0001193125-17-274236.txt : 20170831 0001193125-17-274236.hdr.sgml : 20170831 20170831150939 ACCESSION NUMBER: 0001193125-17-274236 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 29 CONFORMED PERIOD OF REPORT: 20170630 FILED AS OF DATE: 20170831 DATE AS OF CHANGE: 20170831 EFFECTIVENESS DATE: 20170831 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA ACORN TRUST CENTRAL INDEX KEY: 0000002110 IRS NUMBER: 362692100 STATE OF INCORPORATION: MA FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-01829 FILM NUMBER: 171063227 BUSINESS ADDRESS: STREET 1: 227 W MONROE STE 3000 CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3126349200 MAIL ADDRESS: STREET 1: 227 W MONROE STE 3000 CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: LIBERTY ACORN TRUST DATE OF NAME CHANGE: 20010424 FORMER COMPANY: FORMER CONFORMED NAME: ACORN INVESTMENT TRUST DATE OF NAME CHANGE: 19940204 FORMER COMPANY: FORMER CONFORMED NAME: ACORN FUND INC DATE OF NAME CHANGE: 19920703 0000002110 S000009184 Columbia Acorn Fund C000024954 Columbia Acorn Fund Class A LACAX C000024956 Columbia Acorn Fund Class C LIACX C000024957 Columbia Acorn Fund Class Z ACRNX C000122735 Columbia Acorn Fund Class R4 CEARX C000122736 Columbia Acorn Fund Class R5 CRBRX C000122737 Columbia Acorn Fund Class Y CRBYX 0000002110 S000009185 Columbia Acorn International C000024958 Columbia Acorn International Class A LAIAX C000024959 Columbia Acorn International Class B LIABX C000024960 Columbia Acorn International Class C LAICX C000024961 Columbia Acorn International Class Z ACINX C000097732 Columbia Acorn International Class R CACRX C000097733 Columbia Acorn International Class R5 CAIRX C000122738 Columbia Acorn International Class R4 CCIRX C000122739 Columbia Acorn International Class Y CCYIX 0000002110 S000009186 Columbia Acorn USA C000024962 Columbia Acorn USA Class A LAUAX C000024964 Columbia Acorn USA Class C LAUCX C000024965 Columbia Acorn USA Class Z AUSAX C000122740 Columbia Acorn USA Class R4 CUSAX C000122741 Columbia Acorn USA Class R5 CYSRX C000122742 Columbia Acorn USA Class Y CUSYX 0000002110 S000009187 Columbia Acorn Select C000024966 Columbia Acorn Select Class A LTFAX C000024968 Columbia Acorn Select Class C LTFCX C000024969 Columbia Acorn Select Class Z ACTWX C000122743 Columbia Acorn Select Class R4 CSSRX C000122744 Columbia Acorn Select Class R5 CSLRX C000122745 Columbia Acorn Select Class Y CSLYX 0000002110 S000009188 Columbia Acorn International Select C000024970 Columbia Acorn International Select Class A LAFAX C000024972 Columbia Acorn International Select Class C LFFCX C000024973 Columbia Acorn International Select Class Z ACFFX C000122746 Columbia Acorn International Select Class R5 CRIRX C000122747 Columbia Acorn International Select Class Y CSIRX C000122748 Columbia Acorn International Select Class R4 CILRX 0000002110 S000009189 Columbia Thermostat Fund C000024974 Columbia Thermostat Fund Class A CTFAX C000024976 Columbia Thermostat Fund Class C CTFDX C000024977 Columbia Thermostat Fund Class Z COTZX C000122749 Columbia Thermostat Fund Class R4 CTORX C000122750 Columbia Thermostat Fund Class R5 CQTRX C000122751 Columbia Thermostat Fund Class Y CYYYX 0000002110 S000033621 Columbia Acorn European Fund C000103324 Columbia Acorn European Fund Class A CAEAX C000103325 Columbia Acorn European Fund Class C CAECX C000103327 Columbia Acorn European Fund Class Z CAEZX C000122752 Columbia Acorn European Fund Class R5 CAEEX C000144049 Columbia Acorn European Fund Class R4 CLOFX C000171393 Columbia Acorn European Fund Class Y CAEYX 0000002110 S000033622 Columbia Acorn Emerging Markets Fund C000103328 Columbia Acorn Emerging Markets Fund Class A CAGAX C000103329 Columbia Acorn Emerging Markets Fund Class C CGMCX C000103331 Columbia Acorn Emerging Markets Fund Class Z CEFZX C000122753 Columbia Acorn Emerging Markets Fund Class R4 CAERX C000122754 Columbia Acorn Emerging Markets Fund Class R5 CANRX C000128887 Columbia Acorn Emerging Markets Fund Class Y CPHRX N-CSRS 1 d312545dncsrs.htm COLUMBIA ACORN TRUST COLUMBIA ACORN TRUST
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number 811-01829

 

 

Columbia Acorn Trust

(Exact name of registrant as specified in charter)

 

 

227 W. Monroe Street

Suite 3000

Chicago, IL 60606

(Address of principal executive offices) (Zip code)

 

 

Mary C. Moynihan

Perkins Coie LLP

700 13th Street, NW

Suite 600

Washington, DC 20005

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)

 

 

Registrant’s telephone number, including area code: (312) 634-9200

Date of fiscal year end: December 31

Date of reporting period: June 30, 2017

 

 

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

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

 

 

 


Table of Contents

Item 1. Reports to Stockholders.


Table of Contents
SemiAnnual Report
June 30, 2017
Columbia Acorn® Fund
Columbia Acorn International®
Columbia Acorn USA®
Columbia Acorn International SelectSM
Columbia Acorn SelectSM
Columbia Thermostat FundSM
Columbia Acorn Emerging Markets FundSM
Columbia Acorn European FundSM
Not FDIC Insured • No bank guarantee • May lose value


Table of Contents
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Not part of the shareholder report    CT-MK/113388 A (02/17) 5JA9/1705026


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Columbia Acorn Family of Funds   |  Semiannual Report 2017


Table of Contents
Fund at a glance
Columbia Acorn® Fund (Unaudited)
Investment objective
Columbia Acorn® Fund (the Fund) seeks long-term capital appreciation.
Portfolio management
P. Zachary Egan, CFA
Co-manager
With Fund since 1999
Matthew A. Litfin, CFA
Co-manager
With Fund since 2015
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2017 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average annual total returns (%) (for the period ended June 30, 2017)
    Inception 6 Months
cumulative
1 Year 5 Years 10 Years Life
Class A Excluding sales charges 10/16/00 12.27 24.02 11.40 6.28 13.88
  Including sales charges   5.84 16.89 10.08 5.65 13.74
Class C Excluding sales charges 10/16/00 11.84 23.14 10.60 5.49 13.02
  Including sales charges   10.84 22.35 10.60 5.49 13.02
Class R4 11/08/12 12.37 24.25 11.64 6.55 14.24
Class R5 11/08/12 12.34 24.29 11.73 6.60 14.25
Class Y 11/08/12 12.33 24.35 11.78 6.62 14.26
Class Z 06/10/70 12.35 24.24 11.71 6.58 14.25
Russell 2500 Growth Index   10.63 21.44 14.33 8.18 N/A
Performance numbers reflect all Fund expenses. Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the maximum contingent deferred sales charge of 1.00% for the first year after purchase. The Fund’s other classes are not subject to sales charges, but may be subject to other fees and expenses, and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and certain fees and expenses associated with each class.
As stated in the May 1, 2017, prospectus, the Fund’s annual operating expense ratio is 0.86% for Class Z shares and 1.11% for Class A shares.
All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results may reflect the effect of any fee waivers or reimbursements of Fund expenses by the investment manager and/or any of its affiliates. Absent these fee waivers and/or expense reimbursement arrangements, performance results may have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting investor.columbiathreadneedleus.com or calling 800.922.6769.
The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit investor.columbiathreadneedleus.com/investment-products/mutual-funds/appended-performance for more information.
Effective May 1, 2017, the Fund compares its performance to that of the Russell 2500 Growth Index. Prior to this date, the Fund compared its performance to that of the Russell 2500 Index. The Investment Manager believes that the Fund’s portfolio will generally be more closely aligned with the Russell 2500 Growth Index than with the former core benchmark from an investment style perspective. Information on the Russell 2500 Index will be included for a one-year transition period.
The Russell 2500 Growth Index measures the performance of those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.
The Russell 2500 Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index, which represents approximately 17% of the total market capitalization of the Russell 3000 Index.
Unlike mutual funds, indexes are not managed and do not incur fees or expenses. It is not possible to invest directly in an index.
4 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Fund at a glance  (continued)
Columbia Acorn® Fund (Unaudited)
The Growth of a $10,000 Investment in Columbia Acorn® Fund Class Z Shares
June 10, 1970 (Fund inception) through June 30, 2017
This chart shows the change in value of a hypothetical $10,000 investment in Class Z shares of the Fund during the stated time period. A $10,000 investment in Columbia Acorn® Fund at inception appreciated to $117,142 on December 31, 1985, the inception date of the Russell 2500 Growth Index. A $10,000 investment in Columbia Acorn® Fund at inception appreciated to $31,777 on December 31, 1978, the inception date of the Russell 2500 Index. For comparison with the indices, we assigned each index the same value as the Fund at each index’s respective inception date. Although the indexes are provided for use in assessing the Fund’s performance, the Fund’s holdings may differ significantly from those in an index. Performance numbers reflect all Fund expenses.
Top ten holdings (%) (at June 30, 2017)  
Align Technology, Inc.
Designs, manufactures, and markets the Invisalign System
2.0
HealthSouth Corp.
Inpatient rehabilitative healthcare services
1.7
Pra Health Sciences, Inc.
Global contract research organization
1.7
ANSYS, Inc.
Software solutions for design analysis and optimization
1.5
IPG Photonics Corp.
High-power fiber lasers and amplifiers
1.5
CDW Corp.
IT products and services
1.5
Celanese Corp., Class A
Global integrated producer of chemicals and advanced materials
1.3
Raymond James Financial, Inc.
Financial services to individuals, corporations, and municipalities
1.3
GoDaddy, Inc., Class A
Cloud-based web platform for small businesses, web design professionals and individuals
1.3
Oshkosh Corp.
Fire and emergency apparatuses and specialty commercial, and military trucks
1.3
Percentages indicated are based upon total investments (excluding Money Market Funds and Securities Lending Collateral)
For further detail about these holdings, please refer to the section entitled “Portfolio of Investments."
Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.
 
 
Columbia Acorn Family of Funds  | Semiannual Report 2017
5


Table of Contents
Fund at a glance  (continued)
Columbia Acorn® Fund (Unaudited)
Portfolio breakdown (%) (at June 30, 2017)
Common Stocks 94.5
Money Market Funds 3.0
Securities Lending Collateral 2.5
Total 100.0
Percentages indicated are based upon total investments. The Fund’s portfolio composition is subject to change.
Equity sector breakdown (%) (at June 30, 2017)
Consumer Discretionary 19.5
Consumer Staples 1.6
Energy 2.3
Financials 8.4
Health Care 22.0
Industrials 17.5
Information Technology 21.7
Materials 1.3
Real Estate 4.8
Telecommunication Services 0.9
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
6 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Manager Discussion of Fund Performance
Columbia Acorn® Fund
P. Zachary Egan, CFA
Co-Portfolio Manager
Matthew A. Litfin, CFA
Co-Portfolio Manager
Columbia Acorn Fund Class Z shares gained 5.26% during the second quarter of 2017, outperforming the Fund’s primary benchmark, the Russell 2500 Growth Index, which gained 4.13%. Fund returns for the semiannual period were 12.35% versus a gain of 10.63% for the benchmark.
Through the first half of 2017, U.S. equity markets delivered solid and steady gains with very little in the way of interruptions. Growth stocks strengthened against value stocks in a sharp reversal from 2016. Economic growth remained strong enough to fuel positive market performance, yet not so robust as to raise concerns that the U.S. Federal Reserve would need to take a more aggressive approach to raising interest rates. Corporate results were also supportive, highlighted by strength in earnings, rising revenues and profit margins, and generally positive guidance for the remainder of 2017. A meaningful decline in the U.S. dollar acted as an additional tailwind for equities by making the products and services of U.S. companies more competitive overseas.
In terms of stronger market sectors, information technology and health care continued their strong run of performance and were the best performing sectors in the benchmark during the period. The only two sectors with negative absolute returns were energy and consumer staples. The drop in oil prices from over $50 per barrel to below $43 was a primary driver of the fall in energy stocks, resulting in this sector being the standout underperformer.
The Fund’s sector allocations detracted from relative returns due to an overweight in the hard-hit energy sector. This was offset by strong stock selection in consumer discretionary as Fund holdings more than doubled benchmark returns. Stock selection in health care was also a strong contributor to the Fund’s outperformance relative to the benchmark.
Two positions that were new to the Fund during the year were the Fund’s top contributors. Consumer stock Wayfair is a popular online home furnishing store. The company’s stock rallied in the period as its online sales grew more than investors expected and the company showed a faster path toward profitability. Shares of Kite Pharma, a biotech company focused on novel treatments for cancer, flew high during the period. We believe Kite Pharma has a great management team, strong drug pipeline and one of the most advanced infrastructures for manufacturing drugs.
Among the Fund’s detractors from performance were Carrizo Oil and Gas and Tractor Supply Company. Though an efficient exploration company, it was not surprising that Carrizo’s stock declined along with the drop in crude oil prices. Tractor Supply Company engages in the sale of farm and ranch products. Its stock declined on earnings weakness and fear that online sellers would eat into its market share. We remain cognizant of the competitive risks, but we believe this retailer is more resilient than the market is anticipating, due to its appealing retail concept, its rural geographic footprint, and its strong culture and management team.
Two additional new positions during the year were iRhythm Technologies and Dave & Buster’s Entertainment. iRhythm offers the Zio ambulatory monitor and associated reporting services for detection of cardiac arrhythmias. We believe the company is strongly positioned to take significant market share by displacing traditional Holter and event monitors that have poor detection rates, are less cost-effective, and suffer from poor patient compliance. Dave & Buster’s owns and operates high volume entertainment and dining complexes. Their facilities offer a differentiated approach combining dining, gaming and sports watching. We are attracted to the company’s appeal to family members of all ages for an affordable entertainment destination. On the surface, these are very different businesses; however, both exhibit many of the characteristics we seek in new ideas for the portfolio. They offer differentiated products that have an advantage over their nearest competitors, both are in segments poised for growth and currently trade at valuations we believe are reasonable relative to their quality and future growth potential.
Global stocks markets have rewarded investors thus far in 2017. At the end of the period, averages remained at robust levels and there was sustained economic expansion around the world. However, growth was slower than in previous recoveries. Interest rates and volatility also remained low. We are
 
 
Columbia Acorn Family of Funds  | Semiannual Report 2017
7


Table of Contents
Manager Discussion of Fund Performance  (continued)
Columbia Acorn® Fund
realistic about the potential risks after a global surge in stock valuations and the potential for increased volatility. In this market environment, we continue to focus on identifying exciting growth companies with sustainable competitive advantages trading at reasonable valuations.
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Investments in small- and mid-cap companies involve risks and volatility and possible illiquidity greater than investments in larger, more established companies. Foreign investments subject the Fund to political, economic, market, social and other risks within a particular country, as well as to potential currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Risks are enhanced for emerging market issuers. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. See the Fund’s prospectus for more information on these and other risks.
The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Wanger fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Wanger fund. References to specific securities should not be construed as a recommendation or investment advice.
8 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Fund at a glance
Columbia Acorn International® (Unaudited)
Investment objective
Columbia Acorn International® (the Fund) seeks long-term capital appreciation.
Portfolio management
P. Zachary Egan, CFA
Co-manager
With Fund since 1999
Louis J. Mendes, CFA
Co-manager
With Fund since 2001
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2017 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average annual total returns (%) (for the period ended June 30, 2017)
    Inception 6 Months
cumulative
1 Year 5 Years 10 Years Life
Class A Excluding sales charges 10/16/00 18.43 17.12 8.11 3.35 9.92
  Including sales charges   11.62 10.37 6.84 2.74 9.66
Class B Excluding sales charges 10/16/00 18.21 16.60 7.33 2.65 9.20
  Including sales charges   13.21 11.60 7.02 2.65 9.20
Class C Excluding sales charges 10/16/00 18.01 16.24 7.30 2.56 9.11
  Including sales charges   17.01 15.24 7.30 2.56 9.11
Class R 08/02/11 18.30 16.82 7.72 3.03 9.63
Class R4 11/08/12 18.56 17.37 8.35 3.65 10.31
Class R5 08/02/11 18.58 17.42 8.44 3.69 10.32
Class Y 11/08/12 18.62 17.47 8.49 3.72 10.34
Class Z 09/23/92 18.57 17.38 8.41 3.68 10.32
MSCI ACWI ex USA SMID Cap Index (Net)   15.39 19.88 9.32 2.26 N/A
MSCI ACWI ex USA SMID Cap Growth Index (Net)   16.50 16.87 9.11 1.75 N/A
Performance numbers reflect all Fund expenses. Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class B shares are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C shares are shown with and without the maximum CDSC of 1.00% for the first year after purchase. The Fund’s other classes are not subject to sales charges, but may be subject to other fees and expenses, and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and certain fees and expenses associated with each class.
As stated in the May 1, 2017, prospectus, the Fund’s annual operating expense ratio is 1.01% for Class Z shares and 1.26% for Class A shares.
All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results may reflect the effect of any fee waivers or reimbursements of Fund expenses by the investment manager and/or any of its affiliates. Absent these fee waivers and/or expense reimbursement arrangements, performance results may have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting investor.columbiathreadneedleus.com or calling 800.922.6769.
The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit investor.columbiathreadneedleus.com/investment-products/mutual-funds/appended-performance for more information.
The MSCI ACWI ex USA SMID Cap Index (Net) captures a mid- and small-cap representation across 22 of 23 developed market countries (excluding the U.S.) and 24 emerging market countries. The index covers approximately 28% of the free float-adjusted market capitalization in each country.
The MSCI ACWI ex USA SMID Cap Growth Index (Net) captures mid-and small cap representation across 22 developed markets countries and 24 emerging markets countries.
Unlike mutual funds, indexes are not managed and do not incur fees or expenses. It is not possible to invest directly in an index.
Columbia Acorn Family of Funds  | Semiannual Report 2017
9


Table of Contents
Fund at a glance  (continued)
Columbia Acorn International® (Unaudited)
The Growth of a $10,000 Investment in Columbia Acorn International® Class Z Shares
September 23, 1992 (Fund inception) through June 30, 2017
This chart shows the change in value of a hypothetical $10,000 investment in Class Z shares of the Fund during the stated time period. A $10,000 investment in Columbia Acorn International® at inception appreciated to $21,562 on January 31, 2003, the inception date of the MSCI ACWI ex USA SMID Cap Index. A $10,000 investment in Columbia Acorn International® at inception appreciated to $15,870 on May 31, 1994, the inception date of the MCSI ACWI ex USA SMID Cap Growth Index. For comparison with the indices, we assigned each index the same value as the Fund at each index’s respective inception date. Although the indexes are provided for use in assessing the Fund’s performance, the Fund’s holdings may differ significantly from those in an index. Performance numbers reflect all Fund expenses.
Top ten holdings (%) (at June 30, 2017)  
CCL Industries, Inc. (Canada)
Manufacturing services and specialty packaging products for the non-durable consumer products market
2.9
Partners Group Holding AG (Switzerland)
Global private markets asset management firm
2.9
Hexagon AB, Class B (Sweden)
Design, measurement and visualisation technologies
2.6
Brembo SpA (Italy)
Braking systems and components
2.0
Wirecard AG (Germany)
Internet payment and processing services
2.0
Kindred Group PLC (Malta)
Online gambling services
1.7
Aalberts Industries NV (Netherlands)
Industrial services and flow control systems
1.7
Grupo Aeroportuario del Sureste SAB de CV, ADR (Mexico)
Operates airports in Mexico
1.7
Spirax-Sarco Engineering PLC (United Kingdom)
Consultation, service and products for the control and efficient management of steam and industrial fluids
1.6
Zee Entertainment Enterprises Ltd. (India)
Hindi films, serials, game shows and children’s programs
1.6
Percentages indicated are based upon total investments (excluding Money Market Funds and Securities Lending Collateral)
For further detail about these holdings, please refer to the section entitled “Portfolio of Investments."
Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.
 
