COLUMBIA ACORN TRUST
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OMB APPROVAL |
OMB Number: |
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3235-0578 |
Expires: |
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March 31, 2019 |
Estimated average burden |
hours per response |
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10.5 |
UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-Q
QUARTERLY
SCHEDULE OF PORTFOLIO HOLDINGS
OF REGISTERED MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-01829
Columbia
Acorn Trust
(Exact name of registrant as specified in charter)
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227 W. Monroe Street, Suite 3000, Chicago, IL |
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60606 |
(Address of principal executive offices) |
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(Address of principal executive offices) |
Mary C. Moynihan
Perkins Coie LLP
700 13th Street, NW
Suite 600
Washington, DC 20005
Paul B.
Goucher, Esq.
Columbia Management Investment Advisers, LLC
100 Park Avenue
New
York, New York 10017
P. Zachary Egan
Columbia Acorn Trust
227
West Monroe Street, Suite 3000
Chicago, Illinois 60606
(Name and address of agent for service)
Registrants telephone number, including area code: 312-634-9200
Date of fiscal year end: December 31
Date of reporting period: March 31, 2017
Item 1. Schedule of Investments.
Portfolio of Investments
Columbia Acorn® Fund, March 31, 2017 (Unaudited)
(Percentages represent value of investments compared to net
assets)
Common
Stocks 99.4% |
Issuer
|
Shares
|
Value
($) |
Consumer
Discretionary 18.9% |
Auto
Components 4.2% |
Cooper-Standard
Holding, Inc.(a) Auto Supplier: Sealing, Fuel/Brake Delivery, Fluid Transfer, Anti-Vibrate Systems |
483,307
|
53,613,246
|
Gentex
Corp. Manufacturer of Auto Parts |
3,048,901
|
65,033,058
|
LCI
Industries RV & Manufactured Home Components |
338,219
|
33,754,256
|
Tenneco,
Inc. Auto Parts for Emission Control, Suspension |
808,472
|
50,464,822
|
Total
|
|
202,865,382
|
Distributors
1.2% |
LKQ
Corp.(a) Alternative Auto Parts Distribution |
936,812
|
27,420,487
|
Pool
Corp. Swimming Pool Supplies & Equipment Distributor |
246,353
|
29,397,304
|
Total
|
|
56,817,791
|
Diversified
Consumer Services 1.9% |
Bright
Horizons Family Solutions, Inc.(a) Child Care/Preschool Services |
329,914
|
23,915,466
|
DeVry
Education Group, Inc. Post Secondary Degree Services |
1,166,023
|
41,335,515
|
ServiceMaster
Global Holdings, Inc.(a) Pest & Termite Control, Home Warranty & Other Home Services |
606,549
|
25,323,421
|
Total
|
|
90,574,402
|
Hotels,
Restaurants & Leisure 3.8% |
Domino’s
Pizza, Inc. Franchisor of Pizza Restaurants |
235,261
|
43,358,602
|
Dunkin’
Brands Group, Inc. Franchisor of Quick Service Restaurants |
532,006
|
29,090,088
|
Papa
John’s International, Inc. Franchisor of Pizza Restaurants |
416,015
|
33,297,841
|
Texas
Roadhouse, Inc. Rural-focused Full Service Steakhouse |
840,400
|
37,423,012
|
Vail
Resorts, Inc. Ski Resort Operator & Developer |
208,831
|
40,074,669
|
Total
|
|
183,244,212
|
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
Household
Durables 3.2% |
Cavco
Industries, Inc.(a) Manufactured Homes |
168,370
|
19,598,268
|
iRobot
Corp.(a) Home Robots (Vacuums, Pool Cleaners) |
862,519
|
57,047,006
|
Leggett
& Platt, Inc. Designs & Produces Diverse Products for Homes, Offices & Vehicles |
487,775
|
24,544,838
|
NVR,
Inc.(a) Homebuilder |
24,210
|
51,007,565
|
Total
|
|
152,197,677
|
Internet
& Direct Marketing Retail 0.7% |
Wayfair,
Inc., Class A(a),(b) Online Retailer of Home Furnishings |
786,479
|
31,844,535
|
Leisure
Products 1.2% |
Brunswick
Corp. Boats, Boat Engines, Exercise & Bowling Equipment |
571,078
|
34,949,973
|
Polaris
Industries, Inc.(b) Leisure Vehicles & Related Products |
286,636
|
24,020,097
|
Total
|
|
58,970,070
|
Specialty
Retail 2.2% |
Five
Below, Inc.(a) Low-price Specialty Retailer Targeting Pre-Teens, Teens & Parents |
649,645
|
28,136,125
|
Monro
Muffler Brake, Inc. Automotive Services |
414,988
|
21,620,875
|
Tractor
Supply Co. Rural Goods Retailer |
546,471
|
37,690,105
|
Ulta
Beauty, Inc.(a) Specialty Beauty Product Retailer |
72,376
|
20,643,806
|
Total
|
|
108,090,911
|
Textiles,
Apparel & Luxury Goods 0.5% |
Hanesbrands,
Inc. Apparel Wholesaler |
1,090,435
|
22,637,431
|
Total
Consumer Discretionary |
907,242,411
|
Consumer
Staples 1.9% |
Food
& Staples Retailing 0.5% |
US
Foods Holding Corp.(a) U.S. Food Distributor |
906,896
|
25,374,950
|
Columbia
Acorn® Fund | Quarterly Report 2017 |
1
|
Portfolio of Investments (continued)
Columbia Acorn® Fund, March 31, 2017 (Unaudited)
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
Household
Products 1.4% |
Spectrum
Brands Holdings, Inc. Household Product Brands |
294,034
|
40,873,666
|
WD-40
Co. Manufacturer of Industrial Lubrications |
228,947
|
24,943,776
|
Total
|
|
65,817,442
|
Total
Consumer Staples |
91,192,392
|
Energy
2.9% |
Energy
Equipment & Services 1.1% |
Oil
States International, Inc.(a) Oilfield Service Provider |
589,504
|
19,542,058
|
RPC,
Inc.(b) North American Onshore Oil Service |
1,772,171
|
32,448,451
|
Total
|
|
51,990,509
|
Oil,
Gas & Consumable Fuels 1.8% |
Carrizo
Oil & Gas, Inc.(a) Oil & Gas Producer |
685,655
|
19,650,872
|
Cimarex
Energy Co. Oil & Gas Producer in Texas, New Mexico & Oklahoma |
202,452
|
24,190,990
|
Diamondback
Energy, Inc.(a) Oil & Gas Producer in Texas |
409,888
|
42,511,534
|
Total
|
|
86,353,396
|
Total
Energy |
138,343,905
|
Financials
10.4% |
Banks
2.0% |
Associated
Banc-Corp. Midwest Bank |
1,002,773
|
24,467,661
|
BOK
Financial Corp.(b) Tulsa-based Southwest Bank |
266,452
|
20,855,198
|
MB
Financial, Inc. Chicago Bank |
766,519
|
32,822,344
|
SVB
Financial Group(a) Bank to Venture Capitalists |
100,686
|
18,736,658
|
Total
|
|
96,881,861
|
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
Capital
Markets 7.5% |
Affiliated
Managers Group, Inc. Asset Manager Holding Company |
140,103
|
22,968,486
|
Ares
Capital Corp. Business Development Company |
2,267,080
|
39,401,850
|
CBOE
Holdings, Inc. Marketplace for Trading Options & Futures |
486,752
|
39,460,985
|
Eaton
Vance Corp. Specialty Mutual Funds |
839,859
|
37,760,061
|
Factset
Research Systems, Inc. Securities Data Purveyor |
220,738
|
36,401,903
|
Interactive
Brokers Group, Inc., Class A Electronic Brokerage & Market Maker |
525,166
|
18,233,763
|
Lazard
Ltd., Class A Corporate Advisory & Asset Management |
640,918
|
29,475,819
|
MarketAxess
Holdings, Inc. Bond Exchange |
127,367
|
23,880,039
|
Nasdaq,
Inc. Exchange Operator & Data/Market Technology Provider |
496,689
|
34,495,051
|
Raymond
James Financial, Inc. Full Service Wealth Management |
1,062,134
|
80,998,339
|
Total
|
|
363,076,296
|
Consumer
Finance 0.4% |
Credit
Acceptance Corp.(a),(b) Sub-Prime Auto Lender |
99,606
|
19,862,432
|
Insurance
0.5% |
CNO
Financial Group, Inc. Life, Long-term Care & Medical Supplement Insurance |
1,088,275
|
22,309,638
|
Total
Financials |
502,130,227
|
Health
Care 21.1% |
Biotechnology
4.2% |
Agios
Pharmaceuticals, Inc.(a) Biotech Focused on Cancer & Orphan Diseases |
377,263
|
22,032,159
|
Bioverativ,
Inc.(a) Biotech Company Focused on Treatments for Hemophilia and Other Blood Disorders |
473,000
|
25,759,580
|
Celldex
Therapeutics, Inc.(a),(b),(c) Biotech Developing Drugs for Cancer |
6,019,590
|
21,730,720
|
Genomic
Health, Inc.(a) Cancer Diagnostics |
1,261,176
|
39,714,432
|
Kite
Pharma, Inc.(a),(b) Biotech Company Focused on Novel Cancer Treatments Known as "CAR-T’s" |
340,973
|
26,762,971
|
2
|
Columbia Acorn® Fund | Quarterly Report 2017 |
Portfolio of Investments (continued)
Columbia Acorn® Fund, March 31, 2017 (Unaudited)
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
Seattle
Genetics, Inc.(a) Antibody-based Therapies for Cancer |
592,582
|
37,249,705
|
Ultragenyx
Pharmaceutical, Inc.(a) Biotech Focused on "Ultra-Orphan" Drugs |
429,022
|
29,079,111
|
Total
|
|
202,328,678
|
Health
Care Equipment & Supplies 9.5% |
Align
Technology, Inc.(a) Invisalign System to Correct Malocclusion (Crooked Teeth) |
990,200
|
113,585,842
|
Dentsply
Sirona, Inc. Dental Supplies Manufacturer |
458,186
|
28,609,134
|
Endologix,
Inc.(a),(c) Minimally Invasive Treatment of Abdominal Aortic Aneurysm |
4,398,852
|
31,847,688
|
Haemonetics
Corp.(a) Blood and Plasma Collection Equipment |
436,842
|
17,722,680
|
IDEXX
Laboratories, Inc.(a) Diagnostic Equipment & Services for Veterinarians |
164,261
|
25,396,393
|
LivaNova
PLC(a) Neuromodulation & Cardiac Devices |
705,680
|
34,585,377
|
Masimo
Corp.(a) Pulse Oximetry Monitors (Blood Oxygen Levels) |
405,711
|
37,836,608
|
Natus
Medical, Inc.(a) Neuro-diagnostic & Newborn Care Products |
981,781
|
38,534,904
|
ResMed,
Inc. Medical Devices for Sleep Apnea Treatment |
640,313
|
46,083,327
|
Varex
Imaging Corp.(a) X-Ray Tubes, Flat Panel Detectors and Other Components for Medical and Industrial Imaging
Equipment |
645,850
|
21,700,560
|
Varian
Medical Systems, Inc.(a) Radiation Therapy Systems, Software & Services to Treat Cancer |
304,513
|
27,750,270
|
West
Pharmaceutical Services, Inc. Components & Systems for Injectable Drug Delivery |
411,064
|
33,546,933
|
Total
|
|
457,199,716
|
Health
Care Providers & Services 2.6% |
Centene
Corp.(a) Managed Care Organization |
421,956
|
30,068,585
|
HealthSouth
Corp. Inpatient Rehabilitation Facilities & Home Health Care |
1,766,815
|
75,637,350
|
Mednax,
Inc.(a) Physician Management for Pediatric & Anesthesia Practices |
292,137
|
20,268,465
|
Total
|
|
125,974,400
|
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
Health
Care Technology 0.6% |
Medidata
Solutions, Inc.(a) Cloud-based Software for Drug Studies |
485,632
|
28,016,110
|
Life
Sciences Tools & Services 3.2% |
Agilent
Technologies, Inc. Provider of Systems, Consumables & Services for Life Science Labs |
621,835
|
32,876,416
|
Mettler-Toledo
International, Inc.(a) Laboratory Equipment |
42,245
|
20,231,553
|
Pra
Health Sciences, Inc.(a) Contract Research Organization |
1,111,754
|
72,519,713
|
VWR
Corp.(a) Distributor of Lab Supplies |
1,061,463
|
29,933,257
|
Total
|
|
155,560,939
|
Pharmaceuticals
1.0% |
Akorn,
Inc.(a) Developer, Manufacturer & Distributor of Specialty Generic Drugs |
1,953,090
|
47,030,407
|
Total
Health Care |
1,016,110,250
|
Industrials
19.0% |
Aerospace
& Defense 0.8% |
HEICO
Corp., Class A FAA-Approved Aircraft Replacement Parts |
548,770
|
41,157,750
|
Air
Freight & Logistics 0.5% |
Expeditors
International of Washington, Inc. International Freight Forwarder |
421,370
|
23,803,191
|
Commercial
Services & Supplies 3.6% |
Cintas
Corp. Provider of Rental Uniforms & Floor Mats |
413,964
|
52,383,005
|
Copart,
Inc.(a) Auto Salvage Services |
564,104
|
34,934,961
|
Knoll,
Inc. Office & Residential Furniture |
852,877
|
20,307,001
|
Ritchie
Bros. Auctioneers, Inc. Heavy Equipment Auctioneer |
726,689
|
23,908,068
|
Unifirst
Corp. Uniform Rental |
283,644
|
40,121,444
|
Total
|
|
171,654,479
|
Electrical
Equipment 0.4% |
Acuity
Brands, Inc. Commercial Lighting Fixtures |
92,916
|
18,954,864
|
Columbia
Acorn® Fund | Quarterly Report 2017 |
3
|
Portfolio of Investments (continued)
Columbia Acorn® Fund, March 31, 2017 (Unaudited)
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
Industrial
Conglomerates 1.0% |
Carlisle
Companies, Inc. industrial Conglomerate |
