,332,824	)		(1.3	)
Cash and Other Assets Less Liabilities:		2,423,092			0.7
Net Assets:	$	339,619,448			100.0

See accompanying notes to financial statements.

69

Columbia Acorn Select

Major Portfolio Changes in the Second Quarter (Unaudited)

	Number of Shares
	3/31/13		6/30/13
Purchases
Industrial Goods & Services
Nordson		240,000		288,000
Information
Ansys		74,000		102,000
F5 Networks		165,000		195,000
Trimble Navigation		0		330,000
Consumer Goods & Services
Best Buy		0		215,000
Blackhawk Network		0		435,000
Choice Hotels		155,000		220,000
Lifetime Fitness		170,000		233,000
PVH		0		89,000
Health Care
Cepheid		385,000		464,000

	Number of Shares
	3/31/13		6/30/13
Sales
Industrial Goods & Services
Ametek		1,270,000		1,210,000
Donaldson		988,000		940,000
Kennametal		615,000		587,000
Pall		412,000		375,000
Information
Crown Castle International		488,000		395,000
Globalstar		17,458,546		0
Sanmina-SCI		1,880,000		1,076,926
SBA Communications		377,000		364,000
Consumer Goods & Services
Abercrombie & Fitch		345,000		0
Hertz		2,260,000		1,870,000
lululemon athletica		107,000		38,000
RexLot Holdings (China)		119,425,000		57,875,000
Ryman Hospitality Properties		875,783		444,783
Finance
City National		480,000		468,000
CNO Financial Group		4,100,000		3,863,000
Discover Financial Services		970,000		750,000
Energy & Minerals
Real Goods Solar		1,165,000		0
Tuscany International Drilling (Colombia)		8,259,800		0
Other Industries
Biomed Realty Trust		924,000		852,000
Dupont Fabros Technology		456,000		300,000

See accompanying notes to financial statements.

70

Columbia Acorn Select

Statement of Investments (Unaudited), June 30, 2013

Number of Shares			Value
			Equities: 98.1%
Industrial Goods & Services 23.8%
		> Machinery 17.8%
	1,210,000	Ametek	$	51,183,000
		Aerospace/Industrial Instruments
	940,000	Donaldson		33,520,400
		Industrial Air Filtration
	375,000	Pall		24,911,250
		Life Science, Water & Industrial Filtration
	587,000	Kennametal		22,793,210
		Consumable Cutting Tools
	288,000	Nordson		19,961,280
		Dispensing Systems for Adhesives & Coatings
				152,369,140
		> Outsourcing Services 2.6%
	839,000	Quanta Services (a)		22,199,940
		Electrical & Telecom Construction Services
		> Industrial Materials & Specialty Chemicals 1.9%
	265,000	FMC Corporation		16,180,900
		Niche Specialty Chemicals
		> Industrial Distribution 0.8%
	74,233	Airgas		7,086,282
		Industrial Gas Distributor
		> Other Industrial Services 0.7%
	160,000	Forward Air		6,124,800
		Freight Transportation Between Airports
Industrial Goods & Services: Total				203,961,062
Information 23.6%
		> Mobile Communications 6.5%
	395,000	Crown Castle International (a)		28,594,050
		Communications Towers
	364,000	SBA Communications (a)		26,979,680
		Communications Towers
				55,573,730
		> Computer Services 4.8%
	2,470,000	WNS - ADR (India) (a)		41,224,300
		Offshore Business Process Outsourcing Services
		> Computer Hardware & Related Equipment 4.0%
	445,000	Amphenol		34,683,300
		Electronic Connectors
		> Instrumentation 3.5%
	107,000	Mettler-Toledo International (a)		21,528,400
		Laboratory Equipment
	330,000	Trimble Navigation (a)		8,583,300
		GPS-based Instruments
				30,111,700

Number of Shares			Value
		> Contract Manufacturing 1.8%
	1,076,926	Sanmina-SCI (a)	$	15,453,888
		Electronic Manufacturing Services
		> Telecommunications Equipment 1.6%
	195,000	F5 Networks (a)		13,416,000
		Internet Traffic Management Equipment
		> Business Software 0.9%
	102,000	Ansys (a)		7,456,200
		Simulation Software for Engineers & Designers
		> Semiconductors & Related Equipment 0.5%
	575,000	Atmel (a)		4,226,250
		Microcontrollers, Radio Frequency & Memory Semiconductors
Information: Total				202,145,368
Consumer Goods & Services 17.9%
		> Travel 10.1%
	1,870,000	Hertz (a)		46,376,000
		Largest U.S. Rental Car Operator
	444,783	Ryman Hospitality Properties (b)		17,350,985
		Convention Hotels
	238,000	Vail Resorts		14,641,760
		Ski Resort Operator & Developer
	220,000	Choice Hotels		8,731,800
		Franchisor of Budget Hotel Brands
				87,100,545
		> Other Consumer Services 2.9%
	233,000	Lifetime Fitness (a)		11,675,630
		Sport & Fitness Club Operator
	435,000	Blackhawk Network (a)		10,092,000
		Third Party Distributer of Prepaid Content, Mostly Gift Cards
	1,197,322	IFM Investments (Century 21 China RE) - ADR (China) (a)(c)		2,789,760
		Provide Real Estate Services in China
				24,557,390
		> Retail 2.5%
	129,000	ULTA (a)		12,920,640
		Specialty Beauty Product Retailer
	215,000	Best Buy		5,875,950
		Consumer Electronic Specialty Retailer
	38,000	lululemon athletica (a)(b)		2,489,760
		Premium Active Apparel Retailer
				21,286,350
		> Apparel 1.3%
	89,000	PVH		11,129,450
		Apparel Wholesaler & Retailer
		> Educational Services 0.6%
	198,000	ITT Educational Services (a)(b)		4,831,200
		Postsecondary Degree Services
		> Casinos & Gaming 0.4%
	57,875,000	RexLot Holdings (China)		3,795,400
		Lottery Equipment Supplier in China

See accompanying notes to financial statements.

71

Columbia Acorn Select

Statement of Investments (Unaudited), continued

Number of Shares			Value
		> Food & Beverage 0.1%
	1,500,000	GLG Life Tech (Canada) (a)	$	600,000
		Produce an All-natural Sweetener Extracted from the Stevia Plant
Consumer Goods & Services: Total				153,300,335
Finance 17.6%
		> Insurance 5.8%
	3,863,000	CNO Financial Group		50,064,480
		Life, Long-term Care & Medical Supplement Insurance
		> Banks 5.3%
	468,000	City National		29,657,160
		Bank & Asset Manager
	1,043,000	Associated Banc-Corp		16,218,650
		Midwest Bank
				45,875,810
		> Credit Cards 4.2%
	750,000	Discover Financial Services		35,730,000
		Credit Card Company
		> Brokerage & Money Management 2.3%
	687,000	SEI Investments		19,531,410
		Mutual Fund Administration & Investment Management
Finance: Total				151,201,700
Energy & Minerals 7.3%
		> Oil & Gas Producers 4.2%
	690,000	Pacific Rubiales Energy (Colombia)		12,117,809
		Oil Production & Exploration in Colombia
	3,600,000	Canacol (Colombia) (a)		10,029,476
		Oil Producer in South America
	20,600,000	Shamaran Petroleum (Iraq) (a)		7,051,441
		Oil Exploration & Production in Kurdistan
	24,000,000	Canadian Overseas Petroleum (United Kingdom) (a)(c)(d)		3,902,254
	12,000,000	Canadian Overseas Petroleum - Warrants (United Kingdom) (a)(d)(e)		57,826
		Oil & Gas Exploration/Production in the North Sea
	33,700,000	Petrodorado Energy (Colombia) (a)(c)		1,922,602
		Oil & Gas Exploration & Production in Colombia, Peru & Paraguay
	12,000,000	Petromanas (Canada) (a)		1,198,060
		Exploring for Oil in Albania
				36,279,468
		> Agricultural Commodities 2.1%
	1,742,424	Union Agriculture Group (Uruguay) (a)(d)(e)		18,034,088
		Farmland Operator in Uruguay
		> Mining 0.8%
	1,550,000	Kirkland Lake Gold (Canada) (a)(b)		6,514,215
		Gold Mining

Number of Shares			Value
		> Alternative Energy 0.2%
	2,000,000	Synthesis Energy Systems (China) (a)	$	1,554,000
		Owner/Operator of Gasification Plants
Energy & Minerals: Total				62,381,771
Health Care 5.1%
		> Biotechnology & Drug Delivery 3.2%
	163,000	Henry Schein (a)		15,607,250
		Largest Distributor of Healthcare Products
	388,000	Seattle Genetics (a)		12,206,480
		Antibody-based Therapies for Cancer
				27,813,730
		> Medical Supplies 1.9%
	464,000	Cepheid (a)		15,970,880
		Molecular Diagnostics
Health Care: Total				43,784,610
Other Industries 2.8%
		> Real Estate 2.8%
	852,000	Biomed Realty Trust		17,235,960
		Life Science-focused Office Buildings
	300,000	Dupont Fabros Technology (b)		7,245,000
		Data Centers
				24,480,960
Other Industries: Total				24,480,960
Total Equities: 98.1% (Cost: $559,948,704)				841,255,806	(f)
Short-Term Investments 1.9%
	16,628,709	JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%)		16,628,709
Total Short-Term Investments: 1.9% (Cost: $16,628,709)				16,628,709
Securities Lending Collateral 3.0%
	25,736,169	Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (g)		25,736,169
Total Securities Lending Collateral: (Cost: $25,736,169)				25,736,169
Total Investments: 103.0% (Cost: $602,313,582)(h)				883,620,684
Obligation to Return Collateral for Securities Loaned: (3.0)%				(25,736,169	)
Cash and Other Assets Less Liabilities: —%				(407,592	)
Net Assets: 100.0%			$	857,476,923

ADR - American Depositary Receipts

See accompanying notes to financial statements.

72

> Notes to Statement of Investments

(a)  Non-income producing security.

(b)  All or a portion of this security was on loan at June 30, 2013. The total market value of securities on loan at June 30, 2013 was $25,615,118.

(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 June 30, 2013, are as follows:

Security	Balance of Shares Held 12/31/12		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 6/30/13		Value		Dividend
WNS - ADR (1)		3,034,100		-		564,100		2,470,000	$	41,224,300	$	-
Canadian Overseas Petroleum		24,000,000		-		-		24,000,000		3,902,254		-
IFM Investments (Century 21 China RE) - ADR		1,300,000		-		102,678		1,197,322		2,789,760		-
Petrodorado Energy		33,700,000		-		-		33,700,000		1,922,602		-
Globalstar (1)		19,000,000		-		19,000,000		-		-		-
Total of Affiliated Transactions		81,034,100		-		19,666,778		61,367,322	$	49,838,916	$	-

(1) At June 30, 2013, the Fund owned less than five percent of the company's outstanding voting shares.

  The aggregate cost and value of these companies at June 30, 2013, were $36,232,543 and $8,614,616, respectively. Investments in affiliated companies represented 1.00% of the Fund's total net assets at June 30, 2013.

(d)  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 June 30, 2013, the market value of these securities amounted to $21,994,168, which represented 2.56% 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	$	18,034,088
Canadian Overseas Petroleum	11/24/10		24,000,000		10,260,435		3,902,254
Canadian Overseas Petroleum - Warrants	11/24/10		12,000,000		1,501,964		57,826
				$	31,762,399	$	21,994,168

(e)  Illiquid security.

(f)  On June 30, 2013, the market value of foreign securities represented 12.92% of total net assets. The Fund's foreign portfolio was diversified as follows:

Country	Value		Percentage of Net Assets
India	$	41,224,300		4.81
Colombia		24,069,887		2.81
Uruguay		18,034,088		2.10
Canada		8,312,275		0.97
China		8,139,160		0.95
Iraq		7,051,441		0.82
United Kingdom		3,960,080		0.46
Total Foreign Portfolio	$	110,791,231		12.92

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

(h)  At June 30, 2013, for federal income tax purposes, the cost of investments was $602,313,582 and net unrealized appreciation was $281,307,102 consisting of gross unrealized appreciation of $344,105,645 and gross unrealized depreciation of $62,798,543.

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.

See accompanying notes to financial statements.

73

Columbia Acorn Select

Statement of Investments (Unaudited), continued

> Notes to Statement of Investments

  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 June 30, 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
Industrial Goods & Services	$	203,961,062	$	-	$	-	$	203,961,062
Information		202,145,368		-		-		202,145,368
Consumer Goods & Services		149,504,935		3,795,400		-		153,300,335
Finance		151,201,700		-		-		151,201,700
Energy & Minerals		40,387,603		3,960,080		18,034,088		62,381,771
Health Care		43,784,610		-		-		43,784,610
Other Industries		24,480,960		-		-		24,480,960
Total Equities		815,466,238		7,755,480		18,034,088		841,255,806
Total Short-Term Investments		16,628,709		-		-		16,628,709
Total Securities Lending Collateral		25,736,169		-		-		25,736,169
Total Investments	$	857,831,116	$	7,755,480	$	18,034,088	$	883,620,684

  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 which do not trade are valued as a percentage of the actively trading common stock using a model, based on Black Scholes.

The following table shows transfers between Level 1 and Level 2 of the fair value hierarchy:

Transfers In				Transfers Out
Level 1		Level 2		Level 1		Level 2
$	391,500	$	-	$	-	$	391,500

  Financial assets were transferred from Level 2 to Level 1 as trading resumed during the period.

See accompanying notes to financial statements.

74

> Notes to Statement of Investments

  The following table reconciles asset balances for the period ending June 30, 2013, in which significant observable and/or unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of December 31, 2012		Realized Gain/(Loss)		Change in Unrealized Appreciation (Depreciation)		Purchases		Sales		Transfers into Level 3		Transfers out of Level 3		Balance as of June 30, 2013
Equities
Energy & Materials	$	17,842,422	$	-	$	191,666	$	-	$	-	$	-	$	-	$	18,034,088
	$	17,842,422	$	-	$	191,666	$	-	$	-	$	-	$	-	$	18,034,088

  The information in the above reconciliation table represents fiscal year to date activity for any securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period.

  The change in unrealized appreciation attributed to securities owned at June 30, 2013, which were valued using significant unobservable inputs (Level 3), amounted to $191,666.

  Quantitative information pertaining to Level 3 unobservable fair value measurements

	Fair Value at 6/30/13		Valuation Technique(s)	Unobservable Input(s)	Range (Weighted Average)
Equities	$	18,034,088	Market comparable companies	Discount for lack of marketability		-14	% to +19% (-10%)

  Certain common stocks 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.

See accompanying notes to financial statements.

75

Columbia Thermostat Fund

Statement of Investments (Unaudited), June 30, 2013

Number of Shares			Value
		> Affiliated Bond Funds 68.7%
	34,536,078	Columbia Short Term Bond Fund, Class I	$	343,633,973
	26,546,731	Columbia Income Opportunities Fund, Class I		260,423,434
	28,357,889	Columbia Intermediate Bond Fund, Class I		258,623,948
Total Affiliated Bond Funds: (Cost: $873,246,232)				862,681,355
		> Affiliated Stock Funds 29.7%
	1,749,663	Columbia Acorn International, Class I		74,868,079
	4,413,636	Columbia Dividend Income Fund, Class I		74,237,363
	1,685,233	Columbia Acorn Fund, Class I		56,050,846
	2,987,092	Columbia Contrarian Core Fund, Class I		55,559,899
	1,374,079	Columbia Acorn Select, Class I		37,443,649
	2,427,574	Columbia Select Large Cap Growth Fund, Class I (a)		37,360,362
	2,301,420	Columbia Large Cap Enhanced Core Fund, Class I		37,029,847
Total Affiliated Stock Funds: (Cost: $326,357,653)				372,550,045

Number of Shares			Value
		> Short-Term Investments 0.5%
	6,705,042	JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%)	$	6,705,042
Total Short-Term Investments: (Cost: $6,705,042)				6,705,042
Total Investments: 98.9% (Cost: $1,206,308,927)(b)				1,241,936,442
Cash and Other Assets Less Liabilities: 1.1%				14,203,880
Net Assets: 100.0%			$	1,256,140,322

> Notes to Statement of Investments

(a)  Non-income producing security.

(b)  At June 30, 2013, for federal income tax purposes, the cost of investments was $1,206,308,927 and net unrealized appreciation was $35,627,515 consisting of gross unrealized appreciation of $46,192,392 and gross unrealized depreciation of $10,564,877.

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, 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.

  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.

See accompanying notes to financial statements.

76

> Notes to Statement of Investments

  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 June 30, 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	$	862,681,355	$	-	$	-	$	862,681,355
Total Affiliated Stock Funds		372,550,045		-		-		372,550,045
Total Short-Term Investments		6,705,042		-		-		6,705,042
Total Investments	$	1,241,936,442	$	-	$	-	$	1,241,936,442

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

See accompanying notes to financial statements.

77

Columbia Acorn Emerging Markets Fund

Major Portfolio Changes in the Second Quarter (Unaudited)

	Number of Shares
	3/31/13		6/30/13
Purchases
Asia
> Taiwan
Advantech		76,169		493,169
CHC Healthcare		39,000		565,000
Chroma Ate		88,990		888,990
CTCI Corp		201,000		1,413,000
Far EasTone Telecom		289,000		1,896,000
Flexium Interconnect		98,000		431,000
Ginko International		11,000		98,000
Lite-On Technology		0		573,000
Lung Yen		63,500		498,500
PC Home		55,000		318,000
St. Shine Optical		15,000		92,000
Taiwan Hon Chuan		126,000		974,000
> Hong Kong
AAC Technologies		80,527		386,527
ASM Pacific		0		167,700
Lifestyle International		195,589		1,526,089
L'Occitane International		73,250		711,250
Mapletree Greater China Commercial Trust		259,000		2,123,000
Melco International		379,000		2,286,000
Sa Sa International		231,799		1,595,799
> Indonesia
Ace Indonesia		6,656,690		20,804,690
Archipelago Resources		350,164		1,591,929
Arwana Citramulia		0		4,654,500
Matahari Department Store		236,500		1,443,000
Mayora Indah		121,500		530,000
MNC Skyvision		1,420,000		8,495,500
Surya Citra Media		781,440		7,556,079
Tower Bersama Infrastructure		966,609		6,061,109
> India
Adani Ports & Special Economic Zone		0		633,723
Bosch		1,986		10,503
Colgate Palmolive India		9,617		71,675
Redington India		181,621		1,948,273
TTK Prestige		3,725		31,154
United Breweries		34,532		217,891
Yes Bank		28,042		308,035
> Thailand
Home Product Center		579,900		6,255,500
Robinson's Department Store		84,400		1,181,500
Samui Airport Property Fund		350,700		5,178,500
> Philippines
Int'l Container Terminal		104,387		836,317
Manila Water Company		234,865		1,929,065
Melco Crown (Philippines) Resorts		0		6,983,200

	Number of Shares
	3/31/13		6/30/13
> China
AMVIG Holdings		578,000		3,644,000
Biostime		0		98,500
WuXi PharmaTech - ADR		0		76,213
> Cambodia
Nagacorp		784,000		4,518,000
> Korea
Paradise Co		19,125		131,006
> Japan
Kansai Paint		28,760		139,760
> Singapore
Super Group		0		494,000
> Mongolia
Mongolian Mining		579,600		7,965,100
Europe
> Finland
Tikkurila		0		80,474
Vacon		5,016		40,871
> Russia
QIWI - ADR		0		91,058
Yandex		0		79,673
> Kazakhstan
Halyk Savings Bank of Kazakhstan - GDR		57,785		432,482
> Italy
Pirelli		31,152		200,846
> Turkey
Bizim Toptan		13,675		139,435
> United Kingdom
Cable and Wireless		413,481		2,776,258
> Switzerland
Dufry Group		4,348		12,870
LatinAmerica
> Brazil
Arcos Dorados		16,317		131,431
Beadell Resources		320,191		2,791,286
Linx		13,900		102,100
Localiza Rent A Car		24,100		119,670
Multiplus		15,600		105,500
Odontoprev		47,300		399,100

See accompanying notes to financial statements.

78

	Number of Shares
	3/31/13		6/30/13
Purchases (continued)
LatinAmerica—continued
> Mexico
Bolsa Mexicana de Valores		77,000		673,800
Genomma Lab Internacional		90,400		872,100
Gruma		0		418,000
Grupo Aeroportuario del Sureste - ADR		2,447		15,922
Qualitas		0		449,700
> Colombia
Isagen		135,457		2,106,605
> Chile
Empresas Hites		155,147		2,134,691
OtherCountries
> South Africa
Coronation Fund Managers		109,663		764,187
Massmart Holdings		18,011		158,152
Mr. Price		18,556		144,531
Rand Merchant Insurance		161,832		1,296,769
> United States
Atwood Oceanics		6,014		37,826
Textainer Group Holdings		9,393		69,220
> Canada
Alliance Grain Traders		17,199		114,251
CAE		0		157,990

	Number of Shares
	3/31/13		6/30/13
Sales
Asia
> Indonesia
Indosiair Karya Media		1,358,000		0
> Thailand
Siam Makro		10,300		0
> China
Digital China		235,151		67,151
LatinAmerica
> Argentina
Madalena Ventures		635,500		0
OtherCountries
> Canada
Americas Petrogas		67,105		0

See accompanying notes to financial statements.

79

Columbia Acorn Emerging Markets Fund

Statement of Investments (Unaudited), June 30, 2013

Number of Shares			Value
			Equities: 92.1%
Asia 54.6%
		> Taiwan 14.1%
	1,896,000	Far EasTone Telecom	$	5,081,481
		Taiwan's Third Largest Mobile Operator
	1,413,000	CTCI Corp		2,562,715
		International Engineering Firm
	92,000	St. Shine Optical		2,378,160
		World's Leading Disposable Contact Lens OEM (Original Equipment Manufacturer)
	493,169	Advantech		2,339,071
		Industrial PC & Components
	974,000	Taiwan Hon Chuan		2,272,884
		Beverage Packaging (Bottles, Caps, Labels) Manufacturer
	318,000	PC Home		1,658,230
		Taiwanese Internet Retail Company
	98,000	Ginko International		1,642,226
		Largest Contact Lens Maker in China
	498,500	Lung Yen		1,619,182
		Funeral Services & Columbaria
	888,990	Chroma Ate		1,504,423
		Automatic Test Systems, Testing & Measurement Instruments
	565,000	CHC Healthcare		1,495,548
		Medical Device Distributor
	431,000	Flexium Interconnect		1,464,249
		Flexible Printed Circuit for Mobile Electronics
	573,000	Lite-On Technology		1,001,581
		Mobile Device, LED & IT Component Supplier
				25,019,750
		> Hong Kong 9.3%
	2,286,000	Melco International		4,289,313
		Macau Casino Operator
	1,526,089	Lifestyle International		3,185,234
		Mid to High-end Department Store Operator in Hong Kong & China
	386,527	AAC Technologies		2,168,600
		Miniature Acoustic Components
	711,250	L'Occitane International		1,910,645
		Skin Care & Cosmetics Producer
	167,700	ASM Pacific		1,840,970
		Semi Backend & Surface Mounting Equipment
	2,123,000	Mapletree Greater China Commercial Trust (a)		1,577,916
		Retail & Office Property Landlord
	1,595,799	Sa Sa International		1,575,883
		Cosmetics Retailer
				16,548,561
		> Indonesia 8.3%
	6,061,109	Tower Bersama Infrastructure (a)		3,165,148
		Communications Towers
	7,556,079	Surya Citra Media		2,073,657
		Free to Air TV Station in Indonesia

Number of Shares			Value
	8,495,500	MNC Skyvision (a)	$	2,003,710
		Largest Satellite Pay TV Operator in Indonesia
	1,443,000	Matahari Department Store (a)		1,687,285
		Largest Department Store Chain in Indonesia
	530,000	Mayora Indah		1,606,189
		Consumer Branded Food Manufacturer
	20,804,690	Ace Indonesia		1,547,372
		Home Improvement Retailer
	4,654,500	Arwana Citramulia		1,498,050
		Ceramic Tiles for Home Decoration
	1,591,929	Archipelago Resources (a)		1,144,038
		Gold Mining Projects in Indonesia, Vietnam & the Philippines
				14,725,449
		> India 7.8%
	217,891	United Breweries		2,647,085
		India's Largest Brewer
	308,035	Yes Bank		2,381,207
		Commercial Banking in India
	1,948,273	Redington India		2,352,189
		Supply Chain Solutions for IT & Mobile Handsets in Emerging Markets
	31,154	TTK Prestige		1,650,620
		Branded Cooking Equipment
	71,675	Colgate Palmolive India		1,637,320
		Consumer Products in Oral Care
	633,723	Adani Ports & Special Economic Zone		1,600,014
		Indian West Coast Shipping Port
	10,503	Bosch		1,594,419
		Automotive Parts
				13,862,854
		> Thailand 4.3%
	5,178,500	Samui Airport Property Fund		2,932,046
		Thai Airport Operator
	6,255,500	Home Product Center		2,309,831
		Home Improvement Retailer
	1,181,500	Robinson's Department Store		2,309,049
		Mass-market Department Store Operator in Thailand
				7,550,926
		> Philippines 2.5%
	836,317	Int'l Container Terminal		1,676,340
		Container Handling Terminals & Port Management
	1,929,065	Manila Water Company		1,445,326
		Water Utility Company in Philippines
	6,983,200	Melco Crown (Philippines) Resorts (a)		1,341,679
		Integrated Resort Operator in Manila
				4,463,345
		> China 2.0%
	76,213	WuXi PharmaTech - ADR (a)		1,600,473
		Largest Contract Research Organization Business in China
	3,644,000	AMVIG Holdings		1,409,480
		Chinese Tobacco Packaging Material Supplier

See accompanying notes to financial statements.

80

Number of Shares			Value
		> China—continued
	98,500	Biostime	$	550,820
		Pediatric Nutrition & Baby Care Products Provider
	67,151	Digital China		79,820
		IT Distribution & Systems Integration Services
				3,640,593
		> Cambodia 2.0%
	4,518,000	Nagacorp		3,511,616
		Casino/Entertainment Complex in Cambodia
		> Korea 1.5%
	131,006	Paradise Co		2,644,302
		Korean 'Foreigner Only' Casino Operator
		> Japan 1.0%
	139,760	Kansai Paint		1,784,058
		Paint Producer in Japan, India, China & Southeast Asia
		> Singapore 1.0%
	494,000	Super Group		1,733,190
		Instant Food & Beverages in Southeast Asia
		> Mongolia 0.8%
	7,965,100	Mongolian Mining (a)		1,477,684
		Coking Coal Mining in Mongolia
Asia: Total				96,962,328
Europe 13.3%
		> Finland 2.5%
	40,871	Vacon		2,710,525
		Leading Independent Manufacturer of Variable Speed Alternating Current Drives
	80,474	Tikkurila		1,816,188
		Decorative & Industrial Paint in Scandinavia & Central & Eastern Europe
				4,526,713
		> Russia 2.4%
	79,673	Yandex (a)		2,201,365
		Search Engine for Russian & Turkish Languages
	91,058	QIWI - ADR		2,112,546
		Electronic Payments Network Serving Russia & the Commonwealth of Independent States
				4,313,911
		> Sweden 2.1%
	138,010	Hexagon		3,689,198
		Design, Measurement & Visualization Software & Equipment
		> Kazakhstan 1.8%
	432,482	Halyk Savings Bank of Kazakhstan - GDR		3,191,717
		Largest Retail Bank & Insurer in Kazakhstan

Number of Shares			Value
		> Italy 1.3%
	200,846	Pirelli	$	2,321,808
		Global Tire Supplier
		> Turkey 1.3%
	139,435	Bizim Toptan		2,270,057
		Cash & Carry Stores in Turkey
		> United Kingdom 1.0%
	2,776,258	Cable and Wireless		1,728,205
		Leading Telecoms Service Provider in the Caribbean
		> Switzerland 0.9%
	12,870	Dufry Group (a)		1,559,028
		Operates Airport Duty Free & Duty Paid Shops
Europe: Total				23,600,637
Latin America 12.4%
		> Brazil 5.3%
	102,100	Linx		1,708,568
		Retail Management Software in Brazil
	119,670	Localiza Rent A Car		1,692,065
		Car Rental
	399,100	Odontoprev		1,643,726
		Dental Insurance
	105,500	Multiplus		1,558,848
		Loyalty Program Operator in Brazil
	131,431	Arcos Dorados (b)		1,535,114
		McDonald's Master Franchise for Latin America
	2,791,286	Beadell Resources (a)		1,302,253
		Gold Mining in Brazil
				9,440,574
		> Mexico 4.6%
	418,000	Gruma (a)		1,900,081
		Tortilla Producer & Distributor
	15,922	Grupo Aeroportuario del Sureste - ADR		1,771,163
		Mexican Airport Operator
	872,100	Genomma Lab Internacional (a)		1,722,333
		Develops, Markets & Distributes Consumer Products
	673,800	Bolsa Mexicana de Valores		1,675,471
		Mexico's Stock Exchange
	449,700	Qualitas		1,075,883
		Leading Auto Insurer in Mexico & Central America
				8,144,931
		> Colombia 1.6%
	2,106,605	Isagen (a)		2,822,787
		Leading Colombian Electricity Provider
		> Chile 0.9%
	2,134,691	Empresas Hites		1,676,912
		Mass Retailer for the Lower Income Strata
Latin America: Total				22,085,204

See accompanying notes to financial statements.