 
10 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Fund at a glance  (continued)
Columbia Acorn International® (Unaudited)
Equity sector breakdown (%) (at June 30, 2017)
Consumer Discretionary 23.6
Consumer Staples 3.9
Energy 1.6
Financials 10.0
Health Care 7.7
Industrials 21.4
Information Technology 17.2
Materials 10.2
Real Estate 4.4
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
Country breakdown (%) (at June 30, 2017)
Australia 1.5
Brazil 0.5
Canada 7.0
Cayman Islands 0.9
China 3.1
Denmark 3.3
France 1.7
Germany 6.4
Hong Kong 0.5
India 2.5
Indonesia 0.8
Ireland 0.6
Italy 2.4
Japan 21.0
Malta 1.6
Mexico 1.6
Netherlands 1.6
New Zealand 0.6
Philippines 0.5
Singapore 1.5
South Africa 1.4
South Korea 3.5
Spain 2.9
Sweden 4.5
Switzerland 4.1
Taiwan 1.9
Thailand 1.0
United Kingdom 14.4
United States(a) 6.7
Total 100.0
    
(a) Includes investments in Money Market Funds.
Country breakdown is based primarily on issuer’s place of organization/incorporation. Percentages indicated are based upon total investments. The Fund’s portfolio composition is subject to change.
 
 
Columbia Acorn Family of Funds  | Semiannual Report 2017
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Table of Contents
Manager Discussion of Fund Performance
Columbia Acorn International®
P. Zachary Egan, CFA
Co-Portfolio Manager
Louis J. Mendes, CFA
Co-Portfolio Manager
Columbia Acorn International Class Z shares gained 8.06% during the second quarter of 2017, outperforming the Fund’s primary benchmark, the MSCI ACWI ex USA SMID Cap Index (Net), which gained 6.32%. That brought Fund gains to 18.57% for the semiannual period versus a return of 15.39% for the primary benchmark.
The second quarter of 2017 continued the strong global equity market performance enjoyed during the first quarter. European equity performance led the charge in the first half and was aided by strong currency gains relative to the US Dollar. Also strong were markets closest to China, where a super-sized Chinese stimulus package in the second half of 2016 led to surprisingly strong growth. On the other hand, the markets that performed the worst during the period were those geared to commodity prices.
Information technology and health care, classic growth sectors where the Fund is presently overweight compared to its primary benchmark, continued their strong run and were among the top performing sectors during the first half of the year. In fact, positive performance was broadly based across sectors, with the notable exception of the energy sector, where the Fund has been underweight both its primary and secondary benchmarks. Energy was the standout underperformer during the first half of the year — the only sector not in positive territory — with the drop in oil prices from over $50 per barrel to below $43 a primary driver of this sector’s underperformance.
Fund allocations to broad regions had a minimal impact on relative performance during the first half of the year. The majority of outperformance during the period came from stock selection. The Fund outperformed in all major regions with the exception of the United Kingdom where results were roughly in line with those of the benchmark. Continental Europe, Japan, and Asia ex-Japan represented approximately 70% of Fund assets at period-end and stock selection in those regions drove first half performance versus the benchmark. From a sector perspective, relative outperformance was driven by favorable results in information technology, materials and health care. Stock selection was weak in energy, consumer staples and consumer discretionary holdings.
In Asia ex-Japan, Fund holdings in South Korea were among the top performers. Despite their small 3.3% average weight in the portfolio during the first half of the year, South Korean stocks in the Fund more than doubled the return of those in the primary benchmark, in both local and USD currencies, adding 74 basis points to performance versus the primary benchmark. The Fund underperformed relative to the primary benchmark in Australia, losing 28 basis points, and in the United Kingdom. In the latter market, the Fund has not been rewarded for holding a number of turnaround ideas within a consumer sector challenged by a weakened British Pound, rising inflation, negative or stalled real wage growth, online competition, and increasing anxiety around the Brexit process.
Two top contributors for the period were South Korean holdings Medy-Tox and Korea Investment Holdings. Medy-Tox is a pharmaceutical company that provides botulinum toxin (i.e. “Botox”) and fillers to South Korea and 40+ countries worldwide. Its products are priced well below those of U.S. market leader Allergan and take advantage of aging populations that are seeking a more youthful looking appearance. In Asian markets, this trend is not just for baby-boomers; the company has also seen tremendous growth in younger customers looking to stay ahead of the curve in competitive job (and marriage) markets. Korea Investment Holdings is the second largest broker and asset manager in South Korea. Despite geopolitical tensions emanating from its northern neighbor, Korea’s equity market has been buoyant, lifted by a new government and hopes for corporate governance reform. Rising asset values and the corresponding surge in investor activity have driven strong earnings growth at both brokerage and investment arms of the company.
Notable stock detractors included Next, a UK home retailer, and Domino’s Pizza Enterprises, an Australian pizza chain. Next over ordered inventory heading into the year which led to steeper discounting and lower margins. We decided to exit the position in favor of ideas with less challenging conditions in their end markets. Domino’s Pizza Enterprises has been a strong performer over the last
 
 
12 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Manager Discussion of Fund Performance  (continued)
Columbia Acorn International®
two years, but declined during the period amid complaints that franchisees were underpaying employees in violation of wage laws. Domino’s Pizza Enterprises’ headquarters has revoked several Australian franchisee licenses and is further reviewing the claims. We believe the issue will be resolved, but trimmed the position to reflect an increasing risk that the company may have to share with franchisees the burden of rising labor costs.
International equities exhibited strong performance in the first half of the year. At the close of the period, prospects in Continental Europe were brightening — though it remains to be seen whether French President Emmanuel Macron can translate a seemingly decisive electoral mandate into labor market reforms capable of invigorating the economy and reducing unemployment. Japanese corporates continued to respond to policy initiatives designed to improve return on capital in an aging society that requires this to fund pension obligations. Emerging market valuations ended the period in line with historical averages and below those of slower growing developed markets. In all regions, we continue to search for exciting growth companies with sustainable competitive advantages trading at reasonable valuations.
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. International investing involves certain risks and volatility due to potential political, economic or currency instabilities and different, potentially less stringent, financial and accounting standards than those generally applicable to U.S. issuers. Risks are enhanced for emerging market issuers. Investments in small- and mid-cap companies involve risks and volatility and possible illiquidity greater than investments in larger, more established companies. See the Fund’s prospectus for more information on these and other risks.
The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Wanger fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Wanger fund. References to specific securities should not be construed as a recommendation or investment advice.
Columbia Acorn Family of Funds  | Semiannual Report 2017
13


Table of Contents
Fund at a glance
Columbia Acorn USA® (Unaudited)
Investment objective
Columbia Acorn USA® (the Fund) seeks long-term capital appreciation.
Portfolio management
Matthew A. Litfin, CFA
Lead manager
With Fund since 2015
William J. Doyle, CFA
Co-manager
With Fund since 2006
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2017 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average annual total returns (%) (for the period ended June 30, 2017)
    Inception 6 Months
cumulative
1 Year 5 Years 10 Years Life
Class A Excluding sales charges 10/16/00 11.27 24.38 12.70 6.52 10.24
  Including sales charges   4.88 17.20 11.38 5.89 9.93
Class C Excluding sales charges 10/16/00 10.89 23.54 11.93 5.75 9.44
  Including sales charges   9.89 22.75 11.93 5.75 9.44
Class R4 11/08/12 11.46 24.75 12.99 6.81 10.60
Class R5 11/08/12 11.46 24.88 13.07 6.85 10.62
Class Y 11/08/12 11.49 24.91 13.13 6.88 10.64
Class Z 09/04/96 11.42 24.76 12.99 6.81 10.60
Russell 2000 Growth Index   9.97 24.40 13.98 7.82 6.83
Performance numbers reflect all Fund expenses. Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the maximum contingent deferred sales charge of 1.00% for the first year after purchase. The Fund’s other classes are not subject to sales charges, but may be subject to other fees and expenses, and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and certain fees and expenses associated with each class.
As stated in the May 1, 2017, prospectus, the Fund’s annual operating expense ratio is 1.17% for Class Z shares and 1.42% for Class A shares.
All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results may reflect the effect of any fee waivers or reimbursements of Fund expenses by the investment manager and/or any of its affiliates. Absent these fee waivers and/or expense reimbursement arrangements, performance results may have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting investor.columbiathreadneedleus.com or calling 800.922.6769.
The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit investor.columbiathreadneedleus.com/investment-products/mutual-funds/appended-performance for more information.
Effective May 1, 2017, the Fund compares its performance to that of the Russell 2000 Growth Index. Prior to this date, the Fund compared its performance to that of the Russell 2000 Index. The Investment Manager believes that the Fund’s portfolio will generally be more closely aligned with the Russell 2000 Growth Index than with the former core benchmark from an investment style perspective. Information on the Russell 2000 Index will be included for a one-year transition period.
The Russell 2000 Growth Index, an unmanaged index, measures the performance of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values.
The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 10% of the total market capitalization of the Russell 3000 Index. The Russell 3000 Index, an unmanaged index, measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.
Unlike mutual funds, indexes are not managed and do not incur fees or expenses. It is not possible to invest directly in an index.
14 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Fund at a glance  (continued)
Columbia Acorn USA® (Unaudited)
The Growth of a $10,000 Investment in Columbia Acorn USA® Class Z Shares
September 4, 1996 (Fund inception) through June 30, 2017
This chart shows the change in value of a hypothetical $10,000 investment in Class Z shares of the Fund during the stated time period. Although the indexes are provided for use in assessing the Fund’s performance, the Fund’s holdings may differ significantly from those in an index. Performance numbers reflect all Fund expenses.
Top ten holdings (%) (at June 30, 2017)  
HealthSouth Corp.
Inpatient rehabilitative healthcare services
2.3
LCI Industries
Recreational vehicles and equipment
2.2
MAXIMUS, Inc.
Program management and consulting services to state and local governments
2.0
OM Asset Management PLC
Domestic and international equities, fixed income, and alternative investments
1.7
WNS Holdings Ltd., ADR
Business process outsourcing services
1.7
Texas Roadhouse, Inc.
Moderately priced, full service restaurant chain
1.6
Lakeland Financial Corp.
Bank holding company
1.5
LegacyTexas Financial Group, Inc.
Bank holding company
1.5
Toro Co. (The)
Turf equipment
1.5
Qualys, Inc.
Information technology security risk and compliance management solutions
1.5
Percentages indicated are based upon total investments (excluding Money Market Funds and Securities Lending Collateral)
For further detail about these holdings, please refer to the section entitled “Portfolio of Investments."
Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.
Portfolio breakdown (%) (at June 30, 2017)
Common Stocks 94.6
Money Market Funds 3.9
Securities Lending Collateral 1.5
Total 100.0
Percentages indicated are based upon total investments. The Fund’s portfolio composition is subject to change.
Equity sector breakdown (%) (at June 30, 2017)
Consumer Discretionary 23.1
Consumer Staples 1.0
Energy 1.9
Financials 10.9
Health Care 22.1
Industrials 14.7
Information Technology 23.4
Materials 0.7
Real Estate 2.2
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
 
 
Columbia Acorn Family of Funds  | Semiannual Report 2017
15


Table of Contents
Manager Discussion of Fund Performance
Columbia Acorn USA®
Matthew A. Litfin, CFA
Lead Portfolio Manager
William J. Doyle, CFA
Co-Portfolio Manager
Columbia Acorn USA Fund Class Z shares gained 5.83% during the second quarter of 2017, outperforming the Fund’s primary benchmark, the Russell 2000 Growth Index, which gained 4.39%. Fund returns for the semiannual period were 11.42% versus a gain of 9.97% for the benchmark.
Through the first half of 2017, U.S. equity markets delivered solid and steady gains with very little in the way of interruptions. Growth stocks outperformed versus value stocks in a sharp reversal from 2016. Economic growth remained strong enough to fuel positive market performance, yet not so robust as to raise concerns that the U.S. Federal Reserve would need to take a more aggressive approach to raising interest rates. Corporate results were also supportive, highlighted by strength in earnings, rising revenues and profit margins, and generally positive guidance for the remainder of 2017. A meaningful decline in the U.S. dollar acted as an additional tailwind for U.S. equities by making the products and services of U.S. companies more competitive overseas.
In terms of strong market sectors, health care and information technology were the highest contributing sectors to performance during the period in the benchmark. The only two sectors with negative absolute returns were energy and consumer staples. The drop in oil prices from over $50 per barrel to below $43 was a primary driver of the fall in energy stocks, resulting in this sector being the standout underperformer.
In terms of allocation to sectors, overweight positions in energy, financials and consumer discretionary all detracted from Fund performance. This was offset by strong stock selection in consumer discretionary as Fund holdings in that sector more than tripled benchmark returns. Stock selection in health care and information technology also helped. Selection within energy and financials was a detractor.
Top contributors during the period were health care holding Exact Sciences and consumer company iRobot. Exact’s stock more than doubled on the strength of Cologuard, a stool-based screen for the early detection of colon cancer that we believe strikes a balance of accuracy, cost-effectiveness and convenience. We took advantage of the stock’s strength to trim our position. iRobot is the global leader in robotic floor care. The attraction for us is the company’s technological lead over the competition due to more robust R&D efforts combined with a growing marketplace for its core products. The company also is pushing into other areas and could soon be a leader in robotic lawn mowing.
Among the Fund’s detractors were Carrizo Oil and Gas and Knoll. Though an efficient exploration company, it was not surprising that Carrizo’s stock declined along with the drop in crude oil prices. Knoll manufactures and sells office furniture. Non-residential construction has been softer than expected causing the company to report softer sales and an earnings miss.
We added several new positions to the portfolio during the first half of the year, including Extended Stay America and Orasure. Extended Stay owns and operates branded hotels in the extended stay segment of the lodging industry. Over the last five years the company has renovated over 600 hotels, refinanced its balance sheet, and laid out a plan to return to unit growth. We believe investors are under-appreciating the company’s multi-faceted strategy. Orasure develops, markets and sells oral fluid specimen collection devices. The burgeoning consumer genomics market is benefiting the company’s molecular collection segment and global efforts to eradicate HIV and other epidemics are benefiting their diagnostics business. We are attracted to its highly entrenched presence in these rapidly growing areas. On the surface, these are very different businesses; however, both exhibit many of the characteristics we seek in new ideas for the Fund’s portfolio. Both offer differentiated products that we believe have an advantage over their nearest competitors, operate in segments poised for growth, and currently trade at valuations we believe are reasonable relative to their quality and future growth potential.
 
 
16 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Manager Discussion of Fund Performance  (continued)
Columbia Acorn USA®
Global stocks markets have rewarded investors thus far in 2017. At the end of the period, averages remained at robust levels and there was sustained economic expansion around the world. However, growth was slower than in previous recoveries. Interest rates and volatility also remained low. We are realistic about the potential risks after a global surge in stock valuations and the potential for increased volatility. In this market environment, we continue to focus on identifying exciting growth companies with sustainable competitive advantages trading at reasonable valuations.
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Investments in small- and mid-cap companies involve risks and volatility greater than investments in larger, more established companies. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the fund more vulnerable to unfavorable developments in the sector. See the Fund’s prospectus for more information on these and other risks.
The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Wanger Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Wanger Fund. References to specific securities should not be construed as a recommendation or investment advice.
Columbia Acorn Family of Funds  | Semiannual Report 2017
17


Table of Contents
Fund at a glance
Columbia Acorn International SelectSM (Unaudited)
Investment objective
Columbia Acorn International SelectSM (the Fund) seeks long-term capital appreciation.
Portfolio management
Stephen Kusmierczak, CFA
Co-manager
With Fund since 2001
Andreas Waldburg-Wolfegg*
Co-manager
With Fund since 2002
*Effective September 30, 2017, Mr. Waldburg-Wolfegg will no longer serve as a Portfolio Manager of the Fund.
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2017 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average annual total returns (%) (for the period ended June 30, 2017)
    Inception 6 Months
cumulative
1 Year 5 Years 10 Years Life
Class A Excluding sales charges 10/16/00 20.13 23.53 7.09 3.38 8.30
  Including sales charges   13.24 16.41 5.84 2.77 7.96
Class C Excluding sales charges 10/16/00 19.71 22.66 6.27 2.58 7.49
  Including sales charges   18.71 21.66 6.27 2.58 7.49
Class R4 11/08/12 20.30 23.85 7.38 3.70 8.65
Class R5 11/08/12 20.36 23.98 7.45 3.74 8.67
Class Y 11/08/12 20.38 24.04 7.49 3.76 8.68
Class Z 11/23/98 20.31 23.86 7.40 3.72 8.65
MSCI ACWI ex USA Index (Net)   14.10 20.45 7.22 1.13 N/A
MSCI ACWI ex USA Growth Index (Net)   17.38 17.38 8.04 1.89 N/A
Performance numbers reflect all Fund expenses. Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the maximum contingent deferred sales charge of 1.00% for the first year after purchase. The Fund’s other classes are not subject to sales charges, but may be subject to other fees and expenses, and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and certain fees and expenses associated with each class.
As stated in the May 1, 2017, prospectus, the Fund’s annual operating expense ratio is 1.15% for Class Z shares and 1.40% for Class A shares.
All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results may reflect the effect of any fee waivers or reimbursements of Fund expenses by the investment manager and/or any of its affiliates. Absent these fee waivers and/or expense reimbursement arrangements, performance results may have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting investor.columbiathreadneedleus.com or calling 800.922.6769.
The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit investor.columbiathreadneedleus.com/investment-products/mutual-funds/appended-performance for more information.
The MSCI ACWI ex USA Index (Net) captures a large- and mid-cap representation across 22 of 23 developed market countries (excluding the U.S.) and 24 emerging market countries. The index covers approximately 85% of the global equity opportunity set outside the United States.
The MSCI ACWI ex USA Growth Index (Net) captures large-and mid-cap representation across 22 developed markets countries and 24 emerging markets countries.
Unlike mutual funds, indexes are not managed and do not incur fees or expenses. It is not possible to invest directly in an index.
18 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Fund at a glance  (continued)
Columbia Acorn International SelectSM (Unaudited)
The Growth of a $10,000 Investment in Columbia Acorn International SelectSM Class Z Shares
November 23, 1998 (Fund inception) through June 30, 2017
This chart shows the change in value of a hypothetical $10,000 investment in Class Z shares of the Fund during the stated time period. A $10,000 investment in Columbia Acorn International SelectSM at inception appreciated to $11,000 on December 31, 1998, the month-end of the inception date of the MSCI ACWI ex USA Growth Index (Net) and the MSCI ACWI ex USA Index (Net). For comparison with the indices, we assigned each index the same value as the Fund at month-end of the inception date of the indices. Although the indexes are provided for use in assessing the Fund’s performance, the Fund’s holdings may differ significantly from those in an index. Performance numbers reflect all Fund expenses.
Top ten holdings (%) (at June 30, 2017)  
CCL Industries, Inc. (Canada)
Manufacturing services and specialty packaging products for the non-durable consumer products market
5.9
Hexagon AB, Class B (Sweden)
Design, measurement and visualisation technologies
5.3
Partners Group Holding AG (Switzerland)
Global private markets asset management firm
5.1
Wirecard AG (Germany)
Internet payment and processing services
5.0
MTU Aero Engines AG (Germany)
Develops and manufactures engines and offers commercial engine services and support
4.1
NetEase, Inc., ADR (China)
Internet technology company that develops applications, services and Internet technologies
4.1
Naspers Ltd., Class N (South Africa)
Electronic and print media industries
4.1
Hoya Corp. (Japan)
Electro-optics products
3.8
Geberit AG (Switzerland)
Water supply pipes and fittings, installation systems, drainage and flushing systems
3.5
Novozymes AS, Class B (Denmark)
Enzymes for industrial use
3.4
Percentages indicated are based upon total investments (excluding Money Market Funds and Securities Lending Collateral)
For further detail about these holdings, please refer to the section entitled “Portfolio of Investments."
Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.
 