446,203
|
47,480,461
|
Machinery
6.3% |
Graco,
Inc. Manufacturer of Dispensing Equipment |
208,865
|
19,662,551
|
Middleby
Corp. (The)(a) Manufacturer of Cooking Equipment |
164,839
|
22,492,282
|
Nordson
Corp. Dispensing Systems for Adhesives & Coatings |
244,369
|
30,018,288
|
Oshkosh
Corp. Specialty Truck Manufacturer |
641,245
|
43,982,995
|
REV
Group, Inc.(a) Manufacturer of Specialty Vehicles |
735,627
|
20,281,236
|
Snap-On,
Inc. Tools |
285,940
|
48,229,500
|
Toro
Co. (The) Turf Maintenance Equipment |
948,571
|
59,247,745
|
WABCO
Holdings, Inc.(a) Truck & Bus Component Supplier |
205,439
|
24,122,647
|
Wabtec
Corp. Freight & Transit Component Supplier |
436,682
|
34,061,196
|
Total
|
|
302,098,440
|
Professional
Services 4.0% |
ManpowerGroup,
Inc. Global Temporary Staffing Provider |
433,934
|
44,508,610
|
Navigant
Consulting, Inc.(a) Financial Consulting Firm |
783,377
|
17,907,998
|
Robert
Half International, Inc. Temporary & Permanent Staffing in Finance, Accounting & Other Professions |
657,096
|
32,085,998
|
TransUnion
(a) Global Credit Rating Agency |
1,300,000
|
49,855,000
|
Wageworks,
Inc.(a) Healthcare Consumer Directed Benefits & Commuter Account Management |
640,878
|
46,335,480
|
Total
|
|
190,693,086
|
Road
& Rail 1.8% |
AMERCO
Parent of UHAUL |
78,247
|
29,826,974
|
JB
Hunt Transport Services, Inc. Truck & Intermodal Carrier |
225,554
|
20,692,324
|
Old
Dominion Freight Line, Inc. LTL Trucker |
404,571
|
34,619,140
|
Total
|
|
85,138,438
|
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
Trading
Companies & Distributors 0.6% |
Watsco,
Inc. HVAC Distribution |
218,541
|
31,290,700
|
Total
Industrials |
912,271,409
|
Information
Technology 19.3% |
Electronic
Equipment, Instruments & Components 2.6% |
CDW
Corp. Value Added Reseller of IT Products & Services |
1,153,334
|
66,558,905
|
IPG
Photonics Corp.(a) Fiber Lasers |
469,098
|
56,620,129
|
Total
|
|
123,179,034
|
Internet
Software & Services 4.6% |
CoStar
Group, Inc.(a) Commercial Real Estate Data Aggregator & Web Marketing for Retail Landlords |
138,500
|
28,699,970
|
GoDaddy,
Inc., Class A(a) Website Management for Small- & Medium-sized Companies |
1,295,153
|
49,086,299
|
NIC,
Inc. Government Web Portal Development & Management Outsourcing |
1,151,586
|
23,262,037
|
Nutanix,
Inc., Class A(a),(b),(c) Software Company Selling Hyper-converged Infrastructure Appliances |
898,090
|
16,857,149
|
Q2
Holdings, Inc.(a) Online & Mobile Banking Software |
691,604
|
24,102,399
|
Quotient
Technology, Inc.(a) Allows CPGs to Digitally Distribute Coupons, Advertising & Trade Promotion |
2,662,221
|
25,424,211
|
SPS
Commerce, Inc.(a) Supply Chain Management Software Delivered via the Web |
350,581
|
20,505,483
|
VeriSign,
Inc.(a) Internet Domain Registry for .COM/.NET |
384,556
|
33,498,673
|
Total
|
|
221,436,221
|
4
|
Columbia Acorn® Fund | Quarterly Report 2017 |
Portfolio of Investments (continued)
Columbia Acorn® Fund, March 31, 2017 (Unaudited)
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
IT
Services 5.6% |
Black
Knight Financial Services, Inc., Class A(a) Provides Software and Data to Manage Mortgage Servicing and
Originations |
667,285
|
25,557,016
|
Booz
Allen Hamilton Holdings Corp. IT Consulting for US Government |
1,313,973
|
46,501,504
|
Broadridge
Financial Solutions, Inc. Proxy & Mutual Fund Interim Processing & Distribution & Trade Processing |
454,604
|
30,890,342
|
CoreLogic,
Inc.(a) Data Processing Services for Real Estate, Insurance & Mortgages |
487,663
|
19,857,637
|
ExlService
Holdings, Inc.(a) Business Process Outsourcing |
505,036
|
23,918,505
|
Gartner,
Inc.(a) IT Research & Consulting Services |
447,217
|
48,294,964
|
MAXIMUS,
Inc. Outsourcer for Government Program Administration |
398,589
|
24,792,236
|
Vantiv,
Inc., Class A(a) Credit Card Processor |
764,001
|
48,987,744
|
Total
|
|
268,799,948
|
Semiconductors
& Semiconductor Equipment 0.4% |
Monolithic
Power Systems, Inc. High Performance Analog & Mixed Signal Integrated Circuits |
214,720
|
19,775,712
|
Software
6.1% |
ANSYS,
Inc.(a) Simulation Software for Engineers & Designers |
580,461
|
62,033,867
|
Blackline,
Inc.(a) Accounting Software |
403,269
|
12,001,286
|
Cadence
Design Systems, Inc.(a) Electronic Design Automation Software |
1,156,313
|
36,308,228
|
CyberArk
Software Ltd.(a) Security Software |
430,829
|
21,916,271
|
Manhattan
Associates, Inc.(a) Supply Chain Management Software & Services |
727,028
|
37,841,807
|
Qualys,
Inc.(a) Security Software Delivered Via the Cloud |
1,049,208
|
39,764,983
|
Synopsys,
Inc.(a) Software for Designing Semiconductor Chips |
555,394
|
40,060,569
|
Ultimate
Software Group, Inc. (The)(a) Human Capital Management Systems |
218,556
|
42,664,317
|
Total
|
|
292,591,328
|
Total
Information Technology |
925,782,243
|
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
Materials
0.9% |
Chemicals
0.9% |
Celanese
Corp., Class A Commodity & Specialty Chemicals Provider |
474,466
|
42,630,770
|
Total
Materials |
42,630,770
|
Real
Estate 4.0% |
Equity
Real Estate Investment Trusts (REITS) 3.3% |
CoreCivic,
Inc. Prison Owner & Operator |
926,513
|
29,111,038
|
Education
Realty Trust, Inc. Student Housing |
628,085
|
25,657,272
|
Equity
LifeStyle Properties, Inc. Manufactured Home & RV Communities |
256,244
|
19,746,163
|
Federal
Realty Investment Trust Shopping Centers & Mixed Use Projects |
152,204
|
20,319,234
|
Lamar
Advertising Co., Class A Outdoor Advertising |
554,123
|
41,415,153
|
SBA
Communications Corp(a) Communications Towers |
161,787
|
19,474,301
|
Total
|
|
155,723,161
|
Real
Estate Management & Development 0.7% |
Jones
Lang LaSalle, Inc. Real Estate Services |
319,048
|
35,557,900
|
Total
Real Estate |
191,281,061
|
Telecommunication
Services 1.0% |
Diversified
Telecommunication Services 0.4% |
Zayo
Group Holdings, Inc.(a) Fiber Optic Data Communications |
620,864
|
20,426,426
|
Wireless
Telecommunication Services 0.6% |
Boingo
Wireless, Inc.(a),(c) Wi-Fi & Cellular Communications Networks |
2,024,142
|
26,293,604
|
Total
Telecommunication Services |
46,720,030
|
Total
Common Stocks (Cost: $3,443,704,181) |
4,773,704,698
|
|
Securities
Lending Collateral 2.4% |
|
Shares
|
Value
($) |
Dreyfus
Government Cash Management Fund, Institutional Shares, 0.670%(d),(e) |
113,266,618
|
113,266,618
|
Total
Securities Lending Collateral (Cost: $113,266,618) |
113,266,618
|
|
Columbia
Acorn® Fund | Quarterly Report 2017 |
5
|
Portfolio of Investments (continued)
Columbia Acorn® Fund, March 31, 2017 (Unaudited)
Money
Market Funds 0.9% |
|
Shares
|
Value
($) |
JPMorgan
U.S. Government Money Market Fund, IM Shares, 0.635%(d) |
44,385,374
|
44,385,373
|
Total
Money Market Funds (Cost: $44,385,373) |
44,385,373
|
Total
Investments (Cost $3,601,356,172) |
4,931,356,689
|
Obligation
to Return Collateral for Securities Loaned |
|
(113,266,618)
|
Other
Assets & Liabilities, Net |
|
(18,201,040)
|
Net
Assets |
$4,799,889,031
|
Notes to Portfolio of Investments
(a)
|
Non-income
producing security. |
(b)
|
All or a
portion of this security was on loan at March 31, 2017. The total market value of securities on loan at March 31, 2017 was $111,361,957. |
(c)
|
An
affiliated person of the Fund, as defined in the Investment Company Act of 1940, 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 ended March 31, 2017, are as follows. The aggregate cost and value of these companies at March 31, 2017, was $93,157,001 and $96,729,161, respectively. Investments in affiliated companies represented 2.02% of the Fund’s total net
assets at March 31, 2017. |
Issuer
|
Beginning
shares |
Shares
purchased |
Shares
sold |
Ending
shares |
Value
($) |
Dividend
— affiliated issuers ($) |
Realized
Gain (Loss) |
Boingo
Wireless, Inc. |
2,180,974
|
—
|
(156,832)
|
2,024,142
|
26,293,604
|
—
|
448,844
|
Celldex
Therapeutics, Inc. 1 |
6,019,590
|
—
|
—
|
6,019,590
|
21,730,720
|
—
|
—
|
Endologix,
Inc. |
4,661,700
|
—
|
(262,848)
|
4,398,852
|
31,847,688
|
—
|
(367,809)
|
Nutanix,
Inc., Class A 1 |
898,090
|
—
|
—
|
898,090
|
16,857,149
|
—
|
—
|
Total
of Affiliated Transactions |
13,760,354
|
—
|
(419,680)
|
13,340,674
|
96,729,161
|
—
|
81,035
|
1 |
At
March 31, 2017, the Fund owned less than five percent of the company’s outstanding voting shares. |
(d)
|
The rate
shown is the seven-day current annualized yield at March 31, 2017. |
(e)
|
Investment made
with cash collateral received from securities lending activity. |
Investments are valued using policies described in the Notes
to Financial Statements in the most recent shareholder report.
At March 31, 2017, the approximate cost of securities for
federal income tax purposes and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($) |
Gross
unrealized appreciation ($) |
Gross
unrealized (depreciation) ($) |
Net
unrealized appreciation ($) |
3,601,356,000
|
1,375,015,000
|
(45,014,000)
|
1,330,001,000
|
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 net asset values 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 Columbia Wanger Asset Management’s Valuation Committee (the Committee) 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.
6
|
Columbia Acorn® Fund | Quarterly Report 2017 |
Portfolio of Investments (continued)
Columbia Acorn® Fund, March 31, 2017 (Unaudited)
Fair value measurements (continued)
The Committee is responsible for applying the Columbia Acorn Trust Portfolio Pricing Policy and the Columbia Wanger Asset Management pricing procedures (the Policies), which are approved by
and subject to the oversight of the Board of Trustees.
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 Columbia Wanger Asset Management believes that available market quotations are unreliable. The Committee also reviews the
continuing appropriateness of the Policies. In circumstances where a security has been fair valued, the Committee will also review the continuing appropriateness of the current value of the security. 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; circumstances under which
securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Fund’s investment manager. 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 Fund’s 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 is a summary of the inputs used to value the
Fund’s investments at March 31, 2017:
|
Level
1 quoted prices in active markets for identical assets ($) |
Level
2 other significant observable inputs ($) |
Level
3 significant unobservable inputs ($) |
Total
($) |
Investments
|
|
|
|
|
Common
Stocks |
|
|
|
|
Consumer
Discretionary |
907,242,411
|
—
|
—
|
907,242,411
|
Consumer
Staples |
91,192,392
|
—
|
—
|
91,192,392
|
Energy
|
138,343,905
|
—
|
—
|
138,343,905
|
Financials
|
502,130,227
|
—
|
—
|
502,130,227
|
Health
Care |
1,016,110,250
|
—
|
—
|
1,016,110,250
|
Industrials
|
912,271,409
|
—
|
—
|
912,271,409
|
Information
Technology |
925,782,243
|
—
|
—
|
925,782,243
|
Materials
|
42,630,770
|
—
|
—
|
42,630,770
|
Real
Estate |
191,281,061
|
—
|
—
|
191,281,061
|
Telecommunication
Services |
46,720,030
|
—
|
—
|
46,720,030
|
Total
Common Stocks |
4,773,704,698
|
—
|
—
|
4,773,704,698
|
Securities
Lending Collateral |
113,266,618
|
—
|
—
|
113,266,618
|
Money
Market Funds |
44,385,373
|
—
|
—
|
44,385,373
|
Total
Investments |
4,931,356,689
|
—
|
—
|
4,931,356,689
|
There were no transfers of financial
assets between levels during the period.