81

Columbia Acorn Emerging Markets Fund

Statement of Investments (Unaudited), continued

Number of Shares			Value
Other Countries 11.8%
		> South Africa 7.4%
	764,187	Coronation Fund Managers	$	4,851,399
		South African Fund Manager
	1,296,769	Rand Merchant Insurance		3,302,115
		Directly Sold Property & Casualty Insurance; Holdings in Other Insurers
	158,152	Massmart Holdings		2,868,640
		General Merchandise, Food & Home Improvement Stores; Wal-Mart Subsidiary
	144,531	Mr. Price		1,970,063
		South African Retailer of Apparel, Household & Sporting Goods
				12,992,217
		> United States 2.6%
	69,220	Textainer Group Holdings (b)		2,660,817
		Top International Container Leasor
	37,826	Atwood Oceanics (a)		1,968,843
		Offshore Drilling Contractor
				4,629,660
		> Canada 1.8%
	157,990	CAE		1,638,938
		Flight Simulator Equipment & Training Centers
	114,251	Alliance Grain Traders		1,591,497
		Global Leader in Pulse Processing & Distribution
				3,230,435
Other Countries: Total				20,852,312
Total Equities: 92.1% (Cost: $170,635,438)				163,500,481	(c)

Number of Shares			Value
Short-Term Investments 5.2%
	9,182,579	JPMorgan U.S. Government Money Market Fund, Capital Shares (7 day yield of 0.01%)	$	9,182,579
Total Short-Term Investments: 5.2% (Cost: $9,182,579)				9,182,579
Securities Lending Collateral 0.9%
	1,624,977	Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (d)		1,624,977
Total Securities Lending Collateral: (Cost: $1,624,977)				1,624,977
Total Investments: 98.2% (Cost: $181,442,994)(e)				174,308,037
Obligation to Return Collateral for Securities Loaned: (0.9)%				(1,624,977	)
Cash and Other Assets Less Liabilities: 2.7%				4,796,780
Net Assets: 100.0%			$	177,479,840

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 June 30, 2013. The total market value of securities on loan at June 30, 2013 was $1,581,515.

(c)  On June 30, 2013, the Fund's total investments were denominated in currencies as follows:

Currency	Value		Percentage of Net Assets
Taiwan Dollar	$	25,019,750		14.1
Hong Kong Dollar		16,548,561		9.3
Indonesia Rupiah		14,725,449		8.3
Indian Rupee		13,862,854		7.8
South African Rand		12,992,217		7.4
Brazilian Real		9,440,574		5.3
Other currencies less than 5% of total net assets		70,911,076		39.9
Total Equities	$	163,500,481		92.1

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

(e)  At June 30, 2013, for federal income tax purposes, the cost of investments was $181,442,994 and net unrealized depreciation was $7,134,957 consisting of gross unrealized appreciation of $3,826,193 and gross unrealized depreciation of $10,961,150.

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

See accompanying notes to financial statements.

82

> Notes to Statement of Investments

•  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 June 30, 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	$	1,600,473	$	95,361,855	$	-	$	96,962,328
Europe		4,313,911		19,286,726		-		23,600,637
Latin America		20,782,951		1,302,253		-		22,085,204
Other Countries		7,860,095		12,992,217		-		20,852,312
Total Equities		34,557,430		128,943,051		-		163,500,481
Total Short-Term Investments		9,182,579		-		-		9,182,579
Total Securities Lending Collateral		1,624,977		-		-		1,624,977
Total Investments	$	45,364,986	$	128,943,051	$	-	$	174,308,037

  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.

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

See accompanying notes to financial statements.

83

Columbia Acorn Emerging Markets Fund

Portfolio Diversification (Unaudited)

At June 30, 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	$	21,432,350		12.1
Casinos & Gaming		11,786,910		6.6
Food & Beverage		11,531,327		6.5
Other Consumer Services		4,804,416		2.7
Consumer Goods Distribution		3,989,509		2.3
Other Durable Goods		3,972,428		2.2
Nondurables		3,632,978		2.0
Travel		1,692,065		1.0
		62,841,983		35.4
> Information
Mobile Communications		8,246,629		4.7
Computer Hardware & Related Equipment		5,509,252		3.1
Business Software		5,397,766		3.0
Semiconductors & Related Equipment		3,305,219		1.9
Internet Related		2,201,365		1.2
Financial Processors		2,112,546		1.2
TV Broadcasting		2,073,657		1.2
Satellite Broadcasting & Services		2,003,710		1.1
Telephone & Data Services		1,728,205		1.0
Instrumentation		1,504,423		0.9
Electronics Distribution		79,820		0.0	*
		34,162,592		19.3
> Finance
Insurance		6,021,724		3.4
Banks		5,572,924		3.2
Brokerage & Money Management		4,851,399		2.7
Finance Companies		2,660,817		1.5
Specialized Finance		1,675,471		0.9
		20,782,335		11.7
> Industrial Goods & Services
Industrial Materials & Specialty Chemicals		8,780,660		5.0
Other Industrial Services		4,915,292		2.8
Electrical Components		2,710,525		1.5
Construction		2,562,715		1.4
Machinery		1,594,419		0.9
		20,563,611		11.6

	Value			Percentage of Net Assets
> Other Industries
Transportation	$	4,703,209			2.6
Regulated Utilities		4,268,113			2.4
Real Estate		1,577,916			0.9
		10,549,238			5.9
> Energy & Minerals
Mining		3,923,975			2.2
Oil Services		1,968,843			1.1
Agricultural Commodities		1,591,497			0.9
		7,484,315			4.2
> Health Care
Medical Supplies		4,020,386			2.3
Pharmaceuticals		1,600,473			0.9
Medical Equipment & Devices		1,495,548			0.8
		7,116,407			4.0
Total Equities:		163,500,481			92.1
Short-Term Investments:		9,182,579			5.2
Securities Lending Collateral:		1,624,977			0.9
Total Investments:		174,308,037			98.2
Obligation to Return Collateral for Securities Loaned:		(1,624,977	)		(0.9	)
Cash and Other Assets Less Liabilities:		4,796,780			2.7
Net Assets:	$	177,479,840			100.0

*  Rounds to zero.

See accompanying notes to financial statements.

84

Columbia Acorn European Fund

Major Portfolio Changes in the Second Quarter (Unaudited)

	Number of Shares
	3/31/13		6/30/13
Purchases
Europe
> United Kingdom
Abcam		6,313		11,580
Aggreko		1,535		3,000
Assura		160,400		326,990
BBA Aviation		10,870		17,410
Cable and Wireless		81,000		118,770
Charles Taylor		28,121		56,105
Croda		0		3,000
Domino's Pizza UK & Ireland		10,550		14,470
Elementis		11,113		19,390
Fidessa Group		8		786
Halford's		0		14,870
Jardine Lloyd Thompson Group		8,535		15,790
Rightmove		3,500		4,000
Shaftesbury		6,100		10,860
Smiths News		4,676		29,430
Spirax Sarco		2,013		3,364
Telecity		4,360		9,910
WH Smith		5,790		9,540
Whitbread		1,600		3,130
> France
1000 mercis		1,914		3,100
AKKA Technologies		0		2,500
Eurofins Scientific		671		1,060
Gemalto		760		1,410
Hi-Media		21,200		31,230
Neopost		1,530		2,640
Norbert Dentressangle		830		1,200
Saft		2,407		3,341
> Netherlands
Aalberts Industries		3,617		6,699
Arcadis		1,474		3,935
Core Labs		346		550
Fugro		900		1,430
Imtech		2,596		7,116
TKH Group		2,156		3,069
UNIT4		2,062		3,090
> Germany
Aurelius		0		4,610
NORMA Group		1,283		2,170
Stratec Biomedical Systems		1,038		3,100
TAG Immobilien		3,900		6,670
Wirecard		2,310		2,950
> Switzerland
Geberit		339		440
Partners Group		393		620

	Number of Shares
	3/31/13		6/30/13
> Sweden
Hexagon		2,547		3,570
Sweco		5,861		7,840
Unibet		1,506		2,540
> Finland
Tikkurila		0		4,628
Vacon		1,151		1,829
> Russia
QIWI - ADR		0		4,690
Yandex		2,381		3,110
> Norway
Atea		6,744		10,610
Subsea 7		2,000		3,710
> Italy
Pirelli		6,000		7,680
> Denmark
Jyske Bank		1,000		1,990
SimCorp		2,000		2,700
> Spain
Dia		8,524		13,680
> Belgium
EVS Broadcast Equipment		728		1,110
> Portugal
Redes Energéticas Nacionais		14,342		26,550
> Turkey
Bizim Toptan		1,994		4,560
Other Countries
> Canada
Alliance Grain Traders		3,632		7,510
> United States
Gulfmark Offshore		0		2,000
Asia
> Indonesia
Archipelago Resources		98,638		139,538
> Hong Kong
L'Occitane International		22,800		32,990

See accompanying notes to financial statements.

85

Columbia Acorn European Fund

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

	Number of Shares
	3/31/13		6/30/13
Sales
Europe
> United Kingdom
Greggs		8,700		0
> Germany
Bertrandt		454		0
Pfeiffer Vacuum		360		0
> Switzerland
Dufry Group		660		530
> Sweden
Cavotec		16,100		0

See accompanying notes to financial statements.

86

Columbia Acorn European Fund

Statement of Investments (Unaudited), June 30, 2013

Number of Shares			Value
			Equities: 86.7%
Europe 81.9%
		> United Kingdom 28.7%
	15,790	Jardine Lloyd Thompson Group	$	218,711
		International Business Insurance Broker
	326,990	Assura		175,932
		UK Primary Health Care Property Developer
	56,105	Charles Taylor		160,426
		Insurance Services
	9,910	Telecity		152,714
		European Data Center Provider
	14,470	Domino's Pizza UK & Ireland		147,512
		Pizza Delivery in UK, Ireland & Germany
	3,130	Whitbread		145,606
		The UK's Leading Hotelier & Coffee Shop
	3,364	Spirax Sarco		137,870
		Steam Systems for Manufacturing & Process Industries
	30,300	Ocado (a)(b)		137,471
		Leading Online Grocery Retailer
	4,000	Rightmove		126,812
		Internet Real Estate Listings
	3,000	Croda		113,130
		Oleochemicals & Industrial Chemicals
	9,540	WH Smith (b)		104,184
		Newsprint, Books & General Stationery Retailer
	10,860	Shaftesbury		98,399
		London Prime Retail Real Estate Investment Trust
	11,580	Abcam		79,873
		Online Sales of Antibodies
	3,000	Aggreko		74,983
		Temporary Power & Temperature Control Services
	17,410	BBA Aviation		74,148
		Aviation Support Services
	118,770	Cable and Wireless		73,934
		Leading Telecoms Service Provider in the Caribbean
	14,870	Halford's		71,519
		The UK's Leading Retailer for Leisure Goods & Auto Parts
	29,430	Smiths News		67,702
		Newspaper & Magazine Distributor
	19,390	Elementis		64,701
		Clay-based Additives
	1,065	Intertek Group		47,341
		Testing, Inspection & Certification Services
	786	Fidessa Group		23,052
		Software for Financial Trading Systems
	116	Telecom Plus		2,202
		UK Multi Utility
				2,298,222
		> France 12.9%
	1,060	Eurofins Scientific (a)		223,684
		Food, Pharmaceuticals & Materials Screening & Testing

Number of Shares					Value
	3,100		1000	mercis	$	178,352
		Interactive Advertising & Marketing
	2,640	Neopost				174,799
		Postage Meter Machines
	1,410	Gemalto				127,665
		Digital Security Solutions
	1,200	Norbert Dentressangle				97,624
		Leading European Logistics & Transport Group
	2,500	AKKA Technologies				84,852
		Engineering Consultancy
	3,341	Saft				79,386
		Niche Battery Manufacturer
	31,230	Hi-Media (a)				67,925
		Online Advertiser in Europe
						1,034,287
		> Netherlands 8.1%
	6,699	Aalberts Industries				149,721
		Flow Control & Heat Treatment
	3,935	Arcadis				105,959
		Engineering Consultants
	3,090	UNIT4				100,147
		Business Software Development
	550	Core Labs				83,413
		Oil & Gas Reservoir Consulting
	3,069	TKH Group				78,915
		Dutch Industrial Conglomerate
	1,430	Fugro				77,701
		Subsea Oilfield Services
	7,116	Imtech (a)(b)				52,381
		Technical Installation & Maintenance
						648,237
		> Germany 7.1%
	3,100	Stratec Biomedical Systems				138,546
		Diagnostic Instrumentation
	4,610	Aurelius				110,771
		European Turnaround Investor
	260	Rational				87,044
		Commercial Ovens
	2,950	Wirecard				80,269
		Online Payment Processing & Risk Management
	2,170	NORMA Group				78,481
		Clamps for Automotive & Industrial Applications
	6,670	TAG Immobilien				72,698
		Owner of Residential Properties in Germany
						567,809
		> Switzerland 5.7%
	620	Partners Group				167,821
		Private Markets Asset Management
	45	Sika				116,358
		Chemicals for Construction & Industrial Applications
	440	Geberit				108,998
		Plumbing Supplies
	530	Dufry Group (a)				64,203
		Operates Airport Duty Free & Duty Paid Shops
						457,380

See accompanying notes to financial statements.

87

Columbia Acorn European Fund

Statement of Investments (Unaudited), continued

Number of Shares			Value
		> Sweden 3.4%
	3,570	Hexagon	$	95,431
		Design, Measurement & Visualization Software & Equipment
	7,840	Sweco		89,143
		Engineering Consultants
	2,540	Unibet		85,031
		European Online Gaming Operator
				269,605
		> Finland 2.8%
	1,829	Vacon		121,297
		Leading Independent Manufacturer of Variable Speed Alternating Current Drives
	4,628	Tikkurila		104,448
		Decorative & Industrial Paint in Scandinavia & Central & Eastern Europe
				225,745
		> Russia 2.4%
	4,690	QIWI - ADR		108,808
		Electronic Payments Network Serving Russia & the Commonwealth of Independent States
	3,110	Yandex (a)		85,929
		Search Engine for Russian & Turkish Languages
				194,737
		> Norway 2.1%
	10,610	Atea		106,985
		Leading Nordic IT Hardware/Software Reseller & Installation Company
	3,710	Subsea 7		65,046
		Offshore Subsea Contractor
				172,031
		> Italy 2.0%
	7,680	Pirelli		88,782
		Global Tire Supplier
	27,900	Geox		69,349
		Apparel & Shoe Maker
				158,131
		> Denmark 1.9%
	2,700	SimCorp		80,250
		Software for Investment Managers
	1,990	Jyske Bank (a)		74,852
		Danish Bank
				155,102
		> Spain 1.3%
	13,680	Dia		103,343
		Leading Hard Discounter in Spain, Latin America & the Eastern Mediterranean
		> Belgium 1.0%
	1,110	EVS Broadcast Equipment		76,958
		Digital Live Mobile Production Software & Systems
		> Portugal 1.0%
	26,550	Redes Energéticas Nacionais		76,133
		Portuguese Power Transmission & Gas Transportation
		> Turkey 0.9%
	4,560	Bizim Toptan		74,239
		Cash & Carry Stores in Turkey

Number of Shares			Value
		> Iceland 0.6%
	43,750	Marel	$	46,285
		Largest Manufacturer of Poultry & Fish Processing Equipment
Europe: Total				6,558,244
Other Countries 2.4%
		> Canada 1.3%
	7,510	Alliance Grain Traders		104,613
		Global Leader in Pulse Processing & Distribution
		> United States 1.1%
	2,000	Gulfmark Offshore		90,180
		Operator of Offshore Supply Vessels
Other Countries: Total				194,793
Asia 2.4%
		> Indonesia 1.3%
	139,538	Archipelago Resources (a)		100,279
		Gold Mining Projects in Indonesia, Vietnam & the Philippines
		> Hong Kong 1.1%
	32,990	L'Occitane International		88,621
		Skin Care & Cosmetics Producer
Asia: Total				188,900
Total Equities: 86.7% (Cost: $6,448,189)				6,941,937	(c)
Short-Term Investments 12.8%
	1,024,159	JPMorgan U.S. Government Money Market Fund, Capital Shares (7 day yield of 0.01%)		1,024,159
Total Short-Term Investments: 12.8% (Cost: $1,024,159)				1,024,159
Securities Lending Collateral 1.7%
	133,200	Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (d)		133,200
Total Securities Lending Collateral: (Cost: $133,200)				133,200
Total Investments: 101.2% (Cost: $7,605,548)(e)				8,099,296
Obligation to Return Collateral for Securities Loaned: (1.7)%				(133,200	)
Cash and Other Assets Less Liabilities: 0.5%				36,941
Net Assets: 100.0%			$	8,003,037

See accompanying notes to financial statements.

88

> Notes to Statement of Investments

(a)  Non-income producing security.

(b)  All or a portion of this security was on loan at June 30, 2013. The total market value of securities on loan at June 30, 2013 was $123,314.

(c)  On June 30, 2013, the Fund's total investments were denominated in currencies as follows:

Currency	Value		Percentage of Net Assets
Euro	$	2,807,229		35.1
British Pound		2,398,501		29.9
Swiss Franc		457,380		5.7
Other currencies less than 5% of total net assets		1,278,827		16.0
Total Equities	$	6,941,937		86.7

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

(e)  At June 30, 2013, for federal income tax purposes, the cost of investments was $7,605,548 and net unrealized appreciation was $493,748 consisting of gross unrealized appreciation of $727,500 and gross unrealized depreciation of $233,752.

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.

See accompanying notes to financial statements.

89

Columbia Acorn European Fund

Statement of Investments (Unaudited), continued

> Notes to Statement of Investments

The following table summarizes the inputs used, as of June 30, 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	$	278,150	$	6,280,094	$	-	$	6,558,244
Other Countries		194,793		-		-		194,793
Asia		-		188,900		-		188,900
Total Equities		472,943		6,468,994		-		6,941,937
Total Short-Term Investments		1,024,159		-		-		1,024,159
Total Securities Lending Collateral		133,200		-		-		133,200
Total Investments	$	1,630,302	$	6,468,994	$	-	$	8,099,296

  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.

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

See accompanying notes to financial statements.

90

Columbia Acorn European Fund

Portfolio Diversification (Unaudited)

At June 30, 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	$	667,640		8.3
Machinery		524,478		6.5
Industrial Materials & Specialty Chemicals		398,637		5.0
Conglomerates		339,407		4.2
Electrical Components		200,683		2.5
Construction		108,999		1.4
Outsourcing Services		84,852		1.1
		2,324,696		29.0
> Information
Business Software		298,880		3.7
Computer Services		259,698		3.2
Internet Related		212,742		2.7
Computer Hardware & Related Equipment		204,623		2.6
Financial Processors		189,077		2.4
Business Information & Marketing Services		178,352		2.2
Telephone & Data Services		73,934		0.9
Advertising		67,925		0.9
		1,485,231		18.6
> Consumer Goods & Services
Retail		554,957		6.9
Restaurants		293,118		3.7
Other Durable Goods		88,782		1.1
Nondurables		88,622		1.1
Casinos & Gaming		85,031		1.1
Apparel		69,349		0.9
Consumer Goods Distribution		67,702		0.8
		1,247,561		15.6
> Finance
Insurance		379,137		4.8
Brokerage & Money Management		167,821		2.1
Credit Cards		74,852		0.9
		621,810		7.8
> Other Industries
Real Estate		347,029		4.3
Transportation		97,624		1.2
Regulated Utilities		78,335		1.0
		522,988		6.5
> Energy & Minerals
Oil Services		232,927		2.9
Mining		183,692		2.3
Agricultural Commodities		104,613		1.3
		521,232		6.5

	Value			Percentage of Net Assets
> Health Care
Medical Equipment & Devices	$	138,546			1.7
Medical Supplies		79,873			1.0
		218,419			2.7
Total Equities:		6,941,937			86.7
Short-Term Investments:		1,024,159			12.8
Securities Lending Collateral:		133,200			1.7
Total Investments:		8,099,296			101.2
Obligation to Return Collateral for Securities Loaned:		(133,200	)		(1.7	)
Cash and Other Assets Less Liabilities:		36,941			0.5
Net Assets:	$	8,003,037			100.0

See accompanying notes to financial statements.

91

Columbia Acorn Family of Funds

Statements of Assets and Liabilities (Unaudited)

June 30, 2013	Columbia Acorn Fund			Columbia Acorn International			Columbia Acorn USA			Columbia Acorn International Select
Assets:
Unaffiliated investments, at cost	$	9,041,844,734		$	5,700,648,427		$	991,893,237		$	297,995,188
Affiliated investments, at cost (See Note 4)		2,405,816,179			208,516,589			—			—
Unaffiliated investments, at value (including securities on loan: Columbia Acorn Fund $447,311,479; Columbia Acorn International $122,061,343; Columbia Acorn USA $63,089,988; Columbia Acorn International Select $4,098,939; Columbia Acorn Select $25,615,118; Columbia Thermostat Fund $—; Columbia Acorn Emerging Markets Fund $1,581,515; Columbia Acorn European Fund $123,314)	$	15,175,315,623		$	7,204,546,171		$	1,631,811,777		$	341,529,180
Affiliated investments, at value (See Note 4)		4,116,308,887			224,422,025			—			—
Cash		—			—			—			—
Foreign currency (cost: Columbia Acorn Fund $—; Columbia Acorn International $8,176,952; Columbia Acorn USA $—; Columbia Acorn International Select $192; Columbia Acorn Select $—; Columbia Thermostat Fund $—; Columbia Acorn Emerging Markets Fund $483,834; Columbia Acorn European Fund $—)		—			7,995,416			—			189
Receivable for:
Investments sold		21,419,308			33,262,973			590,521			3,125,574
Fund shares sold		26,315,769			41,869,026			1,169,976			271,528
Dividends and interest		9,502,591			7,936,984			768,335			77,174
Securities lending income		467,983			200,324			55,849			21,349
Foreign tax reclaims		457,439			5,473,379			—			186,327
Expense reimbursement due from Investment Manager		—			1,314			—			—
Trustees' deferred compensation plan		3,016,371			900,370			258,359			—
Other assets		68,960			15,228			6,330			1,104
Total Assets		19,352,872,931			7,526,623,210			1,634,661,147			345,212,425
Liabilities:
Payable to custodian bank		44,103			—			—			108
Collateral on securities loaned		454,607,005			128,096,564			63,738,529			4,332,824
Unrealized depreciation on forward foreign currency exchange contracts		—			—			—			52,114
Payable for:
Investments purchased		28,633,202			30,334,458			1,055,333			655,953
Fund shares redeemed		45,021,671			35,293,335			748,622			347,544
Investment advisory fee		331,131			151,054			37,122			8,647
Administration fee		19,603			7,562			1,632			349
12b-1 Service and Distribution fees		46,514			10,788			2,142			771
Reports to shareholders		924,894			372,757			214,600			35,087
Trustees' deferred compensation plan		3,016,371			900,370			258,359			—
Transfer agent fees		2,704,447			582,534			339,591			29,312
Trustees' fees		23,798			12,843			4,242			44,367
Custody fees		49,872			218,898			—			25,878
Professional fee		373,114			142,258			62,040			34,869
Chief compliance officer expenses		—			—			—			—
Deferred foreign capital gains tax payable		—			—			—			—
Other liabilities		80,277			108,331			22,919			25,154
Total Liabilities		535,876,002			196,231,752			66,485,131			5,592,977
Net Assets	$	18,816,996,929		$	7,330,391,458		$	1,568,176,016		$	339,619,448
Composition of Net Assets:
Paid-in capital	$	10,430,737,199		$	5,678,519,970		$	851,415,665		$	297,617,070
Undistributed (Overdistributed) net investment income (loss)		(31,763,902	)		(99,842,231	)		(5,320,184	)		(21,121,073	)
Accumulated net realized gain (loss)		574,072,201			232,232,024			82,161,995			19,653,349
Net unrealized appreciation (depreciation) on:
Unaffiliated investments		6,133,470,889			1,503,897,744			639,918,540			43,533,992
Affiliated investments (See Note 4)		1,710,492,708			15,905,436			—			—
Foreign currency translations		(12,166	)		(321,485	)		—			(11,776	)
Forward foreign currency exchange contracts		—			—			—			(52,114	)
Foreign capital gains tax		—			—			—			—
Net Assets	$	18,816,996,929		$	7,330,391,458		$	1,568,176,016		$	339,619,448
Net asset value per share – Class A (a)	$	31.98		$	42.65		$	31.36		$	25.53
(Net assets/shares)	($	3,443,356,675/ 107,683,822)		($	1,148,090,184/ 26,921,675)		($	172,413,061/ 5,498,715)		($	72,008,368/ 2,820,719)
Maximum offering price per share – Class A (b)	$	33.93		$	45.25		$	33.27		$	27.09
(Net asset value per share/front-end sales charge)	($31.98/0.9425)			($42.65/0.9425)			($31.36/0.9425)			($25.53/0.9425)
Net asset value and offering price per share – Class B (a)	$	29.09		$	41.31		$	28.57		$	24.21
(Net assets/shares)	($	23,513,499/ 808,304)		($	14,986,049/ 362,743)		($	693,162/ 24,260)		($	959,371/ 39,619)
Net asset value and offering price per share – Class C (a)	$	28.58		$	41.13		$	28.23		$	24.08
(Net assets/shares)	($	815,710,630/ 28,542,864)		($	96,033,820/ 2,335,022)		($	34,331,110/ 1,215,923)		($	9,791,574/ 406,659)
Net asset value and offering price per share – Class I (c)	$	33.26		$	42.79		$	32.83	(d)	$	25.81	(d)
(Net assets/shares)	($	56,048,756/ 1,685,326)		($	94,955,046/ 2,218,968)		($3,386/103)			($2,472/96)
Net asset value and offering price per share – Class R (c)	$	—		$	42.57		$	—		$	—
(Net assets/shares)	($	—/—	)	($4,226,643/99,288)			($	—/—	)	($	—/—	)
Net asset value and offering price per share – Class R4 (c)	$	33.71		$	43.01		$	33.31		$	25.95
(Net assets/shares)	($31,656,878/939,094)			($29,628,571/688,938)			($2,202,452/66,117)			($108,335/4,175)
Net asset value and offering price per share – Class R5 (c)	$	33.71		$	42.74		$	33.30		$	25.94
(Net assets/shares)	($132,811,075/3,939,716)			($212,769,489/4,978,674)			($770,860/23,151)			($591,666/22,805)
Net asset value and offering price per share – Class Y (c)	$	33.74		$	43.03		$	33.34		$	25.94	(d)
(Net assets/shares)	($885,901,905/26,260,503)			($108,064,684/2,511,320)			($2,877,238/86,295)			($2,163/83)
Net asset value and offering price per share – Class Z (c)	$	33.23		$	42.76		$	32.78		$	25.81
(Net assets/shares)	($	13,427,997,511/ 404,114,645)		($	5,621,636,972/ 131,484,871)		($	1,354,884,747/ 41,332,591)		($	256,155,499/ 9,923,251)

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

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

(c)  Redemption price per share is equal to net asset value.

(d)  Net asset value per share rounds to this amount due to fractional shares outstanding.

See accompanying notes to financial statements.