 
Columbia Acorn Family of Funds  | Semiannual Report 2017
19


Table of Contents
Fund at a glance  (continued)
Columbia Acorn International SelectSM (Unaudited)
Equity sector breakdown (%) (at June 30, 2017)
Consumer Discretionary 16.9
Consumer Staples 3.0
Financials 8.4
Health Care 7.0
Industrials 22.5
Information Technology 25.6
Materials 13.5
Real Estate 3.1
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
Country breakdown (%) (at June 30, 2017)
Australia 3.5
Canada 5.6
China 3.9
Denmark 3.3
France 3.4
Germany 8.7
India 2.8
Ireland 2.7
Japan 22.0
Mexico 2.4
South Africa 3.9
South Korea 1.9
Sweden 5.0
Switzerland 8.1
Taiwan 3.2
United Kingdom 14.4
United States(a) 5.2
Total 100.0
    
(a) Includes investments in Money Market Funds.
Country breakdown is based primarily on issuer’s place of organization/incorporation. Percentages indicated are based upon total investments. The Fund’s portfolio composition is subject to change.
 
 
20 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Manager Discussion of Fund Performance
Columbia Acorn International SelectSM
Stephen Kusmierczak, CFA
Co-Portfolio Manager
Andreas Waldburg-Wolfegg
Co-Portfolio Manager
Columbia Acorn International Select Class Z shares gained 8.29% during the second quarter of 2017, outperforming the Fund’s primary benchmark, the MSCI ACWI ex USA Index (Net), which gained 5.78%. That brought Fund gains to 20.31% for the semiannual period versus a return of 14.10% for the benchmark.
The second quarter of 2017 continued the strong global equity market performance experienced in the first quarter. The strongest returns came from markets closest to China, where a major stimulus package in the second half of 2016 quieted worries about a sharp economic downturn. European equities also had strong returns aided by currency gains versus the US Dollar. On the other hand, the markets geared to commodity prices were the worst performers during the period.
Positive performance was broadly based across sectors. Information technology and industrials, areas where the Fund is overweight relative to the benchmark, continued their strong run and were top contributors to relative returns during the first half of the year. Energy was the notable detractor, and the Fund continues to maintain an underweight position in this sector. Energy was the only declining sector in the first half, explained largely by the drop in oil prices from over $50 per barrel to below $43.
Fund allocations across regions, specifically underweights in Greater China and South Korea and an overweight in Japan, detracted from performance. From a sector perspective, Fund positioning had a positive effect. Both the underweight in energy and the overweight in information technology contributed to Fund performance.
The Fund’s holdings and position sizes are determined through fundamental stock analysis not top-down allocations to geographies and sectors. These allocations may contribute to or detract from our relative returns over time, but our goal is to deliver a better return than the Fund’s benchmark by focusing on company fundamentals and valuations.
Top contributors for the first half were Wirecard and CCL Industries. German-based Wirecard provides payment solutions to online merchants globally. Growth is correlated with e-commerce, the rise of the retail “omni-channel”, cashless transactions, and emerging global technical standards, all of which we believe have considerable runway. Canadian company CCL Industries is a global provider of labels. The company has been an efficient consolidator of the industry, and has successfully focused on the fastest growing product categories like personal care and premium beverages. The company has consistently surprised by achieving higher synergies than expected following its acquisitions.
Notable stock detractors included Next, a UK home retailer, and Vermillion Energy, a Canadian oil and gas producer. Next over-ordered inventory heading into the year which led to steeper discounting to move items and lower margins. We decided to exit the position in favor of ideas with less challenging conditions in their end markets. Not surprisingly, Vermillion declined due to the drop in crude oil prices and we sold the position.
International equities exhibited strong performance in the first half of the year. At the close of the period, prospects in Continental Europe were brightening ? though it remains to be seen whether French President Emmanuel Macron can translate a seemingly decisive electoral mandate into labor market reforms capable of invigorating the economy and reducing unemployment. Japanese corporates continued to respond to policy initiatives designed to improve return on capital in an aging society that requires this to fund pension obligations. Emerging market valuations ended the period in line with historical averages and below those of slower growing developed markets. In all regions, we continue to search for exciting growth companies with sustainable competitive advantages trading at reasonable valuations.
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Foreign investments subject the Fund to political, economic, market, social and other risks within a particular country, as well as to potential currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Risks are enhanced for emerging market issuers. Investments in small- and mid-cap companies involve risks and volatility and possible illiquidity greater
 
 
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21


Table of Contents
Manager Discussion of Fund Performance  (continued)
Columbia Acorn International SelectSM
than investments in larger, more established companies. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. See the Fund’s prospectus for more information on these and other risks.
The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Wanger fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Wanger fund. References to specific securities should not be construed as a recommendation or investment advice.
22 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Fund at a glance
Columbia Acorn SelectSM (Unaudited)
Investment objective
Columbia Acorn SelectSM (the Fund) seeks long-term capital appreciation.
Portfolio management
David L. Frank, CFA
Co-manager
With Fund since 2002
Matthew S. Szafranski, CFA
Co-manager
With Fund since 2008
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2017 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average annual total returns (%) (for the period ended June 30, 2017)
    Inception 6 Months
cumulative
1 Year 5 Years 10 Years Life
Class A Excluding sales charges 10/16/00 11.66 26.22 12.90 4.69 9.79
  Including sales charges   5.25 18.94 11.58 4.07 9.44
Class C Excluding sales charges 10/16/00 11.29 25.38 12.08 3.89 8.97
  Including sales charges   10.30 24.39 12.08 3.89 8.97
Class R4 11/08/12 11.77 26.51 13.17 4.97 10.12
Class R5 11/08/12 11.79 26.64 13.26 5.01 10.14
Class Y 11/08/12 11.83 26.75 13.31 5.03 10.16
Class Z 11/23/98 11.77 26.58 13.23 4.99 10.13
Russell 2500 Growth Index   10.63 21.44 14.33 8.18 8.45
Performance numbers reflect all Fund expenses. Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the maximum contingent deferred sales charge of 1.00% for the first year after purchase. The Fund’s other classes are not subject to sales charges, but may be subject to other fees and expenses, and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and certain fees and expenses associated with each class.
As stated in the May 1, 2017, prospectus, the Fund’s annual operating expense ratio is 0.93% for Class Z shares and 1.18% for Class A shares.
All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results may reflect the effect of any fee waivers or reimbursements of Fund expenses by the investment manager and/or any of its affiliates. Absent these fee waivers and/or expense reimbursement arrangements, performance results may have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting investor.columbiathreadneedleus.com or calling 800.922.6769.
The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit investor.columbiathreadneedleus.com/investment-products/mutual-funds/appended-performance for more information.
Effective May 1, 2017, the Fund compares its performance to that of the Russell 2500 Growth Index. Prior to this date, the Fund compared its performance to that of the S&P MidCap 400® Index. The Investment Manager believes that the Fund’s portfolio will generally be more closely aligned with the Russell 2500 Growth Index than with the former core benchmark from an investment style perspective. Information on the S&P MidCap 400® Index will be included for a one-year transition period.
The Russell 2500 Growth Index measures the performance of those Russell 2500 companies with higher price-to-book ratios and higher forecasted growth values.
The S&P MidCap 400® Index is a market value-weighted index that tracks the performance of 400 mid-cap U.S. companies.
Unlike mutual funds, indexes are not managed and do not incur fees or expenses. It is not possible to invest directly in an index.
Columbia Acorn Family of Funds  | Semiannual Report 2017
23


Table of Contents
Fund at a glance  (continued)
Columbia Acorn SelectSM (Unaudited)
The Growth of a $10,000 Investment in Columbia Acorn SelectSM Class Z Shares
November 23, 1998 (Fund inception) through June 30, 2017
This chart shows the change in value of a hypothetical $10,000 investment in Class Z shares of the Fund during the stated time period. Although the indexes are provided for use in assessing the Fund’s performance, the Fund’s holdings may differ significantly from those in an index. Performance numbers reflect all Fund expenses.
Top ten holdings (%) (at June 30, 2017)  
HealthSouth Corp.
Inpatient rehabilitative healthcare services
5.3
Wabtec Corp.
Technology products and services for the rail industry
4.6
JB Hunt Transport Services, Inc.
Logistics services
4.5
Vail Resorts, Inc.
Operates resorts globally
4.4
Align Technology, Inc.
Designs, manufactures, and markets the Invisalign System
4.4
Snap-On, Inc.
Tool and equipment solutions
4.4
GoDaddy, Inc., Class A
Cloud-based web platform for small businesses, web design professionals and individuals
4.3
AMERCO
Rental of trucks, trailers, and self storage space, as well as property and casualty and life insurance products
4.0
Oshkosh Corp.
Fire and emergency apparatuses and specialty commercial, and military trucks
3.8
LKQ Corp.
Automotive products and services
3.8
Percentages indicated are based upon total investments (excluding Money Market Funds).
For further detail about these holdings, please refer to the section entitled “Portfolio of Investments."
Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.
Portfolio breakdown (%) (at June 30, 2017)
Common Stocks 98.3
Money Market Funds 1.7
Total 100.0
Percentages indicated are based upon total investments. The Fund’s portfolio composition is subject to change.
Equity sector breakdown (%) (at June 30, 2017)
Consumer Discretionary 18.3
Financials 13.0
Health Care 17.2
Industrials 27.0
Information Technology 14.4
Materials 3.4
Real Estate 6.7
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
 
 
24 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Manager Discussion of Fund Performance
Columbia Acorn SelectSM
David L. Frank, CFA
Co-Portfolio Manager
Matthew S. Szafranski, CFA
Co-Portfolio Manager
Columbia Acorn Select Fund Class Z shares gained 5.09% during the second quarter of 2017, outperforming the Fund’s primary benchmark, the Russell 2500 Growth Index, which gained 4.13%. That propelled Fund gains to 11.77% for the semiannual period versus a return of 10.63% for the benchmark.
Through the first half of 2017, U.S. equity markets delivered solid and steady gains with very little in the way of interruptions. Economic growth remained strong enough to fuel positive market performance, yet not so robust as to raise concerns that the U.S. Federal Reserve would need to take a more aggressive approach to raising interest rates. Corporate results were also supportive, highlighted by strength in earnings, rising revenues and profit margins, and generally positive guidance for the remainder of 2017. A meaningful decline in the U.S. dollar acted as an additional tailwind for equities by making the products and services of U.S. companies more competitive overseas. Growth stocks strengthened against value stocks, reversing course from prior quarters.
In terms of stronger market sectors, information technology and healthcare continued their strong run of performance and were the best performing sectors in the benchmark during the period. The only two sectors with negative absolute returns were energy and consumer staples. The drop in oil prices from over $50 per barrel to below $43 was a primary driver of the fall in energy stocks, resulting in this sector being the standout underperformer.
Fund positioning as a whole relative to benchmark was negligible to relative returns. The Fund had no exposure to energy and consumer staples during the first half of 2017 as we had not found any companies with compelling business models that appeared to have a clear path to the value creation that we seek. However, the boost this provided was largely offset by the Fund’s large overweight to industrials, where the FUnd lagged the benchmark due to poor stock selection, and its underexposure to the information technology sector, the highest performing sector in the benchmark during the first half of the year.
As should be the case with a focused fund, returns relative to the benchmark were driven by our selection of individual stocks, especially in the consumer discretionary, healthcare and financial sectors. Together, stock selection in these sectors combined to contribute over 300 basis points, which was somewhat offset by poor selection in the industrials sector.
The top contributors for the first half were Align Technology and Vail Resorts. Align Technology designs, manufactures and markets the Invisalign system, an alternative method to bracket and wire braces for treating crooked teeth. The stock rose during the period as it reported a large profit surge and beat expectations on greater adoption of its products. Vail Resorts operates a number of premier ski resorts. The company had strong earnings as it has been able to both increase season pass renewals and draw more first time customers to its slopes.
The largest detractor for the period was pizza chain Papa John’s International. The firm continues to take share in the fragmented U.S. pizza industry, but the company has lost ground to leading rival Domino’s and there was renewed concern about an ongoing turnaround at laggard Pizza Hut. Nevertheless, Papa John’s premium “clean” pizza and technology platform resonate with millennials, so we added to the position on weakness. Industrial holding Snap-On, a marketer of hand and power tools, was also a negative contributor. The stock retreated due to concerns over the company’s credit portfolio. We believe those fears are overblown and added to this position as well.
Global stocks markets have rewarded investors thus far in 2017. At the end of the period, averages remained at robust levels and there was sustained economic expansion around the world. However, growth was slower than in previous recoveries. Interest rates and volatility also remained low. We are realistic about the potential risks after a global surge in stock valuations and the potential for increased volatility. In this market environment, we continue to focus on identifying exciting growth companies with sustainable competitive advantages trading at reasonable valuations.
 
 
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Table of Contents
Manager Discussion of Fund Performance  (continued)
Columbia Acorn SelectSM
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Investments in small- and mid-cap companies involve risks and volatility and possible illiquidity greater than investments in larger, more established companies. Foreign investments subject the Fund to risks, including political, economic, market, social and other risks, within a particular country, as well as to potential currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Risks are enhanced for emerging market issuers. The Fund may invest significantly in issuers within a particular sector, which may be negatively affected by market, economic or other conditions, making the Fund more vulnerable to unfavorable developments in the sector. See the Fund’s prospectus for more information on these and other risks.
The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Wanger Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Wanger Fund. References to specific securities should not be construed as a recommendation or investment advice.
26 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Fund at a glance
Columbia Thermostat FundSM (Unaudited)
Investment objective
Columbia Thermostat FundSM (the Fund) seeks long-term capital appreciation.
Portfolio management
David L. Frank, CFA
Portfolio Manager
With Fund since 2002
Average annual total returns (%) (for the period ended June 30, 2017)
    Inception 6 Months
cumulative
1 Year 5 Years 10 Years Life
Class A Excluding sales charges 03/03/03 3.11 4.00 5.65 5.04 6.91
  Including sales charges   -2.82 -1.95 4.41 4.42 6.48
Class C Excluding sales charges 03/03/03 2.70 3.19 4.86 4.24 6.11
  Including sales charges   1.70 2.19 4.86 4.24 6.11
Class R4 11/08/12 3.27 4.29 5.91 5.29 7.18
Class R5 11/08/12 3.20 4.23 5.93 5.30 7.19
Class Y 11/08/12 3.27 4.29 5.97 5.32 7.20
Class Z 09/25/02 3.22 4.25 5.91 5.29 7.18
S&P 500 Index   9.34 17.90 14.63 7.18 9.85
Bloomberg Barclays U.S. Aggregate Bond Index   2.27 -0.31 2.21 4.48 4.25
Blended Benchmark   5.77 8.50 8.39 6.14 7.29
Performance numbers reflect all Fund expenses. Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the maximum contingent deferred sales charge of 1.00% for the first year after purchase. The Fund’s other classes are not subject to sales charges, but may be subject to other fees and expenses, and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and certain fees and expenses associated with each class.
As stated in the May 1, 2017 prospectus, the Fund’s annual operating expense ratio is 0.76% for Class Z shares and 1.01% for Class A shares.
All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results may reflect the effect of any fee waivers or reimbursements of Fund expenses by the investment manager and/or any of its affiliates. Absent these fee waivers and/or expense reimbursement arrangements, performance results may have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting investor.columbiathreadneedleus.com or calling 800.922.6769.
The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit investor.columbiathreadneedleus.com/investment-products/mutual-funds/appended-performance for more information.
The Standard & Poor’s (S&P) 500® Index tracks the performance of 500 widely held, large-capitalization U.S. stocks.
The Bloomberg Barclays U.S. Aggregate Bond Index is a market value-weighted index that tracks the daily price, coupon, pay-downs and total return performance of fixed-rate, publicly placed, dollar-denominated and non-convertible investment grade debt issues with at least $250 million par amount outstanding and with at least one year to final maturity.
The Blended Benchmark, established by the Fund’s investment manager, is an equally weighted custom composite of Columbia Thermostat Fund’s primary equity and primary debt benchmarks, the S&P 500® Index and the Bloomberg Barclays U.S. Aggregate Bond Index, respectively. The percentage of the Fund’s assets allocated to underlying stock and bond portfolio funds will vary, and accordingly the composition of the Fund’s portfolio will not always reflect the composition of the 50/50 Blended Benchmark.
Unlike mutual funds, indexes are not managed and do not incur fees or expenses. It is not possible to invest directly in an index.
Columbia Acorn Family of Funds  | Semiannual Report 2017
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Table of Contents
Fund at a glance  (continued)
Columbia Thermostat FundSM (Unaudited)
The Growth of a $10,000 Investment in Columbia Thermostat FundSM Class Z Shares
September 25, 2002 (Fund inception) through June 30, 2017
This chart shows the change in value of a hypothetical $10,000 investment in Class Z shares of the Fund during the stated time period. Although the indexes are provided for use in assessing the Fund’s performance, the Fund’s holdings may differ significantly from those in an index. Performance numbers reflect all Fund expenses.
Portfolio breakdown (%) (at June 30, 2017)
Equity Funds 19.8
Fixed-Income Funds 79.8
Money Market Funds 0.4
Total 100.0
Percentages indicated are based upon total investments. The Fund’s portfolio composition is subject to change.
28 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Manager Discussion of Fund Performance
Columbia Thermostat FundSM
David L. Frank, CFA
Portfolio Manager
Columbia Thermostat Fund Class Z shares gained 3.22% in the first half of 2017, compared to a 9.34% gain of the Fund’s primary equity benchmark, the S&P 500 Index. The Fund’s gains topped the primary debt benchmark, the Bloomberg Barclays U.S. Aggregate Bond Index, which ended the period up 2.27%, while the Fund’s custom Blended Benchmark gained 5.77%.
The Fund’s equity portfolio had a weighted average gain of 13.29% in the first half of 2017. Six of the eight equity funds returned between 8-13% for the period. The two standout performers were Columbia Select Large Cap Growth Fund, up 24.16%, and Columbia Acorn International, up 18.62% for the six-month period.
Columbia Thermostat Fund’s bond portfolio ended the first half of the year with a weighted average gain of 1.91%. Underlying fund Columbia Income Opportunities Fund provided the best return for the period with a gain of 4.56%, while Columbia Short Term Bond Fund had the smallest gain, increasing 0.76% for the period.
There were only two reallocation triggers in the first half of the year. In the May 1, 2017 prospectus update, the Fund disclosed a new S&P 500 allocation table. The S&P 500 ranges in the new table triggered a rebalance on that date and an increase in equity allocation from 10% to 25% and a decrease in fixed-income allocation from 90% to 75%. The other rebalance took place at the beginning of June when the Fund decreased its equity exposure. As part of the May 2017 prospectus update, the Fund also added one new equity fund, Columbia Select Large Cap Equity Fund, to the mix. Columbia Select Large Cap Equity Fund is a large-cap U.S. equity fund with a core-style strategy. The planned allocation to this new fund will represent 10% of Columbia Thermostat Fund’s capital allocated to equity strategies and will be funded by reducing the allocation to Columbia Contrarian Core Fund from 20% to 10%.
We were pleased to see the Fund perform as designed in the first half of 2017, offering shareholders a return that fell between the equity and bond markets. The Fund ended the period at 20% in stocks due to the new allocation table followed by a June trim as the equity markets continued their strong performance. Global stock markets have rewarded investors thus far in 2017 and remain at robust levels. We believe that the Fund is poised to take advantage of any future market reversals.
Results of the Funds Owned in Columbia Thermostat Fund as of June 30, 2017
Equity Funds Weightings
in category
2nd quarter
performance
Year to date
performance
Columbia Acorn International, Class Y Shares 20% 8.07% 18.62%
Columbia Dividend Income Fund, Class Y Shares 20% 3.07% 8.31%
Columbia Contrarian Core Fund, Class Y Shares 10% 3.89% 10.99%
Columbia Acorn Fund, Class Y Shares 10% 5.24% 12.33%
Columbia Acorn Select, Class Y Shares 10% 5.10% 11.83%
Columbia Large Cap Enhanced Core Fund, Class Y Shares 10% 3.32% 9.42%
Columbia Select Large Cap Growth Fund, Class Y Shares 10% 7.43% 24.16%
Columbia Select Large Cap Equity Fund, Class Y Shares 10% 4.41% 11.44%
Weighted Average Equity Gain/Loss 100% 5.10% 13.29%
    