Columbia
Acorn® Fund | Quarterly Report 2017 |
7
|
Portfolio of Investments
Columbia Acorn International®, March 31, 2017 (Unaudited)
(Percentages represent value of investments compared to net
assets)
Common
Stocks 96.8% |
Issuer
|
Shares
|
Value
($) |
Australia
1.8% |
Amcor
Ltd. Flexible & Rigid Packaging |
2,475,208
|
28,470,782
|
Domino’s
Pizza Enterprises Ltd.(a) Domino’s Pizza Operator in Australia & New Zealand |
1,304,900
|
57,930,643
|
Total
|
86,401,425
|
Brazil
0.5% |
Raia
Drogasil SA Dominant Drugstore Chain in Brazil |
1,266,000
|
23,847,192
|
Canada
7.4% |
Boardwalk
Real Estate Investment Trust(a) Canadian Residential REIT |
1,053,355
|
37,362,677
|
CAE,
Inc. Flight Simulator Equipment & Training Centers |
2,499,934
|
38,198,788
|
CCL
Industries, Inc. Global Label Converter |
569,444
|
124,238,435
|
PrairieSky
Royalty Ltd. Canadian Owner of Oil & Gas Mineral Interests |
1,261,650
|
26,620,972
|
ShawCor
Ltd. Oil & Gas Pipeline Products |
1,529,367
|
44,770,656
|
Tahoe
Resources, Inc. Silver & Gold Projects in Guatemala, Canada & Peru |
3,755,098
|
30,157,120
|
Uni-Select,
Inc. Distribution of Automotive Paint & Replacement Parts in North America |
1,131,748
|
30,101,084
|
Vermilion
Energy, Inc. Canadian Exploration & Production Company |
803,247
|
30,122,140
|
Total
|
361,571,872
|
Cayman
Islands 0.6% |
Silicon
Motion Technology Corp., ADR Storage Controller IC Designer |
613,802
|
28,695,244
|
China
3.4% |
China
Medical System Holdings Ltd. Pharmaceutical & Medical Products |
27,986,000
|
49,648,896
|
New
Oriental Education & Technology Group, Inc., ADR(b) Education Service Provider |
899,964
|
54,339,826
|
Shenzhou
International Group Holdings Ltd. High-quality Apparel Manufacturer of Sportswear |
3,618,000
|
22,834,007
|
TravelSky
Technology Ltd., Class H Chinese Air Travel Transaction Processor |
16,203,000
|
38,285,762
|
Total
|
165,108,491
|
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
Denmark
3.5% |
Novozymes
AS, Class B Industrial Enzymes |
1,453,477
|
57,608,845
|
SimCorp
AS Software for Investment Managers |
932,367
|
56,153,800
|
William
Demant Holding AS(b) Manufacture & Distribution of Hearing Aids & Diagnostic Equipment |
2,758,177
|
57,626,820
|
Total
|
171,389,465
|
France
2.3% |
Elior
Group(a),(c) Contract Caterer & Travel Concessionary |
1,920,770
|
43,573,624
|
Eurofins
Scientific SE Food, Pharmaceuticals & Materials Screening & Testing |
65,782
|
28,621,373
|
Legrand
SA Electrical Components |
704,263
|
42,463,907
|
Total
|
114,658,904
|
Germany
6.5% |
Fielmann
AG Retail Optician Chain |
621,901
|
48,059,874
|
MTU
Aero Engines AG Airplane Engine Components & Services |
551,920
|
71,802,715
|
Rational
AG Commercial Ovens |
66,752
|
31,087,171
|
Stroeer
SE & Co. KGaA(a) Out of Home & Online Advertising |
884,049
|
49,211,130
|
Wirecard
AG(a) Online Payment Processing & Risk Management |
1,625,000
|
89,971,228
|
Zalando
SE(b) Online Platform for Apparel Sales |
714,116
|
28,891,978
|
Total
|
319,024,096
|
Hong
Kong 0.5% |
Value
Partners Group Ltd. Mutual Fund Management |
28,101,000
|
26,784,135
|
India
2.6% |
TVS
Motor Co., Ltd. Indian Maker of Scooters, Mopeds, Motorcycles & Three-wheelers |
6,268,373
|
41,589,582
|
United
Breweries Ltd. Indian Brewer |
450,000
|
5,341,219
|
Zee
Entertainment Enterprises Ltd. Indian Programmer of Pay Television Content |
10,025,681
|
82,677,061
|
Total
|
129,607,862
|
8
|
Columbia Acorn International® | Quarterly Report 2017 |
Portfolio of Investments (continued)
Columbia Acorn International®, March 31, 2017 (Unaudited)
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
Indonesia
0.8% |
PT
Matahari Department Store Tbk Department Store Chain in Indonesia |
37,711,800
|
37,292,119
|
Italy
1.6% |
Brembo
SpA High Performance Auto Braking Systems Supplier |
1,079,783
|
79,885,117
|
Japan
23.2% |
Aeon
Credit Service Co., Ltd. Diversified Consumer-related Finance Company in Japan |
2,147,000
|
40,539,597
|
Aeon
Mall Co., Ltd. Suburban Shopping Mall Developer, Owner & Operator |
3,519,500
|
55,530,718
|
Aica
Kogyo Co., Ltd. Laminated Sheets, Building Materials & Chemical Adhesives |
1,169,100
|
30,911,390
|
Asahi
Intecc Co., Ltd. Medical Guidewires for Surgery |
644,700
|
26,829,479
|
Bandai
Namco Holdings, Inc. Branded Toys & Related Content |
1,324,400
|
39,699,767
|
CyberAgent,
Inc. Mobile Advertising, Gaming & Media |
1,849,000
|
54,826,694
|
DIP
Corp. Mobile Temporary Job Information Provider |
1,151,000
|
25,159,002
|
Disco
Corp. Semiconductor Dicing & Grinding Equipment |
316,900
|
48,388,854
|
FamilyMart
UNY Holdings Co., Ltd. Convenience Store Operator |
716,500
|
42,751,405
|
Glory
Ltd. Currency Handling Systems & Related Equipment |
1,117,900
|
36,755,609
|
Hikari
Tsushin, Inc. Office IT/Mobiles/Insurance Distribution |
577,700
|
56,407,419
|
Makita
Corp. Power Tools |
752,500
|
26,391,508
|
MonotaRO
Co., Ltd(a) Online Maintenance, Repair & Operations Goods Distributor in Japan |
1,307,800
|
40,529,546
|
NGK
Insulators Ltd. Ceramic Products for Auto, Power & Electronics |
1,521,200
|
34,510,784
|
NGK
Spark Plug Co., Ltd. Automobile Parts |
1,528,900
|
35,059,871
|
Nihon
M&A Center, Inc. M&A Consulting Service for Small/Medium Sized Companies in Japan |
795,800
|
25,967,891
|
NOF
Corp. Specialty Chemicals, Life Science & Rocket Fuels |
3,340,000
|
35,534,491
|
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
Obic
Co., Ltd. Computer Software |
595,100
|
28,430,664
|
Omron
Corp. Electric Components for Factory Automation |
1,000,000
|
43,938,831
|
OSG
Corp.(a) Consumable Cutting Tools |
1,128,300
|
23,076,161
|
Otsuka
Corp. One-stop IT Services & Office Supplies Provider |
733,900
|
39,876,747
|
Recruit
Holdings Co., Ltd. Recruitment & Media Services |
754,300
|
38,579,116
|
Santen
Pharmaceutical Co., Ltd. Specialty Pharma (Ophthalmic Medicine) |
2,440,000
|
35,441,446
|
Sekisui
Chemical Co., Ltd. Housing, Infrastructure & Functional Plastics |
3,671,500
|
61,894,347
|
Seria
Co., Ltd. 100 Yen Discount Stores |
378,200
|
16,375,265
|
Seven
Bank Ltd. ATM Processing Services |
13,074,200
|
42,815,707
|
Sohgo
Security Services Co., Ltd. Home & Office Security Services in Japan |
1,068,400
|
40,019,715
|
Sony
Financial Holdings, Inc. Life Insurance, Assurance & Internet Banking |
2,100,000
|
33,725,151
|
Temp
Holdings Co., Ltd. Temporary Staffing & Recruiting Agency Services in Japan |
2,240,000
|
41,999,861
|
Ushio,
Inc. Industrial Light Sources |
2,613,100
|
33,096,353
|
Total
|
1,135,063,389
|
Malta
1.6% |
Kindred
Group PLC European Online Gaming Operator |
7,374,685
|
76,457,426
|
Mexico
1.4% |
Grupo
Aeroportuario del Sureste SAB de CV, ADR Mexican Airport Operator |
384,900
|
66,680,076
|
Netherlands
1.6% |
Aalberts
Industries NV Flow Control & Heat Treatment |
2,044,797
|
76,348,616
|
New
Zealand 0.6% |
Auckland
International Airport Ltd. Auckland Airport Operator |
6,215,369
|
29,430,171
|
Philippines
0.6% |
Universal
Robina Corp. Branded Consumer Food Manufacturer in the Philippines |
9,000,000
|
29,325,926
|
Singapore
1.6% |
Columbia
Acorn International® | Quarterly Report 2017 |
9
|
Portfolio of Investments (continued)
Columbia Acorn International®, March 31, 2017 (Unaudited)
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
Mapletree
Commercial Trust Retail & Office Property Landlord |
32,720,300
|
35,788,011
|
Singapore
Exchange Singapore Equity & Derivatives Market Operator |
7,714,200
|
42,461,993
|
Total
|
78,250,004
|
South
Africa 1.4% |
Clicks
Group Ltd. South African Drugstore |
1,572,148
|
15,011,062
|
Coronation
Fund Managers Ltd. South African Fund Manager |
4,638,610
|
21,864,954
|
Rand
Merchant Investment Holdings Ltd. Directly Sold Property & Casualty Insurance; Holdings in Other Insurers |
10,612,584
|
32,669,317
|
Total
|
69,545,333
|
South
Korea 3.4% |
Korea
Aerospace Industries Ltd. Manufacturer of Military Aircraft and Civil Aviation Parts |
731,600
|
37,682,339
|
Korea
Investment Holdings Co., Ltd. Brokerage & Asset Management |
850,000
|
35,822,454
|
Medy-Tox,
Inc. Botulinum Toxin ("Botox") & Dermal Fillers |
152,900
|
63,302,683
|
Yuhan
Corp. Pharmaceutical Manufacturing & Distribution |
141,799
|
28,224,580
|
Total
|
165,032,056
|
Spain
2.6% |
Bolsas
y Mercados Españoles SHMSF SA Spanish Stock Markets |
1,000,745
|
33,202,191
|
Merlin
Properties Socimi SA Largest Office & Industrial REIT in Spain |
2,114,000
|
23,634,651
|
Prosegur
Cia de Seguridad SA, Registered Shares Security Guards |
5,000,000
|
30,083,754
|
Viscofan
SA Sausage Casings Maker |
751,424
|
38,850,464
|
Total
|
125,771,060
|
Sweden
5.3% |
Hexagon
AB, Class B Design, Measurement & Visualization Software & Equipment |
2,636,121
|
105,907,893
|
Millicom
International Cellular SA, SDR Telecoms Operator in Latin America & Africa |
1,309,195
|
73,008,626
|
NetEnt
AB Leading Nordic Provider of Online Casino Games |
213,274
|
1,713,684
|
Sweco
AB, Class B Engineering Consultants |
1,295,134
|
29,514,194
|
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
Trelleborg
AB, Class B Manufacturer of Sealing, Dampening & Protective Solutions for Industry |
2,296,587
|
49,183,379
|
Total
|
259,327,776
|
Switzerland
3.9% |
Geberit
AG Plumbing Systems |
94,892
|
40,906,870
|
Givaudan
SA Fragrances & Flavors |
15,270
|
27,501,702
|
Partners
Group Holding AG Private Markets Asset Management |
226,380
|
121,704,817
|
Total
|
190,113,389
|
Taiwan
2.9% |
Advantech
Co., Ltd. Industrial PC & Components |
2,922,686
|
24,466,613
|
Far
EasTone Telecommunications Co., Ltd. Mobile Operator in Taiwan |
10,143,000
|
24,903,645
|
Largan
Precision Co., Ltd. Mobile Device Camera Lenses & Modules |
405,000
|
63,787,466
|
Silergy
Corp. Chinese Provider of Analog & Mixed Digital Integrated Circuits |
1,496,000
|
27,605,259
|
Total
|
140,762,983
|
Thailand
0.6% |
Airports
of Thailand PCL Airport Operator of Thailand |
4,789,900
|
5,471,529
|
Home
Product Center PCL, Foreign Registered Shares Home Improvement Retailer |
82,081,700
|
23,046,814
|
Total
|
28,518,343
|
United
Kingdom 13.9% |
Abcam
PLC Online Sales of Antibodies |
1,500,326
|
15,517,412
|
Croda
International PLC Oleo-chemicals & Industrial Chemicals |
691,401
|
30,873,386
|
Domino’s
Pizza Group PLC Pizza Delivery in the UK, Ireland & Switzerland |
6,812,115
|
26,355,778
|
DS
Smith PLC Packaging |
8,749,564
|
47,587,487
|
Halma
PLC Health & Safety Sensor Technology |
5,256,048
|
67,433,523
|
Kingfisher
PLC European DIY Retailer |
14,313,437
|
58,480,530
|
LivaNova
PLC(b) Neuromodulation & Cardiac Devices |
929,961
|
45,577,389
|
10
|
Columbia Acorn International® | Quarterly Report 2017 |
Portfolio of Investments (continued)
Columbia Acorn International®, March 31, 2017 (Unaudited)
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
Micro
Focus International PLC Legacy Software Provider |
1,019,000
|
29,083,353
|
Rentokil
Initial PLC Pest Control, Washroom & Workwear Service Provider |
11,576,349
|
35,781,400
|
Rightmove
PLC Internet Real Estate Listings |
1,351,781
|
67,542,644
|
Shaftesbury
PLC London Prime Retail REIT |
4,132,464
|
47,374,729
|
Smith
& Nephew PLC Medical Equipment & Supplies |
1,637,399
|
24,946,215
|
Spirax-Sarco
Engineering PLC Steam Systems & Pumps for Manufacturing & Process Industries |
769,514
|
45,979,095
|
WH
Smith PLC Newsprint, Books & General Stationery Retailer |
2,401,564
|
53,348,163
|
Wolseley
PLC Distributor of Plumbing, HVAC & Waterworks Equipment |
1,362,784
|
85,713,122
|
Total
|
681,594,226
|
United
States 0.7% |
Ultragenyx
Pharmaceutical, Inc.(b) Biotech Focused on "Ultra-Orphan" Drugs |
546,529
|
37,043,736
|
Total
Common Stocks (Cost: $3,440,150,222) |
4,733,530,432
|
|
Securities
Lending Collateral 1.7% |
|
Shares
|
Value
($) |
Dreyfus
Government Cash Management Fund, Institutional Shares, 0.670%(d),(e) |
82,391,496
|
82,391,496
|
Total
Securities Lending Collateral (Cost: $82,391,496) |
82,391,496
|
|
Money
Market Funds 2.9% |
|
|
|
JPMorgan
U.S. Government Money Market Fund, Agency Shares, 0.530%(d) |
8,367
|
8,368
|
JPMorgan
U.S. Government Money Market Fund, IM Shares, 0.635%(d) |
143,643,164
|
143,643,164
|
Total
Money Market Funds (Cost: $143,651,531) |
143,651,532
|
Total
Investments (Cost: $3,666,193,249) |
4,959,573,460
|
Obligation
to Return Collateral for Securities Loaned |
|
(82,391,496)
|
Other
Assets & Liabilities, Net |
|
12,508,796
|
Net
Assets |
$4,889,690,760
|
Notes to Portfolio of Investments
(a)
|
All or a
portion of this security was on loan at March 31, 2017. The total market value of securities on loan at March 31, 2017 was $78,792,779. |
(b)
|
Non-income producing
security. |
(c)
|
Represents privately
placed and other securities and instruments exempt from SEC registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest
in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund’s Board of Trustees. At March 31, 2017, the value of these
securities amounted to $43,573,624 or 0.89% of net assets. |
(d)
|
The rate
shown is the seven-day current annualized yield at March 31, 2017. |
(e)
|
Investment made
with cash collateral received from securities lending activity. |
Abbreviation Legend
ADR
|
American
Depositary Receipt |
SDR
|
Swedish
Depositary Receipt |
Investments are valued using policies described
in the Notes to Financial Statements in the most recent shareholder report.
At March 31, 2017, the approximate cost of
securities for federal income tax purposes and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($) |
Gross
unrealized appreciation ($) |
Gross
unrealized (depreciation) ($) |
Net
unrealized appreciation ($) |
3,666,193,000
|
1,362,390,000
|
(69,010,000)
|
1,293,380,000
|
Columbia
Acorn International® | Quarterly Report 2017 |
11
|
Portfolio of Investments (continued)
Columbia Acorn International®, March 31, 2017 (Unaudited)
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 net asset values 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 Columbia Wanger Asset Management’s Valuation Committee (the Committee) 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.
The Committee is responsible for applying the Columbia Acorn
Trust Portfolio Pricing Policy and the Columbia Wanger Asset Management pricing procedures (the Policies), which are approved by and subject to the oversight of the Board of Trustees.