92

June 30, 2013	Columbia Acorn Select			Columbia Thermostat Fund			Columbia Acorn Emerging Markets Fund			Columbia Acorn European Fund
Assets:
Unaffiliated investments, at cost	$	566,081,039		$	6,705,042		$	181,442,994		$	7,605,548
Affiliated investments, at cost (See Note 4)		36,232,543			1,199,603,885			—			—
Unaffiliated investments, at value (including securities on loan: Columbia Acorn Fund $447,311,479; Columbia Acorn International $122,061,343; Columbia Acorn USA $63,089,988; Columbia Acorn International Select $4,098,939; Columbia Acorn Select $25,615,118; Columbia Thermostat Fund $—; Columbia Acorn Emerging Markets Fund $1,581,515; Columbia Acorn European Fund $123,314)	$	875,006,068		$	6,705,042		$	174,308,037		$	8,099,296
Affiliated investments, at value (See Note 4)		8,614,616			1,235,231,400			—			—
Cash		51,376			—			—			—
Foreign currency (cost: Columbia Acorn Fund $—; Columbia Acorn International $8,176,952; Columbia Acorn USA $—; Columbia Acorn International Select $192; Columbia Acorn Select $—; Columbia Thermostat Fund $—; Columbia Acorn Emerging Markets Fund $483,834; Columbia Acorn European Fund $—)		—			—			481,198			—
Receivable for:
Investments sold		3,650,416			—			—			20,476
Fund shares sold		266,871			16,200,372			6,332,406			95,462
Dividends and interest		677,706			2,086,646			108,377			11,595
Securities lending income		17,881			—			308			381
Foreign tax reclaims		11,385			—			7,102			5,824
Expense reimbursement due from Investment Manager		8			—			36,974			548
Trustees' deferred compensation plan		296,255			—			—			—
Other assets		4,143			8,416			26,336			9
Total Assets		888,596,725			1,260,231,876			181,300,738			8,233,591
Liabilities:
Payable to custodian bank		—			—			—			—
Collateral on securities loaned		25,736,169			—			1,624,977			133,200
Unrealized depreciation on forward foreign currency exchange contracts		—			—			—			—
Payable for:
Investments purchased		—			2,527,751			1,109,947			33,304
Fund shares redeemed		4,680,219			1,440,042			1,016,818			24,842
Investment advisory fee		19,895			3,412			5,380			259
Administration fee		897			1,293			178			8
12b-1 Service and Distribution fees		3,733			13,886			708			31
Reports to shareholders		171,061			2,287			10,415			10,448
Trustees' deferred compensation plan		296,255			—			—			—
Transfer agent fees		131,059			47,055			21,877			—
Trustees' fees		4,622			28,468			886			490
Custody fees		2,938			438			5,420			—
Professional fee		50,354			20,483			24,273			25,997
Chief compliance officer expenses		218			—			—			—
Deferred foreign capital gains tax payable		—			—			19			—
Other liabilities		22,382			6,439			—			1,975
Total Liabilities		31,119,802			4,091,554			3,820,898			230,554
Net Assets	$	857,476,923		$	1,256,140,322		$	177,479,840		$	8,003,037
Composition of Net Assets:
Paid-in capital	$	487,376,181		$	1,189,275,655		$	184,301,165		$	7,375,236
Undistributed (Overdistributed) net investment income (loss)		(2,035,102	)		8,279,446			319,703			45,639
Accumulated net realized gain (loss)		90,828,700			22,957,706			(5,384	)		88,486
Net unrealized appreciation (depreciation) on:
Unaffiliated investments		308,925,029			—			(7,134,957	)		493,748
Affiliated investments (See Note 4)		(27,617,927	)		35,627,515			—			—
Foreign currency translations		42			—			(668	)		(72	)
Forward foreign currency exchange contracts		—			—			—			—
Foreign capital gains tax		—			—			(19	)		—
Net Assets	$	857,476,923		$	1,256,140,322		$	177,479,840		$	8,003,037
Net asset value per share – Class A (a)	$	26.26		$	14.86		$	11.99		$	12.63
(Net assets/shares)	($	303,380,356/ 11,551,098)		($	467,173,129/ 31,427,794)		($	57,830,140/ 4,823,283)		($	4,035,631/ 319,607)
Maximum offering price per share – Class A (b)	$	27.86		$	15.77		$	12.72		$	13.40
(Net asset value per share/front-end sales charge)	($26.26/0.9425)			($14.86/0.9425)			($11.99/0.9425)			($12.63/0.9425)
Net asset value and offering price per share – Class B (a)	$	24.05		$	14.93		$	—		$	—
(Net assets/shares)	($	4,085,867/ 169,904)		($	3,029,824/ 202,924)		($	—/—	)	($	—/—	)
Net asset value and offering price per share – Class C (a)	$	23.74		$	14.91		$	11.92		$	12.55
(Net assets/shares)	($	56,957,493/ 2,399,055)		($	391,264,877/ 26,242,550)		($	11,841,471/ 993,732)		($	101,218/ 8,066)
Net asset value and offering price per share – Class I (c)	$	27.25		$	—		$	12.04		$	12.64
(Net assets/shares)	($	37,440,937/ 1,374,180)		($	—/—	)	($6,082/505)			($6,436/509)
Net asset value and offering price per share – Class R (c)	$	—		$	—		$	—		$	—
(Net assets/shares)	($	—/—	)	($	—/—	)	($	—/—	)	($	—/—	)
Net asset value and offering price per share – Class R4 (c)	$	27.59		$	14.77		$	12.11		$	—
(Net assets/shares)	($75,850/2,749)			($7,885,980/533,788)			($5,560,961/459,275)			($	—/—	)
Net asset value and offering price per share – Class R5 (c)	$	27.58		$	14.78		$	12.10		$	12.75
(Net assets/shares)	($9,374,864/339,917)			($331,435/22,420)			($6,731,346/556,343)			($630,103/49,419)
Net asset value and offering price per share – Class Y (c)	$	27.63		$	14.78	(d)	$	12.00	(d)	$	—
(Net assets/shares)	($4,322,760/156,448)			($2,624/178)			($2,455/205)			($	—/—	)
Net asset value and offering price per share – Class Z (c)	$	27.19		$	14.71		$	12.02		$	12.64
(Net assets/shares)	($	441,838,796/ 16,252,701)		($	386,452,453/ 26,269,552)		($	95,507,385/ 7,944,005)		($	3,229,649/ 255,421)

See accompanying notes to financial statements.

93

Columbia Acorn Family of Funds

Statements of Operations (Unaudited) For the Six Months Ended June 30, 2013

	Columbia Acorn Fund			Columbia Acorn International			Columbia Acorn USA			Columbia Acorn International Select
Investment Income:
Dividends	$	76,862,407		$	94,227,582		$	6,706,282		$	4,116,648
Dividends from affiliates (See Note 4)		18,335,053			4,237,791			—			—
Dividends from affiliated investment company shares (See Note 4)		—			—			—			—
Interest		—			—			—			114
Securities lending income, net		5,480,688			1,637,836			627,302			97,653
		100,678,148			100,103,209			7,333,584			4,214,415
Foreign taxes withheld		(1,817,590	)		(9,370,498	)		(6,720	)		(404,528	)
Total Investment Income		98,860,558			90,732,711			7,326,864			3,809,887
Expenses:
Investment advisory fee		59,271,120			27,192,916			6,608,433			1,721,756
Administration fee		3,512,609			1,362,953			290,816			69,516
12b-1 Service and Distribution fees:
Class A		4,224,551			1,363,359			203,523			92,503
Class B		107,446			62,391			3,316			4,090
Class C		3,974,029			480,341			165,768			49,882
Class R		—			8,934			—			—
Transfer agent fees:
Class A		1,827,298			867,360			101,217			41,576
Class B		37,011			31,656			1,853			1,520
Class C		315,102			73,723			11,798			7,562
Class R		—			3,646			—			—
Class R4		3,679			2,830			242			17
Class R5		2,820			18,424			77			24
Class Z		5,303,833			1,856,907			793,755			128,445
Trustees' fees		350,036			131,852			31,378			12,194
Custody fees		172,994			783,612			9,053			80,416
Registration and blue sky fees		84,096			69,942			38,870			50,841
Reports to shareholders		949,293			578,701			192,165			64,357
Audit fees		43,343			51,614			21,767			22,757
Legal fees		516,528			193,564			48,022			11,419
Interest expense (See Note 5)		—			—			—			—
Chief compliance officer expenses (See Note 4)		252,059			95,392			22,352			5,549
Other expenses		306,829			230,292			27,683			9,927
Total Expenses		81,254,676			35,460,409			8,572,088			2,374,351
Less reimbursement of expenses by Investment Manager (See Note 4)		—			(230,240	)		—			(13	)
Net Expenses		81,254,676			35,230,169			8,572,088			2,374,338
Net Investment Income (Loss)		17,605,882			55,502,542			(1,245,224	)		1,435,549
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on:
Unaffiliated investments		568,055,097			395,659,116			82,477,187			18,411,739
Affiliated investments (See Note 4)		31,736,837			26,176,925			—			—
Foreign currency translations		(118,572	)		(2,537,078	)		—			24,424
Forward foreign currency exchange contracts		—			—			—			1,340,145
Distributions from affiliated investment company shares		—			—			—			—
Net realized gain		599,673,362			419,298,963			82,477,187			19,776,308
Net change in net unrealized appreciation (depreciation) on:
Unaffiliated investments		992,243,574			(22,092,382	)		87,793,751			(14,765,299	)
Affiliated investments (See Note 4)		224,060,431			(55,315,069	)		392,095			—
Foreign currency translations		(18,159	)		(169,761	)		—			(2,902	)
Forward foreign currency exchange contracts		—			—			—			359,639
Foreign capital gains tax		—			779,466			—			—
Net change in unrealized appreciation (depreciation)		1,216,285,846			(76,797,746	)		88,185,846			(14,408,562	)
Net realized and unrealized gain (loss)		1,815,959,208			342,501,217			170,663,033			5,367,746
Net Increase (Decrease) in Net Assets from Operations	$	1,833,565,090		$	398,003,759		$	169,417,809		$	6,803,295

See accompanying notes to financial statements.

94

	Columbia Acorn Select			Columbia Thermostat Fund			Columbia Acorn Emerging Markets Fund			Columbia Acorn European Fund
Investment Income:
Dividends	$	3,610,106		$	370		$	871,061		$	100,195
Dividends from affiliates (See Note 4)		—			—			—			—
Dividends from affiliated investment company shares (See Note 4)		—			11,862,143			—			—
Interest		—			—			—			1
Securities lending income, net		155,098			—			786			948
		3,765,204			11,862,513			871,847			101,144
Foreign taxes withheld		(28,463	)		—			(54,364	)		(10,799	)
Total Investment Income		3,736,741			11,862,513			817,483			90,345
Expenses:
Investment advisory fee		3,720,369			538,343			336,343			28,328
Administration fee		168,368			204,217			10,620			902
12b-1 Service and Distribution fees:
Class A		361,070			492,559			24,061			2,129
Class B		25,927			13,706			—			—
Class C		291,053			1,642,595			18,220			409
Class R		—			—			—			—
Transfer agent fees:
Class A		170,911			146,299			13,052			636
Class B		10,733			3,871			—			—
Class C		33,607			126,312			2,834			129
Class R		—			—			—			—
Class R4		26			668			471			—
Class R5		137			26			245			2
Class Z		244,998			113,074			30,871			546
Trustees' fees		21,376			16,452			553			186
Custody fees		9,091			2,057			67,510			27,459
Registration and blue sky fees		38,745			71,995			28,589			23,780
Reports to shareholders		154,698			102,666			21,197			19,210
Audit fees		21,767			14,031			22,914			21,990
Legal fees		30,462			22,322			267			84
Interest expense (See Note 5)		345			—			—			—
Chief compliance officer expenses (See Note 4)		14,708			10,553			140			43
Other expenses		48,404			9,319			9,816			1,615
Total Expenses		5,366,795			3,531,065			587,703			127,448
Less reimbursement of expenses by Investment Manager (See Note 4)		(356	)		(42,868	)		(107,090	)		(91,001	)
Net Expenses		5,366,439			3,488,197			480,613			36,447
Net Investment Income (Loss)		(1,629,698	)		8,374,316			336,870			53,898
Net Realized and Unrealized Gain (Loss) on Investments:
Net realized gain (loss) on:
Unaffiliated investments		103,418,238			—			104,475			89,392
Affiliated investments (See Note 4)		(2,748,766	)		35,148,294			—			—
Foreign currency translations		(2,739	)		—			4,957			1,157
Forward foreign currency exchange contracts		—			—			—			—
Distributions from affiliated investment company shares		—			1,525,699			—			—
Net realized gain		100,666,733			36,673,993			109,432			90,549
Net change in net unrealized appreciation (depreciation) on:
Unaffiliated investments		7,125,498			—			(8,590,063	)		101,023
Affiliated investments (See Note 4)		1,756,058			(8,428,328	)		—			—
Foreign currency translations		196			—			(507	)		(141	)
Forward foreign currency exchange contracts		—			—			—			—
Foreign capital gains tax		—			—			12,840			—
Net change in unrealized appreciation (depreciation)		8,881,752			(8,428,328	)		(8,577,730	)		100,882
Net realized and unrealized gain (loss)		109,548,485			28,245,665			(8,468,298	)		191,431
Net Increase (Decrease) in Net Assets from Operations	$	107,918,787		$	36,619,981		$	(8,131,428	)	$	245,329

See accompanying notes to financial statements.

95

Columbia Acorn Family of Funds

Statements of Changes in Net Assets

	Columbia Acorn Fund						Columbia Acorn International						Columbia Acorn USA						Columbia Acorn International Select
Increase (Decrease) in Net Assets	(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,
	2013			2012 (a)(b)(c)			2013			2012 (a)(b)(c)			2013			2012 (a)(b)(c)			2013			2012 (a)(b)(c)
Operations:
Net investment income (loss)	$	17,605,882		$	81,811,247		$	55,502,542		$	90,750,742		$	(1,245,224	)	$	5,000,823		$	1,435,549		$	6,089,719
Net realized gain (loss) on investments, foreign currency translations, forward foreign currency exchange contracts and foreign capital gains tax		567,936,525			1,113,274,791			393,122,038			143,980,673			82,477,187			120,638,007			19,776,308			37,404,262
Net realized gain (loss) on affiliated investments and distributions from affiliated investment company shares		31,736,837			4,469,667			26,176,925			(103,501	)		—			—			—			—
Net change in net unrealized appreciation (depreciation) on investments, foreign currency translations, forward foreign currency exchange contracts and foreign capital gains tax		992,225,415			1,224,627,488			(21,482,677	)		920,564,584			87,793,751			149,564,276			(14,408,562	)		27,009,907
Net change in net unrealized appreciation (depreciation) on affiliated investments and affiliated investment company shares		224,060,431			408,220,687			(55,315,069	)		31,907,664			392,095			(83,200	)		—			—
Net Increase (Decrease) in Net Assets from Operations		1,833,565,090			2,832,403,880			398,003,759			1,187,100,162			169,417,809			275,119,906			6,803,295			70,503,888
Distributions to Shareholders From:
Net investment income – Class A		(4,469,018	)		(6,663,987	)		(12,802,648	)		(14,411,473	)		—			(599,485	)		—			(4,362,966	)
Net realized gain – Class A		(40,964,839	)		(197,512,972	)		—			—			(242,181	)		(11,879,641	)		(1,517,809	)		(5,497,945	)
Net investment income – Class B		—			—			(178,287	)		(110,407	)		—			—			—			(72,287	)
Net realized gain – Class B		(326,592	)		(2,528,156	)		—			—			(1,102	)		(115,000	)		(21,079	)		(103,484	)
Net investment income – Class C		—			—			(1,105,201	)		(564,735	)		—			—			—			(545,569	)
Net realized gain – Class C		(10,801,205	)		(50,561,092	)		—			—			(53,759	)		(2,747,308	)		(211,816	)		(788,458	)
Net investment income – Class I		(44,508	)		(314,994	)		(746,333	)		(2,000,370	)		—			(23	)		—			(176	)
Net realized gain – Class I		(407,590	)		(3,228,769	)		—			—			(5	)		(1,468	)		(51	)		(212	)
Net investment income – Class R		—			—			(42,157	)		(25,256	)		—			—			—			—
Net investment income – Class R4		(39,853	)		(56	)		(323,576	)		(223	)		—			(79	)		—			(894	)
Net realized gain – Class R4		(300,265	)		(717	)		—			—			(2,492	)		(1,157	)		(1,031	)		(1,048	)
Net investment income – Class R5		(132,214	)		(11	)		(2,099,911	)		(16,524	)		—			(15	)		—			(150	)
Net realized gain – Class R5		(1,212,896	)		(119	)		—			—			(1,007	)		(193	)		(4,308	)		(175	)
Net investment income – Class Y		(1,014,881	)		(88,761	)		(676,169	)		(19,488	)		—			(16	)		—			(151	)
Net realized gain – Class Y		(8,671,771	)		(850,641	)		—			—			(3,814	)		(193	)		(44	)		(174	)
Net investment income – Class Z		(15,876,887	)		(63,442,374	)		(63,067,133	)		(111,633,313	)		—			(8,664,877	)		—			(19,872,784	)
Net realized gain – Class Z		(156,684,393	)		(774,147,758	)		—			—			(1,834,199	)		(105,839,468	)		(5,355,857	)		(23,989,252	)
Total Distributions to Shareholders		(240,946,912	)		(1,099,340,407	)		(81,041,415	)		(128,781,789	)		(2,138,559	)		(129,848,923	)		(7,111,995	)		(55,235,725	)
Share Transactions:
Subscriptions – Class A		270,637,532			504,132,337			216,271,864			192,174,434			21,543,081			23,184,962			15,747,427			28,487,144
Distributions reinvested – Class A		42,926,712			192,504,936			12,376,645			13,849,288			223,746			11,472,496			1,487,801			9,540,300
Redemptions – Class A		(390,571,227	)		(1,043,161,042	)		(130,386,400	)		(288,655,100	)		(18,479,061	)		(65,386,017	)		(19,178,214	)		(22,115,770	)
Net Increase (Decrease) – Class A		(77,006,983	)		(346,523,769	)		98,262,109			(82,631,378	)		3,287,766			(30,728,559	)		(1,942,986	)		15,911,674
Distributions reinvested – Class B		327,899			2,488,680			187,191			109,244			1,097			112,821			20,971			171,043
Redemptions – Class B		(13,222,201	)		(42,408,789	)		(3,892,270	)		(10,614,723	)		(465,938	)		(1,506,892	)		(309,095	)		(821,529	)
Net Increase (Decrease) – Class B		(12,894,302	)		(39,920,109	)		(3,705,079	)		(10,505,479	)		(464,841	)		(1,394,071	)		(288,124	)		(650,486	)
Subscriptions – Class C		46,172,793			75,456,034			8,484,901			9,589,255			1,813,067			1,894,599			1,570,827			1,909,549
Distributions reinvested – Class C		8,852,591			41,007,235			951,320			462,763			50,044			2,504,682			192,611			1,184,774
Redemptions – Class C		(60,283,360	)		(147,063,884	)		(10,034,663	)		(31,713,431	)		(2,319,790	)		(6,051,022	)		(1,683,528	)		(2,386,931	)
Net Increase (Decrease) – Class C		(5,257,976	)		(30,600,615	)		(598,442	)		(21,661,413	)		(456,679	)		(1,651,741	)		79,910			707,392
Subscriptions – Class I		41,390,135			67,198,938			54,489,596			89,544,891			—			2,149,882			—			—
Distributions reinvested – Class I		452,059			3,543,577			746,086			1,999,919			—			1,223			—			—
Redemptions – Class I		(51,441,901	)		(30,814,450	)		(64,801,856	)		(56,555,211	)		—			(4,920,409	)		—			—
Net Increase (Decrease) – Class I		(9,599,707	)		39,928,065			(9,566,174	)		34,989,599			—			(2,769,304	)		—			—

(a)  Class R4 shares reflect activity for the period from November 8, 2012 (commencement of operations) through December 31, 2012.

(b)  Class R5 shares reflect activity for the period from November 8, 2012 (commencement of operations) through December 31, 2012.

(c)  Class Y shares reflect activity for the period from November 8, 2012 (commencement of operations) through December 31, 2012.

(d)  Class Y shares reflect activity for the period from June 13, 2013 (commencement of operations) through June 30, 2013.

See accompanying notes to financial statements.

96

	Columbia Acorn Select						Columbia Thermostat Fund						Columbia Acorn Emerging Markets Fund						Columbia Acorn European Fund
Increase (Decrease) in Net Assets	(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,
	2013			2012 (a)(b)(c)			2013			2012 (a)(b)(c)			2013 (d)			2012 (a)(b)			2013			2012 (b)
Operations:
Net investment income (loss)	$	(1,629,698	)	$	3,199,752		$	8,374,316		$	10,380,505		$	336,870		$	59,454		$	53,898		$	15,258
Net realized gain (loss) on investments, foreign currency translations, forward foreign currency exchange contracts and foreign capital gains tax		103,415,499			146,041,340			—			—			109,432			(61,273	)		90,549			8,711
Net realized gain (loss) on affiliated investments and distributions from affiliated investment company shares		(2,748,766	)		(32,861,769	)		36,673,993			9,964,937			—			—			—			—
Net change in net unrealized appreciation (depreciation) on investments, foreign currency translations, forward foreign currency exchange contracts and foreign capital gains tax		7,125,694			9,006,880			—			—			(8,577,730	)		1,577,275			100,882			478,648
Net change in net unrealized appreciation (depreciation) on affiliated investments and affiliated investment company shares		1,756,058			76,071,172			(8,428,328	)		30,128,824			—			—			—			—
Net Increase (Decrease) in Net Assets from Operations		107,918,787			201,457,375			36,619,981			50,474,266			(8,131,428	)		1,575,456			245,329			502,617
Distributions to Shareholders From:
Net investment income – Class A		(779,075	)		—			(272,522	)		(5,054,209	)		—			(15,490	)		—			(1,646	)
Net realized gain – Class A		(14,966,587	)		(22,932,516	)		—			—			—			—			—			(87	)
Net investment income – Class B		—			—			(1,924	)		(54,808	)		—			—			—			—
Net realized gain – Class B		(256,208	)		(1,087,328	)		—			—			—			—			—			—
Net investment income – Class C		—			—			(232,365	)		(2,121,887	)		—			—			—			(20	)
Net realized gain – Class C		(3,121,557	)		(5,136,384	)		—			—			—			—			—			(8	)
Net investment income – Class I		(134,582	)		—			—			—			—			(61	)		—			(48	)
Net realized gain – Class I		(1,118,281	)		(2,740,487	)		—			—			—			—			—			(2	)
Net investment income – Class R		—			—			—			—			—			—			—			—
Net investment income – Class R4		(360	)		—			(3,837	)		(272	)		—			(135	)		—			—
Net realized gain – Class R4		(3,624	)		(872	)		—			—			—			—			—			—
Net investment income – Class R5		(2,205	)		—			(200	)		(45	)		—			(24	)		—			(17	)
Net realized gain – Class R5		(19,547	)		(145	)		—			—			—			—			—			—
Net investment income – Class Y		(184	)		—			(2	)		(46	)		—			—			—			—
Net realized gain – Class Y		(1,461	)		(145	)		—			—			—			—			—			—
Net investment income – Class Z		(2,355,272	)		—			(234,747	)		(5,300,668	)		—			(60,520	)		—			(20,402	)
Net realized gain – Class Z		(22,396,704	)		(51,934,084	)		—			—			—			—			—			(815	)
Total Distributions to Shareholders		(45,155,647	)		(83,831,961	)		(745,597	)		(12,531,935	)		—			(76,230	)		—			(23,045	)
Share Transactions:
Subscriptions – Class A		50,888,589			40,027,597			171,408,845			273,105,947			62,047,959			2,701,324			3,890,585			295,687
Distributions reinvested – Class A		14,833,712			21,373,765			248,147			4,549,410			5			15,419			—			1,697
Redemptions – Class A		(50,383,729	)		(159,108,074	)		(41,610,462	)		(48,212,223	)		(4,707,605	)		(234,401	)		(335,672	)		(46,529	)
Net Increase (Decrease) – Class A		15,338,572			(97,706,712	)		130,046,530			229,443,134			57,340,359			2,482,342			3,554,913			250,855
Distributions reinvested – Class B		252,212			1,050,259			1,899			52,935			—			—			—			—
Redemptions – Class B		(6,831,103	)		(19,619,654	)		(1,617,013	)		(7,803,976	)		—			—			—			—
Net Increase (Decrease) – Class B		(6,578,891	)		(18,569,395	)		(1,615,114	)		(7,751,041	)		—			—			—			—
Subscriptions – Class C		1,518,744			3,033,655			145,986,597			220,660,384			11,970,563			479,073			48,761			102,697
Distributions reinvested – Class C		2,544,014			4,111,417			173,596			1,498,365			—			—			—			28
Redemptions – Class C		(7,798,710	)		(17,080,513	)		(18,046,348	)		(11,490,278	)		(195,994	)		(62,650	)		(42,319	)		(23,910	)
Net Increase (Decrease) – Class C		(3,735,952	)		(9,935,441	)		128,113,845			210,668,471			11,774,569			416,423			6,442			78,815
Subscriptions – Class I		27,542,294			45,199,109			—			—			—			—			—			—
Distributions reinvested – Class I		1,252,711			2,740,281			—			—			—			61			—			50
Redemptions – Class I		(34,811,057	)		(20,749,765	)		—			—			—			—			—			—
Net Increase (Decrease) – Class I		(6,016,052	)		27,189,625			—			—			—			61			—			50

See accompanying notes to financial statements.

97

Columbia Acorn Family of Funds

Statements of Changes in Net Assets, continued

	Columbia Acorn Fund						Columbia Acorn International						Columbia Acorn USA						Columbia Acorn International Select
Increase (Decrease) in Net Assets	(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,
	2013			2012 (a)(b)(c)			2013			2012 (a)(b)(c)			2013			2012 (a)(b)(c)			2013			2012 (a)(b)(c)
Subscriptions – Class R		—			—			1,978,842			4,849,766			—			—			—			—
Distributions reinvested – Class R		—			—			34,300			20,880			—			—			—			—
Redemptions – Class R		—			—			(707,741	)		(4,484,989	)		—			—			—			—
Net Increase – Class R		—			—			1,305,401			385,657			—			—			—			—
Subscriptions – Class R4		31,858,484			16,900			30,001,722			15,000			2,456,088			15,000			95,774			15,000
Distributions reinvested – Class R4		339,905			—			323,396			—			2,470			—			766			—
Redemptions – Class R4		(407,825	)		—			(484,985	)		—			(298,765	)		—			—			—
Net Increase – Class R4		31,790,564			16,900			29,840,133			15,000			2,159,793			15,000			96,540			15,000
Subscriptions – Class R5		137,521,736			2,500			218,820,711			445			745,344			2,500			599,786			2,500
Distributions reinvested – Class R5		1,282,817			—			2,099,541			5,613			1,003			—			4,263			—
Redemptions – Class R5		(7,594,112	)		—			(6,468,599	)		(2,089,711	)		(722	)		—			(2,957	)		—
Net Increase (Decrease) – Class R5		131,210,441			2,500			214,451,653			(2,083,653	)		745,625			2,500			601,092			2,500
Subscriptions – Class Y		831,800,157			66,583,143			83,090,361			30,626,355			2,700,000			2,500			—			2,500
Distributions reinvested – Class Y		9,686,617			939,270			676,139			19,448			3,811			—			—			—
Redemptions – Class Y		(26,561,833	)		(326,942	)		(8,171,494	)		—			—			—			—			—
Net Increase – Class Y		814,924,941			67,195,471			75,595,006			30,645,803			2,703,811			2,500			—			2,500
Subscriptions – Class Z		793,828,705			1,687,350,294			585,768,752			1,168,999,243			104,141,073			222,245,731			41,140,066			86,732,266
Distributions reinvested – Class Z		150,554,039			734,024,683			49,236,799			86,747,474			1,602,536			102,214,147			3,006,273			21,542,287
Redemptions – Class Z		(2,117,036,882	)		(2,657,246,336	)		(770,958,650	)		(936,482,410	)		(312,916,991	)		(391,557,641	)		(83,218,677	)		(85,460,095	)
Net Increase (Decrease) – Class Z		(1,172,654,138	)		(235,871,359	)		(135,953,099	)		319,264,307			(207,173,382	)		(67,097,763	)		(39,072,338	)		22,814,458
Net Increase (Decrease) from Share Transactions		(299,487,160	)		(545,772,916	)		269,631,508			268,418,443			(199,197,907	)		(103,621,438	)		(40,525,906	)		38,803,038
Increase from regulatory settlements (See Note 7)		—			—			—			107,802			—			—			—			—
Total Increase (Decrease) in Net Assets		1,293,131,018			1,187,290,557			586,593,852			1,326,844,618			(31,918,657	)		41,649,545			(40,834,606	)		54,071,201
Net Assets:
Beginning of period		17,523,865,911			16,336,575,354			6,743,797,606			5,416,952,988			1,600,094,673			1,558,445,128			380,454,054			326,382,853
End of period	$	18,816,996,929		$	17,523,865,911		$	7,330,391,458		$	6,743,797,606		$	1,568,176,016		$	1,600,094,673		$	339,619,448		$	380,454,054
Undistributed (Overdistributed) net investment income (loss)	$	(31,763,902	)	$	(27,792,423	)	$	(99,842,231	)	$	(74,303,358	)	$	(5,320,184	)	$	(4,074,947	)	$	(21,121,073	)	$	(22,556,622	)

(a)  Class R4 shares reflect activity for the period from November 8, 2012 (commencement of operations) through December 31, 2012.

(b)  Class R5 shares reflect activity for the period from November 8, 2012 (commencement of operations) through December 31, 2012.

(c)  Class Y shares reflect activity for the period from November 8, 2012 (commencement of operations) through December 31, 2012.

(d)  Class Y shares reflect activity for the period from June 13, 2013 (commencement of operations) through June 30, 2013.

See accompanying notes to financial statements.