Fixed-Income Funds Weightings
in category
2nd quarter
performance
Year to date
performance
Columbia Short Term Bond Fund, Class Y Shares 40% 0.40% 0.76%
Columbia Total Return Bond Fund, Class Y Shares 20% 1.47% 2.76%
Columbia U.S. Government Mortgage Fund, Class Y Shares 20% 1.25% 2.25%
Columbia Income Opportunities Fund, Class Y Shares 10% 2.35% 4.56%
Columbia U.S. Treasury Index Fund, Class Y Shares 10% 1.10% 1.74%
Weighted Average Income Gain/Loss 100% 1.05% 1.91%
 
 
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29


Table of Contents
Manager Discussion of Fund Performance  (continued)
Columbia Thermostat FundSM
Columbia Thermostat Fund Rebalancing in the Second Quarter
May 1, 2017: 25% Equity, 75% Fixed-Income
June 1, 2017: 20% Equity, 80% Fixed-Income
A “fund of fund” bears its allocable share of the costs and expenses of the underlying funds in which it invests. Such funds are thus subject to two levels of fees and potentially higher expense ratios than would be associated with a fund that invests and trades directly in financial instruments under the direction of a single manager.
The Fund’s investments in the underlying funds may present certain risks, including the following. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. The Fund’s investment in other funds subjects it to the investment performance (positive or negative), risks and expenses of these underlying funds. Investments in small- and mid-cap companies involve risks and volatility and possible illiquidity greater than in investments in larger, more established companies. There are risks associated with fixed-income investments, including credit risk, market risk, interest rate risk and prepayment and extension risk. In general, bond prices fall when interest rates rise and vice versa. This effect is more pronounced for longer term securities. Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. Foreign investments subject the Fund to political, economic, market, social and other risks within a particular country, as well as to potential currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Risks are enhanced for emerging market issuers. See the Fund’s prospectus for more information on these and other risks.
The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Wanger Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Wanger Fund. References to specific securities should not be construed as a recommendation or investment advice.
The value of an investment in the Fund is based primarily on the performance of the underlying funds in which it invests. The Fund is subject to the risk that the investment manager’s decisions regarding asset classes and underlying funds will not anticipate market trends successfully, resulting in a failure to reserve capital or lower total return. The Investment Manager may prefer an underlying fund in the Columbia Acorn Family of Funds over alternative investments. There can be no assurance that the Columbia Acorn Funds will outperform similar funds managed by the Investment Manager’s affiliates. This is not an offer of the shares of any other mutual fund mentioned herein.
30 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Fund at a glance
Columbia Acorn Emerging Markets FundSM (Unaudited)
Investment objective
Columbia Acorn Emerging Markets FundSM (the Fund) seeks long-term capital appreciation.
Portfolio management
Stephen Kusmierczak, CFA
Co-manager
With Fund since 2011
Louis J. Mendes, CFA
Co-manager
With Fund since 2011
Satoshi Matsunaga, CFA
Co-manager
With Fund since 2015
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2017 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average annual total returns (%) (for the period ended June 30, 2017)
    Inception 6 Months
cumulative
1 Year 5 Years Life
Class A Excluding sales charges 08/19/11 20.22 15.02 3.97 3.63
  Including sales charges   13.31 8.43 2.74 2.59
Class C Excluding sales charges 08/19/11 19.80 14.20 3.19 2.89
  Including sales charges   18.80 13.20 3.19 2.89
Class R4 11/08/12 20.36 15.29 4.26 3.96
Class R5 11/08/12 20.48 15.42 4.31 4.00
Class Y 06/13/13 20.57 15.47 4.35 4.03
Class Z 08/19/11 20.41 15.29 4.20 3.91
MSCI Emerging Markets SMID Cap Index (Net)   17.14 17.49 4.06 1.63
Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the maximum contingent deferred sales charge of 1.00% for the first year after purchase. The Fund’s other classes are not subject to sales charges, but may be subject to other fees and expenses, and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and certain fees and expenses associated with each class.
As stated in the May 1, 2017 prospectus, as supplemented July 7, 2017, the Fund’s annual operating expense ratio is 1.31% for Class Z shares and 1.56% for Class A shares.
Performance numbers reflect all Fund expenses. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results may reflect the effect of any fee waivers or reimbursements of Fund expenses by the investment manager and/or any of its affiliates. Absent these fee waivers and/or expense reimbursement arrangements, performance results may have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting investor.columbiathreadneedleus.com or calling 800.922.6769.
The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit investor.columbiathreadneedleus.com/investment-products/mutual-funds/appended-performance for more information.
The MSCI Emerging Markets SMID Cap Index (Net) captures a mid- and small-cap representation across 24 emerging market countries. The index covers approximately 29% of the free float-adjusted market capitalization in each country.
Unlike mutual funds, indexes are not managed and do not incur fees or expenses. It is not possible to invest directly in an index.
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Table of Contents
Fund at a glance  (continued)
Columbia Acorn Emerging Markets FundSM (Unaudited)
The Growth of a $10,000 Investment in Columbia Acorn Emerging Markets FundSM Class Z Shares
August 19, 2011 (Fund inception) through June 30, 2017
This chart shows the change in value of a hypothetical $10,000 investment in Class Z shares of the Fund during the stated time period. Although the indexes are provided for use in assessing the Fund’s performance, the Fund’s holdings may differ significantly from those in an index. Performance numbers reflect all Fund expenses.
Top ten holdings (%) (at June 30, 2017)  
Care Ratings Ltd. (India)
Credit rating services
4.3
Zee Entertainment Enterprises Ltd. (India)
Hindi films, serials, game shows and children’s programs
4.1
Silergy Corp. (Taiwan)
High performance analog integrated circuits
4.1
Koh Young Technology, Inc. (South Korea)
3D measurement and inspection equipment for testing various machineries
4.0
51job, Inc., ADR (China)
Integrated human resource services
3.2
Qualitas Controladora SAB de CV (Mexico)
Insurance holding company
3.2
New Oriental Education & Technology Group, Inc., ADR (China)
Educational services
3.1
Korea Investment Holdings Co., Ltd. (South Korea)
Financial holding company
3.1
Modetour Network, Inc. (South Korea)
Travel services
3.0
Logo Yazilim Sanayi Ve Ticaret AS (Turkey)
Enterprise resource planning software
3.0
Percentages indicated are based upon total investments (excluding Money Market Funds).
For further detail about these holdings, please refer to the section entitled “Portfolio of Investments."
Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.
Equity sector breakdown (%) (at June 30, 2017)
Consumer Discretionary 26.6
Consumer Staples 10.6
Financials 18.9
Health Care 6.1
Industrials 10.1
Information Technology 17.9
Materials 3.3
Real Estate 2.1
Telecommunication Services 4.4
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
 
 
32 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Fund at a glance  (continued)
Columbia Acorn Emerging Markets FundSM (Unaudited)
Country breakdown (%) (at June 30, 2017)
Brazil 4.2
Cambodia 2.1
Cayman Islands 4.8
China 9.8
Finland 1.1
Hong Kong 4.1
India 16.6
Indonesia 7.4
Mexico 5.8
Philippines 1.7
Russian Federation 1.1
South Africa 6.5
South Korea 13.8
Taiwan 9.3
Thailand 5.1
Turkey 2.9
United States(a) 3.7
Total 100.0
    
(a) Includes investments in Money Market Funds.
Country breakdown is based primarily on issuer’s place of organization/incorporation. Percentages indicated are based upon total investments. The Fund’s portfolio composition is subject to change.
Columbia Acorn Family of Funds  | Semiannual Report 2017
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Table of Contents
Manager Discussion of Fund Performance
Columbia Acorn Emerging Markets FundSM
Stephen Kusmierczak, CFA
Co-Portfolio Manager
Louis J. Mendes, CFA
Co-Portfolio Manager
Satoshi Matsunaga, CFA
Co-Portfolio Manager
Columbia Acorn Emerging Markets Fund Class Z shares gained 6.75% during the second quarter of 2017, outperforming the Fund’s primary benchmark, the MSCI Emerging Markets SMID Cap Index (Net), which gained 3.83%. The Fund returned 20.41% for the semiannual period versus a gain of 17.14% for the benchmark.
During the first half of the year, emerging markets exhibited strong absolute performance across all regions. Appreciation of most emerging markets’ currencies versus the U.S. dollar boosted total returns, with the exception of Greater China where the currency impact was neutral. Regions generating the largest absolute returns in U.S. dollars were South Asia (primarily India) and South Korea. The Fund lost some ground versus the benchmark due to region weightings overall; most notably as a result of an underweight in the Greater China region and an overweight in Southeast Asia. However, an overweight in India contributed over 100 basis points to relative returns.
Stock selection was generally positive in all regions except South Asia and Eastern Europe/Middle East/Africa. Good stock selection offset the slight drag from regional positioning. Over 75% of the Fund’s year-to-date upside versus benchmark was the result of very strong selection in South Korea, a region that only accounted for 13% of Fund assets on average for the first half. The Fund’s South Korean holdings returned 59% in the period in U.S. dollars, more than doubling benchmark returns. Results relative to benchmark were also favorable in Latin America, on strength in Brazil and Mexico, and in Greater China. On the downside, stock selection in India lagged as did Fund picks in Turkey and Poland.
The top two contributors for the period were South Korean holdings Modetour Network and Korea Investment Holdings. Modetour Network provides travel packages including air fare for both domestic and overseas destinations. The stock rose sharply after upward revisions driven by increasing travel demand from baby boomers entering peak travel years, as well as structurally rising vacation days for working aged persons. Korea Investment holdings is the second largest broker and asset manager in South Korea. Despite alarming news flow from its northern neighbor, Korea’s equity market has been buoyant, lifted by a new government and hopes for corporate governance reform. Rising asset values and the corresponding surge in investor activity have driven strong earnings growth at both brokerage and investment arms of the company.
Detracting from returns during the period was PChome Online, a Taiwanese e-commerce company selling computers, cameras and copiers. The company failed to meet our, as well as market, expectations as fierce competition drove market share losses. We have sold the position.
Famous Brands, a South African quick service restaurant and café, also harmed performance. Losses related to the company’s acquisition of a U.K.-based burger chain and a food catering business drove down the share price. We have maintained the Fund’s position as we assess management’s ability to integrate the new businesses.
Emerging market valuations ended the period in line with historical averages and below those of slower-growing developed markets. We are realistic about the potential risks after a global surge in stock valuations and the volatility that is inherent in emerging regions of the globe. As of the close of the reporting period, it appeared that last year’s worries about an abrupt China slowdown were overplayed, while India, the second largest emerging markets economy, continued to implement transformational reforms. We continue to search for exciting growth companies with sustainable competitive advantages trading at reasonable valuations.
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. International investing involves certain risks and volatility due to potential political, economic or currency instabilities and different, potentially less stringent, financial and accounting standards than those generally applicable to U.S. issuers. Risks are enhanced for emerging and frontier market issuers. Investments in small- and mid-cap companies involve risks and volatility and possible illiquidity greater than investments in larger, more established companies. See the Fund’s prospectus for more information on these and other risks.
 
 
34 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Manager Discussion of Fund Performance  (continued)
Columbia Acorn Emerging Markets FundSM
The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Wanger Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Wanger Fund. References to specific securities should not be construed as a recommendation or investment advice.
Columbia Acorn Family of Funds  | Semiannual Report 2017
35


Table of Contents
Fund at a glance
Columbia Acorn European FundSM (Unaudited)
Investment objective
Columbia Acorn European FundSM (the Fund) seeks long-term capital appreciation.
Portfolio management
Andreas Waldburg-Wolfegg*
Co-manager
With Fund since 2011
Stephen Kusmierczak, CFA
Co-manager
With Fund since 2011
*Effective September 30, 2017, Mr. Waldburg-Wolfegg will no longer serve as a Portfolio Manager of the Fund.
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2017 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
Average annual total returns (%) (for the period ended June 30, 2017)
    Inception 6 Months
cumulative
1 Year 5 Years Life
Class A Excluding sales charges 08/19/11 23.50 23.97 11.48 10.79
  Including sales charges   16.41 16.87 10.17 9.68
Class C Excluding sales charges 08/19/11 23.14 23.06 10.68 9.99
  Including sales charges   22.14 22.06 10.68 9.99
Class R4 06/25/14 23.75 24.36 11.78 11.10
Class R5 11/08/12 23.70 24.35 11.77 11.09
Class Y 03/01/17 23.79 24.32 11.76 11.09
Class Z 08/19/11 23.80 24.33 11.76 11.09
MSCI AC Europe Small Cap Index (Net)   19.61 27.31 14.86 12.49
Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class C shares are shown with and without the maximum contingent deferred sales charge of 1.00% for the first year after purchase. The Fund’s other classes are not subject to sales charges, but may be subject to other fees and expenses, and have limited eligibility. Please see the Fund’s prospectus for details. Performance for different share classes will vary based on differences in sales charges and certain fees and expenses associated with each class.
As stated in the May 1, 2017 prospectus, as supplemented July 7, 2017, the Fund’s annual operating expense ratio is 1.20% for Class Z shares and 1.45% for Class A shares.
Performance numbers reflect all Fund expenses. All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results may reflect the effect of any fee waivers or reimbursements of Fund expenses by the investment manager and/or any of its affiliates. Absent these fee waivers and/or expense reimbursement arrangements, performance results may have been lower.
The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting investor.columbiathreadneedleus.com or calling 800.922.6769.
The returns shown for periods prior to the share class inception date (including returns for the Life of the Fund, if shown, which are since Fund inception) include the returns of the Fund’s oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit investor.columbiathreadneedleus.com/investment-products/mutual-funds/appended-performance for more information.
The MSCI AC Europe Small Cap Index (Net) captures a small-cap representation across 21 markets in Europe. The index covers approximately 14% of the free float-adjusted market capitalization across each market country in Europe.
Unlike mutual funds, indexes are not managed and do not incur fees or expenses. It is not possible to invest directly in an index.
36 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Fund at a glance  (continued)
Columbia Acorn European FundSM (Unaudited)
The Growth of a $10,000 Investment in Columbia Acorn European FundSM Class Z Shares
August 19, 2011 (Fund inception) through June 30, 2017
This chart shows the change in value of a hypothetical $10,000 investment in Class Z shares of the Fund during the stated time period. Although the indexes are provided for use in assessing the Fund’s performance, the Fund’s holdings may differ significantly from those in an index. Performance numbers reflect all Fund expenses.
Top ten holdings (%) (at June 30, 2017)  
Wirecard AG (Germany)
Internet payment and processing services
3.5
SimCorp AS (Denmark)
Global provider of highly specialised software for the investment management industry
3.2
Akka Technologies (France)
High-technology engineering consulting services
3.1
Partners Group Holding AG (Switzerland)
Global private markets asset management firm
3.0
Kindred Group PLC (Malta)
Online gambling services
3.0
Halma PLC (United Kingdom)
Products that detect hazards and protect assets and people in public and commercial buildings
2.9
Spirax-Sarco Engineering PLC (United Kingdom)
Consultation, service and products for the control and efficient management of steam and industrial fluids
2.6
Rightmove PLC (United Kingdom)
Website that lists properties across Britain
2.4
Inficon Holding AG (Switzerland)
Vacuum instruments used to monitor and control production processes
2.3
Munksjo OYJ (Finland)
Industrial paper
2.2
Percentages indicated are based upon total investments (excluding Money Market Funds and Securities Lending Collateral)
For further detail about these holdings, please refer to the section entitled “Portfolio of Investments."
Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security.
Equity sector breakdown (%) (at June 30, 2017)
Consumer Discretionary 20.5
Consumer Staples 1.7
Financials 9.7
Health Care 7.8
Industrials 23.8
Information Technology 21.5
Materials 9.2
Real Estate 5.8
Total 100.0
Percentages indicated are based upon total equity investments. The Fund’s portfolio composition is subject to change.
 