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 Columbia Wanger Asset Management believes that available market quotations are unreliable. The Committee also reviews the
continuing appropriateness of the Policies. In circumstances where a security has been fair valued, the Committee will also review the continuing appropriateness of the current value of the security. 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; circumstances under which
securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Fund’s investment manager. 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 Fund’s 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 is a summary of the inputs used to value
the Fund’s investments at March 31, 2017:
|
Level
1 quoted prices in active markets for identical assets ($) |
Level
2 other significant observable inputs ($) |
Level
3 significant unobservable inputs ($) |
Total
($) |
Investments
|
|
|
|
|
Common
Stocks |
|
|
|
|
Australia
|
—
|
86,401,425
|
—
|
86,401,425
|
Brazil
|
23,847,192
|
—
|
—
|
23,847,192
|
Canada
|
361,571,872
|
—
|
—
|
361,571,872
|
Cayman
Islands |
28,695,244
|
—
|
—
|
28,695,244
|
China
|
54,339,826
|
110,768,665
|
—
|
165,108,491
|
Denmark
|
—
|
171,389,465
|
—
|
171,389,465
|
France
|
—
|
114,658,904
|
—
|
114,658,904
|
Germany
|
—
|
319,024,096
|
—
|
319,024,096
|
Hong
Kong |
—
|
26,784,135
|
—
|
26,784,135
|
India
|
—
|
129,607,862
|
—
|
129,607,862
|
Indonesia
|
—
|
37,292,119
|
—
|
37,292,119
|
Italy
|
—
|
79,885,117
|
—
|
79,885,117
|
Japan
|
—
|
1,135,063,389
|
—
|
1,135,063,389
|
Malta
|
—
|
76,457,426
|
—
|
76,457,426
|
Mexico
|
66,680,076
|
—
|
—
|
66,680,076
|
Netherlands
|
—
|
76,348,616
|
—
|
76,348,616
|
New
Zealand |
—
|
29,430,171
|
—
|
29,430,171
|
Philippines
|
—
|
29,325,926
|
—
|
29,325,926
|
Singapore
|
—
|
78,250,004
|
—
|
78,250,004
|
South
Africa |
—
|
69,545,333
|
—
|
69,545,333
|
South
Korea |
—
|
165,032,056
|
—
|
165,032,056
|
Spain
|
—
|
125,771,060
|
—
|
125,771,060
|
Sweden
|
—
|
259,327,776
|
—
|
259,327,776
|
Switzerland
|
—
|
190,113,389
|
—
|
190,113,389
|
12
|
Columbia Acorn International® | Quarterly Report 2017 |
Portfolio of Investments (continued)
Columbia Acorn International®, March 31, 2017 (Unaudited)
Fair value measurements (continued)
|
Level
1 quoted prices in active markets for identical assets ($) |
Level
2 other significant observable inputs ($) |
Level
3 significant unobservable inputs ($) |
Total
($) |
Taiwan
|
—
|
140,762,983
|
—
|
140,762,983
|
Thailand
|
—
|
28,518,343
|
—
|
28,518,343
|
United
Kingdom |
45,577,389
|
636,016,837
|
—
|
681,594,226
|
United
States |
37,043,736
|
—
|
—
|
37,043,736
|
Total
Common Stocks |
617,755,335
|
4,115,775,097
|
—
|
4,733,530,432
|
Securities
Lending Collateral |
82,391,496
|
—
|
—
|
82,391,496
|
Money
Market Funds |
143,651,532
|
—
|
—
|
143,651,532
|
Total
Investments |
843,798,363
|
4,115,775,097
|
—
|
4,959,573,460
|
The Fund’s assets assigned to
the Level 2 input category are generally valued using a market approach, in which a security’s value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Foreign
equities are generally valued at the last sale price on the foreign exchange or market on which they trade. The Fund may use a statistical fair valuation model, in accordance with the policy adopted by the Board, provided by an independent third
party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. These models take into account available market data
including intraday index, ADR, and ETF movements.
There
were no transfers of financial assets between levels during the period.
Columbia
Acorn International® | Quarterly Report 2017 |
13
|
Portfolio of Investments
Columbia Acorn USA®, March 31, 2017 (Unaudited)
(Percentages represent value of investments compared to net
assets)
Common
Stocks 97.1% |
Issuer
|
Shares
|
Value
($) |
Consumer
Discretionary 18.5% |
Auto
Components 3.7% |
Dorman
Products, Inc.(a) Aftermarket Auto Parts Distributor |
79,870
|
6,559,723
|
Gentex
Corp. Manufacturer of Auto Parts |
292,936
|
6,248,325
|
LCI
Industries RV & Manufactured Home Components |
108,309
|
10,809,238
|
Total
|
|
23,617,286
|
Distributors
1.1% |
Pool
Corp. Swimming Pool Supplies & Equipment Distributor |
59,705
|
7,124,598
|
Diversified
Consumer Services 3.3% |
Bright
Horizons Family Solutions, Inc.(a) Child Care/Preschool Services |
106,905
|
7,749,543
|
DeVry
Education Group, Inc. Post Secondary Degree Services |
125,904
|
4,463,297
|
Laureate
Education, Inc., Class A(a) Provides Higher Educational Services |
350,118
|
4,996,184
|
ServiceMaster
Global Holdings, Inc.(a) Pest & Termite Control, Home Warranty & Other Home Services |
101,546
|
4,239,546
|
Total
|
|
21,448,570
|
Hotels,
Restaurants & Leisure 3.2% |
Papa
John’s International, Inc. Franchisor of Pizza Restaurants |
84,376
|
6,753,455
|
Texas
Roadhouse, Inc. Rural-focused Full Service Steakhouse |
210,223
|
9,361,230
|
Vail
Resorts, Inc. Ski Resort Operator & Developer |
21,561
|
4,137,556
|
Total
|
|
20,252,241
|
Household
Durables 2.7% |
Cavco
Industries, Inc.(a) Manufactured Homes |
66,716
|
7,765,742
|
iRobot
Corp.(a) Home Robots (Vacuums, Pool Cleaners) |
146,825
|
9,711,006
|
Total
|
|
17,476,748
|
Internet
& Direct Marketing Retail 0.7% |
Wayfair,
Inc., Class A(a),(b) Online Retailer of Home Furnishings |
111,215
|
4,503,095
|
Leisure
Products 1.8% |
Brunswick
Corp. Boats, Boat Engines, Exercise & Bowling Equipment |
193,943
|
11,869,311
|
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
Specialty
Retail 2.0% |
Camping
World Holdings, Inc., Class A RV-centric Retail Stores & Services |
152,511
|
4,916,955
|
Five
Below, Inc.(a) Low-price Specialty Retailer Targeting Pre-Teens, Teens & Parents |
111,443
|
4,826,596
|
Monro
Muffler Brake, Inc. Automotive Services |
64,808
|
3,376,497
|
Total
|
|
13,120,048
|
Total
Consumer Discretionary |
119,411,897
|
Consumer
Staples 1.4% |
Household
Products 1.4% |
WD-40
Co. Manufacturer of Industrial Lubrications |
79,935
|
8,708,918
|
Total
Consumer Staples |
8,708,918
|
Energy
2.8% |
Energy
Equipment & Services 1.6% |
Core
Laboratories NV Oil & Gas Reservoir Consulting |
59,949
|
6,925,309
|
Frank’s
International NV(b) Global Provider of Casing Running Services Post Drilling of Wells |
281,825
|
2,978,890
|
Total
|
|
9,904,199
|
Oil,
Gas & Consumable Fuels 1.2% |
Carrizo
Oil & Gas, Inc.(a) Oil & Gas Producer |
153,189
|
4,390,397
|
PDC
Energy, Inc.(a) Oil & Gas Producer in the United States |
55,796
|
3,478,880
|
Total
|
|
7,869,277
|
Total
Energy |
17,773,476
|
Financials
13.1% |
Banks
9.7% |
Associated
Banc-Corp. Midwest Bank |
212,278
|
5,179,583
|
First
Busey Corp. Illinois Bank |
351,992
|
10,348,565
|
Great
Southern Bancorp, Inc. Heartland Bank |
95,637
|
4,829,668
|
Lakeland
Financial Corp. Indiana Bank |
242,238
|
10,445,302
|
LegacyTexas
Financial Group, Inc. Texas Thrift |
304,254
|
12,139,735
|
14
|
Columbia Acorn USA® | Quarterly Report 2017 |
Portfolio of Investments (continued)
Columbia Acorn USA®, March 31, 2017 (Unaudited)
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
MB
Financial, Inc. Chicago Bank |
204,880
|
8,772,962
|
Sandy
Spring Bancorp, Inc. Baltimore & Washington, D.C. Bank |
178,866
|
7,331,717
|
Trico
Bancshares California Central Valley Bank |
99,320
|
3,528,840
|
Total
|
|
62,576,372
|
Capital
Markets 3.1% |
Houlihan
Lokey, Inc. Middle Market Financial Advisory |
110,480
|
3,806,036
|
OM
Asset Management PLC Asset Manager Holding Company |
690,802
|
10,444,926
|
SEI
Investments Co. Mutual Fund Administration & Investment Management |
111,524
|
5,625,271
|
Total
|
|
19,876,233
|
Consumer
Finance 0.3% |
FirstCash,
Inc. Pawnbroker |
46,200
|
2,270,730
|
Total
Financials |
84,723,335
|
Health
Care 22.9% |
Biotechnology
3.8% |
Agios
Pharmaceuticals, Inc.(a) Biotech Focused on Cancer & Orphan Diseases |
96,935
|
5,661,004
|
Exact
Sciences Corp.(a),(b) Molecular Diagnostics |
147,285
|
3,478,872
|
Genomic
Health, Inc.(a) Cancer Diagnostics |
143,836
|
4,529,396
|
Kite
Pharma, Inc.(a),(b) Biotech Company Focused on Novel Cancer Treatments Known as "CAR-T’s" |
46,078
|
3,616,662
|
Ligand
Pharmaceuticals, Inc.(a) Royalties from Licensing Drug Delivery Technology |
39,126
|
4,141,096
|
Ultragenyx
Pharmaceutical, Inc.(a) Biotech Focused on "Ultra-Orphan" Drugs |
46,916
|
3,179,966
|
Total
|
|
24,606,996
|
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
Health
Care Equipment & Supplies 8.2% |
Anika
Therapeutics, Inc.(a) Develops, Manufactures and Commercializes Therapeutic Products for Tissue Protection, Healing
and Repair |
70,611
|
3,067,342
|
Endologix,
Inc.(a) Minimally Invasive Treatment of Abdominal Aortic Aneurysm |
675,930
|
4,893,733
|
Haemonetics
Corp.(a) Blood and Plasma Collection Equipment |
62,108
|
2,519,722
|
iRhythm
Technologies, Inc.(a) Cardiac Arrhythmia Monitoring Devices & Services |
245,430
|
9,228,168
|
LeMaitre
Vascular, Inc. Medical Devices for Peripheral Vascular Disease |
453,981
|
11,181,552
|
Masimo
Corp.(a) Pulse Oximetry Monitors (Blood Oxygen Levels) |
66,454
|
6,197,500
|
Natus
Medical, Inc.(a) Neuro-diagnostic & Newborn Care Products |
262,091
|
10,287,072
|
West
Pharmaceutical Services, Inc. Components & Systems for Injectable Drug Delivery |
70,463
|
5,750,485
|
Total
|
|
53,125,574
|
Health
Care Providers & Services 4.6% |
AMN
Healthcare Services, Inc.(a) Temporary Healthcare Staffing |
162,742
|
6,607,325
|
HealthEquity,
Inc.(a) Provides Range of Solutions for Managing Health Care Accounts |
82,362
|
3,496,267
|
HealthSouth
Corp. Inpatient Rehabilitation Facilities & Home Health Care |
198,911
|
8,515,380
|
Mednax,
Inc.(a) Physician Management for Pediatric & Anesthesia Practices |
156,343
|
10,847,077
|
Total
|
|
29,466,049
|
Health
Care Technology 2.5% |
Computer
Programs & Systems, Inc.(b) IT Systems & Services for Health Care Providers |
170,697
|
4,779,516
|
Evolent
Health, Inc., Class A(a),(b) IT & Services Vendor for Hospitals |
204,590
|
4,562,357
|
Medidata
Solutions, Inc.(a) Cloud-based Software for Drug Studies |
114,503
|
6,605,678
|
Total
|
|
15,947,551
|
Columbia
Acorn USA® | Quarterly Report 2017 |
15
|
Portfolio of Investments (continued)
Columbia Acorn USA®, March 31, 2017 (Unaudited)
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
Life
Sciences Tools & Services 2.7% |
Bio-Techne
Corp. Maker of Consumables & Systems for the Life Science Market |
100,669
|
10,233,004
|
Cambrex
Corp.(a) Active Pharmaceutical Ingredients for Small Molecule Drugs |
61,676
|
3,395,264
|
VWR
Corp.(a) Distributor of Lab Supplies |
136,097
|
3,837,935
|
Total
|
|
17,466,203
|
Pharmaceuticals
1.1% |
Akorn,
Inc.(a) Developer, Manufacturer & Distributor of Specialty Generic Drugs |
301,857
|
7,268,717
|
Total
Health Care |
147,881,090
|
Industrials
17.8% |
Aerospace
& Defense 3.0% |
Astronics
Corp.(a) Designer & Manufacturer of Aircraft Electrical Components & Testing Equipment |
129,572
|
4,111,319
|
Astronics
Corp., Class B(a) Designer & Manufacturer of Aircraft Electrical Components & Testing Equipment
|
19,435
|
618,033
|
HEICO
Corp., Class A FAA-Approved Aircraft Replacement Parts |
109,094
|
8,182,050
|
Taser
International, Inc.(a) Manufacturer of Electrical Weapons & Body Cameras |
271,121
|
6,178,848
|
Total
|
|
19,090,250
|
Commercial
Services & Supplies 5.6% |
Brink’s
Co. (The) Provides Armored Transportation, Security Services and Supply Chain Management Solutions |
64,001
|
3,420,853
|
Copart,
Inc.(a) Auto Salvage Services |
105,547
|
6,536,526
|
Healthcare
Services Group, Inc. Outsourced Services to Long-term Care Industry |
90,418
|
3,896,112
|
Knoll,
Inc. Office & Residential Furniture |
271,283
|
6,459,248
|
Ritchie
Bros. Auctioneers, Inc. Heavy Equipment Auctioneer |
156,321
|
5,142,961
|
Unifirst
Corp. Uniform Rental |
75,117
|
10,625,300
|
Total
|
|
36,081,000
|
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
Machinery
6.1% |
Barnes
Group, Inc. Provides Logistic Services and Manufactures Precision Components |
67,568
|
3,468,941
|
ESCO
Technologies, Inc. Industrial Filtration & Advanced Measurement Equipment |
58,298
|
3,387,114
|
Middleby
Corp. (The)(a) Manufacturer of Cooking Equipment |
35,429
|
4,834,287
|
Nordson
Corp. Dispensing Systems for Adhesives & Coatings |
56,690
|
6,963,799
|
Oshkosh
Corp. Specialty Truck Manufacturer |
66,495
|
4,560,892
|
REV
Group, Inc.(a) Manufacturer of Specialty Vehicles |
126,188
|
3,479,003
|
Toro
Co. (The) Turf Maintenance Equipment |
206,608
|
12,904,736
|
Total
|
|
39,598,772
|
Professional
Services 2.2% |
ICF
International, Inc.(a) Professional Service Company |
76,349
|
3,153,214
|
Wageworks,
Inc.(a) Healthcare Consumer Directed Benefits & Commuter Account Management |