98

	Columbia Acorn Select						Columbia Thermostat Fund						Columbia Acorn Emerging Markets Fund						Columbia Acorn European Fund
Increase (Decrease) in Net Assets	(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,
	2013			2012 (a)(b)(c)			2013			2012 (a)(b)(c)			2013 (d)			2012 (a)(b)			2013			2012 (b)
Subscriptions – Class R		—			—			—			—			—			—			—			—
Distributions reinvested – Class R		—			—			—			—			—			—			—			—
Redemptions – Class R		—			—			—			—			—			—			—			—
Net Increase – Class R		—			—			—			—			—			—			—			—
Subscriptions – Class R4		59,890			15,000			8,715,992			15,000			5,918,827			15,000			—			—
Distributions reinvested – Class R4		3,124			—			3,827			—			—			—			—			—
Redemptions – Class R4		(1,249	)		—			(787,839	)		—			(12,963	)		—			—			—
Net Increase – Class R4		61,765			15,000			7,931,980			15,000			5,905,864			15,000			—			—
Subscriptions – Class R5		9,849,828			2,500			343,406			2,500			7,046,303			2,500			623,426			2,500
Distributions reinvested – Class R5		21,606			—			198			—			—			—			—			—
Redemptions – Class R5		(400,931	)		—			(9,881	)		—			—			—			—			—
Net Increase (Decrease) – Class R5		9,470,503			2,500			333,723			2,500			7,046,303			2,500			623,426			2,500
Subscriptions – Class Y		4,407,400			2,500			—			2,500			2,500			—			—			—
Distributions reinvested – Class Y		1,498			—			—			—			—			—			—			—
Redemptions – Class Y		(3,379	)		—			—			—			—			—			—			—
Net Increase – Class Y		4,405,519			2,500			—			2,500			2,500			—			—			—
Subscriptions – Class Z		28,113,059			92,416,113			149,903,184			280,471,623			96,335,832			3,279,578			314,854			774,240
Distributions reinvested – Class Z		17,236,709			40,196,957			151,076			3,443,888			—			58,786			—			20,822
Redemptions – Class Z		(229,208,363	)		(476,230,534	)		(69,221,983	)		(69,222,297	)		(3,383,970	)		(392,871	)		(19,962	)		(7,954	)
Net Increase (Decrease) – Class Z		(183,858,595	)		(343,617,464	)		80,832,277			214,693,214			92,951,862			2,945,493			294,892			787,108
Net Increase (Decrease) from Share Transactions		(170,913,131	)		(442,619,387	)		345,643,241			647,073,778			175,021,457			5,861,819			4,479,673			1,119,328
Increase from regulatory settlements (See Note 7)		—			—			—			—			—			—			—			—
Total Increase (Decrease) in Net Assets		(108,149,991	)		(324,993,973	)		381,517,625			685,016,109			166,890,029			7,361,045			4,725,002			1,598,900
Net Assets:
Beginning of period		965,626,914			1,290,620,887			874,622,697			189,606,588			10,589,811			3,228,766			3,278,035			1,679,135
End of period	$	857,476,923		$	965,626,914		$	1,256,140,322		$	874,622,697		$	177,479,840		$	10,589,811		$	8,003,037		$	3,278,035
Undistributed (Overdistributed) net investment income (loss)	$	(2,035,102	)	$	2,866,367		$	8,279,446		$	650,727		$	319,703		$	(17,167	)	$	45,639		$	(8,259	)

See accompanying notes to financial statements.

99

Columbia Acorn Family of Funds

Statements of Changes in Net Assets, continued

	Columbia Acorn Fund						Columbia Acorn International						Columbia Acorn USA						Columbia Acorn International Select
Changes in Shares of Beneficial Interest:	(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,
	2013			2012 (a)(b)(c)			2013			2012 (a)(b)(c)			2013			2012 (a)(b)(c)			2013			2012 (a)(b)(c)
Subscriptions – Class A		8,542,904			17,231,624			4,973,222			5,036,565			703,648			809,060			603,411			1,023,664
Shares issued in reinvestment and capital gains – Class A		1,344,401			6,767,946			285,242			349,670			7,194			419,501			57,756			374,787
Less shares redeemed – Class A		(12,318,843	)		(35,802,801	)		(3,028,384	)		(7,580,692	)		(606,585	)		(2,274,459	)		(736,118	)		(825,702	)
Net Increase (Decrease) – Class A		(2,431,538	)		(11,803,231	)		2,230,080			(2,194,457	)		104,257			(1,045,898	)		(74,951	)		572,749
Shares issued in reinvestment and capital gains – Class B		11,290			95,443			4,448			2,774			39			4,518			858			7,046
Less shares redeemed – Class B		(457,657	)		(1,578,470	)		(93,128	)		(290,213	)		(16,687	)		(57,586	)		(12,482	)		(32,062	)
Net Increase (Decrease) – Class B		(446,367	)		(1,483,027	)		(88,680	)		(287,439	)		(16,648	)		(53,068	)		(11,624	)		(25,016	)
Subscriptions – Class C		1,624,027			2,852,549			203,676			259,798			65,604			72,817			64,025			71,372
Shares issued in reinvestment and capital gains – Class C		310,073			1,604,270			22,721			11,902			1,786			101,628			7,923			49,061
Less shares redeemed – Class C		(2,119,906	)		(5,562,067	)		(239,189	)		(870,089	)		(83,677	)		(231,588	)		(68,314	)		(93,117	)
Net Increase (Decrease) – Class C		(185,806	)		(1,105,248	)		(12,792	)		(598,389	)		(16,287	)		(57,143	)		3,634			27,316
Subscriptions – Class I		1,270,898			2,226,501			1,279,094			2,338,136			—			69,785			—			—
Shares issued in reinvestment and capital gains – Class I		13,616			119,925			17,140			50,947			—			42			—			—
Less shares redeemed – Class I		(1,523,905	)		(1,016,424	)		(1,463,265	)		(1,469,126	)		—			(167,312	)		—			—
Net Increase (Decrease) – Class I		(239,391	)		1,330,002			(167,031	)		919,957			—			(97,485	)		—			—
Subscriptions – Class R		—			—			46,221			123,992			—			—			—			—
Shares issued in reinvestment and capital gains – Class R		—			—			792			521			—			—			—			—
Less shares redeemed – Class R		—			—			(16,360	)		(118,346	)		—			—			—			—
Net Increase – Class R		—			—			30,653			6,167			—			—			—			—
Subscriptions – Class R4		940,539			553			692,063			376			74,469			499			3,646			500
Shares issued in reinvestment and capital gains – Class R4		10,101			—			7,392			—			75			—			29			—
Less shares redeemed – Class R4		(12,099	)		—			(10,893	)		—			(8,926	)		—			—			—
Net Increase – Class R4		938,541			553			688,562			376			65,618			499			3,675			500
Subscriptions – Class R5		4,125,297			82			5,071,987			8			23,060			83			22,672			83
Shares issued in reinvestment and capital gains – Class R5		38,122			—			48,288			145			30			—			163			—
Less shares redeemed – Class R5		(223,785	)		—			(147,543	)		(53,601	)		(22	)		—			(113	)		—
Net Increase (Decrease) – Class R5		3,939,634			82			4,972,732			(53,448	)		23,068			83			22,722			83
Subscriptions – Class Y		24,585,710			2,148,017			1,929,352			750,647			86,097			83			—			83
Shares issued in reinvestment and capital gains – Class Y		287,693			31,278			15,448			476			115			—			—			—
Less shares redeemed – Class Y		(781,503	)		(10,692	)		(184,603	)		—			—			—			—			—
Net Increase – Class Y		24,091,900			2,168,603			1,760,197			751,123			86,212			83			—			83
Subscriptions – Class Z		24,252,068			55,847,077			13,585,747			30,630,548			3,293,147			7,413,473			1,573,989			3,087,336
Shares issued in reinvestment and capital gains – Class Z		4,538,857			24,884,327			1,131,880			2,218,261			49,294			3,580,586			115,448			838,401
Less shares redeemed – Class Z		(63,833,724	)		(87,379,864	)		(17,784,792	)		(24,297,024	)		(10,071,616	)		(13,185,688	)		(3,183,219	)		(3,121,838	)
Net Increase (Decrease) – Class Z		(35,042,799	)		(6,648,460	)		(3,067,165	)		8,551,785			(6,729,175	)		(2,191,629	)		(1,493,782	)		803,899
Net Increase (Decrease) in Shares of Beneficial Interest		(9,375,826	)		(17,540,726	)		6,346,556			7,095,675			(6,482,955	)		(3,444,558	)		(1,550,326	)		1,379,614

(a)  Class R4 shares reflect activity for the period from November 8, 2012 (commencement of operations) through December 31, 2012.

(b)  Class R5 shares reflect activity for the period from November 8, 2012 (commencement of operations) through December 31, 2012.

(c)  Class Y shares reflect activity for the period from November 8, 2012 (commencement of operations) through December 31, 2012.

(d)  Class Y shares reflect activity for the period from June 13, 2013 (commencement of operations) through June 30, 2013.

See accompanying notes to financial statements.

100

	Columbia Acorn Select						Columbia Thermostat Fund						Columbia Acorn Emerging Markets Fund						Columbia Acorn European Fund
Changes in Shares of Beneficial Interest:	(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,			(Unaudited) Six months ended June 30,			Year ended December 31,
	2013			2012 (a)(b)(c)			2013			2012 (a)(b)(c)			2013 (d)			2012 (a)(b)			2013			2012 (b)
Subscriptions – Class A		1,876,439			1,572,755			11,551,293			19,574,784			4,948,642			242,160			307,926			26,410
Shares issued in reinvestment and capital gains – Class A		565,093			878,414			16,554			319,205			—			1,308			—			152
Less shares redeemed – Class A		(1,880,104	)		(6,287,849	)		(2,792,092	)		(3,461,158	)		(383,019	)		(21,619	)		(26,879	)		(4,331	)
Net Increase (Decrease) – Class A		561,428			(3,836,680	)		8,775,755			16,432,831			4,565,623			221,849			281,047			22,231
Shares issued in reinvestment and capital gains – Class B		10,485			46,775			126			3,716			—			—			—			—
Less shares redeemed – Class B		(277,327	)		(830,866	)		(108,496	)		(568,981	)		—			—			—			—
Net Increase (Decrease) – Class B		(266,842	)		(784,091	)		(108,370	)		(565,265	)		—			—			—			—
Subscriptions – Class C		63,392			130,998			9,809,029			15,757,125			958,554			43,007			3,967			9,113
Shares issued in reinvestment and capital gains – Class C		107,161			185,145			11,543			104,556			—			—			—			3
Less shares redeemed – Class C		(320,452	)		(733,680	)		(1,206,898	)		(818,151	)		(16,056	)		(5,549	)		(3,483	)		(2,036	)
Net Increase (Decrease) – Class C		(149,899	)		(417,537	)		8,613,674			15,043,530			942,498			37,458			484			7,080
Subscriptions – Class I		1,014,946			1,751,104			—			—			—			—			—			—
Shares issued in reinvestment and capital gains – Class I		46,022			108,517			—			—			—			5			—			4
Less shares redeemed – Class I		(1,210,627	)		(798,545	)		—			—			—			—			—			—
Net Increase (Decrease) – Class I		(149,659	)		1,061,076			—			—			—			5			—			4
Subscriptions – Class R		—			—			—			—			—			—			—			—
Shares issued in reinvestment and capital gains – Class R		—			—			—			—			—			—			—			—
Less shares redeemed – Class R		—			—			—			—			—			—			—			—
Net Increase – Class R		—			—			—			—			—			—			—			—
Subscriptions – Class R4		2,102			579			585,352			1,065			458,992			1,311			—			—
Shares issued in reinvestment and capital gains – Class R4		113			—			257			—			—			—			—			—
Less shares redeemed – Class R4		(45	)		—			(52,886	)		—			(1,028	)		—			—			—
Net Increase – Class R4		2,170			579			532,723			1,065			457,964			1,311			—			—
Subscriptions – Class R5		353,501			96			22,889			178			556,124			219			49,196			223
Shares issued in reinvestment and capital gains – Class R5		784			—			13			—			—			—			—			—
Less shares redeemed – Class R5		(14,464	)		—			(660	)		—			—			—			—			—
Net Increase (Decrease) – Class R5		339,821			96			22,242			178			556,124			219			49,196			223
Subscriptions – Class Y		156,417			96			—			178			205			—			—			—
Shares issued in reinvestment and capital gains – Class Y		54			—			—			—			—			—			—			—
Less shares redeemed – Class Y		(119	)		—			—			—			—			—			—			—
Net Increase – Class Y		156,352			96			—			178			205			—			—			—
Subscriptions – Class Z		1,025,621			3,534,761			10,246,924			20,385,294			7,652,950			299,290			25,082			70,205
Shares issued in reinvestment and capital gains – Class Z		634,400			1,598,571			10,187			244,437			—			5,008			—			1,859
Less shares redeemed – Class Z		(8,390,620	)		(18,152,892	)		(4,709,302	)		(5,049,709	)		(276,299	)		(34,993	)		(1,583	)		(754	)
Net Increase (Decrease) – Class Z		(6,730,599	)		(13,019,560	)		5,547,809			15,580,022			7,376,651			269,305			23,499			71,310
Net Increase (Decrease) in Shares of Beneficial Interest		(6,237,228	)		(16,996,021	)		23,383,833			46,492,539			13,899,065			530,147			354,226			100,848

See accompanying notes to financial statements.

101

Columbia Acorn Family of Funds

Financial Highlights

The following tables are intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any, and is not annualized for periods of less than one year.

Columbia Acorn Fund

			Income from Investment Operations									Less Distributions to Shareholders
(Selected data for a share outstanding throughout each period)	Net Asset Value, Beginning of Period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			Net investment income			Net realized gains			Total Distributions to Shareholders			Increase from regulatory settlements
Class A
Six Months Ended June 30, 2013 (Unaudited)	$	29.36		0.00	(b)		3.04			3.04			(0.04	)		(0.38	)		(0.42	)		—
Year Ended December 31, 2012	$	26.63		0.08			4.53			4.61			(0.06	)		(1.82	)		(1.88	)		—
Year Ended December 31, 2011	$	29.24		(0.10	)		(1.30	)		(1.40	)		(0.02	)		(1.19	)		(1.21	)		—
Year Ended December 31, 2010	$	23.98		(0.06	)		6.18			6.12			(0.02	)		(0.84	)		(0.86	)		0.00	(b)
Year Ended December 31, 2009	$	17.22		(0.02	)		6.78			6.76			—			—			—			0.00	(b)
Year Ended December 31, 2008	$	28.87		(0.01	)		(10.98	)		(10.99	)		—			(0.66	)		(0.66	)		—
Class B
Six Months Ended June 30, 2013 (Unaudited)	$	26.80		(0.10	)		2.77			2.67			—			(0.38	)		(0.38	)		—
Year Ended December 31, 2012	$	24.53		(0.11	)		4.20			4.09			—			(1.82	)		(1.82	)		—
Year Ended December 31, 2011	$	27.14		(0.27	)		(1.15	)		(1.42	)		—			(1.19	)		(1.19	)		—
Year Ended December 31, 2010	$	22.43		(0.21	)		5.76			5.55			—			(0.84	)		(0.84	)		0.00	(b)
Year Ended December 31, 2009	$	16.21		(0.14	)		6.36			6.22			—			—			—			0.00	(b)
Year Ended December 31, 2008	$	27.39		(0.15	)		(10.37	)		(10.52	)		—			(0.66	)		(0.66	)		—
Class C
Six Months Ended June 30, 2013 (Unaudited)	$	26.34		(0.10	)		2.72			2.62			—			(0.38	)		(0.38	)		—
Year Ended December 31, 2012	$	24.18		(0.12	)		4.10			3.98			—			(1.82	)		(1.82	)		—
Year Ended December 31, 2011	$	26.85		(0.29	)		(1.19	)		(1.48	)		—			(1.19	)		(1.19	)		—
Year Ended December 31, 2010	$	22.23		(0.24	)		5.70			5.46			—			(0.84	)		(0.84	)		0.00	(b)
Year Ended December 31, 2009	$	16.09		(0.17	)		6.31			6.14			—			—			—			0.00	(b)
Year Ended December 31, 2008	$	27.25		(0.19	)		(10.31	)		(10.50	)		—			(0.66	)		(0.66	)		—
Class I
Six Months Ended June 30, 2013 (Unaudited)	$	30.47		0.05			3.16			3.21			(0.04	)		(0.38	)		(0.42	)		—
Year Ended December 31, 2012	$	27.57		0.26			4.62			4.88			(0.16	)		(1.82	)		(1.98	)		—
Year Ended December 31, 2011	$	30.19		0.01			(1.35	)		(1.34	)		(0.09	)		(1.19	)		(1.28	)		—
Year Ended December 31, 2010 (e)	$	26.80		(0.01	)		4.26			4.25			(0.02	)		(0.84	)		(0.86	)		—
Class R4
Six Months Ended June 30, 2013 (Unaudited)	$	30.90		0.10			3.14			3.24			(0.05	)		(0.38	)		(0.43	)		—
Year Ended December 31, 2012 (f)	$	30.59		0.05			1.84			1.89			(0.12	)		(1.46	)		(1.58	)		—
Class R5
Six Months Ended June 30, 2013 (Unaudited)	$	30.88		0.12			3.13			3.25			(0.04	)		(0.38	)		(0.42	)		—
Year Ended December 31, 2012 (g)	$	30.59		0.06			1.83			1.89			(0.14	)		(1.46	)		(1.60	)		—
Class Y
Six Months Ended June 30, 2013 (Unaudited)	$	30.90		0.10			3.17			3.27			(0.05	)		(0.38	)		(0.43	)		—
Year Ended December 31, 2012 (h)	$	30.62		0.09			1.80			1.89			(0.15	)		(1.46	)		(1.61	)		—
Class Z
Six Months Ended June 30, 2013 (Unaudited)	$	30.45		0.04			3.16			3.20			(0.04	)		(0.38	)		(0.42	)		—
Year Ended December 31, 2012	$	27.56		0.17			4.69			4.86			(0.15	)		(1.82	)		(1.97	)		—
Year Ended December 31, 2011	$	30.19		(0.01	)		(1.34	)		(1.35	)		(0.09	)		(1.19	)		(1.28	)		—
Year Ended December 31, 2010	$	24.68		0.02			6.37			6.39			(0.04	)		(0.84	)		(0.88	)		0.00	(b)
Year Ended December 31, 2009	$	17.71		0.04			6.98			7.02			(0.05	)		—			(0.05	)		0.00	(b)
Year Ended December 31, 2008	$	29.61		0.06			(11.29	)		(11.23	)		(0.01	)		(0.66	)		(0.67	)		—

(a)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(b)  Rounds to zero.

(c)  Annualized.

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

(e)  Class I shares commenced operations on September 27, 2010. Per share data and total return reflect activity from that date.

(f)  Class R4 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.

(g)  Class R5 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.

(h)  Class Y shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.

See accompanying notes to financial statements.

102

						Ratio to Average Net Assets									Supplemental Data
(Selected data for a share outstanding throughout each period)	Net Asset Value, End of Period		Total Return			Total gross expenses (a)			Total net expenses (a)			Net investment income (loss)			Portfolio turnover rate			Net assets, end of period (000s)
Class A
Six Months Ended June 30, 2013 (Unaudited)	$	31.98		10.37	%		1.07	%(c)		1.07	%(c)		0.00	%(b)(c)		9	%	$	3,443,357
Year Ended December 31, 2012	$	29.36		17.62	%		1.06	%		1.06	%(d)		0.27	%		16	%	$	3,233,494
Year Ended December 31, 2011	$	26.63		(4.91	)%		1.06	%		1.06	%(d)		(0.33	)%		18	%	$	3,246,833
Year Ended December 31, 2010	$	29.24		25.61	%		1.07	%		1.07	%(d)		(0.22	)%		28	%	$	3,639,788
Year Ended December 31, 2009	$	23.98		39.26	%		1.07	%		1.07	%(d)		(0.12	)%		27	%	$	2,937,761
Year Ended December 31, 2008	$	17.22		(38.72	)%		1.05	%		1.05	%(d)		(0.04	)%		21	%	$	2,221,100
Class B
Six Months Ended June 30, 2013 (Unaudited)	$	29.09		9.98	%		1.71	%(c)		1.71	%(c)		(0.69	)%(c)		9	%	$	23,513
Year Ended December 31, 2012	$	26.80		16.98	%		1.65	%		1.64	%(d)		(0.42	)%		16	%	$	33,623
Year Ended December 31, 2011	$	24.53		(5.34	)%		1.67	%		1.67	%(d)		(0.98	)%		18	%	$	67,153
Year Ended December 31, 2010	$	27.14		24.81	%		1.69	%		1.69	%(d)		(0.88	)%		28	%	$	287,650
Year Ended December 31, 2009	$	22.43		38.37	%		1.74	%		1.74	%(d)		(0.77	)%		27	%	$	525,072
Year Ended December 31, 2008	$	16.21		(39.11	)%		1.65	%		1.65	%(d)		(0.64	)%		21	%	$	581,587
Class C
Six Months Ended June 30, 2013 (Unaudited)	$	28.58		9.96	%		1.79	%(c)		1.79	%(c)		(0.72	)%(c)		9	%	$	815,711
Year Ended December 31, 2012	$	26.34		16.77	%		1.80	%		1.80	%(d)		(0.46	)%		16	%	$	756,709
Year Ended December 31, 2011	$	24.18		(5.63	)%		1.82	%		1.82	%(d)		(1.10	)%		18	%	$	721,446
Year Ended December 31, 2010	$	26.85		24.63	%		1.85	%		1.85	%(d)		(1.00	)%		28	%	$	829,181
Year Ended December 31, 2009	$	22.23		38.16	%		1.89	%		1.89	%(d)		(0.93	)%		27	%	$	736,818
Year Ended December 31, 2008	$	16.09		(39.23	)%		1.83	%		1.83	%(d)		(0.82	)%		21	%	$	622,665
Class I
Six Months Ended June 30, 2013 (Unaudited)	$	33.26		10.55	%		0.71	%(c)		0.71	%(c)		0.30	%(c)		9	%	$	56,049
Year Ended December 31, 2012	$	30.47		18.02	%		0.72	%		0.72	%(d)		0.86	%		16	%	$	58,652
Year Ended December 31, 2011	$	27.57		(4.57	)%		0.72	%		0.72	%(d)		0.02	%		18	%	$	16,397
Year Ended December 31, 2010 (e)	$	30.19		15.94	%		0.71	%(c)		0.71	%(c)(d)		(0.13	)%(c)		28	%	$	11,627
Class R4
Six Months Ended June 30, 2013 (Unaudited)	$	33.71		10.50	%		0.77	%(c)		0.77	%(c)		0.59	%(c)		9	%	$	31,657
Year Ended December 31, 2012 (f)	$	30.90		6.31	%		0.87	%(c)		0.86	%(c)(d)		1.24	%(c)		16	%	$	17
Class R5
Six Months Ended June 30, 2013 (Unaudited)	$	33.71		10.54	%		0.73	%(c)		0.73	%(c)		0.72	%(c)		9	%	$	132,811
Year Ended December 31, 2012 (g)	$	30.88		6.33	%		0.82	%(c)		0.81	%(c)(d)		1.29	%(c)		16	%	$	3
Class Y
Six Months Ended June 30, 2013 (Unaudited)	$	33.74		10.58	%		0.72	%(c)		0.72	%(c)		0.63	%(c)		9	%	$	885,902
Year Ended December 31, 2012 (h)	$	30.90		6.34	%		0.75	%(c)		0.75	%(c)(d)		2.21	%(c)		16	%	$	67,012
Class Z
Six Months Ended June 30, 2013 (Unaudited)	$	33.23		10.52	%		0.78	%(c)		0.78	%(c)		0.27	%(c)		9	%	$	13,427,998
Year Ended December 31, 2012	$	30.45		17.93	%		0.78	%		0.78	%(d)		0.57	%		16	%	$	13,374,355
Year Ended December 31, 2011	$	27.56		(4.61	)%		0.76	%		0.76	%(d)		(0.03	)%		18	%	$	12,284,748
Year Ended December 31, 2010	$	30.19		26.00	%		0.76	%		0.76	%(d)		0.09	%		28	%	$	13,330,466
Year Ended December 31, 2009	$	24.68		39.65	%		0.77	%		0.77	%(d)		0.18	%		27	%	$	10,527,500
Year Ended December 31, 2008	$	17.71		(38.55	)%		0.76	%		0.76	%(d)		0.26	%		21	%	$	7,445,862

See accompanying notes to financial statements.

103

Columbia Acorn Family of Funds

Financial Highlights, continued

Columbia Acorn International

			Income from Investment Operations												Less Distributions to Shareholders
(Selected data for a share outstanding throughout each period)	Net Asset Value, Beginning of Period		Net investment income (loss)			Net realized and unrealized gain (loss)			Reimbursement from affiliate			Total from investment operations			Net investment income			Net realized gains			Total Distributions to Shareholders			Redemption fees added to paid in capital
Class A
Six Months Ended June 30, 2013 (Unaudited)	$	40.79		0.28			2.06			—			2.34			(0.48	)		—			(0.48	)		—
Year Ended December 31, 2012	$	34.15		0.47			6.75			—			7.22			(0.58	)		—			(0.58	)		—
Year Ended December 31, 2011	$	40.87		0.32			(6.02	)		0.00	(d)		(5.70	)		(1.02	)		—			(1.02	)		—
Year Ended December 31, 2010	$	34.13		0.22			7.21			—			7.43			(0.69	)		—			(0.69	)		0.00	(d)
Year Ended December 31, 2009	$	23.03		0.23			11.27			—			11.50			(0.41	)		—			(0.41	)		0.00	(d)
Year Ended December 31, 2008	$	43.42		0.47			(20.20	)		—			(19.73	)		(0.06	)		(0.60	)		(0.66	)		0.00	(d)
Class B
Six Months Ended June 30, 2013 (Unaudited)	$	39.67		0.10			2.02			—			2.12			(0.48	)		—			(0.48	)		—
Year Ended December 31, 2012	$	33.17		0.19			6.55			—			6.74			(0.24	)		—			(0.24	)		—
Year Ended December 31, 2011	$	39.96		0.06			(5.85	)		0.00	(d)		(5.79	)		(1.00	)		—			(1.00	)		—
Year Ended December 31, 2010	$	33.22		0.03			7.02			—			7.05			(0.31	)		—			(0.31	)		0.00	(d)
Year Ended December 31, 2009	$	22.41		0.08			10.92			—			11.00			(0.20	)		—			(0.20	)		0.00	(d)
Year Ended December 31, 2008	$	42.46		0.27			(19.72	)		—			(19.45	)		—			(0.60	)		(0.60	)		0.00	(d)
Class C
Six Months Ended June 30, 2013 (Unaudited)	$	39.50		0.11			2.00			—			2.11			(0.48	)		—			(0.48	)		—
Year Ended December 31, 2012	$	33.03		0.18			6.52			—			6.70			(0.23	)		—			(0.23	)		—
Year Ended December 31, 2011	$	39.79		0.04			(5.86	)		0.00	(d)		(5.82	)		(0.94	)		—			(0.94	)		—
Year Ended December 31, 2010	$	33.08		(0.05	)		7.03			—			6.98			(0.27	)		—			(0.27	)		0.00	(d)
Year Ended December 31, 2009	$	22.30		0.02			10.89			—			10.91			(0.14	)		—			(0.14	)		0.00	(d)
Year Ended December 31, 2008	$	42.32		0.21			(19.63	)		—			(19.42	)		—			(0.60	)		(0.60	)		0.00	(d)
Class I
Six Months Ended June 30, 2013 (Unaudited)	$	40.86		0.35			2.06			—			2.41			(0.48	)		—			(0.48	)		—
Year Ended December 31, 2012	$	34.33		0.57			6.83			—			7.40			(0.87	)		—			(0.87	)		—
Year Ended December 31, 2011	$	40.92		0.37			(5.94	)		0.00	(d)		(5.57	)		(1.02	)		—			(1.02	)		—
Year Ended December 31, 2010 (g)	$	37.69		0.08			3.49			—			3.57			(0.34	)		—			(0.34	)		0.00	(d)
Class R
Six Months Ended June 30, 2013 (Unaudited)	$	40.79		0.22			2.04			—			2.26			(0.48	)		—			(0.48	)		—
Year Ended December 31, 2012	$	34.11		0.21			6.89			—			7.10			(0.42	)		—			(0.42	)		—
Year Ended December 31, 2011 (h)	$	40.11		(0.00	)(d)		(6.00	)		0.00	(d)		(6.00	)		—			—			—			—
Class R4
Six Months Ended June 30, 2013 (Unaudited)	$	41.08		0.51			1.90			—			2.41			(0.48	)		—			(0.48	)		—
Year Ended December 31, 2012 (i)	$	39.86		(0.00	)(d)		1.81			—			1.81			(0.59	)		—			(0.59	)		—
Class R5
Six Months Ended June 30, 2013 (Unaudited)	$	40.81		0.48			1.93			—			2.41			(0.48	)		—			(0.48	)		—
Year Ended December 31, 2012	$	34.31		0.75			6.62			—			7.37			(0.87	)		—			(0.87	)		—
Year Ended December 31, 2011 (j)	$	40.24		0.09			(6.02	)		0.00	(d)		(5.93	)		—			—			—			—
Class Y
Six Months Ended June 30, 2013 (Unaudited)	$	41.08		0.40			2.03			—			2.43			(0.48	)		—			(0.48	)		—
Year Ended December 31, 2012 (k)	$	39.90		0.04			1.78			—			1.82			(0.64	)		—			(0.64	)		—
Class Z
Six Months Ended June 30, 2013 (Unaudited)	$	40.84		0.34			2.06			—			2.40			(0.48	)		—			(0.48	)		—
Year Ended December 31, 2012	$	34.31		0.59			6.78			—			7.37			(0.84	)		—			(0.84	)		—
Year Ended December 31, 2011	$	40.92		0.48			(6.07	)		0.00	(d)		(5.59	)		(1.02	)		—			(1.02	)		—
Year Ended December 31, 2010	$	34.26		0.35			7.23			—			7.58			(0.92	)		—			(0.92	)		0.00	(d)
Year Ended December 31, 2009	$	23.13		0.34			11.31			—			11.65			(0.53	)		—			(0.53	)		0.00	(d)
Year Ended December 31, 2008	$	43.60		0.60			(20.26	)		—			(19.66	)		(0.21	)		(0.60	)		(0.81	)		0.00	(d)

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

(b)  Annualized.