 
Columbia Acorn Family of Funds  | Semiannual Report 2017
37


Table of Contents
Fund at a glance  (continued)
Columbia Acorn European FundSM (Unaudited)
Country breakdown (%) (at June 30, 2017)
Belgium 1.1
Denmark 4.6
Finland 5.4
France 5.0
Germany 16.1
Ireland 1.2
Italy 3.8
Luxembourg 1.1
Malta 2.7
Netherlands 1.8
Norway 2.0
Spain 5.5
Sweden 7.6
Switzerland 4.9
Turkey 1.1
United Kingdom 26.9
United States(a) 9.2
Total 100.0
    
(a) Includes investments in Money Market Funds.
Country breakdown is based primarily on issuer’s place of organization/incorporation. Percentages indicated are based upon total investments. The Fund’s portfolio composition is subject to change.
38 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Manager Discussion of Fund Performance
Columbia Acorn European FundSM
Andreas Waldburg-Wolfegg
Co-Portfolio Manager
Stephen Kusmierczak, CFA
Co-Portfolio Manager
Columbia Acorn European Class Z shares gained 12.84% during the second quarter of 2017, outperforming the Fund’s primary benchmark, the MSCI AC Europe Small Cap Index (Net), which gained 10.22%. This brought Fund gains to 23.80% for the semiannual period versus a return of 19.61% for the benchmark.
Absolute returns were strong across all regions of Europe during the first half of the year in part due to the strong currency gains relative to the U.S. dollar. The Mediterranean region generated the strongest market returns, up 17% in local currency and 27% in U.S. dollars, while the weakest performance was found in the Nordic regions, up 7% in local currency and 15% in U.S. dollars.
Information technology and healthcare, classic growth sectors, continued their strong outperformance and were top gainers during the first half of the year. More broadly, all sectors except energy ended the first half with positive returns. Energy stocks lagged during the first half of 2017 ? with the drop in oil prices from over $50 per barrel to below $43 being the primary driver of this sector’s underperformance.
Strong stock selection allowed the Fund to outperform during a period of outsized market returns. In all countries in which the Fund invests, excepting the Netherlands, Poland and Turkey, stock selection contributed to relative returns. By sector, the Fund’s lack of energy stocks and its overweight in the strong performing information technology sector were beneficial.
The top contributor for the period was German-based Wirecard, a provider of payment solutions to online merchants globally. Its growth is correlated with e-commerce, the rise of the retail “omni-channel”, cashless transactions, and emerging global technical standards, all of which, we believe, have considerable runway. French engineering company Akka Technologies also helped drive results. Akka Technologies provides services to the automotive industry, mainly in France and Germany. Through a series of judicious acquisitions, the company has managed to position itself as a key provider of technical skills in man-machine interfaces and autonomous driving.
The top two detractors in the period were domiciled in the United Kingdom. Connect Group distributes newspapers, books and magazines, and efforts over the past six years to restructure its business have weighed on the stock. We believe that the new structure is poised to show accelerating top line growth, with benefits from increased capacity utilization (new contracts signed with Amazon for last-mile completion), and increased customer acceptance. Domino’s Pizza is the leading home-delivery pizza company in the U.K. Its stock declined as investors feared new store roll-outs could cannibalize existing stores. We expect that the stock will eventually benefit from the economies of scale combined with innovative menus and use of technology.
Despite strong performance from European equities in the first half of the year, valuations remained cheaper than the U.S. market at the close of the reporting period. Economic and employment growth continued strong in most of Central and Northern Europe, while long-term laggards like Italy and Portugal appeared to be improving.
International equities exhibited strong performance in the first half of the year. At the close of the period, prospects in Continental Europe were brightening ? though it remains to be seen whether French President Emmanuel Macron can translate a seemingly decisive electoral mandate into labor market reforms capable of invigorating the economy and reducing unemployment. Japanese corporates continued to respond to policy initiatives designed to improve return on capital in an aging society that requires this to fund pension obligations. We continue to search for exciting growth companies with sustainable competitive advantages trading at reasonable valuations.
 
 
Columbia Acorn Family of Funds  | Semiannual Report 2017
39


Table of Contents
Manager Discussion of Fund Performance  (continued)
Columbia Acorn European FundSM
Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. International investing involves certain risks and volatility due to potential political, economic or currency instabilities and different, potentially less stringent, financial and accounting standards than those generally applicable to U.S. issuers. Investments in small- and mid-cap companies involve risks and volatility and possible illiquidity greater than investments in larger, more established companies. See the Fund’s prospectus for more information on these and other risks.
The views expressed in this report reflect the current views of the respective parties. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict, so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Wanger fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Wanger fund. References to specific securities should not be construed as a recommendation or investment advice.
40 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
2017 Mid-Year Distributions
The following table details the mid-year distributions for the Columbia Acorn Funds. The record date was May 31, 2017 and the ex-dividend and payable date was June 1, 2017. The information is provided on a per share basis for each share class of the Funds.
Fund Ordinary
income
Short-term
capital
gain
Long-term
capital
gain
Columbia Acorn® Fund      
Class A None 0.07292 0.4918
Class C None 0.07292 0.4918
Class R4 None 0.07292 0.4918
Class R5 None 0.07292 0.4918
Class Y None 0.07292 0.4918
Class Z None 0.07292 0.4918
Columbia Acorn International®      
Class A 0.38359 None None
Class B 0.27675 None None
Class C 0.25724 None None
Class R 0.38359 None None
Class R4 0.38359 None None
Class R5 0.38359 None None
Class Y 0.38359 None None
Class Z 0.38359 None None
Columbia Acorn USA®      
Class A None None 0.55655
Class C None None 0.55655
Class R4 None None 0.55655
Class R5 None None 0.55655
Class Y None None 0.55655
Class Z None None 0.55655
Columbia Acorn International SelectSM      
Class A None None None
Class C None None None
Class R4 None None None
Class R5 None None None
Class Y None None None
Class Z None None None
Columbia Acorn SelectSM      
Class A None None 1.1735
Class C None None 1.1735
Class R4 None None 1.1735
Class R5 None None 1.1735
Class Y None None 1.1735
Class Z None None 1.1735
Columbia Thermostat FundSM      
Class A 0.23315 None 0.0604
Class C 0.15416 None 0.0604
Class R4 0.23315 None 0.0604
Class R5 0.23315 None 0.0604
Class Y 0.23315 None 0.0604
Class Z 0.23315 None 0.0604
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41


Table of Contents
2017 Mid-Year Distributions  (continued)
Fund Ordinary
income
Short-term
capital
gain
Long-term
capital
gain
Columbia Acorn Emerging Markets FundSM      
Class A None None None
Class C None None None
Class R4 None None None
Class R5 None None None
Class Y None None None
Class Z None None None
Columbia Acorn European FundSM      
Class A 0.05887 None None
Class C 0.02836 None None
Class R4 0.05887 None None
Class R5 0.05887 None None
Class Y 0.05887 None None
Class Z 0.05887 None None
42 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Understanding Your Fund’s Expenses
(Unaudited)
As a shareholder, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and service (Rule 12b-1) fees, and other Fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in Class A, B, C, R, R4, R5, Y and Z shares of the Funds during the period. The actual and hypothetical information in the tables is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the “Actual” column is calculated using the Funds’ actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the Actual column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Funds’ actual return) and then applies the Funds’ actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
In addition to the ongoing expenses which the Funds bear directly, Columbia Thermostat Fund’s shareholders indirectly bear the Fund’s allocable share of the costs and expenses of each underlying fund in which the Fund invests. You can also estimate the effective expenses paid during the period, which includes the indirect fees associated with investing in the underlying funds, by using the amounts listed in the effective expenses paid during the period column in the “Fund of Funds” table.
Compare with other funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Funds with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
January 1, 2017 — June 30, 2017
  Account value at the
beginning of the
period ($)
Account value at the
end of the
period ($)
Expenses paid during
the period ($)
Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Columbia Acorn® Fund
Class A 1,000.00 1,000.00 1,122.70 1,019.55 5.72 5.44 1.08
Class C 1,000.00 1,000.00 1,118.40 1,015.81 9.67 9.20 1.83
Class R4 1,000.00 1,000.00 1,123.70 1,020.79 4.39 4.18 0.83
Class R5 1,000.00 1,000.00 1,123.40 1,020.89 4.29 4.08 0.81
Class Y 1,000.00 1,000.00 1,123.30 1,021.14 4.02 3.83 0.76
Class Z 1,000.00 1,000.00 1,123.50 1,020.79 4.39 4.18 0.83
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Table of Contents
Understanding Your Fund’s Expenses  (continued)
(Unaudited)
January 1, 2017 — June 30, 2017
  Account value at the
beginning of the
period ($)
Account value at the
end of the
period ($)
Expenses paid during
the period ($)
Fund’s annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual
Columbia Acorn International®
Class A 1,000.00 1,000.00 1,184.30 1,019.10 6.37 5.89 1.17
Class B 1,000.00 1,000.00 1,182.10 1,016.85 8.81 8.15 1.62
Class C 1,000.00 1,000.00 1,180.10 1,015.26 10.54 9.75 1.94
Class R 1,000.00 1,000.00 1,183.00 1,017.65 7.95 7.34 1.46
Class R4 1,000.00 1,000.00 1,185.60 1,020.14 5.23 4.84 0.96
Class R5 1,000.00 1,000.00 1,185.80 1,020.29 5.07 4.68 0.93
Class Y 1,000.00 1,000.00 1,186.20 1,020.54 4.80 4.43 0.88
Class Z 1,000.00 1,000.00 1,185.70 1,020.14 5.23 4.84 0.96
Columbia Acorn USA®
Class A 1,000.00 1,000.00 1,112.70 1,018.00 7.32 6.99 1.39
Class C 1,000.00 1,000.00 1,108.90 1,014.26 11.25 10.75 2.14
Class R4 1,000.00 1,000.00 1,114.60 1,019.15 6.12 5.84 1.16
Class R5 1,000.00 1,000.00 1,114.60 1,019.70 5.54 5.29 1.05
Class Y 1,000.00 1,000.00 1,114.90 1,019.90 5.33 5.09 1.01
Class Z 1,000.00 1,000.00 1,114.20 1,019.20 6.06 5.79 1.15
Columbia Acorn International SelectSM
Class A 1,000.00 1,000.00 1,201.30 1,018.00 7.63 6.99 1.39
Class C 1,000.00 1,000.00 1,197.10 1,014.26 11.72 10.75 2.14
Class R4 1,000.00 1,000.00 1,203.00 1,019.25 6.26 5.74 1.14
Class R5 1,000.00 1,000.00 1,203.60 1,019.60 5.88 5.39 1.07
Class Y 1,000.00 1,000.00 1,203.80 1,019.85 5.60 5.14 1.02
Class Z 1,000.00 1,000.00 1,203.10 1,019.25 6.26 5.74 1.14
Columbia Acorn SelectSM
Class A 1,000.00 1,000.00 1,116.60 1,019.15 6.12 5.84 1.16
Class C 1,000.00 1,000.00 1,112.90 1,015.46 10.01 9.55 1.90
Class R4 1,000.00 1,000.00 1,117.70 1,020.39 4.80 4.58 0.91
Class R5 1,000.00 1,000.00 1,117.90 1,020.69 4.49 4.28 0.85
Class Y 1,000.00 1,000.00 1,118.30 1,020.94 4.22 4.03 0.80
Class Z 1,000.00 1,000.00 1,117.70 1,020.39 4.80 4.58 0.91
Columbia Acorn Emerging Markets FundSM
Class A 1,000.00 1,000.00 1,202.20 1,015.71 10.16 9.30 1.85
Class C 1,000.00 1,000.00 1,198.00 1,011.97 14.25 13.04 2.60
Class R4 1,000.00 1,000.00 1,203.60 1,016.95 8.79 8.05 1.60
Class R5 1,000.00 1,000.00 1,204.80 1,017.45 8.25 7.54 1.50
Class Y 1,000.00 1,000.00 1,205.70 1,017.70 7.97 7.29 1.45
Class Z 1,000.00 1,000.00 1,204.10 1,016.95 8.79 8.05 1.60
Columbia Acorn European FundSM
Class A 1,000.00 1,000.00 1,235.00 1,016.26 9.70 8.75 1.74
Class C 1,000.00 1,000.00 1,231.40 1,012.52 13.85 12.49 2.49
Class R4 1,000.00 1,000.00 1,237.50 1,017.50 8.31 7.49 1.49
Class R5 1,000.00 1,000.00 1,237.00 1,017.70 8.09 7.29 1.45
Class Y 1,000.00 1,000.00 1,158.30 (a) 1,018.05 4.90 (a) 6.94 1.38 (a)
Class Z 1,000.00 1,000.00 1,238.00 1,017.50 8.31 7.49 1.49
44 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Understanding Your Fund’s Expenses  (continued)
(Unaudited)
Fund of Funds—Columbia Thermostat Fund
January 1, 2017 — June 30, 2017
  Account value at the
beginning of the
period ($)
Account value at the
end of the
period ($)
Expenses paid during
the period ($)
Fund’s annualized
expense ratio (%)
Effective expenses
paid during the
period ($)
Fund’s effective
annualized
expense ratio (%)
  Actual Hypothetical Actual Hypothetical Actual Hypothetical Actual Actual Hypothetical Actual
Class A 1,000.00 1,000.00 1,031.10 1,022.44 2.53 2.52 0.50 4.96 4.94 0.98
Class C 1,000.00 1,000.00 1,027.00 1,018.70 6.32 6.29 1.25 8.74 8.71 1.73
Class R4 1,000.00 1,000.00 1,032.70 1,023.68 1.27 1.26 0.25 3.70 3.68 0.73
Class R5 1,000.00 1,000.00 1,032.00 1,023.73 1.22 1.21 0.24 3.65 3.63 0.72
Class Y 1,000.00 1,000.00 1,032.70 1,023.98 0.96 0.96 0.19 3.40 3.38 0.67
Class Z 1,000.00 1,000.00 1,032.20 1,023.68 1.27 1.26 0.25 3.70 3.68 0.73
(a) Based on operations from March 1, 2017 (commencement of operations) through the stated period end.
Expenses paid during the period are equal to the annualized expense ratio, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Except with respect to Columbia Thermostat Fund, expenses do not include any fees and expenses incurred indirectly by a Fund from the underlying funds in which the Fund may invest (also referred to as “acquired funds”), including affiliated and non-affiliated pooled investments vehicles (including mutual funds and exchange traded funds).
In the case of Columbia Thermostat Fund, effective expenses paid during the period and the Fund’s effective annualized expense ratio include expenses borne directly by the class plus the Fund’s pro rata portion of the ongoing expenses charged by the underlying funds in which it invests using the expense ratio of each class of each underlying fund as of the underlying fund’s most recent shareholder report.
Had the investment manager and/or certain of its affiliates not waived/reimbursed certain fees and expenses for Columbia Acorn International, Columbia Acorn International Select, Columbia Acorn Select, Columbia Thermostat Fund, Columbia Acorn Emerging Markets Fund and Columbia Acorn European Fund, account value at the end of the period would have been reduced.
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Table of Contents
Portfolio of Investments
Columbia Acorn® Fund, June 30, 2017 (Unaudited)
(Percentages represent value of investments compared to net assets)
Common Stocks 97.5%
Issuer Shares Value ($)
Consumer Discretionary 19.1%
Auto Components 3.6%
Cooper-Standard Holding, Inc.(a)
Sealing, fuel and brake delivery, fluid transfer systems, anti-vibration systems components, subsystems, and modules
451,784 45,571,452
Gentex Corp.
Products that use electro-optic technology
2,461,315 46,691,146
LCI Industries
Recreational vehicles and equipment
316,159 32,374,682
Tenneco, Inc.
Emission control and ride control products and systems
755,739 43,704,386
Total   168,341,666
Distributors 1.3%
LKQ Corp.(a)
Automotive products and services
613,166 20,203,820
Pool Corp.
Wholesale distributor of swimming pool supplies, equipment and leisure products
363,757 42,766,910
Total   62,970,730
Diversified Consumer Services 1.8%
Adtalem Global Education, Inc.
Higher education institutions
1,166,023 44,250,573
Bright Horizons Family Solutions, Inc.(a)
Child care and early education services
503,751 38,894,615
Total   83,145,188
Hotels, Restaurants & Leisure 5.3%
Dave & Buster’s Entertainment, Inc.(a)
Venues that combine dining and entertainment for adults and families
585,000 38,908,350
Domino’s Pizza, Inc.
Network of company-owned and franchise Domino’s Pizza stores
146,004 30,884,226
Dunkin’ Brands Group, Inc.
Quick service restaurants serving hot and cold coffee and baked goods
497,307 27,411,562
Extended Stay America, Inc.
Hotels and motels
2,524,610 48,876,449
Papa John’s International, Inc.
Pizza delivery and carry-out restaurants
388,881 27,906,100
Texas Roadhouse, Inc.
Moderately priced, full service restaurant chain
785,585 40,025,556
Vail Resorts, Inc.
Operates resorts globally
164,508 33,367,158
Total   247,379,401
Common Stocks (continued)
Issuer Shares Value ($)
Household Durables 2.6%
Cavco Industries, Inc.(a)
Designs and manufactures systems-built structures
161,382 20,923,176
iRobot Corp.(a)
Manufactures robots for cleaning
245,019 20,615,899
Leggett & Platt, Inc.
Manufactures a wide range of engineered products
455,960 23,951,579
NVR, Inc.(a)
Builds and markets homes and conducts mortgage banking activities
23,620 56,938,608
Total   122,429,262
Internet & Direct Marketing Retail 0.8%
Wayfair, Inc., Class A(a),(b)
Retails household goods online
492,467 37,860,863
Leisure Products 1.2%
Brunswick Corp.
Consumer products serving the outdoor and indoor active recreation markets
533,830 33,487,156
Polaris Industries, Inc.(b)
Off-road and on-road vehicles
267,940 24,712,106
Total   58,199,262
Specialty Retail 2.0%
Five Below, Inc.(a)
Specialty value retailer
607,273 29,981,068
Monro Muffler Brake, Inc.
Automotive undercar repair and tire services
404,719 16,897,018
Tractor Supply Co.
Retail farm store chain
510,828 27,691,986
Ulta Beauty, Inc.(a)
Chain of beauty stores
67,657 19,440,562
Total   94,010,634
Textiles, Apparel & Luxury Goods 0.5%
Hanesbrands, Inc.
Apparel and clothing products
1,019,311 23,607,243
Total Consumer Discretionary 897,944,249
Consumer Staples 1.6%
Food & Staples Retailing 0.5%
US Foods Holding Corp.(a)
Catering services
847,744 23,075,592
 
 
The accompanying Notes to Financial Statements are an integral part of this statement.
46 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Portfolio of Investments   (continued)
Columbia Acorn® Fund, June 30, 2017 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Household Products 1.1%
Spectrum Brands Holdings, Inc.
Global and diversified consumer products company
209,802 26,233,642
WD-40 Co.
Multi-purpose lubricant products and heavy-duty hand cleaners
214,015 23,616,555
Total   49,850,197
Total Consumer Staples 72,925,789
Energy 2.2%
Energy Equipment & Services 1.1%
Oceaneering International, Inc.
Services and products for the offshore oil and gas industry
735,000 16,787,400
RPC, Inc.(b)
Provides specialized oilfield services and equipment
1,656,581 33,479,502
Total   50,266,902
Oil, Gas & Consumable Fuels 1.1%
Carrizo Oil & Gas, Inc.(a)
Natural gas and crude oil
685,655 11,944,110
Cimarex Energy Co.
Crude oil and natural gas
160,680 15,105,527
Diamondback Energy, Inc.(a)
Independent oil and natural gas company
298,502 26,509,963
Total   53,559,600
Total Energy 103,826,502
Financials 8.2%
Banks 1.3%
BOK Financial Corp.
Multi-bank holding company
249,073 20,954,511
MB Financial, Inc.
Holding company for MB Financial Bank, N.A.
534,616 23,544,489
SVB Financial Group(a)
Holding company for Silicon Valley Bank
100,686 17,699,592
Total   62,198,592
Common Stocks (continued)
Issuer Shares Value ($)
Capital Markets 6.4%
Ares Capital Corp.
Management investment company
2,267,080 37,134,770
CBOE Holdings, Inc.
Marketplace for the trading of standardized and listed options on equity securities
455,004 41,587,366
Eaton Vance Corp.
Creates, markets, and manages mutual funds
839,859 39,742,128
Factset Research Systems, Inc.
Global economic and financial data to analysts, investment bankers, and financial professionals
140,341 23,321,867
Interactive Brokers Group, Inc., Class A
Automated global electronic market maker and broker
525,166 19,651,712
Lazard Ltd., Class A
Corporate Advisory & Asset Management
640,918 29,693,731
MarketAxess Holdings, Inc.
Electronic, multi-dealer to client platform for bond trading
119,061 23,943,167
Nasdaq, Inc.
Operates a global stock exchange
335,947 24,016,851
Raymond James Financial, Inc.
Financial services to individuals, corporations, and municipalities
752,851 60,393,707
Total   299,485,299
Consumer Finance 0.5%
Credit Acceptance Corp.(a),(b)
Funding, receivables management, collection, sales training, and related services to automobile dealers
99,606 25,612,687
Total Financials 387,296,578
Health Care 21.4%
Biotechnology 4.5%
Agios Pharmaceuticals, Inc.(a)
Therapeutics in the field of cancer metabolism
446,134 22,953,594
Bioverativ, Inc.(a)
Innovative therapies for the treatment of blood disorders
589,054 35,443,379
Celldex Therapeutics, Inc.(a),(b)
Uses applications of immunology to prevent and treat diseases
6,019,590 14,868,387
Genomic Health, Inc.(a)
Development and commercialization of genomic-based clinical diagnostic tests for cancer
1,178,916 38,373,716
Kite Pharma, Inc.(a),(b)
Develops and manufacturers pharmaceuticals
268,892 27,876,034
 