149,546
|
10,812,176
|
Total
|
|
13,965,390
|
Trading
Companies & Distributors 0.9% |
Watsco,
Inc. HVAC Distribution |
42,930
|
6,146,717
|
Total
Industrials |
114,882,129
|
Information
Technology 18.2% |
Electronic
Equipment, Instruments & Components 1.3% |
IPG
Photonics Corp.(a) Fiber Lasers |
66,680
|
8,048,276
|
Internet
Software & Services 6.7% |
Alteryx,
Inc., Class A(a) Provides a Platform for Strategic Analytics |
77,707
|
1,214,560
|
Apptio,
Inc., Class A(a),(b) Software for Managing IT Spending |
174,369
|
2,045,348
|
CoStar
Group, Inc.(a) Commercial Real Estate Data Aggregator & Web Marketing for Retail Landlords |
39,661
|
8,218,552
|
j2
Global, Inc. Communication Technology & Digital Media |
98,255
|
8,244,577
|
Mimecast
Ltd.(a) Cyber Security, Continuity & Archiving Software |
245,437
|
5,495,335
|
16
|
Columbia Acorn USA® | Quarterly Report 2017 |
Portfolio of Investments (continued)
Columbia Acorn USA®, March 31, 2017 (Unaudited)
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
NIC,
Inc. Government Web Portal Development & Management Outsourcing |
295,449
|
5,968,070
|
Nutanix,
Inc., Class A(a),(b) Software Company Selling Hyper-converged Infrastructure Appliances |
192,843
|
3,619,663
|
Q2
Holdings, Inc.(a) Online & Mobile Banking Software |
130,865
|
4,560,645
|
SPS
Commerce, Inc.(a) Supply Chain Management Software Delivered via the Web |
64,836
|
3,792,258
|
Total
|
|
43,159,008
|
IT
Services 3.4% |
CoreLogic,
Inc.(a) Data Processing Services for Real Estate, Insurance & Mortgages |
86,347
|
3,516,050
|
ExlService
Holdings, Inc.(a) Business Process Outsourcing |
64,759
|
3,066,986
|
MAXIMUS,
Inc. Outsourcer for Government Program Administration |
161,530
|
10,047,166
|
WNS
Holdings Ltd., ADR(a) Offshore Business Process Outsourcing Services |
192,692
|
5,512,918
|
Total
|
|
22,143,120
|
Semiconductors
& Semiconductor Equipment 1.4% |
Monolithic
Power Systems, Inc. High Performance Analog & Mixed Signal Integrated Circuits |
100,546
|
9,260,287
|
Software
5.4% |
ANSYS,
Inc.(a) Simulation Software for Engineers & Designers |
58,985
|
6,303,727
|
Blackline,
Inc.(a) Accounting Software |
115,455
|
3,435,941
|
CyberArk
Software Ltd.(a) Security Software |
66,099
|
3,362,456
|
Guidewire
Software, Inc.(a) Software for Global Property & Casualty Insurance Carriers |
67,037
|
3,776,194
|
Manhattan
Associates, Inc.(a) Supply Chain Management Software & Services |
120,335
|
6,263,437
|
Qualys,
Inc.(a) Security Software Delivered Via the Cloud |
210,510
|
7,978,329
|
Tyler
Technologies, Inc.(a) Financial, Tax, Court & Document Management Systems for Local Governments |
23,153
|
3,578,528
|
Total
|
|
34,698,612
|
Total
Information Technology |
117,309,303
|
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
Real
Estate 2.4% |
Equity
Real Estate Investment Trusts (REITS) 0.9% |
UMH
Properties, Inc. Owner & Operator of Manufactured Home Parks |
393,175
|
5,980,192
|
Real
Estate Management & Development 1.5% |
Colliers
International Group, Inc. Real Estate Services |
100,592
|
4,747,942
|
FirstService
Corp. Residential Property Management & Housing Related Services |
79,514
|
4,794,694
|
Total
|
|
9,542,636
|
Total
Real Estate |
15,522,828
|
Total
Common Stocks (Cost: $449,546,208) |
626,212,976
|
|
Securities
Lending Collateral 3.0% |
|
Shares
|
Value
($) |
Dreyfus
Government Cash Management Fund, Institutional Shares, 0.670%(c),(d) |
19,264,725
|
19,264,725
|
Total
Securities Lending Collateral (Cost: $19,264,725) |
19,264,725
|
|
Money
Market Funds 3.6% |
|
|
|
JPMorgan
U.S. Government Money Market Fund, Agency Shares, 0.530%(c) |
23,371,009
|
23,371,009
|
Total
Money Market Funds (Cost: $23,371,009) |
23,371,009
|
Total
Investments (Cost $492,181,942) |
668,848,710
|
Obligation
to Return Collateral for Securities Loaned |
|
(19,264,725)
|
Other
Assets & Liabilities, Net |
|
(4,907,359)
|
Net
Assets |
$644,676,626
|
Columbia
Acorn USA® | Quarterly Report 2017 |
17
|
Portfolio of Investments (continued)
Columbia Acorn USA®, March 31, 2017 (Unaudited)
Notes to Portfolio of Investments
(a)
|
Non-income
producing security. |
(b)
|
All or a
portion of this security was on loan at March 31, 2017. The total market value of securities on loan at March 31, 2017 was $18,773,888. |
(c)
|
The rate
shown is the seven-day current annualized yield at March 31, 2017. |
(d)
|
Investment made
with cash collateral received from securities lending activity. |
Abbreviation Legend
ADR
|
American
Depositary Receipt |
Investments are
valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
At March 31, 2017, the approximate cost of securities for
federal income tax purposes and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($) |
Gross
unrealized appreciation ($) |
Gross
unrealized (depreciation) ($) |
Net
unrealized appreciation ($) |
492,182,000
|
185,273,000
|
(8,606,000)
|
176,667,000
|
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 net asset values 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 Columbia Wanger Asset Management’s Valuation Committee (the Committee) 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.
The Committee is responsible for applying the Columbia Acorn
Trust Portfolio Pricing Policy and the Columbia Wanger Asset Management pricing procedures (the Policies), which are approved by and subject to the oversight of the Board of Trustees.
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 Columbia Wanger Asset Management believes that available market quotations are unreliable. The Committee also reviews the
continuing appropriateness of the Policies. In circumstances where a security has been fair valued, the Committee will also review the continuing appropriateness of the current value of the security. 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; circumstances under which
securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Fund’s investment manager. 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 Fund’s 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 is a summary of the inputs used to value
the Fund’s investments at March 31, 2017:
|
Level
1 quoted prices in active markets for identical assets ($) |
Level
2 other significant observable inputs ($) |
Level
3 significant unobservable inputs ($) |
Total
($) |
Investments
|
|
|
|
|
Common
Stocks |
|
|
|
|
Consumer
Discretionary |
119,411,897
|
—
|
—
|
119,411,897
|
Consumer
Staples |
8,708,918
|
—
|
—
|
8,708,918
|
Energy
|
17,773,476
|
—
|
—
|
17,773,476
|
Financials
|
84,723,335
|
—
|
—
|
84,723,335
|
18
|
Columbia Acorn USA® | Quarterly Report 2017 |
Portfolio of Investments (continued)
Columbia Acorn USA®, March 31, 2017 (Unaudited)
Fair value measurements (continued)
|
Level
1 quoted prices in active markets for identical assets ($) |
Level
2 other significant observable inputs ($) |
Level
3 significant unobservable inputs ($) |
Total
($) |
Health
Care |
147,881,090
|
—
|
—
|
147,881,090
|
Industrials
|
114,882,129
|
—
|
—
|
114,882,129
|
Information
Technology |
117,309,303
|
—
|
—
|
117,309,303
|
Real
Estate |
15,522,828
|
—
|
—
|
15,522,828
|
Total
Common Stocks |
626,212,976
|
—
|
—
|
626,212,976
|
Securities
Lending Collateral |
19,264,725
|
—
|
—
|
19,264,725
|
Money
Market Funds |
23,371,009
|
—
|
—
|
23,371,009
|
Total
Investments |
668,848,710
|
—
|
—
|
668,848,710
|
There were no transfers of financial
assets between levels during the period.
Columbia
Acorn USA® | Quarterly Report 2017 |
19
|
Portfolio of Investments
Columbia Acorn International SelectSM, March 31, 2017 (Unaudited)
(Percentages represent value of investments compared to net
assets)
Common
Stocks 95.8% |
Issuer
|
Shares
|
Value
($) |
Australia
3.9% |
Amcor
Ltd. Flexible & Rigid Packaging |
193,000
|
2,219,959
|
Domino’s
Pizza Enterprises Ltd. Domino’s Pizza Operator in Australia & New Zealand |
45,000
|
1,997,762
|
Total
|
4,217,721
|
Canada
7.6% |
CCL
Industries, Inc. Global Label Converter |
29,641
|
6,466,924
|
Vermilion
Energy, Inc. Canadian Exploration & Production Company |
48,340
|
1,812,773
|
Total
|
8,279,697
|
China
3.7% |
NetEase,
Inc., ADR Chinese Online Gaming Services |
14,200
|
4,032,800
|
Denmark
3.3% |
Novozymes
AS, Class B Industrial Enzymes |
89,955
|
3,565,384
|
France
2.6% |
Legrand
SA Electrical Components |
46,000
|
2,773,594
|
Germany
8.7% |
MTU
Aero Engines AG Airplane Engine Components & Services |
33,500
|
4,358,224
|
Wirecard
AG Online Payment Processing & Risk Management |
91,040
|
5,040,603
|
Total
|
9,398,827
|
India
2.4% |
Zee
Entertainment Enterprises Ltd. Indian Programmer of Pay Television Content |
315,000
|
2,597,656
|
Ireland
2.3% |
Ryanair
Holdings PLC(a) European Low Cost Airline |
158,000
|
2,448,252
|
Japan
23.0% |
Aeon
Mall Co., Ltd. Suburban Shopping Mall Developer, Owner & Operator |
178,600
|
2,817,953
|
CyberAgent,
Inc. Mobile Advertising, Gaming & Media |
83,000
|
2,461,123
|
Hoya
Corp. Opto-electrical Components & Eyeglass Lenses |
83,000
|
4,009,796
|
Omron
Corp. Electric Components for Factory Automation |
50,000
|
2,196,942
|
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
Recruit
Holdings Co., Ltd. Recruitment & Media Services |
71,700
|
3,667,138
|
Santen
Pharmaceutical Co., Ltd. Specialty Pharma (Ophthalmic Medicine) |
203,200
|
2,951,517
|
Seven
& I Holdings Co., Ltd. Convenience Stores and other Retail |
82,700
|
3,248,757
|
Sony
Financial Holdings, Inc. Life Insurance, Assurance & Internet Banking |
224,500
|
3,605,379
|
Total
|
24,958,605
|
Mexico
2.2% |
Grupo
Aeroportuario del Sureste SAB de CV, ADR Mexican Airport Operator |
14,000
|
2,425,360
|
South
Africa 3.8% |
Naspers
Ltd., Class N Media in Africa, China, Russia & Other Emerging Markets |
24,000
|
4,141,247
|
South
Korea 2.0% |
Korea
Aerospace Industries Ltd. Manufacturer of Military Aircraft and Civil Aviation Parts |
42,500
|
2,189,037
|
Sweden
4.7% |
Hexagon
AB, Class B Design, Measurement & Visualization Software & Equipment |
127,000
|
5,102,309
|
Switzerland
8.1% |
Geberit
AG Plumbing Systems |
8,540
|
3,681,497
|
Partners
Group Holding AG Private Markets Asset Management |
9,400
|
5,053,562
|
Total
|
8,735,059
|
Taiwan
3.5% |
Largan
Precision Co., Ltd. Mobile Device Camera Lenses & Modules |
24,000
|
3,779,998
|
Thailand
2.4% |
Airports
of Thailand PCL Airport Operator of Thailand |
2,280,000
|
2,604,457
|
United
Kingdom 11.6% |
Halma
PLC Health & Safety Sensor Technology |
175,000
|
2,245,198
|
Kingfisher
PLC European DIY Retailer |
494,000
|
2,018,340
|
Rightmove
PLC Internet Real Estate Listings |
43,800
|
2,188,496
|
20
|
Columbia Acorn International
SelectSM | Quarterly Report 2017 |
Portfolio of Investments (continued)
Columbia Acorn International SelectSM, March 31, 2017 (Unaudited)
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
WH
Smith PLC Newsprint, Books & General Stationery Retailer |
136,930
|
3,041,753
|
Wolseley
PLC Distributor of Plumbing, HVAC & Waterworks Equipment |
50,000
|
3,144,780
|
Total
|
12,638,567
|
Total
Common Stocks (Cost: $75,537,028) |
103,888,570
|
|
Money
Market Funds 3.7% |
|
Shares
|
Value
($) |
JPMorgan
U.S. Government Money Market Fund, IM Shares, 0.635%(b) |
4,043,765
|
4,043,764
|
Total
Money Market Funds (Cost: $4,043,765) |
4,043,764
|
Total
Investments (Cost: $79,580,793) |
107,932,334
|
Other
Assets & Liabilities, Net |
|
530,729
|
Net
Assets |
$108,463,063
|
Notes to Portfolio of Investments
(a)
|
Non-income
producing security. |
(b)
|
The rate
shown is the seven-day current annualized yield at March 31, 2017. |
Abbreviation Legend
ADR
|
American
Depositary Receipt |
Investments are
valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
At March 31, 2017, the approximate cost of securities for
federal income tax purposes and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($) |
Gross
unrealized appreciation ($) |
Gross
unrealized (depreciation) ($) |
Net
unrealized appreciation ($) |
79,581,000
|
29,282,000
|
(931,000)
|
28,351,000
|
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 net asset values 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 Columbia Wanger Asset Management’s Valuation Committee (the Committee) 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.
Columbia
Acorn International SelectSM | Quarterly Report 2017 |
21
|
Portfolio of Investments (continued)
Columbia Acorn International SelectSM, March 31, 2017 (Unaudited)
Fair value measurements (continued)
The Committee is responsible for applying the Columbia Acorn Trust Portfolio Pricing Policy and the Columbia Wanger Asset Management pricing procedures (the Policies), which are approved by
and subject to the oversight of the Board of Trustees.