(c)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(d)  Rounds to zero.

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

(f)  During the year ended December 31, 2011, Columbia Management reimbursed the Fund for a loss on a trading error. Had the Fund not received this reimbursement, total return would have been lower by less than 0.01%.

(g)  Class I shares commenced operations on September 27, 2010. Per share data and total return reflect activity from that date.

(h)  Class R shares commenced operations on August 15, 2011. Per share data and total return reflect activity from that date.

(i)  Class R4 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.

(j)  Class R5 shares commenced operations on August 15, 2011. Per share data and total return reflect activity from that date.

(k)  Class Y shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.

See accompanying notes to financial statements.

104

									Ratio to Average Net Assets									Supplemental Data
(Selected data for a share outstanding throughout each period)	Increase from regulatory settlements			Net Asset Value, End of Period		Total Return			Total gross expenses			Total net expenses			Net investment income (loss)			Portfolio turnover rate			Net assets, end of period (000s)
Class A
Six Months Ended June 30, 2013 (Unaudited)		—		$	42.65		5.71	%(a)		1.26	%(b)(c)		1.22	%(b)(c)		1.32	%(b)		23	%	$	1,148,090
Year Ended December 31, 2012		0.00	(d)	$	40.79		21.21	%(a)		1.28	%(c)		1.24	%(c)(e)		1.22	%		33	%	$	1,007,236
Year Ended December 31, 2011		0.00	(d)	$	34.15		(14.37	)%(a)(f)		1.32	%(c)		1.30	%(c)(e)		0.84	%		32	%	$	918,112
Year Ended December 31, 2010		0.00	(d)	$	40.87		22.23	%		1.35	%(c)		1.35	%(c)(e)		0.62	%		25	%	$	810,603
Year Ended December 31, 2009		0.01		$	34.13		50.40	%		1.36	%(c)		1.36	%(c)(e)		0.85	%		31	%	$	578,599
Year Ended December 31, 2008		—		$	23.03		(46.09	)%		1.31	%		1.31	%(e)		1.36	%		38	%	$	366,820
Class B
Six Months Ended June 30, 2013 (Unaudited)		—		$	41.31		5.32	%(a)		1.98	%(b)(c)		1.95	%(b)(c)		0.50	%(b)		23	%	$	14,986
Year Ended December 31, 2012		0.00	(d)	$	39.67		20.33	%(a)		2.00	%(c)		1.97	%(c)(e)		0.51	%		33	%	$	17,910
Year Ended December 31, 2011		0.00	(d)	$	33.17		(14.92	)%(a)(f)		1.98	%(c)		1.96	%(c)(e)		0.15	%		32	%	$	24,510
Year Ended December 31, 2010		0.00	(d)	$	39.96		21.49	%		1.96	%(c)		1.96	%(c)(e)		0.08	%		25	%	$	29,368
Year Ended December 31, 2009		0.01		$	33.22		49.36	%		2.03	%(c)		2.03	%(c)(e)		0.29	%		31	%	$	38,835
Year Ended December 31, 2008		—		$	22.41		(46.41	)%		1.90	%		1.90	%(e)		0.77	%		38	%	$	39,153
Class C
Six Months Ended June 30, 2013 (Unaudited)		—		$	41.13		5.31	%(a)		2.01	%(b)(c)		1.99	%(b)(c)		0.52	%(b)		23	%	$	96,034
Year Ended December 31, 2012		0.00	(d)	$	39.50		20.31	%(a)		2.02	%(c)		2.00	%(c)(e)		0.48	%		33	%	$	92,748
Year Ended December 31, 2011		0.00	(d)	$	33.03		(15.02	)%(a)(f)		2.07	%(c)		2.06	%(c)(e)		0.10	%		32	%	$	97,328
Year Ended December 31, 2010		0.00	(d)	$	39.79		21.34	%		2.11	%(c)		2.11	%(c)(e)		(0.13	)%		25	%	$	110,931
Year Ended December 31, 2009		0.01		$	33.08		49.12	%		2.17	%(c)		2.17	%(c)(e)		0.07	%		31	%	$	85,625
Year Ended December 31, 2008		—		$	22.30		(46.50	)%		2.08	%		2.08	%(e)		0.60	%		38	%	$	62,906
Class I
Six Months Ended June 30, 2013 (Unaudited)		—		$	42.79		5.87	%		0.86	%(b)(c)		0.86	%(b)(c)		1.66	%(b)		23	%	$	94,955
Year Ended December 31, 2012		0.00	(d)	$	40.86		21.69	%		0.88	%(c)		0.88	%(c)(e)		1.48	%		33	%	$	97,484
Year Ended December 31, 2011		0.00	(d)	$	34.33		(14.02	)%(f)		0.91	%(c)		0.91	%(c)(e)		0.99	%		32	%	$	50,335
Year Ended December 31, 2010 (g)		—		$	40.92		9.50	%		0.94	%(b)(c)		0.94	%(b)(c)(e)		0.77	%(b)		25	%	$	66,581
Class R
Six Months Ended June 30, 2013 (Unaudited)		—		$	42.57		5.51	%		1.56	%(b)(c)		1.56	%(b)(c)		1.02	%(b)		23	%	$	4,227
Year Ended December 31, 2012		0.00	(d)	$	40.79		20.83	%		1.52	%(c)		1.51	%(c)(e)		0.54	%		33	%	$	2,799
Year Ended December 31, 2011 (h)		0.00	(d)	$	34.11		(14.96	)%		1.59	%(b)(c)		1.59	%(b)(c)(e)		(0.02	)%(b)		32	%	$	2,130
Class R4
Six Months Ended June 30, 2013 (Unaudited)		—		$	43.01		5.84	%		0.92	%(b)(c)		0.92	%(b)(c)		2.40	%(b)		23	%	$	29,629
Year Ended December 31, 2012 (i)		—		$	41.08		4.57	%		1.03	%(b)(c)		1.02	%(b)(c)(e)		(0.02	)%(b)		33	%	$	15
Class R5
Six Months Ended June 30, 2013 (Unaudited)		—		$	42.74		5.88	%		0.90	%(b)(c)		0.90	%(b)(c)		2.25	%(b)		23	%	$	212,769
Year Ended December 31, 2012		0.00	(d)	$	40.81		21.61	%		0.89	%(c)		0.89	%(c)(e)		1.99	%		33	%	$	242
Year Ended December 31, 2011 (j)		0.00	(d)	$	34.31		(14.74	)%		0.91	%(b)(c)		0.91	%(b)(c)(e)		0.65	%(b)		32	%	$	2,038
Class Y
Six Months Ended June 30, 2013 (Unaudited)		—		$	43.03		5.89	%		0.86	%(b)(c)		0.86	%(b)(c)		1.88	%(b)		23	%	$	108,065
Year Ended December 31, 2012 (k)		—		$	41.08		4.59	%		0.91	%(b)(c)		0.90	%(b)(c)(e)		0.75	%(b)		33	%	$	30,856
Class Z
Six Months Ended June 30, 2013 (Unaudited)		—		$	42.76		5.85	%		0.92	%(b)(c)		0.92	%(b)(c)		1.59	%(b)		23	%	$	5,621,637
Year Ended December 31, 2012		0.00	(d)	$	40.84		21.60	%		0.93	%(c)		0.93	%(c)(e)		1.53	%		33	%	$	5,494,506
Year Ended December 31, 2011		0.00	(d)	$	34.31		(14.06	)%(f)		0.95	%(c)		0.95	%(c)(e)		1.24	%		32	%	$	4,322,500
Year Ended December 31, 2010		0.00	(d)	$	40.92		22.70	%		0.97	%(c)		0.97	%(c)(e)		0.99	%		25	%	$	5,107,580
Year Ended December 31, 2009		0.01		$	34.26		50.97	%		0.99	%(c)		0.99	%(c)(e)		1.23	%		31	%	$	3,727,679
Year Ended December 31, 2008		—		$	23.13		(45.89	)%		0.96	%		0.96	%(e)		1.72	%		38	%	$	2,371,688

See accompanying notes to financial statements.

105

Columbia Acorn Family of Funds

Financial Highlights, continued

Columbia Acorn USA

			Income from Investment Operations									Less Distributions to Shareholders
(Selected data for a share outstanding throughout each period)	Net Asset Value, Beginning of Period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			Net investment income			Net realized gains			Total Distributions to Shareholders			Increase from regulatory settlements
Class A
Six Months Ended June 30, 2013 (Unaudited)	$	28.21		(0.05	)		3.24			3.19			—			(0.04	)		(0.04	)		—
Year Ended December 31, 2012	$	25.94		0.02			4.73			4.75			(0.11	)		(2.37	)		(2.48	)		—
Year Ended December 31, 2011	$	27.54		(0.22	)		(1.21	)		(1.43	)		—			(0.17	)		(0.17	)		—
Year Ended December 31, 2010	$	22.43		(0.15	)		5.26			5.11			—			—			—			—
Year Ended December 31, 2009	$	15.90		(0.11	)		6.64			6.53			—			—			—			0.00	(e)
Year Ended December 31, 2008	$	27.23		(0.14	)		(10.23	)		(10.37	)		—			(0.96	)		(0.96	)		—
Class B
Six Months Ended June 30, 2013 (Unaudited)	$	25.81		(0.17	)		2.97			2.80			—			(0.04	)		(0.04	)		—
Year Ended December 31, 2012	$	23.98		(0.19	)		4.39			4.20			—			(2.37	)		(2.37	)		—
Year Ended December 31, 2011	$	25.60		(0.37	)		(1.08	)		(1.45	)		—			(0.17	)		(0.17	)		—
Year Ended December 31, 2010	$	20.99		(0.30	)		4.91			4.61			—			—			—			—
Year Ended December 31, 2009	$	14.98		(0.22	)		6.23			6.01			—			—			—			0.00	(e)
Year Ended December 31, 2008	$	25.87		(0.27	)		(9.66	)		(9.93	)		—			(0.96	)		(0.96	)		—
Class C
Six Months Ended June 30, 2013 (Unaudited)	$	25.49		(0.14	)		2.92			2.78			—			(0.04	)		(0.04	)		—
Year Ended December 31, 2012	$	23.72		(0.16	)		4.30			4.14			—			(2.37	)		(2.37	)		—
Year Ended December 31, 2011	$	25.39		(0.39	)		(1.11	)		(1.50	)		—			(0.17	)		(0.17	)		—
Year Ended December 31, 2010	$	20.84		(0.31	)		4.86			4.55			—			—			—			—
Year Ended December 31, 2009	$	14.89		(0.24	)		6.19			5.95			—			—			—			0.00	(e)
Year Ended December 31, 2008	$	25.77		(0.30	)		(9.62	)		(9.92	)		—			(0.96	)		(0.96	)		—
Class I
Six Months Ended June 30, 2013 (Unaudited)	$	29.47		0.01			3.39			3.40			—			(0.04	)		(0.04	)		—
Year Ended December 31, 2012	$	27.00		(0.10	)		5.16			5.06			(0.22	)		(2.37	)		(2.59	)		—
Year Ended December 31, 2011	$	28.56		(0.14	)		(1.25	)		(1.39	)		—			(0.17	)		(0.17	)		—
Year Ended December 31, 2010 (f)	$	24.24		(0.03	)		4.35			4.32			—			—			—			—
Class R4
Six Months Ended June 30, 2013 (Unaudited)	$	29.92		0.03			3.40			3.43			—			(0.04	)		(0.04	)		—
Year Ended December 31, 2012 (g)	$	30.06		0.06			2.28			2.34			(0.16	)		(2.32	)		(2.48	)		—
Class R5
Six Months Ended June 30, 2013 (Unaudited)	$	29.90		0.03			3.41			3.44			—			(0.04	)		(0.04	)		—
Year Ended December 31, 2012 (h)	$	30.06		0.07			2.27			2.34			(0.18	)		(2.32	)		(2.50	)		—
Class Y
Six Months Ended June 30, 2013 (Unaudited)	$	29.93		0.01			3.44			3.45			—			(0.04	)		(0.04	)		—
Year Ended December 31, 2012 (i)	$	30.10		0.07			2.27			2.34			(0.19	)		(2.32	)		(2.51	)		—
Class Z
Six Months Ended June 30, 2013 (Unaudited)	$	29.45		(0.02	)		3.39			3.37			—			(0.04	)		(0.04	)		—
Year Ended December 31, 2012	$	26.98		0.11			4.92			5.03			(0.19	)		(2.37	)		(2.56	)		—
Year Ended December 31, 2011	$	28.56		(0.14	)		(1.27	)		(1.41	)		—			(0.17	)		(0.17	)		—
Year Ended December 31, 2010	$	23.19		(0.08	)		5.45			5.37			—			—			—			—
Year Ended December 31, 2009	$	16.39		(0.07	)		6.87			6.80			—			—			—			0.00	(e)
Year Ended December 31, 2008	$	27.97		(0.07	)		(10.55	)		(10.62	)		—			(0.96	)		(0.96	)		—

(a)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(b)  Annualized.

(c)  Includes interest expense which rounds to less than 0.01%.

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

(e)  Rounds to zero.

(f)  Class I shares commenced operations on September 27, 2010. Per share data and total return reflect activity from that date.

(g)  Class R4 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.

(h)  Class R5 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.

(i)  Class Y shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.

See accompanying notes to financial statements.

106

						Ratio to Average Net Assets									Supplemental Data
(Selected data for a share outstanding throughout each period)	Net Asset Value, End of Period		Total Return			Total gross expenses (a)			Total net expenses (a)			Net investment income (loss)			Portfolio turnover rate			Net assets, end of period (000s)
Class A
Six Months Ended June 30, 2013 (Unaudited)	$	31.36		11.32	%		1.33	%(b)		1.33	%(b)		(0.36	)%(b)		9	%	$	172,413
Year Ended December 31, 2012	$	28.21		18.67	%		1.32	%(c)		1.32	%(c)(d)		0.08	%		14	%	$	152,164
Year Ended December 31, 2011	$	25.94		(5.21	)%		1.30	%		1.30	%(d)		(0.78	)%		20	%	$	167,038
Year Ended December 31, 2010	$	27.54		22.78	%		1.30	%		1.30	%(d)		(0.64	)%		32	%	$	214,097
Year Ended December 31, 2009	$	22.43		41.07	%		1.32	%		1.32	%(d)		(0.64	)%		28	%	$	178,605
Year Ended December 31, 2008	$	15.90		(39.38	)%		1.29	%		1.29	%(d)		(0.60	)%		23	%	$	136,597
Class B
Six Months Ended June 30, 2013 (Unaudited)	$	28.57		10.87	%		2.12	%(b)		2.12	%(b)		(1.21	)%(b)		9	%	$	693
Year Ended December 31, 2012	$	25.81		17.87	%		1.99	%(c)		1.99	%(c)(d)		(0.71	)%		14	%	$	1,056
Year Ended December 31, 2011	$	23.98		(5.68	)%		1.92	%		1.92	%(d)		(1.42	)%		20	%	$	2,253
Year Ended December 31, 2010	$	25.60		21.96	%		1.98	%		1.98	%(d)		(1.37	)%		32	%	$	9,222
Year Ended December 31, 2009	$	20.99		40.12	%		2.02	%		2.02	%(d)		(1.33	)%		28	%	$	20,903
Year Ended December 31, 2008	$	14.98		(39.75	)%		1.92	%		1.92	%(d)		(1.24	)%		23	%	$	23,633
Class C
Six Months Ended June 30, 2013 (Unaudited)	$	28.23		10.92	%		2.02	%(b)		2.02	%(b)		(1.07	)%(b)		9	%	$	34,331
Year Ended December 31, 2012	$	25.49		17.82	%		2.05	%(c)		2.05	%(c)(d)		(0.61	)%		14	%	$	31,410
Year Ended December 31, 2011	$	23.72		(5.92	)%		2.05	%		2.05	%(d)		(1.53	)%		20	%	$	30,584
Year Ended December 31, 2010	$	25.39		21.83	%		2.08	%		2.08	%(d)		(1.41	)%		32	%	$	36,101
Year Ended December 31, 2009	$	20.84		39.96	%		2.13	%		2.13	%(d)		(1.45	)%		28	%	$	32,508
Year Ended December 31, 2008	$	14.89		(39.87	)%		2.08	%		2.08	%(d)		(1.39	)%		23	%	$	25,899
Class I
Six Months Ended June 30, 2013 (Unaudited)	$	32.83		11.55	%		0.91	%(b)		0.91	%(b)		0.06	%(b)		9	%	$	3
Year Ended December 31, 2012	$	29.47		19.10	%		0.96	%		0.96	%(d)		(0.33	)%		14	%	$	3
Year Ended December 31, 2011	$	27.00		(4.88	)%		0.94	%		0.94	%(d)		(0.47	)%		20	%	$	2,635
Year Ended December 31, 2010 (f)	$	28.56		17.82	%		0.94	%(b)		0.94	%(b)(d)		(0.35	)%(b)		32	%	$	28,993
Class R4
Six Months Ended June 30, 2013 (Unaudited)	$	33.31		11.48	%		1.01	%(b)		1.01	%(b)		0.16	%(b)		9	%	$	2,202
Year Ended December 31, 2012 (g)	$	29.92		8.06	%		1.14	%(b)(c)		1.14	%(b)(c)(d)		1.51	%(b)		14	%	$	15
Class R5
Six Months Ended June 30, 2013 (Unaudited)	$	33.30		11.52	%		1.00	%(b)		1.00	%(b)		0.21	%(b)		9	%	$	771
Year Ended December 31, 2012 (h)	$	29.90		8.06	%		1.12	%(b)		1.12	%(b)(d)		1.53	%(b)		14	%	$	2
Class Y
Six Months Ended June 30, 2013 (Unaudited)	$	33.34		11.54	%		0.97	%(b)		0.97	%(b)		0.05	%(b)		9	%	$	2,877
Year Ended December 31, 2012 (i)	$	29.93		8.07	%		1.04	%(b)		1.04	%(b)(d)		1.62	%(b)		14	%	$	2
Class Z
Six Months Ended June 30, 2013 (Unaudited)	$	32.78		11.46	%		1.07	%(b)		1.07	%(b)		(0.12	)%(b)		9	%	$	1,354,885
Year Ended December 31, 2012	$	29.45		18.98	%		1.07	%(c)		1.07	%(c)(d)		0.36	%		14	%	$	1,415,442
Year Ended December 31, 2011	$	26.98		(4.95	)%		1.00	%		1.00	%(d)		(0.48	)%		20	%	$	1,355,934
Year Ended December 31, 2010	$	28.56		23.16	%		1.01	%		1.01	%(d)		(0.34	)%		32	%	$	1,410,133
Year Ended December 31, 2009	$	23.19		41.49	%		1.03	%		1.03	%(d)		(0.36	)%		28	%	$	1,157,593
Year Ended December 31, 2008	$	16.39		(39.22	)%		1.01	%		1.01	%(d)		(0.32	)%		23	%	$	758,267

See accompanying notes to financial statements.

107

Columbia Acorn Family of Funds

Financial Highlights, continued

Columbia Acorn International Select

			Income from Investment Operations									Less Distributions to Shareholders
(Selected data for a share outstanding throughout each period)	Net Asset Value, Beginning of Period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			Net investment income			Net realized gains			Total Distributions to Shareholders			Redemption fees added to paid in capital
Class A
Six Months Ended June 30, 2013 (Unaudited)	$	25.61		0.08			0.37			0.45			—			(0.53	)		(0.53	)		—
Year Ended December 31, 2012	$	24.26		0.39			4.92			5.31			(1.75	)		(2.21	)		(3.96	)		—
Year Ended December 31, 2011	$	28.01		0.18			(2.95	)		(2.77	)		(0.59	)		(0.39	)		(0.98	)		—
Year Ended December 31, 2010	$	23.39		0.08			4.84			4.92			(0.30	)		—			(0.30	)		0.00	(f)
Year Ended December 31, 2009	$	17.99		0.10			5.43			5.53			(0.15	)		—			(0.15	)		0.00	(f)
Year Ended December 31, 2008	$	31.74		0.20			(13.41	)		(13.21	)		—			(0.54	)		(0.54	)		0.00	(f)
Class B
Six Months Ended June 30, 2013 (Unaudited)	$	24.40		(0.01	)		0.35			0.34			—			(0.53	)		(0.53	)		—
Year Ended December 31, 2012	$	23.27		0.23			4.69			4.92			(1.58	)		(2.21	)		(3.79	)		—
Year Ended December 31, 2011	$	26.72		0.01			(2.82	)		(2.81	)		(0.25	)		(0.39	)		(0.64	)		—
Year Ended December 31, 2010	$	22.34		(0.06	)		4.62			4.56			(0.18	)		—			(0.18	)		0.00	(f)
Year Ended December 31, 2009	$	17.16		(0.01	)		5.17			5.16			—			—			—			0.00	(f)
Year Ended December 31, 2008	$	30.50		0.04			(12.84	)		(12.80	)		—			(0.54	)		(0.54	)		0.00	(f)
Class C
Six Months Ended June 30, 2013 (Unaudited)	$	24.28		(0.02	)		0.35			0.33			—			(0.53	)		(0.53	)		—
Year Ended December 31, 2012	$	23.17		0.18			4.67			4.85			(1.53	)		(2.21	)		(3.74	)		—
Year Ended December 31, 2011	$	26.58		(0.04	)		(2.81	)		(2.85	)		(0.17	)		(0.39	)		(0.56	)		—
Year Ended December 31, 2010	$	22.21		(0.10	)		4.60			4.50			(0.13	)		—			(0.13	)		0.00	(f)
Year Ended December 31, 2009	$	17.08		(0.06	)		5.17			5.11			—			—			—			0.00	(f)
Year Ended December 31, 2008	$	30.42		0.00	(f)		(12.80	)		(12.80	)		—			(0.54	)		(0.54	)		0.00	(f)
Class I
Six Months Ended June 30, 2013 (Unaudited)	$	25.85		0.12			0.37			0.49			—			(0.53	)		(0.53	)		—
Year Ended December 31, 2012	$	24.45		0.51			4.94			5.45			(1.84	)		(2.21	)		(4.05	)		—
Year Ended December 31, 2011	$	28.33		0.31			(2.97	)		(2.66	)		(0.83	)		(0.39	)		(1.22	)		—
Year Ended December 31, 2010 (h)	$	26.11		0.03			2.19			2.22			—			—			—			—
Class R4
Six Months Ended June 30, 2013 (Unaudited)	$	25.99		0.04			0.45			0.49			—			(0.53	)		(0.53	)		—
Year Ended December 31, 2012 (i)	$	29.98		(0.02	)		(0.09	)(j)		(0.11	)		(1.79	)		(2.09	)		(3.88	)		—
Class R5
Six Months Ended June 30, 2013 (Unaudited)	$	25.98		(0.02	)		0.51			0.49			—			(0.53	)		(0.53	)		—
Year Ended December 31, 2012 (k)	$	29.98		(0.02	)		(0.09	)(j)		(0.11	)		(1.80	)		(2.09	)		(3.89	)		—
Class Y
Six Months Ended June 30, 2013 (Unaudited)	$	25.98		0.12			0.37			0.49			—			(0.53	)		(0.53	)		—
Year Ended December 31, 2012 (l)	$	29.99		(0.02	)		(0.09	)(j)		(0.11	)		(1.81	)		(2.09	)		(3.90	)		—
Class Z
Six Months Ended June 30, 2013 (Unaudited)	$	25.86		0.11			0.37			0.48			—			(0.53	)		(0.53	)		—
Year Ended December 31, 2012	$	24.46		0.49			4.95			5.44			(1.83	)		(2.21	)		(4.04	)		—
Year Ended December 31, 2011	$	28.33		0.29			(2.98	)		(2.69	)		(0.79	)		(0.39	)		(1.18	)		—
Year Ended December 31, 2010	$	23.64		0.18			4.89			5.07			(0.38	)		—			(0.38	)		0.00	(f)
Year Ended December 31, 2009	$	18.19		0.17			5.50			5.67			(0.24	)		—			(0.24	)		0.00	(f)
Year Ended December 31, 2008	$	32.02		0.28			(13.53	)		(13.25	)		(0.04	)		(0.54	)		(0.58	)		0.00	(f)

(a)  Annualized.

(b)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c)  Includes interest expense which rounds to less than 0.01%.

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

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

(f)  Rounds to zero.

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

(h)  Class I shares commenced operations on September 27, 2010. Per share data and total return reflect activity from that date.

(i)  Class R4 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.

(j)  Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statements of Operations due to the timing of sales and repurchases of Fund shares in relation to fluctuations in the market value of the portfolio.

(k)  Class R5 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.

(l)  Class Y shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.

See accompanying notes to financial statements.

108

									Ratio to Average Net Assets									Supplemental Data
(Selected data for a share outstanding throughout each period)	Increase from regulatory settlements			Net Asset Value, End of Period		Total Return			Total gross expenses			Total net expenses			Net investment income (loss)			Portfolio turnover rate			Net assets, end of period (000s)
Class A
Six Months Ended June 30, 2013 (Unaudited)		—		$	25.53		1.74	%		1.48	%(a)(b)		1.48	%(a)(b)		0.60	%(a)		47	%	$	72,008
Year Ended December 31, 2012		—		$	25.61		22.05	%		1.49	%(b)(c)		1.49	%(b)(c)(d)		1.43	%		63	%	$	74,167
Year Ended December 31, 2011		—		$	24.26		(10.11	)%		1.51	%(b)		1.51	%(b)(e)		0.66	%		44	%	$	56,350
Year Ended December 31, 2010		0.00	(f)	$	28.01		21.41	%		1.56	%(b)		1.56	%(b)(e)		0.33	%		42	%	$	71,668
Year Ended December 31, 2009		0.02		$	23.39		31.01	%		1.56	%		1.56	%(e)		0.53	%		56	%	$	64,664
Year Ended December 31, 2008		—		$	17.99		(42.30	)%		1.54	%		1.54	%(e)		0.78	%		68	%	$	46,522
Class B
Six Months Ended June 30, 2013 (Unaudited)		—		$	24.21		1.37	%(g)		2.14	%(a)(b)		2.14	%(a)(b)		(0.05	)%(a)		47	%	$	959
Year Ended December 31, 2012		—		$	24.40		21.29	%		2.11	%(b)(c)		2.10	%(b)(c)(d)		0.87	%		63	%	$	1,250
Year Ended December 31, 2011		—		$	23.27		(10.64	)%		2.14	%(b)		2.14	%(b)(e)		0.04	%		44	%	$	1,774
Year Ended December 31, 2010		0.00	(f)	$	26.72		20.63	%(g)		2.24	%(b)		2.20	%(b)(e)		(0.27	)%		42	%	$	3,030
Year Ended December 31, 2009		0.02		$	22.34		30.19	%(g)		2.32	%		2.20	%(e)		(0.05	)%		56	%	$	3,887
Year Ended December 31, 2008		—		$	17.16		(42.68	)%		2.17	%		2.17	%(e)		0.16	%		68	%	$	4,444
Class C
Six Months Ended June 30, 2013 (Unaudited)		—		$	24.08		1.34	%		2.27	%(a)(b)		2.27	%(a)(b)		(0.18	)%(a)		47	%	$	9,792
Year Ended December 31, 2012		—		$	24.28		21.10	%		2.28	%(b)(c)		2.27	%(b)(c)(d)		0.67	%		63	%	$	9,786
Year Ended December 31, 2011		—		$	23.17		(10.81	)%		2.31	%(b)		2.31	%(b)(e)		(0.14	)%		44	%	$	8,704
Year Ended December 31, 2010		0.00	(f)	$	26.58		20.45	%		2.36	%(b)		2.36	%(b)(e)		(0.45	)%		42	%	$	11,885
Year Ended December 31, 2009		0.02		$	22.21		30.04	%		2.42	%		2.42	%(e)		(0.30	)%		56	%	$	11,096
Year Ended December 31, 2008		—		$	17.08		(42.79	)%		2.34	%		2.34	%(e)		0.01	%		68	%	$	9,747
Class I
Six Months Ended June 30, 2013 (Unaudited)		—		$	25.81		1.88	%		1.16	%(a)(b)		1.16	%(a)(b)		0.91	%(a)		47	%	$	2
Year Ended December 31, 2012		—		$	25.85		22.48	%		1.15	%(b)		1.14	%(b)(d)		1.84	%		63	%	$	2
Year Ended December 31, 2011		—		$	24.45		(9.68	)%		1.04	%(b)		1.04	%(b)(e)		1.12	%		44	%	$	2
Year Ended December 31, 2010 (h)		—		$	28.33		8.50	%		1.14	%(a)(b)		1.14	%(a)(b)(e)		0.44	%(a)		42	%	$	3
Class R4
Six Months Ended June 30, 2013 (Unaudited)		—		$	25.95		1.87	%		1.26	%(a)(b)		1.26	%(a)(b)		0.30	%(a)		47	%	$	108
Year Ended December 31, 2012 (i)		—		$	25.99		(0.27	)%		1.30	%(a)(b)(c)		1.30	%(a)(b)(c)(d)		(0.55	)%(a)		63	%	$	13
Class R5
Six Months Ended June 30, 2013 (Unaudited)		—		$	25.94		1.87	%(g)		1.27	%(a)(b)		1.26	%(a)(b)		(0.14	)%(a)		47	%	$	592
Year Ended December 31, 2012 (k)		—		$	25.98		(0.27	)%		1.29	%(a)(b)		1.28	%(a)(b)(d)		(0.55	)%(a)		63	%	$	2
Class Y
Six Months Ended June 30, 2013 (Unaudited)		—		$	25.94		1.87	%		1.16	%(a)(b)		1.16	%(a)(b)		0.91	%(a)		47	%	$	2
Year Ended December 31, 2012 (l)		—		$	25.98		(0.25	)%		1.21	%(a)(b)		1.20	%(a)(b)(d)		(0.48	)%(a)		63	%	$	2
Class Z
Six Months Ended June 30, 2013 (Unaudited)		—		$	25.81		1.84	%		1.21	%(a)(b)		1.21	%(a)(b)		0.87	%(a)		47	%	$	256,155
Year Ended December 31, 2012		—		$	25.86		22.42	%		1.20	%(b)(c)		1.19	%(b)(c)(d)		1.77	%		63	%	$	295,231
Year Ended December 31, 2011		—		$	24.46		(9.76	)%		1.14	%(b)		1.14	%(b)(e)		1.03	%		44	%	$	259,553
Year Ended December 31, 2010		0.00	(f)	$	28.33		21.89	%		1.16	%(b)		1.16	%(b)(e)		0.75	%		42	%	$	366,081
Year Ended December 31, 2009		0.02		$	23.64		31.52	%		1.20	%		1.20	%(e)		0.84	%		56	%	$	331,027
Year Ended December 31, 2008		—		$	18.19		(42.10	)%		1.21	%		1.21	%(e)		1.09	%		68	%	$	186,194

See accompanying notes to financial statements.