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Acorn Family of Funds  | Semiannual Report 2017
47


Table of Contents
Portfolio of Investments   (continued)
Columbia Acorn® Fund, June 30, 2017 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Ligand Pharmaceuticals, Inc.(a)
Drugs that regulate hormone activated intracellular receptors
216,500 26,283,100
Seattle Genetics, Inc.(a)
Monoclonal antibody-based drugs to treat cancer and related diseases
413,994 21,420,050
Ultragenyx Pharmaceutical, Inc.(a)
Therapeutics and sialic acid for treating metabolic, body myopathy, glucuronidase, and rare genetic diseases
401,040 24,908,594
Total   212,126,854
Health Care Equipment & Supplies 9.9%
Align Technology, Inc.(a)
Designs, manufactures, and markets the Invisalign System
624,458 93,743,634
Dentsply Sirona, Inc.
Dental supplies
294,726 19,110,034
Endologix, Inc.(a)
Minimally invasive treatments for vascular diseases
4,111,934 19,983,999
Haemonetics Corp.(a)
Automated blood processing systems
489,529 19,331,500
IDEXX Laboratories, Inc.(a)
Diagnostic, detection, and information systems for veterinary, food, and water testing applications
116,083 18,738,118
iRhythm Technologies, Inc.(a)
Medical instruments
750,000 31,867,500
LivaNova PLC(a)
Medical technology focusing on neuromodulation, cardiac surgery and rhythm management
659,652 40,377,299
Masimo Corp.(a)
Medical signal processing and sensor technology for non-invasive monitoring of physiological parameters
551,711 50,305,009
Natus Medical, Inc.(a)
Medical device company that develops, manufactures, and markets screening products
917,745 34,231,888
ResMed, Inc.
Medical equipment for the treatment of sleep disordered breathing
473,808 36,895,429
Varex Imaging Corp.(a)
X-ray imaging components
1,272,569 43,012,832
Varian Medical Systems, Inc.(a)
Medical equipment
196,943 20,322,548
West Pharmaceutical Services, Inc.
Drug therapies and healthcare products
384,253 36,319,594
Total   464,239,384
Common Stocks (continued)
Issuer Shares Value ($)
Health Care Providers & Services 2.1%
AMN Healthcare Services, Inc.(a)
Temporary healthcare staffing
509,669 19,902,574
HealthSouth Corp.
Inpatient rehabilitative healthcare services
1,651,574 79,936,182
Total   99,838,756
Health Care Technology 1.7%
Evolent Health, Inc., Class A(a)
Purpose-built platform enables providers to migrate their payment models
1,463,000 37,087,050
Medidata Solutions, Inc.(a)
Hosted clinical development solutions
298,957 23,378,438
Veeva Systems Inc., Class A(a)
Cloud-based business services
333,727 20,460,802
Total   80,926,290
Life Sciences Tools & Services 3.2%
Agilent Technologies, Inc.
Core bio-analytical and electronic measurement solutions
330,675 19,612,334
Cambrex Corp.(a)
Products, services, and technologies for the Life Sciences and fine chemicals industry
500,000 29,875,000
Mettler-Toledo International, Inc.(a)
Weighing instruments for use in laboratory, industrial, and food retailing applications
42,245 24,862,872
Pra Health Sciences, Inc.(a)
Global contract research organization
1,039,239 77,953,318
Total   152,303,524
Total Health Care 1,009,434,808
Industrials 17.0%
Aerospace & Defense 0.8%
HEICO Corp., Class A
Aerospace products and services
641,221 39,787,763
Air Freight & Logistics 0.5%
Expeditors International of Washington, Inc.
Global logistics company
393,886 22,246,681
 
 
The accompanying Notes to Financial Statements are an integral part of this statement.
48 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Portfolio of Investments   (continued)
Columbia Acorn® Fund, June 30, 2017 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Commercial Services & Supplies 2.6%
Cintas Corp.
Corporate identity uniform programs
403,721 50,884,995
Copart, Inc.(a)
Services to process and sell salvage vehicles through auctions
1,128,208 35,865,732
Unifirst Corp.
Workplace uniforms and protective clothing
265,145 37,305,902
Total   124,056,629
Industrial Conglomerates 0.9%
Carlisle Companies, Inc.
Construction materials, transportation products, and general industry products
417,100 39,791,340
Machinery 6.5%
Graco, Inc.
Technology for the management of fluids in industrial and commercial applications
208,865 22,824,767
Middleby Corp. (The)(a)
Equipment for use in cooking and preparing food
154,088 18,723,233
Nordson Corp.
Systems that apply adhesives, sealants, and coatings to products during manufacturing
228,430 27,713,128
Oshkosh Corp.
Fire and emergency apparatuses and specialty commercial, and military trucks
834,877 57,506,328
REV Group, Inc.
Specialty vehicles and related aftermarket parts and services
687,646 19,034,041
Snap-On, Inc.
Tool and equipment solutions
267,291 42,231,978
Toro Co. (The)
Turf equipment
658,571 45,632,385
WABCO Holdings, Inc.(a)
Electronic braking, stability, suspension, and transmission control systems commercial vehicles
290,356 37,023,293
Wabtec Corp.
Technology products and services for the rail industry
408,200 37,350,300
Total   308,039,453
Common Stocks (continued)
Issuer Shares Value ($)
Professional Services 3.4%
ManpowerGroup, Inc.
Non-governmental employment services
405,631 45,288,701
Navigant Consulting, Inc.(a)
Independent consulting firm
232,545 4,595,089
Robert Half International, Inc.
Temporary and permanent staffing services
398,836 19,116,210
TransUnion (a)
Offers consumer reports, risk scores, analytical services, and decisioning capabilities to businesses
1,215,207 52,630,615
Wageworks, Inc.(a)
Tax-advantaged programs for consumer-directed health, commuter, and other employee spending account benefits
599,078 40,258,042
Total   161,888,657
Road & Rail 1.2%
JB Hunt Transport Services, Inc.
Logistics services
216,663 19,798,665
Old Dominion Freight Line, Inc.
Inter-regional and multi-regional motor carrier
394,560 37,577,894
Total   57,376,559
Trading Companies & Distributors 1.1%
Watsco, Inc.
Air conditioning, heating, and refrigeration equipment
322,134 49,673,063
Total Industrials 802,860,145
Information Technology 21.1%
Electronic Equipment, Instruments & Components 2.9%
CDW Corp.
IT products and services
1,078,107 67,414,030
IPG Photonics Corp.(a)
High-power fiber lasers and amplifiers
469,098 68,066,120
Total   135,480,150
 
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Acorn Family of Funds  | Semiannual Report 2017
49


Table of Contents
Portfolio of Investments   (continued)
Columbia Acorn® Fund, June 30, 2017 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Internet Software & Services 4.9%
CoStar Group, Inc.(a)
Provides building-specific information to the United States commercial real estate industry and related industries
129,467 34,127,501
GoDaddy, Inc., Class A(a)
Cloud-based web platform for small businesses, web design professionals and individuals
1,385,480 58,772,062
NIC, Inc.
Provides eGovernment services
1,151,586 21,822,555
Nutanix, Inc., Class A(a),(b)
Enterprise cloud platforms
1,299,421 26,183,333
Q2 Holdings, Inc.(a)
Secure, cloud-based virtual banking solutions
646,494 23,887,953
Quotient Technology, Inc.(a)
Operates a promotion platform
2,074,658 23,858,567
SPS Commerce, Inc.(a)
On-demand supply chain management solutions through an online hosted software suite
327,715 20,895,108
VeriSign, Inc.(a)
Domain names and Internet security services
257,539 23,940,826
Total   233,487,905
IT Services 5.2%
Black Knight Financial Services, Inc., Class A(a)
Itegrated technology, workflow automation, and data and analytics for the mortgage industry
843,434 34,538,623
Booz Allen Hamilton Holdings Corp.
Technology consulting services to the U.S. government in the defense, intelligence, and civil markets
1,228,269 39,967,873
Broadridge Financial Solutions, Inc.
Technology-based outsourcing solutions to the financial services industry
290,539 21,953,127
CoreLogic, Inc.(a)
Consumer, financial and property information, analytics and services to business and government
455,856 19,775,033
ExlService Holdings, Inc.(a)
Offshore business process outsourcing solutions
472,096 26,239,096
Gartner, Inc.(a)
Research and analysis on computer hardware, software, communications, and information technology
436,151 53,869,010
Common Stocks (continued)
Issuer Shares Value ($)
MAXIMUS, Inc.
Program management and consulting services to state and local governments
372,592 23,335,437
Vantiv, Inc., Class A(a)
Integrated payment processor
375,392 23,777,329
Total   243,455,528
Semiconductors & Semiconductor Equipment 1.0%
Advanced Energy Industries, Inc.(a)
Engineered precision power conversion, measurement and control solutions
415,000 26,846,350
Monolithic Power Systems, Inc.
Power management solutions
200,716 19,349,022
Total   46,195,372
Software 7.1%
ANSYS, Inc.(a)
Software solutions for design analysis and optimization
566,098 68,882,805
Blackline, Inc.(a)
Develops and markets enterprise software
767,620 27,434,739
Cadence Design Systems, Inc.(a)
Software technology, design and consulting services and technology
1,127,700 37,766,673
CyberArk Software Ltd.(a)
IT security solutions
402,728 20,116,264
Guidewire Software, Inc.(a)
Enterprise software for the property and casualty insurance industry
373,910 25,691,356
Manhattan Associates, Inc.(a)
Information technology solutions for distribution centers
727,028 34,940,966
Qualys, Inc.(a)
Information technology security risk and compliance management solutions
980,773 40,015,538
Synopsys, Inc.(a)
Electronic design automation solutions
541,651 39,502,607
Ultimate Software Group, Inc. (The)(a)
Software solutions
204,301 42,915,468
Total   337,266,416
Total Information Technology 995,885,371
Materials 1.3%
Chemicals 1.3%
Celanese Corp., Class A
Global integrated producer of chemicals and advanced materials
638,726 60,640,646
Total Materials 60,640,646
 
 
The accompanying Notes to Financial Statements are an integral part of this statement.
50 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Portfolio of Investments   (continued)
Columbia Acorn® Fund, June 30, 2017 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Real Estate 4.7%
Equity Real Estate Investment Trusts (REITS) 3.9%
CoreCivic, Inc.
Detention and corrections services
1,567,420 43,229,444
Education Realty Trust, Inc.
Self-managed and self-advised real estate investment trust
587,118 22,750,822
Equity Commonwealth(a)
Real estate investment trust
607,000 19,181,200
Equity LifeStyle Properties, Inc.
Acquires properties such as camping grounds and seasonal resort communities
239,532 20,681,193
Federal Realty Investment Trust
Self-administered real estate investment trust
152,204 19,237,064
Lamar Advertising Co., Class A
Outdoor advertising structures
517,980 38,107,789
SBA Communications Corp(a)
Wireless communications infrastructure
151,235 20,401,601
Total   183,589,113
Real Estate Management & Development 0.8%
Jones Lang LaSalle, Inc.
Real estate and investment management services
298,238 37,279,750
Total Real Estate 220,868,863
Telecommunication Services 0.9%
Diversified Telecommunication Services 0.4%
Zayo Group Holdings, Inc.(a)
Global provider of bandwidth infrastructure services
605,501 18,709,981
Common Stocks (continued)
Issuer Shares Value ($)
Wireless Telecommunication Services 0.5%
Boingo Wireless, Inc.(a)
Mobile internet services
1,674,054 25,043,848
Total Telecommunication Services 43,753,829
Total Common Stocks
(Cost: $3,303,290,077)
4,595,436,780
Securities Lending Collateral 2.6%
  Shares Value ($)
Dreyfus Government Cash Management Fund, Institutional Shares, 0.910%(c),(d)
121,051,730 121,051,730
Total Securities Lending Collateral
(Cost: $121,051,730)
121,051,730
Money Market Funds 3.1%
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.879% (c) 148,396,636 148,396,636
Total Money Market Funds
(Cost: $148,396,636)
148,396,636
Total Investments
(Cost $3,572,738,443)
4,864,885,146 (e)
Obligation to Return Collateral for Securities Loaned   (121,051,730)
Other Assets & Liabilities, Net   (28,296,972)
Net Assets $4,715,536,444
 
 
Notes to Portfolio of Investments
(a) Non-income producing security.
(b) All or a portion of this security was on loan at June 30, 2017. The total market value of securities on loan at June 30, 2017 was $119,231,924.
(c) The rate shown is the seven-day current annualized yield at June 30, 2017.
(d) Investment made with cash collateral received from securities lending activity.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Acorn Family of Funds  | Semiannual Report 2017
51


Table of Contents
Portfolio of Investments   (continued)
Columbia Acorn® Fund, June 30, 2017 (Unaudited)
Notes to Portfolio of Investments  (continued)
(e) 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 six months ended June 30, 2017, are as follows. At June 30, 2017, the Fund had no outstanding affiliated investments.
    
Issuer Beginning
shares
Shares
purchased
Shares
sold
Ending
shares
Value ($) Dividend —
affiliated issuers
($)
Realized
Gain (Loss)
Boingo Wireless, Inc.1 2,180,974 (506,920) 1,674,054 25,043,848 2,981,177
Celldex Therapeutics, Inc.1 6,019,590 6,019,590 14,868,387
Endologix, Inc.1 4,661,700 (549,766) 4,111,934 19,983,999 (1,237,035)
Nutanix, Inc., Class A1 898,090 492,000 (90,669) 1,299,421 26,183,333 (800,974)
Total of Affiliated Transactions 13,760,354 492,000 (1,147,355) 13,104,999 86,079,567 943,168
    
1 At June 30, 2017, the Fund owned less than five percent of the company’s outstanding voting shares.
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 June 30, 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 897,944,249 897,944,249
Consumer Staples 72,925,789 72,925,789
Energy 103,826,502 103,826,502
Financials 387,296,578 387,296,578
Health Care 1,009,434,808 1,009,434,808
Industrials 802,860,145 802,860,145
Information Technology 995,885,371 995,885,371
The accompanying Notes to Financial Statements are an integral part of this statement.
52 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Portfolio of Investments   (continued)
Columbia Acorn® Fund, June 30, 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 ($)
Total ($)
Materials 60,640,646 60,640,646
Real Estate 220,868,863 220,868,863
Telecommunication Services 43,753,829 43,753,829
Total Common Stocks 4,595,436,780 4,595,436,780
Securities Lending Collateral 121,051,730 121,051,730
Money Market Funds 148,396,636 148,396,636
Total Investments 4,864,885,146 4,864,885,146
There were no transfers of financial assets between levels during the period.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Acorn Family of Funds  | Semiannual Report 2017
53


Table of Contents
Portfolio of Investments
Columbia Acorn International®, June 30, 2017 (Unaudited)
(Percentages represent value of investments compared to net assets)
Common Stocks 97.7%
Issuer Shares Value ($)
Australia 1.5%
Amcor Ltd.
International integrated packaging company
2,475,208 30,835,491
Domino’s Pizza Enterprises Ltd.(a)
Pizza delivery stores
1,145,666 45,844,598
Total 76,680,089
Brazil 0.5%
Raia Drogasil SA
Chain of pharmaceutical stores
1,266,000 26,941,049
Canada 7.2%
Boardwalk Real Estate Investment Trust(a)
Real estate company
1,053,355 38,623,558
CAE, Inc.
Training solutions based on simulation technology and integrated training services
2,499,934 43,104,969
CCL Industries, Inc.
Manufacturing services and specialty packaging products for the non-durable consumer products market
2,847,220 144,051,592
PrairieSky Royalty Ltd.(a)
Indirect oil and gas investments
1,261,650 28,729,584
ShawCor Ltd.
Energy services company
1,082,367 22,101,387
Tahoe Resources, Inc.
Mining services
3,755,098 32,373,531
Uni-Select, Inc.
Wholesale distribution of automotive replacement parts, equipment, tools, and accessories
1,164,748 28,130,712
Vermilion Energy, Inc.(a)
Oil and natural gas
803,247 25,482,404
Total 362,597,737
Cayman Islands 1.0%
Silicon Motion Technology Corp., ADR
Semiconductor products
1,020,000 49,194,600
China 3.3%
China Medical System Holdings Ltd.
Pharmaceutical and medical products
30,095,000 52,036,232
New Oriental Education & Technology Group, Inc., ADR(b)
Educational services
854,964 60,266,413
Shenzhou International Group Holdings Ltd.
Manufactures and processes textiles
3,618,000 23,789,699
TravelSky Technology Ltd., Class H
IT solutions for China’s air travel and tourism industries
9,316,000 27,440,309
Total 163,532,653
Common Stocks (continued)
Issuer Shares Value ($)
Denmark 3.5%
Novozymes AS, Class B
Enzymes for industrial use
1,453,477 63,605,735
SimCorp AS
Global provider of highly specialised software for the investment management industry
932,367 56,483,222
William Demant Holding AS(b)
Hearing aids, audiometers, tympanometers, diagnostic instruments, and wireless communication equipment
2,052,031 53,110,390
Total 173,199,347
France 1.7%
Elior Group
Provides catering, cleaning, and facility management services
1,920,770 55,810,445
Ipsen SA
Medical drugs for targeted disease areas
233,984 32,029,283
Total 87,839,728
Germany 6.7%
Fielmann AG
Prescription eyeglasses, specialty glasses, sunglasses, contact lenses, and optical supplies
621,901 47,973,934
MTU Aero Engines AG
Develops and manufactures engines and offers commercial engine services and support
445,000 62,769,690
Rational AG
Food preparation appliances/processors and kitchen accessories
74,335 39,564,190
Stroeer SE & Co. KGaA(a)
Digital multi-channel media company
884,049 52,949,521
Wirecard AG(a)
Internet payment and processing services
1,525,000 97,051,883
Zalando SE(b)
Online sale of fashion accessories
714,116 32,633,250
Total 332,942,468
Hong Kong 0.5%
Value Partners Group Ltd.
Independent, value oriented asset management group
28,101,000 25,578,725
India 2.6%
TVS Motor Co., Ltd.
Motorcycles, mopeds and scooters
6,268,373 53,220,065
Zee Entertainment Enterprises Ltd.
Hindi films, serials, game shows and children’s programs
10,025,681 76,095,925
Total 129,315,990
 