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 Columbia Wanger Asset Management believes that available market quotations are unreliable. The Committee also reviews the
continuing appropriateness of the Policies. In circumstances where a security has been fair valued, the Committee will also review the continuing appropriateness of the current value of the security. 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; circumstances under which
securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Fund’s investment manager. 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 Fund’s 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 is a summary of the inputs used to value the
Fund’s investments at March 31, 2017:
|
Level
1 quoted prices in active markets for identical assets ($) |
Level
2 other significant observable inputs ($) |
Level
3 significant unobservable inputs ($) |
Total
($) |
Investments
|
|
|
|
|
Common
Stocks |
|
|
|
|
Australia
|
—
|
4,217,721
|
—
|
4,217,721
|
Canada
|
8,279,697
|
—
|
—
|
8,279,697
|
China
|
4,032,800
|
—
|
—
|
4,032,800
|
Denmark
|
—
|
3,565,384
|
—
|
3,565,384
|
France
|
—
|
2,773,594
|
—
|
2,773,594
|
Germany
|
—
|
9,398,827
|
—
|
9,398,827
|
India
|
—
|
2,597,656
|
—
|
2,597,656
|
Ireland
|
—
|
2,448,252
|
—
|
2,448,252
|
Japan
|
—
|
24,958,605
|
—
|
24,958,605
|
Mexico
|
2,425,360
|
—
|
—
|
2,425,360
|
South
Africa |
—
|
4,141,247
|
—
|
4,141,247
|
South
Korea |
—
|
2,189,037
|
—
|
2,189,037
|
Sweden
|
—
|
5,102,309
|
—
|
5,102,309
|
Switzerland
|
—
|
8,735,059
|
—
|
8,735,059
|
Taiwan
|
—
|
3,779,998
|
—
|
3,779,998
|
Thailand
|
—
|
2,604,457
|
—
|
2,604,457
|
United
Kingdom |
—
|
12,638,567
|
—
|
12,638,567
|
Total
Common Stocks |
14,737,857
|
89,150,713
|
—
|
103,888,570
|
Money
Market Funds |
4,043,764
|
—
|
—
|
4,043,764
|
Total
Investments |
18,781,621
|
89,150,713
|
—
|
107,932,334
|
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 during the period.
22
|
Columbia Acorn International
SelectSM | Quarterly Report 2017 |
Portfolio of Investments
Columbia Acorn SelectSM, March 31, 2017 (Unaudited)
(Percentages represent value of investments compared to net
assets)
Common
Stocks 97.7% |
Issuer
|
Shares
|
Value
($) |
Consumer
Discretionary 19.2% |
Distributors
4.1% |
LKQ
Corp.(a) Alternative Auto Parts Distribution |
437,620
|
12,809,137
|
Hotels,
Restaurants & Leisure 7.8% |
Papa
John’s International, Inc. Franchisor of Pizza Restaurants |
111,600
|
8,932,464
|
Vail
Resorts, Inc. Ski Resort Operator & Developer |
79,584
|
15,272,170
|
Total
|
|
24,204,634
|
Household
Durables 2.4% |
iRobot
Corp.(a) Home Robots (Vacuums, Pool Cleaners) |
110,000
|
7,275,400
|
Media
4.9% |
Liberty
Global PLC, Class A(a) Cable TV Franchises Outside of the United States |
420,000
|
15,065,400
|
Total
Consumer Discretionary |
59,354,571
|
Financials
10.1% |
Banks
3.5% |
SVB
Financial Group(a) Bank to Venture Capitalists |
58,200
|
10,830,438
|
Capital
Markets 6.1% |
Eaton
Vance Corp. Specialty Mutual Funds |
189,337
|
8,512,592
|
Lazard
Ltd., Class A Corporate Advisory & Asset Management |
223,000
|
10,255,770
|
Total
|
|
18,768,362
|
Consumer
Finance 0.5% |
FirstCash,
Inc. Pawnbroker |
30,373
|
1,492,833
|
Total
Financials |
31,091,633
|
Health
Care 18.2% |
Biotechnology
0.6% |
Ultragenyx
Pharmaceutical, Inc.(a) Biotech Focused on "Ultra-Orphan" Drugs |
26,186
|
1,774,887
|
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
Health
Care Equipment & Supplies 10.5% |
Align
Technology, Inc.(a) Invisalign System to Correct Malocclusion (Crooked Teeth) |
107,177
|
12,294,274
|
LivaNova
PLC(a) Neuromodulation & Cardiac Devices |
174,500
|
8,552,245
|
Natus
Medical, Inc.(a) Neuro-diagnostic & Newborn Care Products |
292,500
|
11,480,625
|
Total
|
|
32,327,144
|
Health
Care Providers & Services 7.1% |
Centene
Corp.(a) Managed Care Organization |
96,000
|
6,840,960
|
HealthSouth
Corp. Inpatient Rehabilitation Facilities & Home Health Care |
357,000
|
15,283,170
|
Total
|
|
22,124,130
|
Total
Health Care |
56,226,161
|
Industrials
27.1% |
Machinery
16.6% |
Middleby
Corp. (The)(a) Manufacturer of Cooking Equipment |
84,100
|
11,475,445
|
Nordson
Corp. Dispensing Systems for Adhesives & Coatings |
26,256
|
3,225,287
|
Oshkosh
Corp. Specialty Truck Manufacturer |
142,282
|
9,759,122
|
Snap-On,
Inc. Tools |
81,500
|
13,746,605
|
Wabtec
Corp. Freight & Transit Component Supplier |
168,400
|
13,135,200
|
Total
|
|
51,341,659
|
Professional
Services 2.2% |
Robert
Half International, Inc. Temporary & Permanent Staffing in Finance, Accounting & Other Professions |
138,795
|
6,777,360
|
Road
& Rail 8.3% |
AMERCO
Parent of UHAUL |
32,000
|
12,198,080
|
JB
Hunt Transport Services, Inc. Truck & Intermodal Carrier |
145,000
|
13,302,300
|
Total
|
|
25,500,380
|
Total
Industrials |
83,619,399
|
Columbia
Acorn SelectSM | Quarterly Report 2017 |
23
|
Portfolio of Investments (continued)
Columbia Acorn SelectSM, March 31, 2017 (Unaudited)
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
Information
Technology 12.5% |
Internet
Software & Services 9.8% |
GoDaddy,
Inc., Class A(a) Website Management for Small- & Medium-sized Companies |
297,000
|
11,256,300
|
SPS
Commerce, Inc.(a) Supply Chain Management Software Delivered via the Web |
151,700
|
8,872,933
|
VeriSign,
Inc.(a) Internet Domain Registry for .COM/.NET |
115,800
|
10,087,338
|
Total
|
|
30,216,571
|
Software
2.7% |
ANSYS,
Inc.(a) Simulation Software for Engineers & Designers |
78,158
|
8,352,745
|
Total
Information Technology |
38,569,316
|
Materials
3.0% |
Chemicals
3.0% |
Axalta
Coating Systems Ltd.(a) Global Manufacturer of High Performance Coatings |
286,581
|
9,227,908
|
Total
Materials |
9,227,908
|
Real
Estate 7.6% |
Equity
Real Estate Investment Trusts (REITS) 3.6% |
Education
Realty Trust, Inc. Student Housing |
273,566
|
11,175,171
|
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
Real
Estate Management & Development 4.0% |
Jones
Lang LaSalle, Inc. Real Estate Services |
109,900
|
12,248,355
|
Total
Real Estate |
23,423,526
|
Total
Common Stocks (Cost: $243,580,102) |
301,512,514
|
|
Money
Market Funds 2.8% |
|
Shares
|
Value
($) |
JPMorgan
U.S. Government Money Market Fund, Agency Shares, 0.530%(b) |
8,785,487
|
8,785,487
|
Total
Money Market Funds (Cost: $8,785,487) |
8,785,487
|
Total
Investments (Cost $252,365,589) |
310,298,001
|
Other
Assets & Liabilities, Net |
|
(1,566,342)
|
Net
Assets |
$308,731,659
|
Notes to Portfolio of Investments
(a)
|
Non-income
producing security. |
(b)
|
The rate
shown is the seven-day current annualized yield at March 31, 2017. |
Investments are valued using policies described
in the Notes to Financial Statements in the most recent shareholder report.
At March 31, 2017, the approximate cost of
securities for federal income tax purposes and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($) |
Gross
unrealized appreciation ($) |
Gross
unrealized (depreciation) ($) |
Net
unrealized appreciation ($) |
252,366,000
|
58,672,000
|
(740,000)
|
57,932,000
|
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.
24
|
Columbia Acorn SelectSM | Quarterly Report 2017 |
Portfolio of Investments (continued)
Columbia Acorn SelectSM, March 31, 2017 (Unaudited)
Fair value measurements (continued)
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 net asset values 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 Columbia Wanger Asset Management’s Valuation Committee (the Committee) 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.
The Committee is responsible for applying the Columbia Acorn
Trust Portfolio Pricing Policy and the Columbia Wanger Asset Management pricing procedures (the Policies), which are approved by and subject to the oversight of the Board of Trustees.
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 Columbia Wanger Asset Management believes that available market quotations are unreliable. The Committee also reviews the
continuing appropriateness of the Policies. In circumstances where a security has been fair valued, the Committee will also review the continuing appropriateness of the current value of the security. 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; circumstances under which
securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Fund’s investment manager. 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 Fund’s 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 is a summary of the inputs used to value the
Fund’s investments at March 31, 2017:
|
Level
1 quoted prices in active markets for identical assets ($) |
Level
2 other significant observable inputs ($) |
Level
3 significant unobservable inputs ($) |
Total
($) |
Investments
|
|
|
|
|
Common
Stocks |
|
|
|
|
Consumer
Discretionary |
59,354,571
|
—
|
—
|
59,354,571
|
Financials
|
31,091,633
|
—
|
—
|
31,091,633
|
Health
Care |
56,226,161
|
—
|
—
|
56,226,161
|
Industrials
|
83,619,399
|
—
|
—
|
83,619,399
|
Information
Technology |
38,569,316
|
—
|
—
|
38,569,316
|
Materials
|
9,227,908
|
—
|
—
|
9,227,908
|
Real
Estate |
23,423,526
|
—
|
—
|
23,423,526
|
Total
Common Stocks |
301,512,514
|
—
|
—
|
301,512,514
|
Money
Market Funds |
8,785,487
|
—
|
—
|
8,785,487
|
Total
Investments |
310,298,001
|
—
|
—
|
310,298,001
|
There were no transfers of financial
assets between levels during the period.
Columbia
Acorn SelectSM | Quarterly Report 2017 |
25
|
Portfolio of Investments
Columbia Thermostat FundSM, March 31, 2017 (Unaudited)
(Percentages represent value of investments compared to net
assets)
Equity
Funds 9.9% |
Issuer
|
Shares
|
Value
($) |
Dividend
Income 2.0% |
Columbia
Dividend Income Fund, Class Y Shares(a),(b) |
1,010,373
|
20,500,461
|
Total
Dividend Income |
20,500,461
|
International
Small Mid Cap 2.0% |
Columbia
Acorn International, Class Y Shares(a),(b) |
492,484
|
20,551,347
|
Total
International Small Mid Cap |
20,551,347
|
U.S.
Large Cap 3.9% |
Columbia
Contrarian Core Fund, Class Y Shares(a),(b) |
840,315
|
20,503,694
|
Columbia
Large Cap Enhanced Core Fund, Class Y Shares(a),(b) |
430,175
|
10,263,981
|
Columbia
Select Large Cap Growth Fund, Class Y Shares(a),(b),(c) |
625,620
|
10,260,167
|
Total
U.S. Large Cap |
41,027,842
|
U.S.
Mid Cap 1.0% |
Columbia
Acorn Select Fund, Class Y Shares(a),(b),(c) |
632,971
|
10,311,097
|
Total
U.S. Mid Cap |
10,311,097
|
U.S.