109

Columbia Acorn Family of Funds

Financial Highlights, continued

Columbia Acorn Select

			Income from Investment Operations												Less Distributions to Shareholders
(Selected data for a share outstanding throughout each period)	Net Asset Value, Beginning of Period		Net investment income (loss)			Net realized and unrealized gain (loss)			Reimbursement from affiliate			Total from investment operations			Net investment income			Net realized gains			Total Distributions to Shareholders
Class A
Six Months Ended June 30, 2013 (Unaudited)	$	24.72		(0.06	)		3.02			—			2.96			(0.07	)		(1.35	)		(1.42	)
Year Ended December 31, 2012	$	22.95		0.03			3.78			—			3.81			—			(2.04	)		(2.04	)
Year Ended December 31, 2011	$	27.94		(0.15	)		(4.46	)		—			(4.61	)		(0.38	)		—			(0.38	)
Year Ended December 31, 2010	$	22.81		(0.18	)		5.31			—			5.13			—			—			—
Year Ended December 31, 2009	$	13.77		(0.14	)		9.18			—			9.04			—			—			—
Year Ended December 31, 2008	$	27.89		(0.18	)		(13.25	)		—			(13.43	)		—			(0.69	)		(0.69	)
Class B
Six Months Ended June 30, 2013 (Unaudited)	$	22.75		(0.15	)		2.80			—			2.65			—			(1.35	)		(1.35	)
Year Ended December 31, 2012	$	21.40		(0.15	)		3.54			—			3.39			—			(2.04	)		(2.04	)
Year Ended December 31, 2011	$	26.06		(0.30	)		(4.13	)		—			(4.43	)		(0.23	)		—			(0.23	)
Year Ended December 31, 2010	$	21.41		(0.31	)		4.96			—			4.65			—			—			—
Year Ended December 31, 2009	$	13.02		(0.24	)		8.63			—			8.39			—			—			—
Year Ended December 31, 2008	$	26.57		(0.31	)		(12.55	)		—			(12.86	)		—			(0.69	)		(0.69	)
Class C
Six Months Ended June 30, 2013 (Unaudited)	$	22.48		(0.15	)		2.76			—			2.61			—			(1.35	)		(1.35	)
Year Ended December 31, 2012	$	21.20		(0.14	)		3.46			—			3.32			—			(2.04	)		(2.04	)
Year Ended December 31, 2011	$	25.83		(0.32	)		(4.12	)		—			(4.44	)		(0.19	)		—			(0.19	)
Year Ended December 31, 2010	$	21.25		(0.34	)		4.92			—			4.58			—			—			—
Year Ended December 31, 2009	$	12.94		(0.26	)		8.57			—			8.31			—			—			—
Year Ended December 31, 2008	$	26.46		(0.34	)		(12.49	)		—			(12.83	)		—			(0.69	)		(0.69	)
Class I
Six Months Ended June 30, 2013 (Unaudited)	$	25.63		(0.02	)		3.15			—			3.13			(0.16	)		(1.35	)		(1.51	)
Year Ended December 31, 2012	$	23.65		0.23			3.79			—			4.02			—			(2.04	)		(2.04	)
Year Ended December 31, 2011	$	28.74		(0.03	)		(4.59	)		—			(4.62	)		(0.47	)		—			(0.47	)
Year Ended December 31, 2010 (g)	$	24.74		0.01			3.99			—			4.00			—			—			—
Class R4
Six Months Ended June 30, 2013 (Unaudited)	$	25.92		(0.01	)		3.17			—			3.16			(0.14	)		(1.35	)		(1.49	)
Year Ended December 31, 2012 (h)	$	25.91		0.00	(i)		1.52			—			1.52			—			(1.51	)		(1.51	)
Class R5
Six Months Ended June 30, 2013 (Unaudited)	$	25.93		0.13			3.02			—			3.15			(0.15	)		(1.35	)		(1.50	)
Year Ended December 31, 2012 (j)	$	25.91		0.00	(i)		1.53			—			1.53			—			(1.51	)		(1.51	)
Class Y
Six Months Ended June 30, 2013 (Unaudited)	$	25.98		0.15			3.02			—			3.17			(0.17	)		(1.35	)		(1.52	)
Year Ended December 31, 2012 (k)	$	25.96		0.01			1.52			—			1.53			—			(1.51	)		(1.51	)
Class Z
Six Months Ended June 30, 2013 (Unaudited)	$	25.57		(0.03	)		3.14			—			3.11			(0.14	)		(1.35	)		(1.49	)
Year Ended December 31, 2012	$	23.62		0.11			3.88			—			3.99			—			(2.04	)		(2.04	)
Year Ended December 31, 2011	$	28.73		(0.07	)		(4.58	)		0.00	(i)		(4.65	)		(0.46	)		—			(0.46	)
Year Ended December 31, 2010	$	23.38		(0.10	)		5.45			—			5.35			—			—			—
Year Ended December 31, 2009	$	14.07		(0.08	)		9.39			—			9.31			—			—			—
Year Ended December 31, 2008	$	28.41		(0.12	)		(13.53	)		—			(13.65	)		—			(0.69	)		(0.69	)

(a)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(b)  Annualized.

(c)  Includes interest expense which rounds to less than 0.01%.

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

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

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

(g)  Class I shares commenced operations on September 27, 2010. Per share data and total return reflect activity from that date.

(h)  Class R4 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.

(i)  Rounds to zero.

(j)  Class R5 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.

(k)  Class Y shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.

(l)  During the year ended December 31, 2011, the Fund received a reimbursement by an affiliate. Had the Fund not received this payment, total return would have been lower by 0.01%.

See accompanying notes to financial statements.

110

						Ratio to Average Net Assets									Supplemental Data
(Selected data for a share outstanding throughout each period)	Net Asset Value, End of Period		Total Return			Total gross expenses (a)			Total net expenses (a)			Net investment income (loss)			Portfolio turnover rate			Net assets, end of period (000s)
Class A
Six Months Ended June 30, 2013 (Unaudited)	$	26.26		11.98	%		1.32	%(b)(c)		1.32	%(b)(c)		(0.47	)%(b)		10	%	$	303,380
Year Ended December 31, 2012	$	24.72		16.87	%		1.31	%(c)		1.31	%(c)(d)		0.13	%		15	%	$	271,628
Year Ended December 31, 2011	$	22.95		(16.65	)%		1.28	%		1.28	%(d)		(0.57	)%		21	%	$	340,325
Year Ended December 31, 2010	$	27.94		22.49	%		1.28	%		1.28	%(d)		(0.73	)%		28	%	$	555,263
Year Ended December 31, 2009	$	22.81		65.65	%		1.30	%		1.30	%(d)		(0.78	)%		19	%	$	522,443
Year Ended December 31, 2008	$	13.77		(49.31	)%(e)		1.24	%		1.24	%(d)		(0.80	)%		28	%	$	395,794
Class B
Six Months Ended June 30, 2013 (Unaudited)	$	24.05		11.65	%(f)		2.01	%(b)(c)		2.00	%(b)(c)		(1.25	)%(b)		10	%	$	4,086
Year Ended December 31, 2012	$	22.75		16.11	%		1.91	%(c)		1.90	%(c)(d)		(0.62	)%		15	%	$	9,938
Year Ended December 31, 2011	$	21.40		(17.11	)%		1.88	%		1.88	%(d)		(1.21	)%		21	%	$	26,126
Year Ended December 31, 2010	$	26.06		21.72	%		1.92	%		1.92	%(d)		(1.39	)%		28	%	$	72,203
Year Ended December 31, 2009	$	21.41		64.44	%		2.01	%		2.01	%(d)		(1.49	)%		19	%	$	88,004
Year Ended December 31, 2008	$	13.02		(49.62	)%(e)		1.87	%		1.87	%(d)		(1.43	)%		28	%	$	73,152
Class C
Six Months Ended June 30, 2013 (Unaudited)	$	23.74		11.62	%		2.07	%(b)(c)		2.07	%(b)(c)		(1.22	)%(b)		10	%	$	56,957
Year Ended December 31, 2012	$	22.48		15.93	%		2.07	%(c)		2.06	%(c)(d)		(0.59	)%		15	%	$	57,309
Year Ended December 31, 2011	$	21.20		(17.27	)%		2.05	%		2.05	%(d)		(1.34	)%		21	%	$	62,887
Year Ended December 31, 2010	$	25.83		21.55	%		2.07	%		2.07	%(d)		(1.52	)%		28	%	$	98,445
Year Ended December 31, 2009	$	21.25		64.22	%		2.14	%		2.14	%(d)		(1.62	)%		19	%	$	93,121
Year Ended December 31, 2008	$	12.94		(49.71	)%(e)		2.04	%		2.04	%(d)		(1.60	)%		28	%	$	70,962
Class I
Six Months Ended June 30, 2013 (Unaudited)	$	27.25		12.23	%		0.96	%(b)(c)		0.96	%(b)(c)		(0.14	)%(b)		10	%	$	37,441
Year Ended December 31, 2012	$	25.63		17.26	%		0.96	%(c)		0.95	%(c)(d)		0.89	%		15	%	$	39,054
Year Ended December 31, 2011	$	23.65		(16.25	)%		0.92	%		0.92	%(d)		(0.12	)%		21	%	$	10,944
Year Ended December 31, 2010 (g)	$	28.74		16.17	%		0.91	%(b)		0.91	%(b)(d)		0.18	%(b)		28	%	$	7,832
Class R4
Six Months Ended June 30, 2013 (Unaudited)	$	27.59		12.18	%		1.08	%(b)(c)		1.08	%(b)(c)		(0.08	)%(b)		10	%	$	76
Year Ended December 31, 2012 (h)	$	25.92		5.92	%		1.07	%(b)		1.06	%(b)(d)		0.02	%(b)		15	%	$	15
Class R5
Six Months Ended June 30, 2013 (Unaudited)	$	27.58		12.17	%		1.00	%(b)(c)		1.00	%(b)(c)		0.97	%(b)		10	%	$	9,375
Year Ended December 31, 2012 (j)	$	25.93		5.96	%		0.99	%(b)		0.99	%(b)(d)		0.08	%(b)		15	%	$	3
Class Y
Six Months Ended June 30, 2013 (Unaudited)	$	27.63		12.21	%		1.09	%(b)(c)		1.09	%(b)(c)		1.27	%(b)		10	%	$	4,323
Year Ended December 31, 2012 (k)	$	25.98		5.94	%		0.92	%(b)		0.92	%(b)(d)		0.15	%(b)		15	%	$	3
Class Z
Six Months Ended June 30, 2013 (Unaudited)	$	27.19		12.18	%		1.05	%(b)(c)		1.05	%(b)(c)		(0.22	)%(b)		10	%	$	441,839
Year Ended December 31, 2012	$	25.57		17.15	%		1.03	%(c)		1.03	%(c)(d)		0.40	%		15	%	$	587,678
Year Ended December 31, 2011	$	23.62		(16.37	)%(l)		0.97	%		0.97	%(d)		(0.28	)%		21	%	$	850,338
Year Ended December 31, 2010	$	28.73		22.88	%		0.97	%		0.97	%(d)		(0.41	)%		28	%	$	1,549,112
Year Ended December 31, 2009	$	23.38		66.17	%		0.99	%		0.99	%(d)		(0.47	)%		19	%	$	1,241,277
Year Ended December 31, 2008	$	14.07		(49.18	)%(e)		0.95	%		0.95	%(d)		(0.51	)%		28	%	$	779,892

See accompanying notes to financial statements.

111

Columbia Acorn Family of Funds

Financial Highlights, continued

Columbia Thermostat Fund

			Income from Investment Operations								Less Distributions to Shareholders
(Selected data for a share outstanding throughout each period)	Net Asset Value, Beginning of Period		Net investment income		Net realized and unrealized gain (loss)			Total from investment operations			Net investment income			Net realized gains			Total Distributions to Shareholders
Class A
Six Months Ended June 30, 2013 (Unaudited)	$	14.29		0.12		0.46			0.58			(0.01	)		—			(0.01	)
Year Ended December 31, 2012	$	12.82		0.32		1.39			1.71			(0.24	)		—			(0.24	)
Year Ended December 31, 2011	$	12.58		0.28		0.30			0.58			(0.34	)		—			(0.34	)
Year Ended December 31, 2010	$	10.90		0.19		1.67			1.86			(0.18	)		—			(0.18	)
Year Ended December 31, 2009	$	8.26		0.11		2.53			2.64			(0.00	)(e)		—			(0.00	)(e)
Year Ended December 31, 2008	$	12.31		0.22		(3.98	)		(3.76	)		(0.22	)		(0.07	)		(0.29	)
Class B
Six Months Ended June 30, 2013 (Unaudited)	$	14.39		0.08		0.47			0.55			(0.01	)		—			(0.01	)
Year Ended December 31, 2012	$	12.91		0.20		1.45			1.65			(0.17	)		—			(0.17	)
Year Ended December 31, 2011	$	12.64		0.15		0.38			0.53			(0.26	)		—			(0.26	)
Year Ended December 31, 2010	$	10.93		0.13		1.67			1.80			(0.09	)		—			(0.09	)
Year Ended December 31, 2009	$	8.32		0.06		2.55			2.61			—			—			—
Year Ended December 31, 2008	$	12.38		0.16		(4.00	)		(3.84	)		(0.15	)		(0.07	)		(0.22	)
Class C
Six Months Ended June 30, 2013 (Unaudited)	$	14.39		0.07		0.46			0.53			(0.01	)		—			(0.01	)
Year Ended December 31, 2012	$	12.91		0.22		1.39			1.61			(0.13	)		—			(0.13	)
Year Ended December 31, 2011	$	12.62		0.18		0.31			0.49			(0.20	)		—			(0.20	)
Year Ended December 31, 2010	$	10.91		0.10		1.68			1.78			(0.07	)		—			(0.07	)
Year Ended December 31, 2009	$	8.33		0.03		2.55			2.58			—			—			—
Year Ended December 31, 2008	$	12.37		0.13		(3.97	)		(3.84	)		(0.13	)		(0.07	)		(0.20	)
Class R4
Six Months Ended June 30, 2013 (Unaudited)	$	14.19		0.17		0.42			0.59			(0.01	)		—			(0.01	)
Year Ended December 31, 2012 (f)	$	14.08		0.09		0.28			0.37			(0.26	)		—			(0.26	)
Class R5
Six Months Ended June 30, 2013 (Unaudited)	$	14.19		0.18		0.42			0.60			(0.01	)		—			(0.01	)
Year Ended December 31, 2012 (g)	$	14.08		0.09		0.27			0.36			(0.25	)		—			(0.25	)
Class Y
Six Months Ended June 30, 2013 (Unaudited)	$	14.18		0.15		0.46			0.61			(0.01	)		—			(0.01	)
Year Ended December 31, 2012 (h)	$	14.08		0.09		0.27			0.36			(0.26	)		—			(0.26	)
Class Z
Six Months Ended June 30, 2013 (Unaudited)	$	14.13		0.14		0.45			0.59			(0.01	)		—			(0.01	)
Year Ended December 31, 2012	$	12.67		0.34		1.39			1.73			(0.27	)		—			(0.27	)
Year Ended December 31, 2011	$	12.44		0.31		0.29			0.60			(0.37	)		—			(0.37	)
Year Ended December 31, 2010	$	10.80		0.21		1.66			1.87			(0.23	)		—			(0.23	)
Year Ended December 31, 2009	$	8.19		0.13		2.51			2.64			(0.03	)		—			(0.03	)
Year Ended December 31, 2008	$	12.26		0.24		(3.96	)		(3.72	)		(0.28	)		(0.07	)		(0.35	)

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

(b)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(c)  Annualized.

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

(e)  Rounds to zero.

(f)  Class R4 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.

(g)  Class R5 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.

(h)  Class Y shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.

See accompanying notes to financial statements.

112

						Ratio to Average Net Assets									Supplemental Data
(Selected data for a share outstanding throughout each period)	Net Asset Value, End of Period		Total Return (a)			Total gross expenses (b)			Total net expenses (b)			Net investment income			Portfolio turnover rate			Net assets, end of period (000s)
Class A
Six Months Ended June 30, 2013 (Unaudited)	$	14.86		4.05	%		0.51	%(c)		0.50	%(c)		1.70	%(c)		48	%	$	467,173
Year Ended December 31, 2012	$	14.29		13.34	%		0.58	%		0.50	%(d)		2.28	%		109	%	$	323,750
Year Ended December 31, 2011	$	12.82		4.62	%		0.67	%		0.50	%(d)		2.17	%		130	%	$	79,744
Year Ended December 31, 2010	$	12.58		17.28	%		0.72	%		0.50	%(d)		1.64	%		118	%	$	44,527
Year Ended December 31, 2009	$	10.90		31.98	%		0.78	%		0.50	%(d)		1.17	%		17	%	$	42,976
Year Ended December 31, 2008	$	8.26		(30.67	)%		0.68	%		0.50	%(d)		1.99	%		130	%	$	41,032
Class B
Six Months Ended June 30, 2013 (Unaudited)	$	14.93		3.82	%		1.14	%(c)		1.00	%(c)		1.12	%(c)		48	%	$	3,030
Year Ended December 31, 2012	$	14.39		12.78	%		1.16	%		1.00	%(d)		1.47	%		109	%	$	4,480
Year Ended December 31, 2011	$	12.91		4.19	%		1.23	%		1.00	%(d)		1.18	%		130	%	$	11,318
Year Ended December 31, 2010	$	12.64		16.64	%		1.28	%		1.00	%(d)		1.10	%		118	%	$	28,752
Year Ended December 31, 2009	$	10.93		31.37	%		1.32	%		1.00	%(d)		0.64	%		17	%	$	32,758
Year Ended December 31, 2008	$	8.32		(31.10	)%		1.20	%		1.00	%(d)		1.45	%		130	%	$	36,673
Class C
Six Months Ended June 30, 2013 (Unaudited)	$	14.91		3.68	%		1.26	%(c)		1.25	%(c)		0.96	%(c)		48	%	$	391,265
Year Ended December 31, 2012	$	14.39		12.52	%		1.32	%		1.25	%(d)		1.56	%		109	%	$	253,641
Year Ended December 31, 2011	$	12.91		3.87	%		1.43	%		1.25	%(d)		1.40	%		130	%	$	33,378
Year Ended December 31, 2010	$	12.62		16.43	%		1.49	%		1.25	%(d)		0.88	%		118	%	$	21,866
Year Ended December 31, 2009	$	10.91		30.97	%		1.55	%		1.25	%(d)		0.39	%		17	%	$	21,090
Year Ended December 31, 2008	$	8.33		(31.20	)%		1.45	%		1.25	%(d)		1.23	%		130	%	$	24,383
Class R4
Six Months Ended June 30, 2013 (Unaudited)	$	14.77		4.15	%		0.25	%(c)		0.22	%(c)		2.35	%(c)		48	%	$	7,886
Year Ended December 31, 2012 (f)	$	14.19		2.60	%		0.42	%(c)		0.25	%(c)(d)		4.59	%(c)		109	%	$	15
Class R5
Six Months Ended June 30, 2013 (Unaudited)	$	14.78		4.22	%		0.24	%(c)		0.23	%(c)		2.48	%(c)		48	%	$	331
Year Ended December 31, 2012 (g)	$	14.19		2.58	%		0.35	%(c)		0.27	%(c)(d)		4.60	%(c)		109	%	$	3
Class Y
Six Months Ended June 30, 2013 (Unaudited)	$	14.78		4.30	%		0.14	%(c)		0.14	%(c)		2.02	%(c)		48	%	$	3
Year Ended December 31, 2012 (h)	$	14.18		2.55	%		0.30	%(c)		0.22	%(c)(d)		4.63	%(c)		109	%	$	3
Class Z
Six Months Ended June 30, 2013 (Unaudited)	$	14.71		4.17	%		0.25	%(c)		0.25	%(c)		1.95	%(c)		48	%	$	386,452
Year Ended December 31, 2012	$	14.13		13.69	%		0.30	%		0.25	%(d)		2.48	%		109	%	$	292,732
Year Ended December 31, 2011	$	12.67		4.85	%		0.34	%		0.25	%(d)		2.43	%		130	%	$	65,167
Year Ended December 31, 2010	$	12.44		17.58	%		0.37	%		0.25	%(d)		1.87	%		118	%	$	36,130
Year Ended December 31, 2009	$	10.80		32.29	%		0.39	%		0.25	%(d)		1.48	%		17	%	$	41,765
Year Ended December 31, 2008	$	8.19		(30.53	)%		0.33	%		0.25	%(d)		2.23	%		130	%	$	34,985

See accompanying notes to financial statements.

113

Columbia Acorn Family of Funds

Financial Highlights, continued

Columbia Acorn Emerging Markets Fund

			Income from Investment Operations									Less Distributions to Shareholders
(Selected data for a share outstanding throughout each period)	Net Asset Value, Beginning of Period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			Net investment income			Total Distributions to Shareholders			Net Asset Value, End of Period
Class A
Six Months Ended June 30, 2013 (Unaudited)	$	12.04		0.05			(0.10	)		(0.05	)		—			—		$	11.99
Year Ended December 31, 2012	$	9.26		0.08			2.78			2.86			(0.08	)		(0.08	)	$	12.04
Year Ended December 31, 2011 (e)	$	10.00		(0.00	)(f)		(0.74	)		(0.74	)		—			—		$	9.26
Class C
Six Months Ended June 30, 2013 (Unaudited)	$	12.01		0.01			(0.10	)		(0.09	)		—			—		$	11.92
Year Ended December 31, 2012	$	9.24		(0.02	)		2.79			2.77			—			—		$	12.01
Year Ended December 31, 2011 (h)	$	10.00		(0.02	)		(0.74	)		(0.76	)		—			—		$	9.24
Class I
Six Months Ended June 30, 2013 (Unaudited)	$	12.08		0.01			(0.05	)		(0.04	)		—			—		$	12.04
Year Ended December 31, 2012	$	9.29		0.11			2.80			2.91			(0.12	)		(0.12	)	$	12.08
Year Ended December 31, 2011 (i)	$	10.00		0.01			(0.72	)		(0.71	)		—			—		$	9.29
Class R4
Six Months Ended June 30, 2013 (Unaudited)	$	12.14		0.09			(0.12	)		(0.03	)		—			—		$	12.11
Year Ended December 31, 2012 (j)	$	11.44		(0.01	)		0.81			0.80			(0.10	)		(0.10	)	$	12.14
Class R5
Six Months Ended June 30, 2013 (Unaudited)	$	12.14		0.11			(0.15	)		(0.04	)		—			—		$	12.10
Year Ended December 31, 2012 (k)	$	11.44		(0.00	)(f)		0.81			0.81			(0.11	)		(0.11	)	$	12.14
Class Y
Six Months Ended June 30, 2013 (Unaudited) (l)	$	12.22		0.00	(f)		(0.22	)		(0.22	)		—			—		$	12.00
Class Z
Six Months Ended June 30, 2013 (Unaudited)	$	12.07		0.09			(0.14	)		(0.05	)		—			—		$	12.02
Year Ended December 31, 2012	$	9.28		0.12			2.79			2.91			(0.12	)		(0.12	)	$	12.07
Year Ended December 31, 2011 (m)	$	10.00		0.01			(0.73	)		(0.72	)		—			—		$	9.28

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

(b)  Annualized.

(c)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

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

(e)  Class A shares commenced operations on August 19, 2011. Per share data and total return reflect activity from that date.

(f)  Rounds to zero.

(g)  The benefits derived from custody fees paid indirectly had an impact of 0.02%.

(h)  Class C shares commenced operations on August 19, 2011. Per share data and total return reflect activity from that date.

(i)  Class I shares commenced operations on August 19, 2011. Per share data and total return reflect activity from that date.

(j)  Class R4 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.

(k)  Class R5 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.

(l)  Class Y shares commenced operations on June 13, 2013. Per share data and total return reflect activity from that date.

(m)  Class Z shares commenced operations on August 19, 2011. Per share data and total return reflect activity from that date.

See accompanying notes to financial statements.

114

				Ratio to Average Net Assets									Supplemental Data
(Selected data for a share outstanding throughout each period)	Total Return (a)			Total gross expenses			Total net expenses			Net investment income (loss)			Portfolio turnover rate			Net assets, end of period (000s)
Class A
Six Months Ended June 30, 2013 (Unaudited)		(0.42	)%		2.20	%(b)(c)		1.82	%(b)(c)		0.90	%(b)		7	%	$	57,830
Year Ended December 31, 2012		30.86	%		6.42	%(c)		1.77	%(c)(d)		0.77	%		30	%	$	3,103
Year Ended December 31, 2011 (e)		(7.40	)%		20.13	%(b)		1.85	%(b)(g)		(0.01	)%(b)		9	%	$	332
Class C
Six Months Ended June 30, 2013 (Unaudited)		(0.75	)%		2.96	%(b)(c)		2.59	%(b)(c)		0.16	%(b)		7	%	$	11,841
Year Ended December 31, 2012		29.98	%		7.18	%(c)		2.56	%(c)(d)		(0.15	)%		30	%	$	615
Year Ended December 31, 2011 (h)		(7.60	)%		25.06	%(b)		2.60	%(b)(g)		(0.68	)%(b)		9	%	$	127
Class I
Six Months Ended June 30, 2013 (Unaudited)		(0.33	)%		2.16	%(b)(c)		1.45	%(b)(c)		0.23	%(b)		7	%	$	6
Year Ended December 31, 2012		31.39	%		6.18	%(c)		1.41	%(c)(d)		1.05	%		30	%	$	6
Year Ended December 31, 2011 (i)		(7.10	)%		19.31	%(b)		1.41	%(b)(g)		0.17	%(b)		9	%	$	5
Class R4
Six Months Ended June 30, 2013 (Unaudited)		(0.25	)%		1.74	%(b)(c)		1.54	%(b)(c)		1.57	%(b)		7	%	$	5,561
Year Ended December 31, 2012 (j)		7.04	%		5.86	%(b)(c)		1.54	%(b)(c)(d)		(0.31	)%(b)		30	%	$	16
Class R5
Six Months Ended June 30, 2013 (Unaudited)		(0.33	)%		1.66	%(b)(c)		1.56	%(b)(c)		1.83	%(b)		7	%	$	6,731
Year Ended December 31, 2012 (k)		7.11	%		5.81	%(b)(c)		1.46	%(b)(c)(d)		(0.22	)%(b)		30	%	$	3
Class Y
Six Months Ended June 30, 2013 (Unaudited) (l)		(1.80	)%		1.94	%(b)(c)		1.54	%(b)(c)		0.01	%(b)		7	%	$	2
Class Z
Six Months Ended June 30, 2013 (Unaudited)		(0.41	)%		1.95	%(b)(c)		1.55	%(b)(c)		1.47	%(b)		7	%	$	95,507
Year Ended December 31, 2012		31.35	%		6.15	%(c)		1.46	%(c)(d)		1.07	%		30	%	$	6,846
Year Ended December 31, 2011 (m)		(7.20	)%		19.52	%(b)		1.46	%(b)(g)		0.15	%(b)		9	%	$	2,765

See accompanying notes to financial statements.