 
The accompanying Notes to Financial Statements are an integral part of this statement.
54 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Portfolio of Investments   (continued)
Columbia Acorn International®, June 30, 2017 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Indonesia 0.9%
PT Matahari Department Store Tbk
Retail clothes, accessories, bags, shoes, cosmetics, household appliances, and management consulting services.
40,982,800 43,584,049
Ireland 0.6%
UDG Healthcare PLC
Commercialisation solutions for health care companies
2,857,000 32,224,714
Italy 2.5%
Brembo SpA
Braking systems and components
6,731,505 98,488,227
Industria Macchine Automatiche SpA
Packaging machinery for the food, pharmaceuticals, and cosmetics industries
290,000 26,646,923
Total 125,135,150
Japan 21.8%
Aeon Credit Service Co., Ltd.
Credit card company
2,147,000 45,563,873
Aeon Mall Co., Ltd.
Large-scale shopping malls
3,622,500 71,569,547
Aica Kogyo Co., Ltd.
Manufactures adhesives, melamine boards, and housing materials
909,100 27,759,648
Asahi Intecc Co., Ltd.
Manufactures medical tools and stainless wire rope
551,700 25,104,630
Bandai Namco Holdings, Inc.
Manufactures toys, stuffed animals, character goods, video games, commercial- and home-use game equipment and software
1,324,400 45,251,237
CyberAgent, Inc.
Operates websites, internet advertising agency and creates PC and mobile contents
1,428,000 44,348,799
DIP Corp.
Matching services through Internet for job agencies and job seekers
235,400 4,788,696
Disco Corp.
Abrasive and precision industrial machinery for cutting and grinding purposes
234,600 37,627,826
FamilyMart UNY Holdings Co., Ltd.
Chain of convenience stores
947,300 54,247,974
Glory Ltd.
Vending machines, coin-operated lockers, money handling machines, and data processing terminals
1,117,900 36,715,771
Common Stocks (continued)
Issuer Shares Value ($)
Hikari Tsushin, Inc.
Distribution network, telecommunication, office automation equipment, in-house products and individual insurance plans
577,700 60,864,047
Makita Corp.
Electric power tools
752,500 27,868,113
MonotaRO Co., Ltd(a)
Machine tools, engine parts, and factory consumable goods
1,307,800 42,264,637
NGK Insulators Ltd.
Electrical insulators, industrial ceramic products, environmental systems and electronic parts
1,375,200 27,570,208
NGK Spark Plug Co., Ltd.
Spark plugs for automobiles, motorcycles, agricultural machinery, ships, and aircrafts
1,528,900 32,749,824
Nihon M&A Center, Inc.
Provides M&A advisory services to small and medium-sized enterprises
651,200 23,836,800
Nissan Chemical Industries Ltd.
Variety of chemical products
995,000 32,971,211
NOF Corp.
Diversified chemical producer
3,000,000 38,291,092
Obic Co., Ltd.
Computer system integration, office automation, consultation, and system support services
595,100 36,643,844
Omron Corp.
Electronic components, equipment and systems used for factory automation
1,004,000 43,703,518
OSG Corp.(a)
Manufactures machine tool equipment
1,128,300 23,037,300
Otsuka Corp.
Computer information system and software
696,500 43,325,115
Persol Holdings Co., Ltd.
Human resource solutions
1,600,000 30,061,113
Santen Pharmaceutical Co., Ltd.
Ophthalmic medicine
1,902,000 25,835,109
Sekisui Chemical Co., Ltd.
Unit residential houses in addition to parcels of land
3,671,500 65,879,376
Seven Bank Ltd.
Banking services through Automated Teller Machine (ATM)
11,623,200 41,674,478
Sohgo Security Services Co., Ltd.
Around the clock security services
841,400 37,980,876
Sony Financial Holdings, Inc.
Financial holding company
1,870,000 31,980,711
Ushio, Inc.
Lamps and optical equipment
2,383,100 30,079,068
Total 1,089,594,441
 
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Acorn Family of Funds  | Semiannual Report 2017
55


Table of Contents
Portfolio of Investments   (continued)
Columbia Acorn International®, June 30, 2017 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Malta 1.7%
Kindred Group PLC
Online gambling services
7,374,685 83,422,256
Mexico 1.6%
Grupo Aeroportuario del Sureste SAB de CV, ADR
Operates airports in Mexico
384,900 80,982,960
Netherlands 1.6%
Aalberts Industries NV
Industrial services and flow control systems
2,044,797 81,414,282
New Zealand 0.6%
Auckland International Airport Ltd.
Owns and operates the Auckland International Airport
5,805,568 30,335,239
Philippines 0.5%
Universal Robina Corp.
Branded consumer foods
7,700,000 24,872,847
Singapore 1.6%
Mapletree Commercial Trust
Singapore-focused real estate investment trust
32,720,300 37,907,302
Singapore Exchange
Singapore’s Securities and derivatives exchange and clearing houses
7,714,200 41,112,683
Total 79,019,985
South Africa 1.5%
Clicks Group Ltd.
Owns and operates chains of retail stores
2,665,748 28,527,019
Rand Merchant Investment Holdings Ltd.
Investment holding company
14,964,784 44,599,803
Total 73,126,822
South Korea 3.6%
GS Retail Co., Ltd.
Chain of retail stores
210,616 9,496,747
Korea Aerospace Industries Ltd.
Aircraft parts
434,400 21,641,218
Korea Investment Holdings Co., Ltd.
Financial holding company
793,245 48,608,243
Korea Zinc Co. Ltd.
Non-ferrous metal smelting
97,000 38,653,097
Medy-Tox, Inc.
Biopharmaceutical products using clostridium botulinum
125,506 61,460,220
Total 179,859,525
Common Stocks (continued)
Issuer Shares Value ($)
Spain 3.0%
Bolsas y Mercados Españoles SHMSF SA(a)
Barcelona, Bilbao, Madrid, and Valencia Stock Exchanges
1,276,000 46,075,163
Merlin Properties Socimi SA
Real estate investment trust
2,114,000 26,704,418
Prosegur Cia de Seguridad SA, Registered Shares
Security and transportation services
5,000,000 32,494,158
Viscofan SA
Artificial casings made of cellulose, collagen, and plastic for use in the meat industry
751,424 44,456,763
Total 149,730,502
Sweden 4.7%
Hexagon AB, Class B
Design, measurement and visualisation technologies
2,636,121 125,317,989
NetEnt AB
Computer gaming software
3,120,000 27,275,511
Sweco AB, Class B
Consulting company specializing in engineering, environmental technology, and architecture
1,137,443 28,123,183
Trelleborg AB, Class B
Manufactures and distributes industrial products
2,296,587 52,421,294
Total 233,137,977
Switzerland 4.3%
Geberit AG
Water supply pipes and fittings, installation systems, drainage and flushing systems
94,892 44,254,565
Givaudan SA
Manufactures and markets fragrances and flavors
15,270 30,543,185
Partners Group Holding AG
Global private markets asset management firm
226,380 140,351,350
Total 215,149,100
Taiwan 2.0%
Largan Precision Co., Ltd.
Optical lens modules and optoelectronic components
405,000 64,481,898
Silergy Corp.
High performance analog integrated circuits
1,770,000 34,081,201
Total 98,563,099
 
 
The accompanying Notes to Financial Statements are an integral part of this statement.
56 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Portfolio of Investments   (continued)
Columbia Acorn International®, June 30, 2017 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Thailand 1.0%
Home Product Center PCL, Foreign Registered Shares
Building materials and home improvement products
90,670,700 25,602,881
Tisco Financial Group PCL
Bank holding company
11,363,000 25,411,307
Total 51,014,188
United Kingdom 15.0%
Croda International PLC
Chemicals and chemical products
691,401 34,985,007
Domino’s Pizza Group PLC
Pizza delivery stores
9,120,000 34,910,444
DS Smith PLC
Provides corrugated packaging services
8,749,564 53,970,824
Halma PLC
Products that detect hazards and protect assets and people in public and commercial buildings
5,256,048 75,303,117
JD Sports Fashion PLC
Brand-name sports and leisure wear
5,023,000 22,897,716
Kingfisher PLC
International home improvement company
16,771,956 65,686,797
LivaNova PLC(b)
Medical technology focusing on neuromodulation, cardiac surgery and rhythm management
929,961 56,922,913
Micro Focus International PLC
Enterprise application management solutions
1,500,000 44,367,947
Rentokil Initial PLC
Fully integrated facilities management and essential support services
11,681,194 41,580,318
Rightmove PLC
Website that lists properties across Britain
1,351,781 74,826,634
Shaftesbury PLC
Real estate company
3,047,464 38,600,163
Spirax-Sarco Engineering PLC
Consultation, service and products for the control and efficient management of steam and industrial fluids
1,119,262 77,991,358
Common Stocks (continued)
Issuer Shares Value ($)
WH Smith PLC
Retails books, magazines, newspapers, and periodicals
2,401,564 53,643,763
Wolseley PLC
Bathroom materials, heating and plumbing supplies, and industrial pipes, valves, and fittings
1,181,784 72,543,163
Total 748,230,164
United States 0.7%
Ultragenyx Pharmaceutical, Inc.(b)
Therapeutics and sialic acid for treating metabolic, body myopathy, glucuronidase, and rare genetic diseases
590,087 36,650,304
Total Common Stocks
(Cost: $3,367,336,900)
4,883,869,990
Securities Lending Collateral 3.9%
  Shares Value ($)
Dreyfus Government Cash Management Fund, Institutional Shares, 0.910%(c),(d)
194,056,021 194,056,021
Total Securities Lending Collateral
(Cost: $194,056,021)
194,056,021
Money Market Funds 2.4%
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.879% (c)
120,050,870 120,050,870
Total Money Market Funds
(Cost: $120,050,870)
120,050,870
Total Investments
(Cost: $3,681,443,791)
5,197,976,881
Obligation to Return Collateral for Securities Loaned   (194,056,021)
Other Assets & Liabilities, Net   (6,820,541)
Net Assets $4,997,100,319
 
 
Notes to Portfolio of Investments
(a) All or a portion of this security was on loan at June 30, 2017. The total market value of securities on loan at June 30, 2017 was $184,924,231.
(b) Non-income producing security.
(c) The rate shown is the seven-day current annualized yield at June 30, 2017.
(d) Investment made with cash collateral received from securities lending activity.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Acorn Family of Funds  | Semiannual Report 2017
57


Table of Contents
Portfolio of Investments   (continued)
Columbia Acorn International®, June 30, 2017 (Unaudited)
Abbreviation Legend
ADR American Depositary Receipt
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 June 30, 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 76,680,089 76,680,089
Brazil 26,941,049 26,941,049
Canada 362,597,737 362,597,737
Cayman Islands 49,194,600 49,194,600
China 60,266,413 103,266,240 163,532,653
Denmark 173,199,347 173,199,347
France 87,839,728 87,839,728
Germany 332,942,468 332,942,468
Hong Kong 25,578,725 25,578,725
India 129,315,990 129,315,990
Indonesia 43,584,049 43,584,049
Ireland 32,224,714 32,224,714
Italy 125,135,150 125,135,150
Japan 1,089,594,441 1,089,594,441
Malta 83,422,256 83,422,256
Mexico 80,982,960 80,982,960
Netherlands 81,414,282 81,414,282
New Zealand 30,335,239 30,335,239
Philippines 24,872,847 24,872,847
Singapore 79,019,985 79,019,985
The accompanying Notes to Financial Statements are an integral part of this statement.
58 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Portfolio of Investments   (continued)
Columbia Acorn International®, June 30, 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 ($)
Total ($)
South Africa 73,126,822 73,126,822
South Korea 179,859,525 179,859,525
Spain 149,730,502 149,730,502
Sweden 233,137,977 233,137,977
Switzerland 215,149,100 215,149,100
Taiwan 98,563,099 98,563,099
Thailand 51,014,188 51,014,188
United Kingdom 56,922,913 691,307,251 748,230,164
United States 36,650,304 36,650,304
Total Common Stocks 673,555,976 4,210,314,014 4,883,869,990
Securities Lending Collateral 194,056,021 194,056,021
Money Market Funds 120,050,870 120,050,870
Total Investments 987,662,867 4,210,314,014 5,197,976,881
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 of Trustees, 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.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Acorn Family of Funds  | Semiannual Report 2017
59


Table of Contents
Portfolio of Investments
Columbia Acorn USA®, June 30, 2017 (Unaudited)
(Percentages represent value of investments compared to net assets)
Common Stocks 97.0%
Issuer Shares Value ($)
Consumer Discretionary 22.4%
Auto Components 5.3%
Cooper-Standard Holding, Inc.(a)
Sealing, fuel and brake delivery, fluid transfer systems, anti-vibration systems components, subsystems, and modules
45,153 4,554,583
Dorman Products, Inc.(a)
Automotive products and home hardware
85,153 7,048,114
Gentex Corp.
Products that use electro-optic technology
169,542 3,216,211
LCI Industries
Recreational vehicles and equipment
133,697 13,690,573
Tenneco, Inc.
Emission control and ride control products and systems
86,630 5,009,813
Total   33,519,294
Distributors 1.0%
Pool Corp.
Wholesale distributor of swimming pool supplies, equipment and leisure products
52,873 6,216,279
Diversified Consumer Services 3.5%
Adtalem Global Education, Inc.
Higher education institutions
238,482 9,050,392
Bright Horizons Family Solutions, Inc.(a)
Child care and early education services
89,128 6,881,573
Laureate Education, Inc., Class A(a)
Provides educational services
373,278 6,543,563
Total   22,475,528
Hotels, Restaurants & Leisure 5.0%
Extended Stay America, Inc.
Hotels and motels
428,781 8,301,200
Papa John’s International, Inc.
Pizza delivery and carry-out restaurants
89,957 6,455,314
Texas Roadhouse, Inc.
Moderately priced, full service restaurant chain
199,176 10,148,017
Vail Resorts, Inc.
Operates resorts globally
16,878 3,423,365
Wingstop, Inc.
Cooked-to-order chicken wings
107,862 3,332,936
Total   31,660,832
Common Stocks (continued)
Issuer Shares Value ($)
Household Durables 1.4%
Cavco Industries, Inc.(a)
Designs and manufactures systems-built structures
41,802 5,419,629
iRobot Corp.(a)
Manufactures robots for cleaning
45,331 3,814,151
Total   9,233,780
Internet & Direct Marketing Retail 1.1%
Wayfair, Inc., Class A(a),(b)
Retails household goods online
92,377 7,101,944
Leisure Products 2.2%
Brunswick Corp.
Consumer products serving the outdoor and indoor active recreation markets
130,337 8,176,040
Polaris Industries, Inc.(b)
Off-road and on-road vehicles
64,320 5,932,234
Total   14,108,274
Specialty Retail 2.9%
Camping World Holdings, Inc., Class A
Recreational vehicles and accessories
243,418 7,509,445
Five Below, Inc.(a)
Specialty value retailer
159,899 7,894,214
Monro Muffler Brake, Inc.
Automotive undercar repair and tire services
69,098 2,884,841
Total   18,288,500
Total Consumer Discretionary 142,604,431
Consumer Staples 0.9%
Household Products 0.9%
WD-40 Co.
Multi-purpose lubricant products and heavy-duty hand cleaners
52,593 5,803,637
Total Consumer Staples 5,803,637
Energy 1.9%
Energy Equipment & Services 1.0%
Core Laboratories NV
Reservoir description, production enhancement, and reservoir management services
35,225 3,567,236
Oceaneering International, Inc.
Services and products for the offshore oil and gas industry
125,430 2,864,821
Total   6,432,057
 
 
The accompanying Notes to Financial Statements are an integral part of this statement.
60 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Portfolio of Investments   (continued)
Columbia Acorn USA®, June 30, 2017 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Oil, Gas & Consumable Fuels 0.9%
Carrizo Oil & Gas, Inc.(a)
Natural gas and crude oil
163,326 2,845,139
PDC Energy, Inc.(a)
Petroleum products
59,483 2,564,312
Total   5,409,451
Total Energy 11,841,508
Financials 10.6%
Banks 6.6%
First Busey Corp.
Multi-bank holding company
222,656 6,528,274
Great Southern Bancorp, Inc.
Real estate, commercial real estate, commercial business, consumer, and construction loans
69,655 3,726,542
Lakeland Financial Corp.
Bank holding company
206,649 9,481,056
LegacyTexas Financial Group, Inc.
Bank holding company
247,299 9,429,511
MB Financial, Inc.
Holding company for MB Financial Bank, N.A.
130,791 5,760,036
Sandy Spring Bancorp, Inc.
Holding company for Sandy Spring Bank
83,440 3,392,670
Trico Bancshares
Holding company for Tri Counties Bank
105,893 3,722,139
Total   42,040,228
Capital Markets 3.0%
Hamilton Lane, Inc., Class A
Private market investment solutions
175,588 3,861,180
Houlihan Lokey, Inc.
Investment bank
138,538 4,834,976
OM Asset Management PLC
Domestic and international equities, fixed income, and alternative investments
706,641 10,500,686
Total   19,196,842
Consumer Finance 1.0%
FirstCash, Inc.
Owns and operates pawn stores
105,231 6,134,967
Total Financials 67,372,037
Common Stocks (continued)
Issuer Shares Value ($)
Health Care 21.4%
Biotechnology 5.3%
Agios Pharmaceuticals, Inc.(a)
Therapeutics in the field of cancer metabolism
133,850 6,886,583
Celldex Therapeutics, Inc.(a)
Uses applications of immunology to prevent and treat diseases
1,039,523 2,567,622
Exact Sciences Corp.(a)
Developing and commercializing a test for the early detection and prevention of colorectal cancer
110,335 3,902,549
Genomic Health, Inc.(a)
Development and commercialization of genomic-based clinical diagnostic tests for cancer
106,347 3,461,595
Intercept Pharmaceuticals, Inc.(a),(b)
biopharmaceutical products
30,605 3,705,347
Kite Pharma, Inc.(a)
Develops and manufacturers pharmaceuticals
41,200 4,271,204
Ligand Pharmaceuticals, Inc.(a)
Drugs that regulate hormone activated intracellular receptors
30,906 3,751,988
Ultragenyx Pharmaceutical, Inc.(a)
Therapeutics and sialic acid for treating metabolic, body myopathy, glucuronidase, and rare genetic diseases
81,974 5,091,405
Total   33,638,293
Health Care Equipment & Supplies 7.8%
Anika Therapeutics, Inc.(a)
Integrated orthopedic medicines company
114,286 5,638,871
Atrion Corp.
Medical products and components
9,100 5,854,030
Endologix, Inc.(a)
Minimally invasive treatments for vascular diseases
469,553 2,282,028
Haemonetics Corp.(a)
Automated blood processing systems
119,402 4,715,185
iRhythm Technologies, Inc.(a)
Medical instruments
169,700 7,210,553
LeMaitre Vascular, Inc.
Medical devices for vascular surgeons and interventionists
113,607 3,546,810
Masimo Corp.(a)
Medical signal processing and sensor technology for non-invasive monitoring of physiological parameters
70,848 6,459,921
Natus Medical, Inc.(a)
Medical device company that develops, manufactures, and markets screening products
144,347 5,384,143
 
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Acorn Family of Funds  | Semiannual Report 2017
61