Small Mid Cap 1.0% |
Columbia
Acorn Fund, Class Y Shares(a),(b),(c) |
601,502
|
10,297,720
|
Total
U.S. Small Mid Cap |
10,297,720
|
Total
Equity Funds (Cost: $76,307,237) |
102,688,467
|
|
Fixed-Income
Funds 89.7% |
|
|
|
High
Yield 9.0% |
Columbia
Income Opportunities Fund, Class Y Shares(a),(b) |
9,378,438
|
92,752,759
|
Total
High Yield |
92,752,759
|
Fixed-Income
Funds (continued) |
Issuer
|
Shares
|
Value
($) |
Investment
Grade 80.7% |
Columbia
Short Term Bond Fund, Class Y Shares(a),(b) |
37,187,424
|
370,386,742
|
Columbia
Total Return Bond Fund, Class Y Shares(a),(b) |
20,605,901
|
185,453,109
|
Columbia
U.S. Government Mortgage Fund, Class Y Shares(a),(b) |
34,429,427
|
185,574,612
|
Columbia
U.S. Treasury Index Fund, Class Y Shares(a),(b) |
8,372,288
|
92,681,225
|
Total
Investment Grades |
834,095,688
|
Total
Fixed-Income Funds (Cost: $925,019,115) |
926,848,447
|
|
Money
Market Funds 0.2% |
|
Shares
|
Value
($) |
JPMorgan
U.S. Government Money Market Fund, Agency Shares, 0.530%(d) |
1,796,310
|
1,796,310
|
Total
Money Market Funds (Cost: $1,796,310) |
1,796,310
|
Total
Investments (Cost $1,003,122,662) |
1,031,333,224
|
Other
Assets & Liabilities, Net |
|
1,672,159
|
Net
Assets |
$1,033,005,383
|
26
|
Columbia Thermostat FundSM | Quarterly Report 2017 |
Portfolio of Investments (continued)
Columbia Thermostat FundSM, March 31, 2017 (Unaudited)
Notes to Portfolio of Investments
(a)
|
An
affiliated person of the Fund, as defined in the Investment Company Act of 1940, 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 ended March 31, 2017, are as follows. The aggregate cost and value of these companies at March 31, 2017, was $1,001,326,352 and $1,029,536,914, respectively. Investments in affiliated companies represented 99.66% of the Fund’s
total net assets at March 31, 2017. |
Issuer
|
Beginning
shares |
Shares
purchased |
Shares
sold |
Ending
shares |
Value
($) |
Dividend
— affiliated issuers ($) |
Realized
Gain (Loss) |
Columbia
Acorn Fund, Class I Shares |
704,294
|
—
|
(704,294)
1 |
—
|
—
|
—
|
(25,299)
|
Columbia
Acorn Fund, Class Y Shares |
—
|
603,763
1 |
(2,261)
|
601,502
|
10,297,720
|
—
|
(55)
|
Columbia
Acorn International, Class I Shares |
587,054
|
—
|
(587,054)
1 |
—
|
—
|
—
|
393,821
|
Columbia
Acorn International, Class Y Shares |
—
|
498,603
1 |
(6,119)
|
492,484
|
20,551,347
|
—
|
38,719
|
Columbia
Acorn Select Fund, Class Y Shares |
—
|
636,285
1 |
(3,314)
|
632,971
|
10,311,097
|
—
|
5,264
|
Columbia
Acorn Select, Class I Shares |
738,151
|
—
|
(738,151)
1 |
—
|
—
|
—
|
94,331
|
Columbia
Contrarian Core Fund, Class I Shares |
966,230
|
—
|
(966,230)
1 |
—
|
—
|
—
|
428,649
|
Columbia
Contrarian Core Fund, Class Y Shares |
—
|
844,962
1 |
(4,647)
|
840,315
|
20,503,694
|
—
|
22,683
|
Columbia
Dividend Income Fund, Class I Shares |
1,141,969
|
5,458
|
(1,147,427)
1 |
—
|
—
|
109,213
|
347,840
|
Columbia
Dividend Income Fund, Class Y Shares |
—
|
1,011,859
1 |
(1,486)
|
1,010,373
|
20,500,461
|
—
|
(6)
|
Columbia
Income Opportunities Fund, Class I Shares |
10,148,993
|
79,762
|
(10,228,755)
1 |
—
|
—
|
1,094,168
|
125,579
|
Columbia
Income Opportunities Fund, Class Y Shares |
—
|
9,530,559
1 |
(152,121)
|
9,378,438
|
92,752,759
|
86,964
|
43,997
|
Columbia
Large Cap Enhanced Core Fund, Class Y Shares |
—
|
433,292
1 |
(3,117)
|
430,175
|
10,263,981
|
—
|
15,641
|
Columbia
Large Cap Enhanced Core Fund, Class I Shares |
483,277
|
—
|
(483,277)
1 |
—
|
—
|
—
|
295,597
|
Columbia
Select Large Cap Growth Fund, Class I Shares |
788,763
|
—
|
(788,763)
1 |
—
|
—
|
—
|
285,040
|
Columbia
Select Large Cap Growth Fund, Class Y Shares |
—
|
636,956
1 |
(11,336)
|
625,620
|
10,260,167
|
—
|
33,917
|
Columbia
Short Term Bond Fund, Class I Shares |
39,832,272
|
90,204
|
(39,922,476)
1 |
—
|
—
|
1,260,302
|
(44,802)
|
Columbia
Short Term Bond Fund, Class Y Shares |
—
|
37,380,587
1 |
(193,163)
|
37,187,424
|
370,386,742
|
103,506
|
(6,970)
|
Columbia
Total Return Bond Fund, Class I Shares |
22,201,461
|
102,335
|
(22,303,796)
1 |
—
|
—
|
1,254,651
|
(228,265)
|
Columbia
Total Return Bond Fund, Class Y Shares |
—
|
20,715,438
1 |
(109,537)
|
20,605,901
|
185,453,109
|
105,269
|
(7,402)
|
Columbia
U.S. Government Mortgage Fund, Class I Shares |
36,866,439
|
145,269
|
(37,011,708)
1 |
—
|
—
|
1,096,479
|
(294,353)
|
Columbia
U.S. Government Mortgage Fund, Class Y Shares |
—
|
34,580,946
1 |
(151,519)
|
34,429,427
|
185,574,612
|
88,656
|
(11,223)
|
Columbia
U.S. Treasury Index Fund, Class I Shares |
9,050,066
|
21,032
|
(9,071,098)
1 |
—
|
—
|
324,653
|
(216,893)
|
Columbia
U.S. Treasury Index Fund, Class Y Shares |
—
|
8,411,937
1 |
(39,649)
|
8,372,288
|
92,681,225
|
26,661
|
(12,641)
|
Total
of Affiliated Transactions |
123,508,969
|
115,729,247
|
(124,631,298)
|
114,606,918
|
1,029,536,914
|
5,550,522
|
1,283,169
|
1 |
Includes
the effect of underlying share class exchange. |
(b)
|
Includes
the effect of underlying share class exchange. |
(c)
|
Non-income producing
security. |
(d)
|
The rate
shown is the seven-day current annualized yield at March 31, 2017. |
Columbia
Thermostat FundSM | Quarterly Report 2017 |
27
|
Portfolio of Investments (continued)
Columbia Thermostat FundSM, March 31, 2017 (Unaudited)
Notes to Portfolio of Investments (continued)
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
At March 31, 2017, the approximate cost of securities for federal
income tax purposes and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($) |
Gross
unrealized appreciation ($) |
Gross
unrealized (depreciation) ($) |
Net
unrealized appreciation ($) |
1,003,123,000
|
31,179,000
|
(2,969,000)
|
28,210,000
|
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 net asset values are published each day.
The Committee is responsible for applying the Columbia Acorn
Trust Portfolio Pricing Policy and the Columbia Wanger Asset Management pricing procedures (the Policies), which are approved by and subject to the oversight of the Board of Trustees.
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 Columbia Wanger Asset Management believes that available market quotations are unreliable. The Committee also reviews the
continuing appropriateness of the Policies. In circumstances where a security has been fair valued, the Committee will also review the continuing appropriateness of the current value of the security. 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; circumstances under which
securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Fund’s investment manager. 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 Fund’s 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 is a summary of the inputs used to value
the Fund’s investments at March 31, 2017:
|
Level
1 quoted prices in active markets for identical assets ($) |
Level
2 other significant observable inputs ($) |
Level
3 significant unobservable inputs ($) |
Total
($) |
Investments
|
|
|
|
|
Equity
Funds |
102,688,467
|
—
|
—
|
102,688,467
|
Fixed-Income
Funds |
926,848,447
|
—
|
—
|
926,848,447
|
Money
Market Funds |
1,796,310
|
—
|
—
|
1,796,310
|
Total
Investments |
1,031,333,224
|
—
|
—
|
1,031,333,224
|
There were no transfers of financial
assets between levels during the period.
28
|
Columbia Thermostat FundSM | Quarterly Report 2017 |
Portfolio of Investments
Columbia Acorn Emerging Markets FundSM, March 31, 2017 (Unaudited)
(Percentages represent value of investments compared to net
assets)
Common
Stocks 98.7% |
Issuer
|
Shares
|
Value
($) |
Brazil
2.0% |
Raia
Drogasil SA Dominant Drugstore Chain in Brazil |
109,000
|
2,053,194
|
Cambodia
2.2% |
NagaCorp
Ltd. Casino & Entertainment Complex in Cambodia |
4,056,000
|
2,317,909
|
Cayman
Islands 3.2% |
Bitauto
Holdings Ltd., ADR(a) Automotive Information Website for Buyers & Dealers |
59,444
|
1,522,361
|
Silicon
Motion Technology Corp., ADR Storage Controller IC Designer |
38,748
|
1,811,469
|
Total
|
3,333,830
|
China
8.0% |
51job,
Inc., ADR(a) Integrated Human Resource Services |
59,912
|
2,196,374
|
China
Medical System Holdings Ltd. Pharmaceutical & Medical Products |
808,000
|
1,433,442
|
New
Oriental Education & Technology Group, Inc., ADR(a) Education Service Provider |
44,000
|
2,656,720
|
TravelSky
Technology Ltd., Class H Chinese Air Travel Transaction Processor |
836,000
|
1,975,368
|
Total
|
8,261,904
|
Finland
1.3% |
Tikkurila
OYJ Decorative & Industrial Paint in Scandinavia, Central & Eastern Europe |
68,395
|
1,386,312
|
Hong
Kong 3.7% |
Value
Partners Group Ltd. Mutual Fund Management |
1,259,000
|
1,200,001
|
Vitasoy
International Holdings Ltd. Hong Kong Soy Food Brand |
1,337,000
|
2,657,754
|
Total
|
3,857,755
|
India
18.6% |
Amara
Raja Batteries Ltd. Indian Maker of Auto & Industrial Batteries, Mostly for the Replacement Market |
162,667
|
2,229,846
|
Credit
Analysis & Research Ltd. Credit Rating Agency in India |
171,000
|
4,455,942
|
GRUH
Finance Ltd. Rural & Small Town Mortgage & Home Equity Lending in India |
594,074
|
3,621,718
|
TVS
Motor Co., Ltd. Indian Maker of Scooters, Mopeds, Motorcycles & Three-wheelers |
449,523
|
2,982,508
|
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
United
Breweries Ltd. Indian Brewer |
139,000
|
1,649,843
|
Zee
Entertainment Enterprises Ltd. Indian Programmer of Pay Television Content |
535,472
|
4,415,785
|
Total
|
19,355,642
|
Indonesia
8.5% |
PT
Link Net Tbk Fixed Broadband & CATV Service Provider |
6,900,000
|
2,809,088
|
PT
Matahari Department Store Tbk Department Store Chain in Indonesia |
1,400,000
|
1,384,420
|
PT
Media Nusantara Citra Tbk Media Company in Indonesia |
18,200,000
|
2,525,674
|
PT
Tower Bersama Infrastructure Tbk Communications Towers |
5,100,000
|
2,086,248
|
Total
|
8,805,430
|
Mexico
6.4% |
Grupo
Aeroportuario del Centro Norte SAB de CV Northern Mexican Airport Operator |
441,000
|
2,388,698
|
Qualitas
Controladora SAB de CV Auto Insurer in Mexico & Central America |
2,575,000
|
4,212,755
|
Total
|
6,601,453
|
Philippines
3.1% |
Melco
Crown Philippines Resorts Corp.(a) Integrated Resort Operator in Manila |
9,000,000
|
1,197,954
|
Puregold
Price Club, Inc. Supermarket Operator in the Philippines |
1,710,000
|
1,489,327
|
RFM
Corp. Flour, Bread, Pasta & Ice Cream Manufacturer/Distributor in the Philippines |
5,187,000
|
496,245
|
Total
|
3,183,526
|
Poland
1.8% |
Wawel
SA Chocolate & Confectionery Maker in Poland |
7,368
|
1,913,670
|
Russian
Federation 1.6% |
X5
Retail Group NV GDR, Registered Shares(a),(b) Russian Grocery Retailer |
48,000
|
1,615,200
|
South
Africa 6.5% |
Clicks
Group Ltd. South African Drugstore |
68,987
|
658,696
|
Coronation
Fund Managers Ltd. South African Fund Manager |
244,885
|
1,154,311
|
Famous
Brands Ltd. Quick Service Restaurant & Cafe Franchise System in Africa |
192,936
|
2,240,668
|
Columbia
Acorn Emerging Markets FundSM | Quarterly Report 2017 |
29
|
Portfolio of Investments (continued)
Columbia Acorn Emerging Markets FundSM, March 31, 2017 (Unaudited)
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
Rand
Merchant Investment Holdings Ltd. Directly Sold Property & Casualty Insurance; Holdings in Other Insurers |
882,911
|
2,717,915
|
Total
|
6,771,590
|
South
Korea 12.8% |
Koh
Young Technology, Inc. Inspection Systems for Printed Circuit Boards |
87,387
|
4,007,731
|
Korea
Investment Holdings Co., Ltd. Brokerage & Asset Management |
62,876
|
2,649,850
|
Medy-Tox,
Inc. Botulinum Toxin ("Botox") & Dermal Fillers |
5,449
|
2,255,960
|
Modetour
Network, Inc. Travel Services |
91,305
|
3,155,628
|
Yuhan
Corp. Pharmaceutical Manufacturing & Distribution |
6,150
|
1,224,135
|
Total
|
13,293,304
|
Spain
1.2% |
Prosegur
Cia de Seguridad SA, Registered Shares Security Guards |
200,000
|
1,203,350
|
Sweden
2.0% |
Millicom
International Cellular SA, SDR Telecoms Operator in Latin America & Africa |
37,336
|
2,082,081
|
Taiwan
10.1% |
Advantech
Co., Ltd. Industrial PC & Components |
166,988
|
1,397,903
|
Basso
Industry Corp. Pneumatic Power Tool Maker |
362,000
|
1,100,100
|
Largan
Precision Co., Ltd. Mobile Device Camera Lenses & Modules |
16,000
|
2,519,999
|
Silergy
Corp. Chinese Provider of Analog & Mixed Digital Integrated Circuits |
210,000
|
3,875,070
|
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
Voltronic
Power Technology Corp. Uninterruptible Power Supply Products & Solar Inverters |
116,000
|
1,548,323
|
Total
|
10,441,395
|
Thailand
3.1% |
Home
Product Center PCL, Foreign Registered Shares Home Improvement Retailer |
3,838,000
|
1,077,630
|
Samui
Airport Property Fund Leasehold Thai Airport Operator |
3,033,100
|
2,100,772
|
Total
|
3,178,402
|
Turkey
2.6% |
Logo
Yazilim Sanayi Ve Ticaret AS(a) Enterprise Resource Planning (ERP) Software for Small-midsized Companies
|
178,000
|
2,735,297
|
Total
Common Stocks (Cost: $86,983,275) |
102,391,244
|
|
Money
Market Funds 1.7% |
|
Shares
|
Value
($) |
JPMorgan
U.S. Government Money Market Fund, IM Shares, 0.635%(c) |
1,761,638
|
1,761,638
|
Total
Money Market Funds (Cost: $1,761,638) |
1,761,638
|
Total
Investments (Cost: $88,744,913) |
104,152,882
|
Other
Assets & Liabilities, Net |
|
(374,864)
|
Net
Assets |
$103,778,018
|
Notes to Portfolio of Investments
(a)
|
Non-income
producing security. |
(b)
|
Represents privately
placed and other securities and instruments exempt from SEC registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest
in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund’s Board of Trustees. At March 31, 2017, the value of these
securities amounted to $1,615,200 or 1.56% of net assets. |
(c)
|
The rate
shown is the seven-day current annualized yield at March 31, 2017. |
Abbreviation Legend
ADR
|
American
Depositary Receipt |
GDR
|
Global
Depositary Receipt |
SDR
|
Swedish
Depositary Receipt |
30
|
Columbia Acorn Emerging
Markets FundSM | Quarterly Report 2017 |
Portfolio of Investments (continued)
Columbia Acorn Emerging Markets FundSM, March 31, 2017 (Unaudited)
Investments are valued using policies described in the Notes
to Financial Statements in the most recent shareholder report.
At March 31, 2017, the approximate cost of securities for
federal income tax purposes and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($) |
Gross
unrealized appreciation ($) |
Gross
unrealized (depreciation) ($) |
Net
unrealized appreciation ($) |
88,745,000
|
19,750,000
|
(4,342,000)
|
15,408,000
|
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 net asset values 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 Columbia Wanger Asset Management’s Valuation Committee (the Committee) 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.
The Committee is responsible for applying the Columbia Acorn
Trust Portfolio Pricing Policy and the Columbia Wanger Asset Management pricing procedures (the Policies), which are approved by and subject to the oversight of the Board of Trustees.