115

Columbia Acorn Family of Funds

Financial Highlights, continued

Columbia Acorn European Fund

			Income from Investment Operations									Less Distributions to Shareholders
(Selected data for a share outstanding throughout each period)	Net Asset Value, Beginning of Period		Net investment income (loss)			Net realized and unrealized gain (loss)			Total from investment operations			Net investment income			Net realized gains			Total Distributions to Shareholders
Class A
Six Months Ended June 30, 2013 (Unaudited)	$	11.76		0.16			0.71			0.87			—			—			—
Year Ended December 31, 2012	$	9.43		0.03			2.37			2.40			(0.07	)		(0.00	)(d)		(0.07	)
Year Ended December 31, 2011 (f)	$	10.00		(0.03	)		(0.46	)		(0.49	)		(0.06	)		(0.02	)		(0.08	)
Class C
Six Months Ended June 30, 2013 (Unaudited)	$	11.73		0.06			0.76			0.82			—			—			—
Year Ended December 31, 2012	$	9.44		(0.15	)		2.46			2.31			(0.02	)		(0.00	)(d)		(0.02	)
Year Ended December 31, 2011 (h)	$	10.00		(0.06	)		(0.45	)		(0.51	)		(0.03	)		(0.02	)		(0.05	)
Class I
Six Months Ended June 30, 2013 (Unaudited)	$	11.75		0.13			0.76			0.89			—			—			—
Year Ended December 31, 2012	$	9.43		0.10			2.32			2.42			(0.10	)		(0.00	)(d)		(0.10	)
Year Ended December 31, 2011 (i)	$	10.00		(0.02	)		(0.46	)		(0.48	)		(0.07	)		(0.02	)		(0.09	)
Class R5
Six Months Ended June 30, 2013 (Unaudited)	$	11.86		0.19			0.70			0.89			—			—			—
Year Ended December 31, 2012 (j)	$	11.19		(0.02	)		0.77			0.75			(0.08	)		—			(0.08	)
Class Z
Six Months Ended June 30, 2013 (Unaudited)	$	11.76		0.13			0.75			0.88			—			—			—
Year Ended December 31, 2012	$	9.44		0.08			2.34			2.42			(0.10	)		(0.00	)(d)		(0.10	)
Year Ended December 31, 2011 (k)	$	10.00		(0.02	)		(0.46	)		(0.48	)		(0.06	)		(0.02	)		(0.08	)

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

(b)  Annualized.

(c)  In addition to the fees and expenses which the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which it invests. Such indirect expenses are not included in the reported expense ratios.

(d)  Rounds to zero.

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

(f)  Class A shares commenced operations on August 19, 2011. Per share data and total return reflect activity from that date.

(g)  The benefits derived from custody fees paid indirectly had an impact of 0.02%.

(h)  Class C shares commenced operations on August 19, 2011. Per share data and total return reflect activity from that date.

(i)  Class I shares commenced operations on August 19, 2011. Per share data and total return reflect activity from that date.

(j)  Class R5 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.

(k)  Class Z shares commenced operations on August 19, 2011. Per share data and total return reflect activity from that date.

See accompanying notes to financial statements.

116

						Ratio to Average Net Assets									Supplemental Data
(Selected data for a share outstanding throughout each period)	Net Asset Value, End of Period		Total Return (a)			Total gross expenses			Total net expenses			Net investment income (loss)			Portfolio turnover rate			Net assets, end of period (000s)
Class A
Six Months Ended June 30, 2013 (Unaudited)	$	12.63		7.40	%		5.26	%(b)(c)		1.71	%(b)(c)		2.67	%(b)		22	%	$	4,036
Year Ended December 31, 2012	$	11.76		25.46	%		12.35	%(c)		1.61	%(c)(e)		0.23	%		37	%	$	453
Year Ended December 31, 2011 (f)	$	9.43		(4.97	)%		33.59	%(b)		1.75	%(b)(g)		(0.84	)%(b)		17	%	$	154
Class C
Six Months Ended June 30, 2013 (Unaudited)	$	12.55		6.99	%		6.59	%(b)(c)		2.50	%(b)(c)		0.93	%(b)		22	%	$	101
Year Ended December 31, 2012	$	11.73		24.46	%		12.83	%(c)		2.32	%(c)(e)		(1.33	)%		37	%	$	89
Year Ended December 31, 2011 (h)	$	9.44		(5.14	)%		35.79	%(b)		2.50	%(b)(g)		(1.66	)%(b)		17	%	$	5
Class I
Six Months Ended June 30, 2013 (Unaudited)	$	12.64		7.57	%		5.35	%(b)(c)		1.36	%(b)(c)		2.07	%(b)		22	%	$	6
Year Ended December 31, 2012	$	11.75		25.71	%		12.05	%(c)		1.31	%(c)(e)		0.94	%		37	%	$	6
Year Ended December 31, 2011 (i)	$	9.43		(4.81	)%		30.00	%(b)		1.31	%(b)(g)		(0.47	)%(b)		17	%	$	5
Class R5
Six Months Ended June 30, 2013 (Unaudited)	$	12.75		7.50	%		6.77	%(b)(c)		1.47	%(b)(c)		4.65	%(b)		22	%	$	630
Year Ended December 31, 2012 (j)	$	11.86		6.70	%		14.07	%(b)(c)		1.36	%(b)(c)(e)		(1.07	)%(b)		37	%	$	3
Class Z
Six Months Ended June 30, 2013 (Unaudited)	$	12.64		7.48	%		5.37	%(b)(c)		1.40	%(b)(c)		2.06	%(b)		22	%	$	3,230
Year Ended December 31, 2012	$	11.76		25.66	%		12.07	%(c)		1.33	%(c)(e)		0.76	%		37	%	$	2,727
Year Ended December 31, 2011 (k)	$	9.44		(4.78	)%		30.26	%(b)		1.37	%(b)(g)		(0.52	)%(b)		17	%	$	1,516

See accompanying notes to financial statements.

117

Columbia Acorn Family of Funds

Notes to Financial Statements

1.  Nature of Operations

Columbia Acorn Fund, Columbia Acorn International, Columbia Acorn USA, Columbia Acorn International Select, Columbia Acorn Select, Columbia Thermostat Fund, Columbia Acorn Emerging Markets Fund and Columbia Acorn European Fund (the Funds) are each a series of Columbia Acorn Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The investment objective of each Fund is to seek long-term capital appreciation.

Columbia Thermostat Fund pursues its investment objective by investing in shares of other mutual funds. As a "fund of funds" under normal circumstances, the Fund allocates at least 95% of its net assets among a selected group of affiliated stock and bond mutual funds (underlying portfolio funds) according to the current level of the Standard & Poor's (S&P) 500 Index in relation to predetermined ranges set by Columbia Wanger Asset Management, LLC (the Investment Manager). The Fund may invest up to 5% of its net assets plus any cash received that day in cash, repurchase agreements, high quality short-term paper and government securities.

Each Fund may issue an unlimited number of shares. Columbia Acorn Fund, Columbia Acorn USA, Columbia Acorn International Select and Columbia Acorn Select each currently offers Class A, Class B, Class C, Class I, Class R4, Class R5, Class Y and Class Z shares. Columbia Acorn International currently offers Class A, Class B, Class C, Class I, Class R, Class R4, Class R5, Class Y and Class Z shares. Columbia Thermostat Fund currently offers Class A, Class B, Class C, Class R4, Class R5, Class Y and Class Z shares. Columbia Acorn Emerging Markets Fund currently offers Class A, Class C, Class I, Class R4, Class R5, Class Y and Class Z shares. Columbia Acorn European Fund currently offers Class A, Class C, Class I, Class R5 and Class Z shares. Effective February 29, 2008, the Funds generally no longer accept investments by new or existing investors in the Funds' 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.

Class A shares are sold with a front-end sales charge. Class A shares bought without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a 1.00% contingent deferred sales charge (CDSC) if the shares are redeemed within 12 months of purchase, and a 0.50% CDSC if the shares are redeemed

more than 12, but less than 18, months after purchase, with certain limited exceptions.

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

Class C shares are offered at net asset value but are subject to a CDSC on redemptions made within one year after purchase.

Class I, Class R, Class R4, Class R5 and Class Y shares are offered at net asset value. There are certain restrictions on who may purchase these share classes. Class Y shares commenced operations on June 13, 2013 for Columbia Acorn Emerging Markets Fund.

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

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

2.  Significant Accounting Policies

The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (GAAP) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.

>Security valuation

Securities of the Funds are valued at market value or, if a market quotation for a security is not readily available or is deemed not to be reliable because of events or circumstances that have occurred between the market quotation and the time as of which the security is to be valued, the security is valued at a fair value determined in good faith under consistently applied procedures established by the Board of Trustees (the Board). With respect to Columbia Thermostat Fund, investments in portfolio funds are valued at their net asset values as

118

reported by the portfolio funds. A security traded on a securities exchange or in an over-the-counter market in which transaction prices are reported is valued at the last sales price at the time of valuation. A security traded principally on NASDAQ is valued at the NASDAQ official closing price. Mutual funds and exchange traded funds are valued at their closing net asset value as reported to the applicable exchange.

Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value.

Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.

A security for which a market quotation is not readily available and any other assets are valued at their fair value determined in good faith under consistently applied procedures established by the Board. The Trust has retained an independent statistical fair value pricing service that employs a systematic methodology to assist in the fair valuation process for securities principally traded in a foreign market in order to adjust for possible changes in value that may occur between the close of the foreign exchange and the time as of which the securities are to be valued. If a security is valued at fair value, that value may be different from the last quoted market price for the security. A security for which there is no reported sale on the valuation date is valued at the mean of the latest bid and ask quotations.

>Foreign currency translations

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

>Restricted securities

Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale at the issuer's expense either upon demand by the Fund or in connection with another registered offering of the securi-

ties. Many restricted securities may be resold in the secondary market in transactions exempt from registration. Such restricted securities may be determined to be liquid under criteria established by the Board.

>Derivative Instruments

Columbia Acorn International Select invests in forward foreign currency exchange contracts, on a very limited basis, as detailed below, to hedge the currency exposure associated with some of the Fund's securities. Forward foreign currency exchange contracts are derivative instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, in this case, currencies. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligation under the terms of the contract and the potential for market movements, which may expose the Fund to gains or losses in excess of the amount shown in the Statements of Assets and Liabilities.

For financial reporting purposes, Columbia Acorn International Select does not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.

>Forward Foreign Currency Exchange Contracts

Forward foreign currency exchange contracts are agreements between two parties to buy and sell a currency at a set price on a future date. Columbia Acorn International Select utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some of the Fund's securities. The Fund's use of forward foreign currency exchange contracts was not material to the net assets of the Fund.

The values of forward foreign currency exchange contracts fluctuate with changes in foreign currency exchange rates. The Fund will record a realized gain or loss when the forward foreign currency exchange contract expires or is closed.

The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. The risks of forward foreign currency exchange contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statements of Assets and Liabilities.

119

Columbia Acorn Family of Funds

Notes to Financial Statements, continued

>Offsetting of Derivative Assets and Derivative Liabilities

The following tables present the gross and net amount of assets and liabilities of Columbia Acorn International Select available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of June 30, 2013:

							Gross Amounts Not Offset in the Statements of Assets and Liabilities
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts of Liabilities Presented in the Statements of Assets and Liabilities		Financial Instruments(a)		Cash Collateral Pledged		Securities Collateral Pledged		Net Amount(b)
Forward foreign currency exchange contracts	$	52,114	$	—	$	52,114	$	—	$	—	$	—	$	52,114

^(a) Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar agreements that management elects not to offset on the Statements of Assets and Liabilities.

^(b) Represents the net amount due to counterparties in the event of default.

>Effects of derivative transactions in the financial statements

The following tables are intended to provide additional information about the effect of derivatives on the financial statements of Columbia Acorn International Select including: the fair value of derivatives by risk category and the location of those fair values in the Statements of Assets and Liabilities; the impact of derivative transactions on the Fund's operations over the period including realized gains or losses and unrealized gains or losses. The derivative schedule following the Statement of Investments presents additional information regarding derivative instruments outstanding at the end of the period, if any.

The following table is a summary of the fair value of derivative instruments of Columbia Acorn International Select at June 30, 2013:

	Liability Derivatives
Risk Exposure Category	Statements of Assets and Liabilities Location	Fair Value
Foreign exchange risk	Unrealized depreciation on forward foreign currency exchange contracts	$	(52,114	)

The following table indicates the effect of derivative instruments in the Statements of Operations of Columbia Acorn International Select for the six months ended June 30, 2013:

Amount of Realized Gain (Loss) on
Derivatives Recognized in Income

Risk Exposure Category	Forward Foreign Currency Exchange Contracts
Foreign exchange risk	$	1,340,145

Change in Unrealized Appreciation (Depreciation)
on Derivatives Recognized in Income

Risk Exposure Category	Forward Foreign Currency Exchange Contracts
Foreign exchange risk	$	359,639

The following table is a summary of the volume of derivative instruments of Columbia Acorn International Select for the six months ended June 30, 2013:

Derivative Instrument	Contracts Opened
Forward foreign currency exchange contracts		8

>Security transactions and investment income

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

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

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

>Fund share valuation

Fund shares are sold and redeemed on a daily basis at net asset value, subject to any applicable sales charge. Net asset value per share is determined daily as of the close of trading on the New York Stock Exchange (NYSE) on each day the NYSE is

120

open for trading. Generally, income, expenses and realized and unrealized gain/(losses) of a Fund are allocated to each class proportionately on a daily basis for purposes of determining the net asset value of each class. The Rule 12b-1 distribution and service fees and transfer agent fees are charged to each specific class as expenses are incurred. Redemption fees are accounted for as an addition to paid in capital for purposes of determining the net asset value of each class.

>Securities lending

Each Fund, except Columbia Thermostat Fund, may lend securities up to one-third of the value of its total assets to certain approved brokers, dealers and other financial institutions to earn additional income. The Funds retain the benefits of owning the securities, including receipt of dividends or interest generated by the security. The Funds also receive a fee for the loan. The Funds have the ability to recall the loans at any time and could do so in order to vote proxies or to sell the loaned securities. Each loan is collateralized by cash that exceeds the

value of the securities on loan. The market value of the loaned securities is determined daily at the close of business of a Fund and any additional required collateral is delivered to the Fund on the next business day. The Funds have elected to invest the cash collateral in the Dreyfus Government Cash Management Fund, and the income earned is paid to each Fund, net of any fees remitted to Goldman Sachs Agency Lending, the lending agent, and net of any borrower rebates. The Investment Manager does not retain any fees earned by the lending program. Generally, in the event of borrower default, a Fund has the right to use the collateral to offset any losses incurred. In the event a Fund is delayed or prevented from exercising its right to dispose of the collateral, there may be a potential loss to the Fund. Some of these losses may be indemnified by the lending agent. The Funds bear the risk of loss with respect to the investment of collateral.

The net securities lending income earned as of June 30, 2013 by each Fund is included in the Statements of Operations.

The following table presents the Funds' gross and net amount of assets available for offset under a securities lending agreement as well as the related collateral received by the Fund as of June 30, 2013:

							Gross Amounts Not Offset in the Statements of Assets and Liabilities
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts of Assets Presented in the Statements of Assets and Liabilities		Financial Instruments(a)		Cash Collateral Received		Securities Collateral Received		Net Amount(b)
Securities loaned
Columbia Acorn Fund	$	447,311,479	$	—	$	447,311,479	$	—	$	447,311,479	$	—	$	—
Columbia Acorn International		122,061,343		—		122,061,343		—		122,061,343		—		—
Columbia Acorn USA		63,089,988		—		63,089,988		—		63,089,988		—		—
Columbia Acorn International Select		4,098,939		—		4,098,939		—		4,098,939		—		—
Columbia Acorn Select		25,615,118		—		25,615,118		—		25,615,118		—		—
Columbia Acorn Emerging Markets Fund		1,581,515		—		1,581,515		—		1,581,515		—		—
Columbia Acorn European Fund		123,314		—		123,314		—		123,314		—		—

^(a) Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar agreements that management elects not to offset on the Statements of Assets and Liabilities.

^(b) Represents the net amount due from counterparties in the event of default.

>Federal income taxes

It is each Fund's policy to comply with the provisions of the Internal Revenue Code available to regulated investment companies and, in the manner provided therein, distribute substantially all their taxable income, as well as any net realized gain on sales of investments and foreign currency transactions reportable for federal income tax purposes. Columbia Thermostat Fund distributes all of its taxable income, as well as any net realized gain on sales of portfolio fund shares and any distributions of net realized gains received by

the Fund from its portfolio funds, reportable for federal income tax purposes. Accordingly, the Funds paid no federal income taxes and no federal income tax provision was required.

>Foreign capital gains taxes

Realized gains in certain countries may be subject to foreign taxes at the fund level. The Funds accrue for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction. The amount, if any, is disclosed as a liability on the Statements of Assets and Liabilities.

121

Columbia Acorn Family of Funds

Notes to Financial Statements, continued

>Distributions to shareholders

Distributions to shareholders are recorded on the ex-dividend date.

>Indemnification

In the normal course of business, the Trust on behalf of the Funds enters into contracts that contain a variety of representations and warranties and that provide general indemnities. A Fund's maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund. Also, under the Trust's organizational documents, the trustees and officers of the Trust are indemnified against certain

liabilities that may arise out of their duties to the Trust. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.

3.  Federal Tax Information

The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds' capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.

The following capital loss carryforward, determined as of December 31, 2012, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:

	Year of Expiration
	2015		2016		2017		2018		Unlimited Short-Term		Total
Columbia Acorn International	$	11,884,052	$	62,714,662	$	102,948,489	$	—	$	—	$	177,547,203
Columbia Thermostat Fund		—		—		5,983,674		2,954,489		—		8,938,163
Columbia Acorn Emerging Markets Fund		—		—		—		—		86,920		86,920

Unlimited capital loss carryforwards are required to be utilized prior to any capital losses which carry an expiration date. As a result of this ordering rule, capital loss carryforwards which carry an expiration date may be more likely to expire unused.

Under current tax rules, Regulated Investment Companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Funds have elected to treat the following late-year ordinary losses and post-October capital losses at December 31, 2012, as arising on January 1, 2013:

Fund	Late-Year Ordinary Losses		Post-October Capital Losses
Columbia Acorn Fund	$	—	$	8,243,176
Columbia Acorn International		—		422,226
Columbia Acorn International Select		3,455,583		—
Columbia Acorn Emerging Markets Fund		—		19,116
Columbia Acorn European Fund		—		1,940

Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Funds' federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.

4.  Transactions with Affiliates

Columbia Wanger Asset Management, LLC (CWAM) is a wholly-owned subsidiary of Columbia Management Investment Advisers, LLC (Columbia Management), which is a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). CWAM furnishes continuing investment supervision to the Funds and is responsible for the overall management of the Funds' business affairs.

CWAM receives a monthly advisory fee based on each Fund's average daily net assets at the following annual rates:

Columbia Acorn Fund

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

Columbia Acorn International

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

Columbia Acorn USA

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

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Columbia Acorn International Select

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

Columbia Acorn Select

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

Columbia Thermostat Fund

	Annual Fee Rate
All Average Daily Net Assets		0.10	%

Columbia Acorn Emerging Markets Fund

Average Daily Net Assets	Annual Fee Rate
Up to $100 million		1.25	%
$100 million to $500 million		1.00	%
$500 million and over		0.80	%

Columbia Acorn European Fund

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

For the six months ended June 30, 2013, the annualized effective investment advisory fee rates were as follows:

Fund
Columbia Acorn Fund	0.64	%
Columbia Acorn International	0.76	%
Columbia Acorn USA	0.86	%
Columbia Acorn International Select	0.94	%
Columbia Acorn Select	0.84	%
Columbia Thermostat Fund	0.10	%
Columbia Acorn Emerging Markets Fund	1.20	%
Columbia Acorn European Fund	1.19	%

>Expense limit

Effective May 1, 2013, CWAM has voluntarily agreed to reimburse expenses so that the Funds' ordinary operating expenses (exclusive of transaction costs and certain other investment-related expenses, interest and fees on borrowings and expenses associated with each Fund's investments in other investment companies, if any), after giving effect to any balance credits or overdraft charges from the Funds' custodian, do not exceed annually the average daily net assets of each class 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	%		1.31	%		1.45	%		1.36	%		1.31	%		1.45	%
Columbia Acorn Select		1.60	%		2.10	%		2.35	%		1.23	%		1.35	%		1.28	%		1.23	%		1.35	%

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

Through April 30, 2013, CWAM voluntarily agreed to reimburse expenses so that the Funds' ordinary operating expenses (exclusive of taxes, brokerage commissions, interest and extraordinary expenses), after giving effect to any balance credits or overdraft charges from the Funds' custodian, do not exceed annually the average daily net assets of each class 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	%

Effective May 1, 2013, CWAM has contractually agreed to waive fees and/or reimburse expenses through April 30, 2014, so that the Funds' ordinary operating expenses (exclusive of transaction costs and certain other investment-related expenses, interest and fees on borrowings and expenses associated with each Fund's investments in other investment companies, if any), do not exceed annually the average daily net assets of each class as follows:

Fund	Class A			Class B			Class C			Class I			Class R4			Class R5			Class Y			Class Z
Columbia Thermostat Fund		0.50	%		1.00	%		1.25	%		—	%		0.25	%		0.23	%		0.18	%		0.25	%
Columbia Acorn Emerging Markets Fund		1.85	%		—	%		2.60	%		1.54	%		1.60	%		1.59	%		1.54	%*		1.60	%
Columbia Acorn European Fund		1.75	%		—	%		2.50	%		1.46	%		—	%		1.51	%		—	%		1.50	%

* Effective June 13, 2013 (the commencement of operations of Columbia Acorn Emerging Markets Fund Class Y shares) through April 30, 2014.

123

Columbia Acorn Family of Funds

Notes to Financial Statements, continued

There is no guarantee that these agreements will continue thereafter.

Through April 30, 2013, CWAM contractually agreed to waive fees and/or reimburse expenses so that the Funds' ordinary operating expenses (exclusive of interest and fees on borrowings and expenses associated with each Fund's investment in other investment companies if any), do not exceed annually the average daily net assets of each class as follows:

Fund	Class A			Class B			Class C			Class I			Class R4			Class R5			Class Y			Class Z
Columbia Thermostat Fund		0.50	%		1.00	%		1.25	%		—	%		0.25	%		0.27	%		0.22	%		0.25	%
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	%

CWAM and its affiliates have contractually agreed to waive a portion of total annual Fund operating expenses incurred by Class A shares, Class B shares 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.

Expenses reimbursed by CWAM and its affiliates for the six months ended June 30, 2013, were as follows:

Fund	Expenses Reimbursed
Columbia Acorn International	$	230,240
Columbia Acorn International Select		13
Columbia Acorn Select		356
Columbia Thermostat Fund		42,868
Columbia Acorn Emerging Markets Fund		107,090
Columbia Acorn European Fund		91,001

CWAM provides administrative services and receives an administration fee from the Funds at the following annual rates:

Columbia Acorn Trust

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

For the six months ended June 30, 2013, the annualized effective administration fee rate was 0.04% of each Fund's average daily net assets. CWAM has delegated to Columbia Management responsibility to provide certain sub-administrative services to the Funds.

CMID, a wholly owned subsidiary of Ameriprise Financial, is the distributor of the Funds.

Sales charges, including front-end and CDSCs, received by the Distributor for distributing each Fund's shares for the six months ended June 30, 2013 are as follows:

	Underwriting Discounts		CDSCs
	Class A		Class A		Class B		Class C
Columbia Acorn Fund	$	1,080,258	$	2,201	$	1,605	$	16,728
Columbia Acorn International		258,505		161		2,795		3,618
Columbia Acorn USA		46,575		—		30		(142	)
Columbia Acorn International Select		26,429		—		196		865
Columbia Acorn Select		37,589		44		121		477
Columbia Thermostat Fund		2,907,718		7,200		262		34,623
Columbia Acorn Emerging Markets Fund		232,713		—		—		3
Columbia Acorn European Fund		4,749		—		—		—

Each Fund has adopted a Rule 12b-1 (distribution and service) plan which requires it to pay CMID a monthly service fee equal to 0.25% annually of the average daily net assets attributable to Class A, Class B and Class C shares and a monthly distribution fee equal to 0.50%, 0.75% and 0.50%, annually, of the average daily net assets attributable to Class B, Class C and Class R shares, respectively. CMID receives no compensation with respect to Class R4, Class R5, Class Y and Class Z shares.

Columbia Management Investment Services Corp. (CMIS), a wholly owned subsidiary of Ameriprise Financial, is the transfer agent of the Funds. CMIS receives monthly account-based service fees based on the number of open Fund accounts. Effective May 1, 2013, each Fund pays CMIS a monthly fee at the annual rate of $20.00 per open account. Prior to May 1, 2013, the annual rate was $18.50 per open

124

account. Subject to certain limitations, the Fund reimburses payments made by CMIS to financial intermediaries for the shareholder services that the intermediaries provide, in amounts that vary by share class and with the type of intermediary and type of shareholder services provided.

The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for

certain out-of-pocket fees. Class I shares do not pay transfer agent fees. Total transfer agent fees for Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to Class R5 shares. Effective November 8, 2012, Class Y shares are not liable to pay transfer agent fees for at least twelve months.

For the six months ended June 30, 2013, the Funds' annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:

Fund	Class A			Class B			Class C			Class R			Class R4			Class R5			Class Z
Columbia Acorn Fund		0.11	%		0.26	%		0.08	%		—	%		0.06	%		0.01	%		0.08	%
Columbia Acorn International		0.16	%		0.38	%		0.15	%		0.20	%		0.05	%		0.03	%		0.06	%
Columbia Acorn USA		0.12	%		0.42	%		0.07	%		—	%		0.05	%		0.04	%		0.12	%
Columbia Acorn International Select		0.11	%		0.28	%		0.15	%		—	%		0.11	%		0.05	%		0.09	%
Columbia Acorn Select		0.12	%		0.31	%		0.12	%		—	%		0.12	%		0.02	%		0.10	%
Columbia Thermostat Fund		0.07	%		0.21	%		0.08	%		—	%		0.06	%		0.05	%		0.06	%
Columbia Acorn Emerging Markets Fund		0.14	%		—	%		0.16	%		—	%		0.09	%		0.05	%		0.20	%
Columbia Acorn European Fund		0.07	%		—	%		0.32	%		—	%		—	%		0.05	%		0.04	%

Columbia Acorn International and certain other associated investment companies, have severally, but not jointly, guaranteed the performance and observance of all the terms and conditions of a lease entered into by Seligman Data Corp. (SDC), the former transfer agent to certain associated investment companies, including the payment of rent by SDC (the Guaranty). The lease and the Guaranty expire in January 2019. At June 30, 2013, Columbia Acorn International's total potential future obligation over the life of the Guaranty is $113,984. The liability remaining at June 30, 2013 for non-recurring charges associated with the lease amounted to $63,739 and is included within payable for other liabilities in the Statements of Assets and Liabilities.

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

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

The Trust offers a deferred compensation plan for its independent trustees. Under that plan, a trustee may elect to defer all or a portion of his or her compensation. Amounts deferred

are retained by the Trust and may represent an unfunded obligation of the Trust. The value of amounts deferred is determined by reference to the change in value of Class Z shares of one or more series of the Trust or a money market fund as specified by the trustee. Benefits under the deferred compensation plan are payable in accordance with the plan.

An affiliated person of a Fund may include any company in which a Fund owns five percent or more of its outstanding voting shares during the year. On June 30, 2013, Columbia Acorn Fund, Columbia Acorn International, Columbia Acorn Select and Columbia Thermostat Fund each held five percent or more of the outstanding voting securities of one or more companies or a company which is under common ownership or control with the Fund. Details of investments in those affiliated companies are presented on pages 38, 39, 52, 73 and 76, respectively.