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 Columbia Wanger Asset Management believes that available market quotations are unreliable. The Committee also reviews the
continuing appropriateness of the Policies. In circumstances where a security has been fair valued, the Committee will also review the continuing appropriateness of the current value of the security. 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; circumstances under which
securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Fund’s investment manager. 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 Fund’s 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 is a summary of the inputs used to value
the Fund’s investments at March 31, 2017:
|
Level
1 quoted prices in active markets for identical assets ($) |
Level
2 other significant observable inputs ($) |
Level
3 significant unobservable inputs ($) |
Total
($) |
Investments
|
|
|
|
|
Common
Stocks |
|
|
|
|
Brazil
|
2,053,194
|
—
|
—
|
2,053,194
|
Cambodia
|
—
|
2,317,909
|
—
|
2,317,909
|
Cayman
Islands |
3,333,830
|
—
|
—
|
3,333,830
|
China
|
4,853,094
|
3,408,810
|
—
|
8,261,904
|
Finland
|
—
|
1,386,312
|
—
|
1,386,312
|
Hong
Kong |
—
|
3,857,755
|
—
|
3,857,755
|
India
|
—
|
19,355,642
|
—
|
19,355,642
|
Indonesia
|
—
|
8,805,430
|
—
|
8,805,430
|
Mexico
|
6,601,453
|
—
|
—
|
6,601,453
|
Philippines
|
—
|
3,183,526
|
—
|
3,183,526
|
Poland
|
—
|
1,913,670
|
—
|
1,913,670
|
Russian
Federation |
—
|
1,615,200
|
—
|
1,615,200
|
South
Africa |
—
|
6,771,590
|
—
|
6,771,590
|
South
Korea |
—
|
13,293,304
|
—
|
13,293,304
|
Spain
|
—
|
1,203,350
|
—
|
1,203,350
|
Sweden
|
—
|
2,082,081
|
—
|
2,082,081
|
Columbia
Acorn Emerging Markets FundSM | Quarterly Report 2017 |
31
|
Portfolio of Investments (continued)
Columbia Acorn Emerging Markets FundSM, March 31, 2017 (Unaudited)
Fair value measurements (continued)
|
Level
1 quoted prices in active markets for identical assets ($) |
Level
2 other significant observable inputs ($) |
Level
3 significant unobservable inputs ($) |
Total
($) |
Taiwan
|
—
|
10,441,395
|
—
|
10,441,395
|
Thailand
|
—
|
3,178,402
|
—
|
3,178,402
|
Turkey
|
—
|
2,735,297
|
—
|
2,735,297
|
Total
Common Stocks |
16,841,571
|
85,549,673
|
—
|
102,391,244
|
Money
Market Funds |
1,761,638
|
—
|
—
|
1,761,638
|
Total
Investments |
18,603,209
|
85,549,673
|
—
|
104,152,882
|
The Fund’s assets assigned to
the Level 2 input category are generally valued using a market approach, in which a security’s value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Foreign
equities are generally valued at the last sale price on the foreign exchange or market on which they trade. The Fund may use a statistical fair valuation model, in accordance with the policy adopted by the Board, provided by an independent third
party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. These models take into account available market data
including intraday index, ADR, and ETF movements.
There
were no transfers of financial assets between levels during the period.
32
|
Columbia Acorn Emerging
Markets FundSM | Quarterly Report 2017 |
Portfolio of Investments
Columbia Acorn European FundSM, March 31, 2017 (Unaudited)
(Percentages represent value of investments compared to net
assets)
Common
Stocks 96.1% |
Issuer
|
Shares
|
Value
($) |
Belgium
1.6% |
Melexis
NV Analog & Custom Integrated Circuit Designer |
9,217
|
798,513
|
Denmark
5.8% |
SimCorp
AS Software for Investment Managers |
29,125
|
1,754,116
|
William
Demant Holding AS(a) Manufacture & Distribution of Hearing Aids & Diagnostic Equipment |
52,898
|
1,105,202
|
Total
|
2,859,318
|
Finland
6.1% |
Munksjo
OYJ Specialty Paper Maker |
56,522
|
840,549
|
Munksjo
OYJ(b) Specialty Paper Maker |
68,560
|
1,021,439
|
Tikkurila
OYJ Decorative & Industrial Paint in Scandinavia, Central & Eastern Europe |
57,748
|
1,170,506
|
Total
|
3,032,494
|
France
5.8% |
Akka
Technologies Engineering Consultancy |
36,969
|
1,687,969
|
Elior
Group(c),(d) Contract Caterer & Travel Concessionary |
30,926
|
701,571
|
Eurofins
Scientific SE Food, Pharmaceuticals & Materials Screening & Testing |
1,072
|
466,421
|
Total
|
2,855,961
|
Germany
14.5% |
AURELIUS
Equity Opportunities SE & Co. KGaA(d) European Turnaround Investor |
20,200
|
877,274
|
Deutsche
Beteiligungs AG Private Equity Investment Management |
14,500
|
492,675
|
Fielmann
AG Retail Optician Chain |
7,724
|
596,903
|
MTU
Aero Engines AG Airplane Engine Components & Services |
9,170
|
1,192,982
|
Nemetschek
SE Software for Real Estate Design, Construction, & Management |
9,000
|
539,875
|
Norma
Group SE Clamps for Automotive & Industrial Applications |
11,000
|
520,380
|
Rational
AG Commercial Ovens |
1,080
|
502,968
|
Stroeer
SE & Co. KGaA(d) Out of Home & Online Advertising |
10,000
|
556,656
|
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
Wirecard
AG(d) Online Payment Processing & Risk Management |
34,010
|
1,883,029
|
Total
|
7,162,742
|
Italy
4.1% |
Brembo
SpA High Performance Auto Braking Systems Supplier |
10,622
|
785,843
|
Industria
Macchine Automatiche SpA Food & Drugs Packaging & Machinery |
15,092
|
1,228,441
|
Total
|
2,014,284
|
Malta
4.0% |
Kindred
Group PLC European Online Gaming Operator |
189,040
|
1,959,882
|
Netherlands
2.3% |
Aalberts
Industries NV Flow Control & Heat Treatment |
30,701
|
1,146,314
|
Norway
2.8% |
Atea
ASA Nordic IT Hardware/Software Reseller & Integrator |
118,307
|
1,391,653
|
Poland
0.9% |
Wawel
SA Chocolate & Confectionery Maker in Poland |
1,812
|
470,626
|
Spain
5.0% |
Bolsas
y Mercados Españoles SHMSF SA Spanish Stock Markets |
16,000
|
530,839
|
Hispania
Activos Inmobiliarios SOCIMI SA Real Estate Investment Trust |
40,000
|
574,792
|
Prosegur
Cia de Seguridad SA, Registered Shares Security Guards |
74,501
|
448,254
|
Viscofan
SA Sausage Casings Maker |
18,185
|
940,209
|
Total
|
2,494,094
|
Sweden
8.3% |
Byggmax
Group AB Nordic Discount DIY Retail Chain |
77,000
|
528,477
|
NetEnt
AB Leading Nordic Provider of Online Casino Games |
4,307
|
34,608
|
Recipharm
AB, B Shares(a),(d) Contract Development Manufacturing Organization |
84,554
|
1,172,441
|
Sweco
AB, Class B Engineering Consultants |
59,867
|
1,364,281
|
Columbia
Acorn European FundSM | Quarterly Report 2017 |
33
|
Portfolio of Investments (continued)
Columbia Acorn European FundSM, March 31, 2017 (Unaudited)
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
Trelleborg
AB, Class B Manufacturer of Sealing, Dampening & Protective Solutions for Industry |
47,952
|
1,026,933
|
Total
|
4,126,740
|
Switzerland
4.7% |
Inficon
Holding AG Gas Detection Instruments |
1,339
|
664,387
|
Partners
Group Holding AG Private Markets Asset Management |
3,077
|
1,654,235
|
Total
|
2,318,622
|
Turkey
1.1% |
Logo
Yazilim Sanayi Ve Ticaret AS(a) Enterprise Resource Planning (ERP) Software for Small-midsized Companies
|
36,000
|
553,206
|
United
Kingdom 29.1% |
Abcam
PLC Online Sales of Antibodies |
84,647
|
875,478
|
Assura
PLC UK Primary Health Care Property REIT |
1,050,863
|
761,669
|
Big
Yellow Group PLC UK Self Storage |
90,309
|
826,547
|
Connect
Group PLC Newspaper & Magazine Distributor |
440,355
|
743,444
|
Croda
International PLC Oleo-chemicals & Industrial Chemicals |
14,411
|
643,500
|
Domino’s
Pizza Group PLC Pizza Delivery in the UK, Ireland & Switzerland |
151,324
|
585,466
|
DS
Smith PLC Packaging |
170,000
|
924,603
|
Halma
PLC Health & Safety Sensor Technology |
126,231
|
1,619,506
|
Hastings
Group Holdings PLC(c) General Insurance Provider |
325,297
|
1,104,093
|
LivaNova
PLC(a) Neuromodulation & Cardiac Devices |
13,451
|
659,233
|
Ocado
Group PLC(a),(d) Online Grocery Retailer |
144,538
|
436,431
|
Common
Stocks (continued) |
Issuer
|
Shares
|
Value
($) |
Polypipe
Group PLC Manufacturer of Plastic Piping & Fittings |
117,385
|
560,343
|
Rentokil
Initial PLC Pest Control, Washroom & Workwear Service Provider |
321,679
|
994,279
|
Rightmove
PLC Internet Real Estate Listings |
26,655
|
1,331,835
|
Shaftesbury
PLC London Prime Retail REIT |
94,669
|
1,085,289
|
Spirax-Sarco
Engineering PLC Steam Systems & Pumps for Manufacturing & Process Industries |
7,606
|
454,465
|
WH
Smith PLC Newsprint, Books & General Stationery Retailer |
35,782
|
794,859
|
Total
|
14,401,040
|
Total
Common Stocks (Cost: $37,723,637) |
47,585,489
|
|
Securities
Lending Collateral 2.9% |
|
Shares
|
Value
($) |
Dreyfus
Government Cash Management Fund, Institutional Shares, 0.670%(e),(f) |
1,426,583
|
1,426,583
|
Total
Securities Lending Collateral (Cost: $1,426,583) |
1,426,583
|
|
Money
Market Funds 2.8% |
|
|
|
JPMorgan
U.S. Government Money Market Fund, IM Shares, 0.635%(e) |
1,406,996
|
1,406,996
|
Total
Money Market Funds (Cost: $1,406,996) |
1,406,996
|
Total
Investments (Cost: $40,557,216) |
50,419,068
|
Obligation
to Return Collateral for Securities Loaned |
|
(1,426,583)
|
Other
Assets & Liabilities, Net |
|
521,455
|
Net
Assets |
$49,513,940
|
Notes to Portfolio of Investments
(a)
|
Non-income
producing security. |
(b)
|
Security
is traded on a Swedish exchange. |
(c)
|
Represents privately
placed and other securities and instruments exempt from SEC registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest
in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund’s Board of Trustees. At March 31, 2017, the value of these
securities amounted to $1,805,664 or 3.65% of net assets. |
(d)
|
All or a
portion of this security was on loan at March 31, 2017. The total market value of securities on loan at March 31, 2017 was $1,325,480. |
34
|
Columbia Acorn European FundSM | Quarterly Report 2017 |
Portfolio of Investments (continued)
Columbia Acorn European FundSM, March 31, 2017 (Unaudited)
Notes to Portfolio of Investments (continued)
(e)
|
The rate
shown is the seven-day current annualized yield at March 31, 2017. |
(f)
|
Investment
made with cash collateral received from securities lending activity. |
Investments are valued using policies described in the Notes
to Financial Statements in the most recent shareholder report.
At March 31, 2017, the approximate cost of securities for federal
income tax purposes and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($) |
Gross
unrealized appreciation ($) |
Gross
unrealized (depreciation) ($) |
Net
unrealized appreciation ($) |
40,557,000
|
10,799,000
|
(937,000)
|
9,862,000
|
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 net asset values 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 Columbia Wanger Asset Management’s Valuation Committee (the Committee) 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.
The Committee is responsible for applying the Columbia Acorn
Trust Portfolio Pricing Policy and the Columbia Wanger Asset Management pricing procedures (the Policies), which are approved by and subject to the oversight of the Board of Trustees.
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 Columbia Wanger Asset Management believes that available market quotations are unreliable. The Committee also reviews the
continuing appropriateness of the Policies. In circumstances where a security has been fair valued, the Committee will also review the continuing appropriateness of the current value of the security. 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; circumstances under which
securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Fund’s investment manager. 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 Fund’s 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 is a summary of the inputs used to value
the Fund’s investments at March 31, 2017:
|
Level
1 quoted prices in active markets for identical assets ($) |
Level
2 other significant observable inputs ($) |
Level
3 significant unobservable inputs ($) |
Total
($) |
Investments
|
|
|
|
|
Common
Stocks |
|
|
|
|
Belgium
|
—
|
798,513
|
—
|
798,513
|
Denmark
|
—
|
2,859,318
|
—
|
2,859,318
|
Finland
|
—
|
3,032,494
|
—
|
3,032,494
|
France
|
—
|
2,855,961
|
—
|
2,855,961
|
Germany
|
—
|
7,162,742
|
—
|
7,162,742
|
Italy
|
—
|
2,014,284
|
—
|
2,014,284
|
Malta
|
—
|
1,959,882
|
—
|
1,959,882
|
Netherlands
|
—
|
1,146,314
|
—
|
1,146,314
|
Norway
|
—
|
1,391,653
|
—
|
1,391,653
|
Poland
|
—
|
470,626
|
—
|
470,626
|
Columbia
Acorn European FundSM | Quarterly Report 2017 |
35
|
Portfolio of Investments (continued)
Columbia Acorn European FundSM, March 31, 2017 (Unaudited)
Fair value measurements (continued)
|
Level
1 quoted prices in active markets for identical assets ($) |
Level
2 other significant observable inputs ($) |
Level
3 significant unobservable inputs ($) |
Total
($) |
Spain
|
—
|
2,494,094
|
—
|
2,494,094
|
Sweden
|
—
|
4,126,740
|
—
|
4,126,740
|
Switzerland
|
—
|
2,318,622
|
—
|
2,318,622
|
Turkey
|
—
|
553,206
|
—
|
553,206
|
United
Kingdom |
659,233
|
13,741,807
|
—
|
14,401,040
|
Total
Common Stocks |
659,233
|
46,926,256
|
—
|
47,585,489
|
Securities
Lending Collateral |
1,426,583
|
—
|
—
|
1,426,583
|
Money
Market Funds |
1,406,996
|
—
|
—
|
1,406,996
|
Total
Investments |
3,492,812
|
46,926,256
|
—
|
50,419,068
|
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 during the period.
36
|
Columbia Acorn European FundSM | Quarterly Report 2017 |
Item 2. Controls and Procedures.
|
(a) |
The registrants principal executive officer and principal financial officer, based on their evaluation of the registrants 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 information required to be disclosed by the registrant in Form N-Q is accumulated and communicated to the registrants 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 registrants internal control over financial reporting that occurred during the registrants last fiscal quarter that has materially affected, or is reasonably likely to materially
affect, the registrants internal control over financial reporting. |
Item 3. Exhibits.
Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
(registrant)
Columbia Acorn
Trust
By (Signature and
Title) /s/ P. Zachary
Egan
P. Zachary Egan, President and Principal Executive Officer
Date
May 23,
2017
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/ P. Zachary
Egan
P. Zachary Egan, President and Principal Executive Officer
Date
May 23,
2017
By (Signature and
Title) /s/ John M.
Kunka
John M. Kunka, Treasurer and Principal Accounting and Financial Officer
Date
May 23,
2017