For the six months ended June 30, 2013, the Funds engaged in purchase and sales transactions with funds that have a common investment manager (or affiliated investment managers), common directors/trustees, and/or common officers. Those transactions complied with Rule 17a-7 under the Investment Company Act of 1940 and were as follows:

	Purchases		Sales
Columbia Acorn Fund	$	11,567,570	$	—
Columbia Acorn International		—		1,267,105
Columbia Acorn USA		—		846,750
Columbia Acorn Select		1,112,321		10,497,193

125

Columbia Acorn Family of Funds

Notes to Financial Statements, continued

5.  Borrowing Arrangements

During the six months ended June 30, 2013, the Trust participated in a credit facility with JPMorgan Chase Bank, N.A., along with Wanger Advisors Trust, another trust managed by CWAM, in the amount of $150 million prior to January 11, 2013, and in the amount of $200 million thereafter. The credit facility was entered into to facilitate portfolio liquidity. Under the facility, interest is charged to each participating fund based on its borrowings at a rate per annum equal to the Federal Funds Rate plus 1.00%. In addition, a commitment fee of 0.08% per annum of the unutilized line of credit is accrued and apportioned among the participating funds based on their relative net assets. The commitment fee is disclosed as a part of "Other expenses" in the Statements of Operations. The Trust renewed its line of credit in July in the amount of $150 million, and will continue to do so each year at then current market rates and terms.

Other than as noted below, no Fund had borrowings during the six months ended June 30, 2013:

Fund Name	Average Daily Loan Balance Outstanding		Weighted Average Interest Rate
Columbia Acorn Select	$	11,400,000		1.18	%

6.  Investment Transactions

The aggregate cost of purchases and proceeds from sales, other than short-term obligations, for the six months ended June 30, 2013, were:

	Purchases		Proceeds from Sales
Columbia Acorn Fund	$	1,561,616,555	$	2,220,008,548
Columbia Acorn International		1,919,632,378		1,639,948,304
Columbia Acorn USA		133,153,095		351,689,508
Columbia Acorn International Select		159,496,921		206,755,024
Columbia Acorn Select		89,777,649		288,982,192
Columbia Thermostat Fund		862,551,828		516,526,151
Columbia Acorn Emerging Markets Fund		165,470,628		3,792,326
Columbia Acorn European Fund		4,709,683		1,030,496

7.  Regulatory Settlements with Third Parties

During the year ended December 31, 2012, Columbia Acorn International received a payment of $107,802 resulting from regulatory settlements with third parties in which the Fund had participated. The payment has been included in "Increase from regulatory settlements" in the Statements of Changes in Net Assets.

8.  Shareholder Concentration

At June 30, 2013, the table below details the affiliated and significant unaffiliated shareholder account ownership of outstanding shares of each Fund. The Funds have no knowledge about whether any portion of these unaffiliated shares were owned beneficially. Subscription and redemption activity of these accounts may have a significant effect on the operations of the Funds.

	Number of unaffiliated accounts		Percentage of shares outstanding held – unaffiliated			Percentage of shares outstanding held – affiliated
Columbia Acorn Fund		1		13.6	%		3.5	%
Columbia Acorn International		3		35.7	%		4.5	%
Columbia Acorn USA		3		43.4	%		—	%
Columbia Acorn International Select		1		30.4	%		—	%
Columbia Acorn Select		2		30.2	%		12.9	%
Columbia Thermostat Fund		2		33.5	%		18.8	%
Columbia Acorn Emerging Markets Fund		3		56.0	%		15.7	%
Columbia Acorn European Fund		1		39.5	%		37.6	%

9.  Subsequent Events

Management has evaluated the events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.

10.  Information Regarding Pending and Settled Legal Proceedings

Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make 10-Q, 10-K and, as necessary, 8-K filings with the Securities and Exchange Commission on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.

There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased fund redemptions, reduced sale of fund shares or other adverse consequences to the Funds. Further, although we believe proceedings are not likely to have a material adverse

126

effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial.

127

Board Approval of the Advisory Agreement

Columbia Acorn Trust (the "Trust") has an investment advisory agreement (the "Advisory Agreement") with Columbia Wanger Asset Management, LLC ("Columbia WAM") under which Columbia WAM manages the Columbia Acorn Funds (each, a "Fund," and together, the "Funds"). More than 75% of the trustees of the Trust (the "Trustees") are persons who have no direct or indirect interest in the Advisory Agreement and are not "interested persons" (as defined in the Investment Company Act of 1940, as amended (the "1940 Act")) of the Trust (the "Independent Trustees"). The Trustees oversee the management of each Fund and, as required by law, determine at least annually whether to continue the Advisory Agreement for each Fund.

The Contract Committee (the "Committee") of the Board of Trustees (the "Board"), which is comprised solely of Independent Trustees, makes recommendations to the Board regarding any proposed continuation of the Advisory Agreement. After the Committee has made its recommendations, the full Board determines whether to approve continuation of the Advisory Agreement. The Board also considers matters bearing on the Advisory Agreement at its various meetings throughout the year, meets at least quarterly with Columbia WAM's portfolio managers (the Board's Investment Performance Analysis Committee meets frequently with them as well), and receives monthly reports from Columbia WAM on the performance of the Funds.

In connection with their most recent consideration of the Advisory Agreement for each Fund, the Committee and all Trustees received and reviewed a substantial amount of information provided by Columbia WAM, Columbia Management Investment Advisers, LLC ("Columbia Management") and Ameriprise Financial, Inc. ("Ameriprise") in response to written requests from the Independent Trustees and their independent legal counsel. In addition, the Trustees reviewed the Management Fee Evaluation dated June 2013 (the "Fee Evaluation") prepared by the Trust's chief compliance officer, senior vice president and general counsel, at the request of the Board. Throughout the process, the Trustees had numerous opportunities to ask questions of and request additional materials from Columbia WAM, Columbia Management and Ameriprise.

During each meeting at which the Committee or the Independent Trustees considered the Advisory Agreement, they met in executive session with their independent legal

counsel. The Committee also met with representatives of Columbia WAM, Columbia Management and Ameriprise on several occasions. In all, the Committee convened formally on four separate occasions to consider the continuation of the Advisory Agreement. The Board and/or some or all of the Independent Trustees met on other occasions to receive the Committee's status reports, receive presentations from Columbia WAM, Columbia Management and Ameriprise representatives, and to discuss outstanding issues. In addition, the Investment Performance Analysis Committee of the Board, also comprised exclusively of Independent Trustees, reviewed the performance of the Funds, met in a joint meeting with the Committee, and presented its findings to the Board and the Committee throughout the year. The Compliance Committee of the Board also provided information to the Committee with respect to relevant matters.

The materials reviewed by the Committee and the Trustees included, among other items, (i) information on the investment performance of each Fund and of independently selected peer groups of funds and of the Funds' performance benchmarks over various time periods, (ii) information on each Fund's advisory fees and other expenses, including information comparing the Fund's fees and expenses to those of peer groups of funds and information about any applicable expense limitations and fee breakpoints, (iii) data on sales and redemptions of Fund shares, and (iv) information on the profitability to Columbia WAM and Ameriprise, as well as potential "fall-out" or ancillary benefits that Columbia WAM and its affiliates may receive as a result of their relationships with the Funds. The Trustees also considered other information such as (i) Columbia WAM's financial condition, (ii) each Fund's investment objective and strategy, (iii) the size, education and experience of Columbia WAM's investment staff and its use of technology, external research and trading cost measurement tools, (iv) the portfolio manager compensation framework, (v) the allocation of the Funds' brokerage, and the use of "soft" commission dollars to pay for research products and services, (vi) Columbia WAM's risk management program, (vii) the resources devoted to, and the record of compliance with, the Funds' investment policies and restrictions, policies on personal securities transactions and other compliance policies, and (viii) capacity restraints as a result of increasing size of certain of the Funds.

128

At a meeting held on June 5, 2013, upon the recommendation of the Committee, the Board unanimously approved the continuation of the Advisory Agreement.

In considering the continuation of the Advisory Agreement, the Trustees reviewed and analyzed various factors that they determined were relevant, none of which by itself was considered dispositive. The material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the Advisory Agreement are discussed below.

Nature, quality and extent of services. The Trustees reviewed the nature, quality and extent of the services provided by Columbia WAM and its affiliates to the Funds under the Advisory Agreement, taking into account the investment objective and strategy of each Fund and knowledge gained from meetings with management, which were held on at least a quarterly basis. In addition, the Trustees reviewed the available resources and key personnel of Columbia WAM and its affiliates, especially those providing investment management services to the Funds. The Trustees also considered other services provided to the Funds by Columbia WAM and its affiliates, including: managing the execution of portfolio transactions and selecting broker-dealers for those transactions; monitoring adherence to the Funds' investment restrictions; producing shareholder reports; providing support services for the Board and committees of the Board; managing the Funds' securities lending program; communicating with shareholders; serving as the Funds' administrator; and overseeing the activities of the Funds' other service providers, including monitoring for compliance with various policies and procedures as well as applicable securities laws and regulations.

The Trustees concluded that the nature, quality and extent of the services provided by Columbia WAM and its affiliates to each Fund under the Advisory Agreement were appropriate for the Funds and that the Funds were likely to benefit from the continued provision of those services by Columbia WAM. They also concluded that Columbia WAM currently had sufficient personnel, with appropriate education and experience, to serve the Funds effectively, and that the firm had demonstrated its continuing ability to attract and retain well-qualified personnel. In addition, they considered the quality of Columbia WAM's compliance record.

Performance of the Funds. The Trustees received and considered detailed performance information at various

meetings of the Board, the Committee and the Investment Performance Analysis Committee of the Board throughout the year. They reviewed information comparing each Fund's performance with that of its benchmark(s) and with the performance of comparable funds and peer groups as identified by Lipper Inc. ("Lipper") and Morningstar, Inc. ("Morningstar"). The Trustees evaluated the performance of the Funds over various time periods, including over the one-, three- and five-year periods ending December 31, 2012 as well as longer periods in some cases. The Trustees also considered peer performance rankings for similar time periods although they generally focused more on the five-year period, or the since inception periods in the case of the two newer Funds, Columbia Acorn Emerging Markets Fund and Columbia Acorn European Fund.

The Trustees noted that Columbia Acorn International had delivered excellent results over the past five years, and had done so while exposing investors to less risk than competing funds, according to Morningstar, but had performed less well against its peers in the one- and three-year periods, although benchmark performance was satisfactory for the same periods. The Trustees noted that the decline in performance was being monitored closely by the Board and the Investment Performance Analysis Committee.

The Trustees considered that Columbia Acorn International Select's performance was at or just above the median in the Lipper and Morningstar rankings, respectively, for the five-year period. The Fund outperformed its benchmark in the one- and three-year periods and performed well against its Morningstar peers but not against its Lipper peers during those periods.

The Trustees reviewed the performance for Columbia Acorn Emerging Markets Fund and Columbia Acorn European Fund and determined that these Funds had delivered excellent returns for the one-year period versus their respective Morningstar and Lipper peers. They also believed that Columbia Acorn Emerging Markets Fund's performance versus its benchmark was excellent, while Columbia Acorn European Fund's performance lagged its benchmark.

The Trustees considered that the domestic Funds have had mixed results. Columbia Acorn Fund outperformed its peers over the five-year period, ending December 31, 2012, but the Fund underperformed its benchmark during the same period. Columbia Acorn Fund also generally performed

129

Board Approval of the Advisory Agreement,
continued

well versus its peer groups and was even with its benchmark for the one-year period, but underperformed its peers and benchmark in the three-year period. The Trustees considered, however, that Lipper ranked Columbia Acorn Fund as the best-performing fund over the past ten years, with Morningstar rating it second over ten years. The Trustees also noted that the Fund exposed investors to less risk in declining markets according to Morningstar.

The Trustees considered that Columbia Acorn Select underperformed its peers and benchmark over the three- and five-year periods ending December 31, 2012 and exposed investors to more risk versus its peers. The Trustees considered, however, that Columbia Acorn Select had performed better over the one-year period against both its peers and benchmark, and that Columbia WAM had instituted a performance remediation plan during the year to correct underperformance. In addition, the Trustees noted that there had been a portfolio manager change during the past quarter. The Trustees believed that Columbia WAM was devoting appropriate resources to addressing Columbia Acorn Select's underperformance.

The Trustees considered that Columbia Acorn USA's returns were more mixed versus its peer group over the five-year period ending December 31, 2012, with Morningstar ranking the Fund above the median and Lipper ranking it below the median. The Trustees also took into account that the Fund outperformed its benchmark for the same period. The Trustees noted that Columbia Acorn USA had outperformed its peers and benchmark for the one- year period, demonstrating a positive trend of improvement for the Fund. They also considered that Columbia Acorn USA exposed shareholders to more risk than its peers.

Columbia Thermostat Fund outperformed its stated benchmark, a 50/50 blend of the Fund's primary equity and debt benchmarks, over the one-, three- and five-year periods ending December 31, 2012, and enjoyed strong rankings from Morningstar and Lipper versus its peer groups over the period. The Trustees noted that Morningstar ranked this Fund the best of 21 peers, while Lipper ranked it in the first quartile.

The Trustees concluded that Columbia WAM had taken and continued to take a number of corrective steps to improve performance of the underperforming Funds, that Columbia WAM had reported that these steps were being successfully implemented, and that the Investment

Performance Analysis Committee of the Board was monitoring the underperforming Funds' performance closely. In addition the Trustees considered that the Chief Investment Officer (the "CIO") of Columbia WAM had reported to them at numerous committee and Board meetings on the corrective steps being taken to improve performance, and committee representatives met separately with the CIO on multiple occasions to discuss the underperforming Funds.

Costs of Services and Profits Realized by Columbia WAM. At various Committee and Board meetings, the Trustees examined detailed information on the fees and expenses of each Fund in comparison to information for comparable funds provided by Lipper and Morningstar. The Trustees reviewed data from Lipper and Morningstar and noted that in general the Funds' total net operating expenses were competitive with peers for Columbia Acorn Fund, Columbia Acorn International, Columbia Acorn International Select and Columbia Thermostat Fund and that the remainder of the Funds had total net expenses that were less competitive with their peer groups, although it was noted that the two newer Funds, Columbia Acorn European Fund and Columbia Acorn Emerging Markets Fund, had not yet reached scale in terms of assets.

The Trustees also took into account that: the actual advisory fees paid by Columbia Acorn International and Columbia Acorn International Select were lower than both their Morningstar and Lipper peer groups; the actual advisory fees paid by Columbia Acorn Select and Columbia Thermostat Fund were higher than the median advisory fee of the Funds' Lipper and Morningstar peer groups; the actual advisory fees paid by Columbia Acorn USA, Columbia Acorn Emerging Markets Fund and Columbia Acorn European Fund were higher than the median advisory fees paid by the Funds' Morningstar peer groups but not their Lipper peer groups; and the actual advisory fee paid by Columbia Acorn Fund was at the median of the Fund's Lipper peer group, but below the Morningstar peer groups.

The Trustees also reviewed the advisory fee rates charged by Columbia WAM for managing other investment companies, sub-advised funds and other institutional separate accounts, as detailed in materials provided to the Committee by Columbia WAM and in the Fee Evaluation. The Trustees noted that the Funds' advisory fees were generally comparable to the Columbia Wanger Funds' advisory fees at the same asset levels. The Trustees also examined

130

Columbia WAM's institutional separate account fees for various investment strategies and determined that many of the institutional account advisory fees tended to be lower than the Funds with parallel investment strategies. The Trustees noted that Columbia WAM performs significant additional services for the Funds that it does not provide to sub-advised funds or non-mutual fund clients, including administrative services, oversight of the Funds' other service providers, Trustee support, regulatory compliance and numerous other services, and that, in servicing the Funds, Columbia WAM assumes many legal and business risks that it does not assume in servicing many of its non-fund clients.

The Trustees concluded that the rates of advisory fees payable to Columbia WAM were reasonable in relation to the nature and quality of the services to be provided. The Trustees also concluded that the Funds' overall expense ratios were reasonable, considering the quality of the services provided by Columbia WAM and its affiliates and the investment performance of the Funds, taking into account Columbia WAM's continuing steps to improve performance of the underperforming domestic Funds.

The Trustees reviewed the analysis of the historic profitability of Columbia WAM in serving as each Fund's investment manager and of Columbia WAM and its affiliates in their relationships with each Fund. The Committee and Trustees met with representatives from Ameriprise to discuss its methodologies for calculating profitability and allocating costs. They considered that Ameriprise calculated profitability and allocated costs on a contract-by-contract and Fund-by-Fund basis. The Trustees also considered the methodology used by Columbia WAM and Ameriprise in determining compensation payable to portfolio managers and the competitive market for investment management talent. The Trustees were also provided with profitability information from Lipper, which compared Columbia WAM's profitability to other similar investment managers in the mutual fund industry. The Trustees concluded that Columbia WAM's and its affiliates' profits were within a reasonable range of those of competitors with similar business models. The Trustees discussed, however, that profitability comparisons among fund managers may not always be meaningful due to the lack of consistency in data, small number of publicly-owned managers, and the fact that profitability of any investment manager is affected by numerous factors,

including its particular organizational structure, the types of funds and other accounts managed, other lines of business, expense allocation methodology, capital structure and other factors.

Economies of Scale. At various Committee and Board meetings and other informal meetings, the Trustees considered information about the extent to which Columbia WAM realizes economies of scale in connection with an increase in Fund assets. The Trustees noted that the advisory fee schedule for each Fund, other than Columbia Thermostat Fund, includes breakpoints in the rate of fees at various asset levels. The Trustees concluded that the fee structure of each Fund was reflective of a sharing of economies of scale between Columbia WAM and the Funds.

Other Benefits to Columbia WAM. The Trustees also reviewed benefits that accrue to Columbia WAM and its affiliates from their relationships with the Funds, based upon information provided to them by Ameriprise and as outlined in the Fee Evaluation. They noted that the Funds' transfer agency services are performed by Columbia Management Investment Services Corp., an affiliate of Ameriprise, which receives compensation from the Funds for its services provided. They considered that an affiliate of Ameriprise, Columbia Management Investment Distributors, Inc. ("CMID"), serves as the Funds' distributor under a distribution agreement, and that it receives fees under the Columbia Acorn Trust's Rule 12b-1 Plan, most of which CMID pays to broker-dealers, but no fees for its services to the Columbia Wanger Funds. In addition, Columbia Management provides sub-administration services to the Funds. The Committee received information regarding the profitability of each Fund agreement with Columbia WAM affiliates. The Committee and the Board also reviewed information about and discussed the capabilities of each affiliated entity in performing its duties.

The Trustees considered other ways that the Funds and Columbia WAM may potentially benefit from their relationship with each other. For example, the Trustees considered Columbia WAM's use of commissions paid by each Fund on its portfolio brokerage transactions to obtain research products and services benefiting the Funds and/or other clients of Columbia WAM. The Committee reviewed Columbia WAM's annual "soft dollar" report and met with representatives from Columbia WAM to review Columbia WAM's soft dollar spending. The Committee also considered that the

131

Board Approval of the Advisory Agreement,
continued

Compliance Committee of the Board regularly reviewed third-party prepared reports that evaluated the quality of Columbia WAM's execution of the Funds' portfolio transactions. The Trustees noted that these reports showed that Columbia WAM's execution capabilities were generally better than industry peers. The Trustees determined that Columbia WAM's use of the Funds' "soft" commission dollars to obtain research products and services was consistent with current regulatory requirements and guidance. They also concluded that Columbia WAM benefits from the receipt of proprietary research products and services acquired through commissions paid on portfolio transactions of the Funds, and that the Funds benefitted from Columbia WAM's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of Columbia WAM. Finally, the Trustees considered that Columbia WAM's affiliates benefit from management fees received from Columbia Thermostat Fund's investment in other Columbia mutual funds.

After full consideration of the above factors, as well as other factors that were instructive in evaluating the Advisory Agreement, the Trustees, including the Independent Trustees by separate vote, concluded that the continuation of the Advisory Agreement was in the best interest of each Fund. On June 5, 2013, the Trustees approved continuation of the Advisory Agreement through July 31, 2014.

132

Columbia Acorn Family of Funds Expense Information (Unaudited)

as of 6/30/13

Columbia Acorn Fund	Class A			Class B*			Class C			Class I			Class R			Class R4†			Class R5†			Class Y†			Class Z
Management Fees		0.64	%		0.64	%		0.64	%		0.64	%					0.64	%		0.64	%		0.64	%		0.64	%
Distribution and Service (12b-1) Fees		0.25	%		0.75	%		1.00	%		0.00	%					0.00	%		0.00	%		0.00	%		0.00	%
Other Expenses		0.18	%		0.32	%		0.15	%		0.07	%					0.13	%		0.09	%		0.08	%		0.14	%
Net Expense Ratio		1.07	%		1.71	%		1.79	%		0.71	%					0.77	%		0.73	%		0.72	%		0.78	%
Columbia Acorn International
Management Fees		0.76	%		0.76	%		0.76	%		0.76	%		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	%		0.00	%		0.00	%		0.00	%		0.00	%
Other Expenses		0.21	%		0.44	%		0.23	%		0.10	%		0.30	%		0.16	%		0.14	%		0.10	%		0.16	%
Net Expense Ratio		1.22	%		1.95	%		1.99	%		0.86	%		1.56	%		0.92	%		0.90	%		0.86	%		0.92	%
Columbia Acorn USA
Management Fees		0.86	%		0.86	%		0.86	%		0.86	%					0.86	%		0.86	%		0.86	%		0.86	%
Distribution and Service (12b-1) Fees		0.25	%		0.75	%		1.00	%		0.00	%					0.00	%		0.00	%		0.00	%		0.00	%
Other Expenses		0.22	%		0.51	%		0.16	%		0.05	%					0.15	%		0.14	%		0.11	%		0.21	%
Net Expense Ratio		1.33	%		2.12	%		2.02	%		0.91	%					1.01	%		1.00	%		0.97	%		1.07	%
Columbia Acorn International Select
Management Fees		0.94	%		0.94	%		0.94	%		0.94	%					0.94	%		0.94	%		0.94	%		0.94	%
Distribution and Service (12b-1) Fees		0.25	%		0.75	%		1.00	%		0.00	%					0.00	%		0.00	%		0.00	%		0.00	%
Other Expenses		0.29	%		0.45	%		0.33	%		0.22	%					0.32	%		0.32	%		0.22	%		0.27	%
Net Expense Ratio		1.48	%		2.14	%		2.27	%		1.16	%					1.26	%		1.26	%		1.16	%		1.21	%
Columbia Acorn Select
Management Fees		0.84	%		0.84	%		0.84	%		0.84	%					0.84	%		0.84	%		0.84	%		0.84	%
Distribution and Service (12b-1) Fees		0.25	%		0.75	%		1.00	%		0.00	%					0.00	%		0.00	%		0.00	%		0.00	%
Other Expenses		0.23	%		0.41	%		0.23	%		0.12	%					0.24	%		0.16	%		0.25	%		0.21	%
Net Expense Ratio		1.32	%		2.00	%		2.07	%		0.96	%					1.08	%		1.00	%		1.09	%		1.05	%
Columbia Thermostat Fund
Management Fees		0.10	%		0.10	%		0.10	%								0.10	%		0.10	%		0.10	%		0.10	%
Distribution and Service (12b-1) Fees		0.25	%		0.75	%		1.00	%								0.00	%		0.00	%		0.00	%		0.00	%
Other Expenses		0.15	%		0.15	%		0.15	%								0.12	%		0.13	%		0.04	%		0.15	%
Net Expense Ratio**		0.50	%		1.00	%		1.25	%								0.22	%		0.23	%		0.14	%		0.25	%
Columbia Acorn Emerging Markets Fund
Management Fees		1.20	%					1.20	%		1.20	%					1.20	%		1.20	%		1.20	%		1.20	%
Distribution and Service (12b-1) Fees		0.25	%					1.00	%		0.00	%					0.00	%		0.00	%		0.00	%		0.00	%
Other Expenses		0.37	%					0.39	%		0.25	%					0.34	%		0.36	%		0.34	%		0.35	%
Net Expense Ratio		1.82	%					2.59	%		1.45	%					1.54	%		1.56	%		1.54	%		1.55	%
Columbia Acorn European Fund
Management Fees		1.19	%					1.19	%		1.19	%								1.19	%					1.19	%
Distribution and Service (12b-1) Fees		0.25	%					1.00	%		0.00	%								0.00	%					0.00	%
Other Expenses		0.27	%					0.31	%		0.17	%								0.28	%					0.21	%
Net Expense Ratio		1.71	%					2.50	%		1.36	%								1.47	%					1.40	%

    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 six months ended June 30, 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 expenses associated with 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	%		1.31	%		1.45	%		1.36	%		1.31	%		1.45	%
Columbia Acorn Select		1.60	%		2.10	%		2.35	%		1.23	%		1.35	%		1.28	%		1.23	%		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 expenses associated with the Fund's investment in other investment companies, if any), do not exceed annually the rates of 0.50%, 1.00%, 1.25%, 0.25%, 0.23%, 0.18% and 0.25% of the Fund's average daily net assets attributable to Class A, Class B, Class C, Class R4, Class R5, Class Y and Class Z shares, respectively, through April 30, 2014. 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 expenses associated with the Fund's investment in other investment companies, if any), of each Fund's Class A, Class B, Class C, Class R4 (if offered), Class R5, Class Y (if offered) and Class Z shares through April 30, 2014, do not exceed annually each class' average daily net assets as follows:

Fund	Class A			Class C			Class I			Class R4			Class R5			Class Y			Class Z
Columbia Acorn Emerging Markets Fund		1.85	%		2.60	%		1.54	%		1.60	%		1.59	%		1.54	%		1.60	%
Columbia Acorn European Fund		1.75	%		2.50	%		1.46	%		—	%		1.51	%		—	%		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 0.57% incurred by the Fund from the underlying portfolio funds in which it invests.

  †  With the exception of Class R5 shares of Columbia Acorn International (which commenced operations on August 15, 2011) and Class Y shares of Columbia Acorn Emerging Markets Fund (which commenced operations on June 13, 2013), noted share classes commenced operations on November 8, 2012, and have limited eligibility. Please see the Funds' prospectuses for details.

133

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

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

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.

134

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.

PRESORTED

FIRST-CLASS MAIL

U.S. POSTAGE PAID

HOLLISTON, MA

PERMIT NO. 20

Columbia Management^®

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

Semiannual Report, June 30, 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.

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

225 Franklin Street, Boston, MA 02110

800.345.6611 www.columbiamanagement.com

SAR110_12_CO1_(08/13) 712362

Columbia Management^®

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

Semiannual Report, June 30, 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.

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

225 Franklin Street, Boston, MA 02110

800.345.6611 www.columbiamanagement.com

SAR110_12_CO1_(08/13) 712362

Columbia Management^®

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

Semiannual Report, June 30, 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.

© 2013 Columbia Management Investment Advisers, LLC. All rights reserved.

SAR110_12_CO1_(08/13) 712362

Item 2. Code of Ethics.

Not applicable for semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semiannual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments

(a)The registrant’s “Schedule I – Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.

(b)Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.

Item 11. Controls and Procedures.

(a)The registrant’s principal executive officer and principal financial officers, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that material information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

(b)There was no change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable for semiannual reports.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.

(a)(3) Not applicable.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(registrant)	Columbia Acorn Trust
By (Signature and Title)	/s/ Charles P. McQuaid
	Charles P. McQuaid, President
Date	August 15, 2013
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By (Signature and Title)	/s/ Charles P. McQuaid
	Charles P. McQuaid, President
Date	August 15, 2013
By (Signature and Title)	/s/ Bruce H. Lauer
	Bruce H. Lauer, Treasurer
Date	August 15, 2013

EX-99.CERT

Exhibit 99.CERT

I, Charles P. McQuaid, certify that:

1.I have reviewed this report on Form N-CSR of Columbia Acorn Trust;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)all significant deficiencies and material weaknesses  in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:August 15, 2013	/s/ Charles P. McQuaid
	Charles P. McQuaid, President

I, Bruce H. Lauer, certify that:

1.I have reviewed this report on Form N-CSR of Columbia Acorn Trust;

2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4.The registrant’s other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a)designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b)designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c)evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d)disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5.The registrant’s other certifying officers and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a)all significant deficiencies and material weaknesses  in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b)any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:August 15, 2013	/s/ Bruce H. Lauer
	Bruce H. Lauer, Treasurer

EX-99.906CERT

Exhibit 99.906CERT

CERTIFICATION PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Columbia Acorn Trust (the “Trust”) on Form N-CSR for the period ending June 30, 2013, as filed with the Securities and Exchange Commission on the date hereof (“the Report”), the undersigned hereby certifies that, to his knowledge:

1.The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2.The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.

Date: August 15, 2013	/s/ Charles P. McQuaid
	Charles P. McQuaid, President
Date: August 15, 2013	/s/ Bruce H. Lauer
	Bruce H. Lauer, Treasurer

A signed original of this written statement required by Section 906 of the Sarbanes-Oxley Act of 2002 has been provided to the Registrant and will be retained by the Registrant and furnished to the Securities and Exchange Commission (the “Commission”) or its staff upon request.

This certification is being furnished to the Commission solely pursuant to 18 U.S.C. §1350 and is not being filed as part of the Form N-CSR with the Commission.