Table of Contents
Portfolio of Investments   (continued)
Columbia Acorn USA®, June 30, 2017 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
OraSure Technologies, Inc.(a)
Medical devices and diagnostic products
273,628 4,722,819
West Pharmaceutical Services, Inc.
Drug therapies and healthcare products
40,342 3,813,126
Total   49,627,486
Health Care Providers & Services 4.0%
AMN Healthcare Services, Inc.(a)
Temporary healthcare staffing
173,498 6,775,097
HealthEquity, Inc.(a)
Technology-enabled services platforms for consumers to make healthcare saving and spending decisions
87,808 4,375,473
HealthSouth Corp.
Inpatient rehabilitative healthcare services
297,678 14,407,615
Total   25,558,185
Health Care Technology 1.7%
Evolent Health, Inc., Class A(a)
Purpose-built platform enables providers to migrate their payment models
218,126 5,529,494
Medidata Solutions, Inc.(a)
Hosted clinical development solutions
67,304 5,263,173
Total   10,792,667
Life Sciences Tools & Services 2.6%
Bio-Techne Corp.
Biotechnology products and clinical diagnostic controls
73,179 8,598,532
Cambrex Corp.(a)
Products, services, and technologies for the Life Sciences and fine chemicals industry
138,278 8,262,111
Total   16,860,643
Total Health Care 136,477,274
Industrials 14.2%
Aerospace & Defense 2.3%
Astronics Corp.(a)
Specialized lighting, control systems, and electronics for the cockpit, cabin, and exteriors of military, commercial jet, and aviation aircraft
138,129 4,208,791
Astronics Corp., Class B(a)
Designer & Manufacturer of Aircraft Electrical Components & Testing Equipment
19,972 610,744
Axon Enterprise, Inc.(a),(b)
Security systems
142,827 3,590,671
HEICO Corp., Class A
Aerospace products and services
97,647 6,058,996
Total   14,469,202
Common Stocks (continued)
Issuer Shares Value ($)
Commercial Services & Supplies 4.6%
Brink’s Co. (The)
Provides security services globally
99,339 6,655,713
Copart, Inc.(a)
Services to process and sell salvage vehicles through auctions
253,560 8,060,672
Healthcare Services Group, Inc.
Housekeeping, laundry, linen, facility maintenance, and food services
80,316 3,761,198
Knoll, Inc.
Branded office furniture products and textiles
151,271 3,032,984
Unifirst Corp.
Workplace uniforms and protective clothing
55,337 7,785,916
Total   29,296,483
Machinery 4.8%
Barnes Group, Inc.
International industrial and aerospace manufacturer and service provider
129,252 7,565,120
ESCO Technologies, Inc.
Engineered products and solutions
62,153 3,707,426
Nordson Corp.
Systems that apply adhesives, sealants, and coatings to products during manufacturing
25,828 3,133,453
Oshkosh Corp.
Fire and emergency apparatuses and specialty commercial, and military trucks
46,451 3,199,545
REV Group, Inc.
Specialty vehicles and related aftermarket parts and services
134,528 3,723,735
Toro Co. (The)
Turf equipment
134,298 9,305,508
Total   30,634,787
Professional Services 2.0%
ICF International, Inc.(a)
Management, technology, policy consulting, and implementation services
111,829 5,267,146
Wageworks, Inc.(a)
Tax-advantaged programs for consumer-directed health, commuter, and other employee spending account benefits
112,016 7,527,475
Total   12,794,621
Trading Companies & Distributors 0.5%
Watsco, Inc.
Air conditioning, heating, and refrigeration equipment
22,574 3,480,911
Total Industrials 90,676,004
 
 
The accompanying Notes to Financial Statements are an integral part of this statement.
62 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Portfolio of Investments   (continued)
Columbia Acorn USA®, June 30, 2017 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Information Technology 22.7%
Electronic Equipment, Instruments & Components 1.1%
IPG Photonics Corp.(a)
High-power fiber lasers and amplifiers
48,943 7,101,629
Internet Software & Services 9.4%
Alteryx, Inc., Class A(a),(b)
Data storage, retrieval, management, reporting, and analytics solutions
210,257 4,104,217
Apptio, Inc., Class A(a)
Cloud-based business management solutions
185,896 3,225,296
CoStar Group, Inc.(a)
Provides building-specific information to the United States commercial real estate industry and related industries
25,882 6,822,495
j2 Global, Inc.
Cloud-based communications and storage messaging services
104,751 8,913,262
LogMeIn, Inc.
Remote connectivity services
45,330 4,736,985
Mimecast Ltd.(a)
Cloud security and risk management services for corporate information and email
212,527 5,691,473
MINDBODY, Inc., Class A(a)
Business management software
180,519 4,910,117
NIC, Inc.
Provides eGovernment services
398,959 7,560,273
Nutanix, Inc., Class A(a),(b)
Enterprise cloud platforms
275,307 5,547,436
Q2 Holdings, Inc.(a)
Secure, cloud-based virtual banking solutions
139,520 5,155,264
SPS Commerce, Inc.(a)
On-demand supply chain management solutions through an online hosted software suite
54,273 3,460,446
Total   60,127,264
Common Stocks (continued)
Issuer Shares Value ($)
IT Services 5.7%
CoreLogic, Inc.(a)
Consumer, financial and property information, analytics and services to business and government
92,057 3,993,433
Euronet Worldwide, Inc.(a)
Electronic financial transaction solutions
66,822 5,838,238
ExlService Holdings, Inc.(a)
Offshore business process outsourcing solutions
69,039 3,837,188
MAXIMUS, Inc.
Program management and consulting services to state and local governments
201,831 12,640,675
WNS Holdings Ltd., ADR(a)
Business process outsourcing services
298,486 10,255,979
Total   36,565,513
Semiconductors & Semiconductor Equipment 1.1%
Monolithic Power Systems, Inc.
Power management solutions
69,880 6,736,432
Software 5.4%
Aspen Technology, Inc.(a)
Process optimization software, products and services
81,543 4,506,066
Blackline, Inc.(a)
Develops and markets enterprise software
127,948 4,572,862
CyberArk Software Ltd.(a)
IT security solutions
70,469 3,519,927
Guidewire Software, Inc.(a)
Enterprise software for the property and casualty insurance industry
71,472 4,910,841
Manhattan Associates, Inc.(a)
Information technology solutions for distribution centers
66,288 3,185,801
Qualys, Inc.(a)
Information technology security risk and compliance management solutions
224,425 9,156,540
Tyler Technologies, Inc.(a)
End-to-end information management solutions and services for local governments
24,685 4,336,414
Total   34,188,451
Total Information Technology 144,719,289
Materials 0.7%
Chemicals 0.7%
Scotts Miracle-Gro Co. (The), Class A
Lawn and garden products
50,106 4,482,483
Total Materials 4,482,483
 
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Acorn Family of Funds  | Semiannual Report 2017
63


Table of Contents
Portfolio of Investments   (continued)
Columbia Acorn USA®, June 30, 2017 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Real Estate 2.2%
Equity Real Estate Investment Trusts (REITS) 1.5%
CoreCivic, Inc.
Detention and corrections services
216,940 5,983,205
UMH Properties, Inc.
Real estate investment trust
206,341 3,518,114
Total   9,501,319
Real Estate Management & Development 0.7%
Colliers International Group, Inc.
Commercial real estate, residential property management and property services
76,423 4,314,079
Total Real Estate 13,815,398
Total Common Stocks
(Cost: $458,188,062)
617,792,061
Securities Lending Collateral 1.6%
  Shares Value ($)
Dreyfus Government Cash Management Fund, Institutional Shares, 0.910%(c),(d)
9,894,600 9,894,600
Total Securities Lending Collateral
(Cost: $9,894,600)
9,894,600
Money Market Funds 4.0%
  Shares Value ($)
JPMorgan U.S. Government Money Market Fund, Agency Shares, 0.780%(c) 25,597,064 25,597,064
Total Money Market Funds
(Cost: $25,597,064)
25,597,064
Total Investments
(Cost $493,679,726)
653,283,725
Obligation to Return Collateral for Securities Loaned   (9,894,600)
Other Assets & Liabilities, Net   (6,833,667)
Net Assets $636,555,458
 
 
Notes to Portfolio of Investments
(a) Non-income producing security.
(b) All or a portion of this security was on loan at June 30, 2017. The total market value of securities on loan at June 30, 2017 was $9,705,947.
(c) The rate shown is the seven-day current annualized yield at June 30, 2017.
(d) Investment made with cash collateral received from securities lending activity.
Abbreviation Legend
ADR American Depositary Receipt
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 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 accompanying Notes to Financial Statements are an integral part of this statement.
64 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Portfolio of Investments   (continued)
Columbia Acorn USA®, June 30, 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 June 30, 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 142,604,431 142,604,431
Consumer Staples 5,803,637 5,803,637
Energy 11,841,508 11,841,508
Financials 67,372,037 67,372,037
Health Care 136,477,274 136,477,274
Industrials 90,676,004 90,676,004
Information Technology 144,719,289 144,719,289
Materials 4,482,483 4,482,483
Real Estate 13,815,398 13,815,398
Total Common Stocks 617,792,061 617,792,061
Securities Lending Collateral 9,894,600 9,894,600
Money Market Funds 25,597,064 25,597,064
Total Investments 653,283,725 653,283,725
There were no transfers of financial assets between levels during the period.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Acorn Family of Funds  | Semiannual Report 2017
65


Table of Contents
Portfolio of Investments
Columbia Acorn International SelectSM, June 30, 2017 (Unaudited)
(Percentages represent value of investments compared to net assets)
Common Stocks 99.3%
Issuer Shares Value ($)
Australia 3.6%
Amcor Ltd.
International integrated packaging company
193,000 2,404,343
Domino’s Pizza Enterprises Ltd.
Pizza delivery stores
45,000 1,800,706
Total 4,205,049
Canada 5.9%
CCL Industries, Inc.
Manufacturing services and specialty packaging products for the non-durable consumer products market
135,000 6,830,159
China 4.1%
NetEase, Inc., ADR
Internet technology company that develops applications, services and Internet technologies
15,600 4,689,828
Denmark 3.4%
Novozymes AS, Class B
Enzymes for industrial use
89,955 3,936,529
France 3.6%
Ipsen SA
Medical drugs for targeted disease areas
6,915 946,571
Legrand SA
Products and systems for electrical installations and information networks
46,000 3,218,007
Total 4,164,578
Germany 9.1%
MTU Aero Engines AG
Develops and manufactures engines and offers commercial engine services and support
33,500 4,725,359
Wirecard AG(a)
Internet payment and processing services
91,040 5,793,838
Total 10,519,197
India 3.0%
Zee Entertainment Enterprises Ltd.
Hindi films, serials, game shows and children’s programs
452,000 3,430,725
Ireland 2.8%
Ryanair Holdings PLC(b)
Low fare passenger airline services
158,000 3,241,055
Common Stocks (continued)
Issuer Shares Value ($)
Japan 23.1%
Aeon Mall Co., Ltd.
Large-scale shopping malls
178,600 3,528,591
CyberAgent, Inc.
Operates websites, internet advertising agency and creates PC and mobile contents
69,000 2,142,904
Hoya Corp.
Electro-optics products
83,000 4,321,094
Omron Corp.
Electronic components, equipment and systems used for factory automation
50,000 2,176,470
Recruit Holdings Co., Ltd.
Information providing services in human resource, housing, bridal, travel, restaurants, beauty, automobiles, and education and more
127,200 2,189,097
Santen Pharmaceutical Co., Ltd.
Ophthalmic medicine
203,200 2,760,092
Sekisui Chemical Co., Ltd.
Unit residential houses in addition to parcels of land
129,000 2,314,705
Seven & I Holdings Co., Ltd.
Convenience stores, supermarkets, and department stores
82,700 3,412,570
Sony Financial Holdings, Inc.
Financial holding company
224,500 3,839,395
Total 26,684,918
Mexico 2.6%
Grupo Aeroportuario del Sureste SAB de CV, ADR
Operates airports in Mexico
14,000 2,945,600
South Africa 4.0%
Naspers Ltd., Class N
Electronic and print media industries
24,000 4,668,832
South Korea 2.0%
Korea Zinc Co. Ltd.
Non-ferrous metal smelting
5,900 2,351,065
Sweden 5.2%
Hexagon AB, Class B
Design, measurement and visualisation technologies
127,000 6,037,426
Switzerland 8.5%
Geberit AG
Water supply pipes and fittings, installation systems, drainage and flushing systems
8,540 3,982,780
Partners Group Holding AG
Global private markets asset management firm
9,400 5,827,824
Total 9,810,604
 
 
The accompanying Notes to Financial Statements are an integral part of this statement.
66 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Portfolio of Investments   (continued)
Columbia Acorn International SelectSM, June 30, 2017 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Taiwan 3.3%
Largan Precision Co., Ltd.
Optical lens modules and optoelectronic components
24,000 3,821,149
United Kingdom 15.1%
Halma PLC
Products that detect hazards and protect assets and people in public and commercial buildings
175,000 2,507,215
Kingfisher PLC
International home improvement company
505,308 1,979,022
Micro Focus International PLC
Enterprise application management solutions
68,000 2,011,347
Rightmove PLC
Website that lists properties across Britain
43,800 2,424,510
Spirax-Sarco Engineering PLC
Consultation, service and products for the control and efficient management of steam and industrial fluids
35,000 2,438,837
WH Smith PLC
Retails books, magazines, newspapers, and periodicals
136,930 3,058,607
Wolseley PLC
Bathroom materials, heating and plumbing supplies, and industrial pipes, valves, and fittings
50,000 3,069,223
Total 17,488,761
Total Common Stocks
(Cost: $80,000,981)
114,825,475
Securities Lending Collateral 3.9%
  Shares Value ($)
Dreyfus Government Cash Management Fund, Institutional Shares, 0.910%(c),(d)
4,554,276 4,554,276
Total Securities Lending Collateral
(Cost: $4,554,276)
4,554,276
Money Market Funds 1.5%
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.879% (c)
1,686,248 1,686,248
Total Money Market Funds
(Cost: $1,686,248)
1,686,248
Total Investments
(Cost: $86,241,505)
121,065,999
Obligation to Return Collateral for Securities Loaned   (4,554,276)
Other Assets & Liabilities, Net   (829,253)
Net Assets $115,682,470
 
 
Notes to Portfolio of Investments
(a) All or a portion of this security was on loan at June 30, 2017. The total market value of securities on loan at June 30, 2017 was $4,339,293.
(b) Non-income producing security.
(c) The rate shown is the seven-day current annualized yield at June 30, 2017.
(d) Investment made with cash collateral received from securities lending activity.
Abbreviation Legend
ADR American Depositary Receipt
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.
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Acorn Family of Funds  | Semiannual Report 2017
67


Table of Contents
Portfolio of Investments   (continued)
Columbia Acorn International SelectSM, June 30, 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 June 30, 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 4,205,049 4,205,049
Canada 6,830,159 6,830,159
China 4,689,828 4,689,828
Denmark 3,936,529 3,936,529
France 4,164,578 4,164,578
Germany 10,519,197 10,519,197
India 3,430,725 3,430,725
Ireland 3,241,055 3,241,055
Japan 26,684,918 26,684,918
Mexico 2,945,600 2,945,600
South Africa 4,668,832 4,668,832
South Korea 2,351,065 2,351,065
Sweden 6,037,426 6,037,426
Switzerland 9,810,604 9,810,604
Taiwan 3,821,149 3,821,149
United Kingdom 17,488,761 17,488,761
Total Common Stocks 14,465,587 100,359,888 114,825,475
Securities Lending Collateral 4,554,276 4,554,276
Money Market Funds 1,686,248 1,686,248
Total Investments 20,706,111 100,359,888 121,065,999
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 of Trustees, 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.
The accompanying Notes to Financial Statements are an integral part of this statement.
68 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Portfolio of Investments
Columbia Acorn SelectSM, June 30, 2017 (Unaudited)
(Percentages represent value of investments compared to net assets)
Common Stocks 97.9%
Issuer Shares Value ($)
Consumer Discretionary 17.9%
Auto Components 2.3%
LCI Industries
Recreational vehicles and equipment
71,000 7,270,400
Distributors 3.7%
LKQ Corp.(a)
Automotive products and services
355,749 11,721,930
Hotels, Restaurants & Leisure 7.0%
Papa John’s International, Inc.
Pizza delivery and carry-out restaurants
116,908 8,389,318
Vail Resorts, Inc.
Operates resorts globally
67,969 13,786,152
Total   22,175,470
Household Durables 1.4%
iRobot Corp.(a)
Manufactures robots for cleaning
51,081 4,297,955
Media 3.5%
Liberty Global PLC, Class A(a)
Broadband, distribution, and content companies
346,846 11,140,694
Total Consumer Discretionary 56,606,449
Financials 12.8%
Banks 3.4%
SVB Financial Group(a)
Holding company for Silicon Valley Bank
60,967 10,717,389
Capital Markets 6.9%
Eaton Vance Corp.
Creates, markets, and manages mutual funds
233,041 11,027,500
Lazard Ltd., Class A
Corporate Advisory & Asset Management
233,606 10,822,966
Total   21,850,466
Consumer Finance 2.5%
FirstCash, Inc.
Owns and operates pawn stores
132,870 7,746,321
Total Financials 40,314,176
Health Care 16.9%
Biotechnology 0.7%
Ultragenyx Pharmaceutical, Inc.(a)
Therapeutics and sialic acid for treating metabolic, body myopathy, glucuronidase, and rare genetic diseases
34,660 2,152,733
Common Stocks (continued)
Issuer Shares Value ($)
Health Care Equipment & Supplies 11.0%
Align Technology, Inc.(a)
Designs, manufactures, and markets the Invisalign System
90,774 13,626,993
LivaNova PLC(a)
Medical technology focusing on neuromodulation, cardiac surgery and rhythm management
154,798 9,475,186
Natus Medical, Inc.(a)
Medical device company that develops, manufactures, and markets screening products
306,411 11,429,130
Total   34,531,309
Health Care Providers & Services 5.2%
HealthSouth Corp.
Inpatient rehabilitative healthcare services
341,478 16,527,535
Total Health Care 53,211,577
Industrials 26.4%
Machinery 18.1%
Middleby Corp. (The)(a)
Equipment for use in cooking and preparing food
88,100 10,705,031
Nordson Corp.
Systems that apply adhesives, sealants, and coatings to products during manufacturing
55,305 6,709,603
Oshkosh Corp.
Fire and emergency apparatuses and specialty commercial, and military trucks
171,780 11,832,206
Snap-On, Inc.
Tool and equipment solutions
85,376 13,489,408
Wabtec Corp.
Technology products and services for the rail industry
157,408 14,402,832
Total   57,139,080
Road & Rail 8.3%
AMERCO
Rental of trucks, trailers, and self storage space, as well as property and casualty and life insurance products
33,522 12,271,063
JB Hunt Transport Services, Inc.
Logistics services
151,896 13,880,257
Total   26,151,320
Total Industrials 83,290,400
 
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Acorn Family of Funds  | Semiannual Report 2017
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Table of Contents
Portfolio of Investments   (continued)
Columbia Acorn SelectSM, June 30, 2017 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Information Technology 14.1%
Internet Software & Services 11.0%
GoDaddy, Inc., Class A(a)
Cloud-based web platform for small businesses, web design professionals and individuals
311,124 13,197,880
SPS Commerce, Inc.(a)
On-demand supply chain management solutions through an online hosted software suite
158,914 10,132,356
VeriSign, Inc.(a)
Domain names and Internet security services
121,307 11,276,699
Total   34,606,935
Software 3.1%
ANSYS, Inc.(a)
Software solutions for design analysis and optimization
81,875 9,962,550
Total Information Technology 44,569,485
Materials 3.3%
Chemicals 3.3%
Axalta Coating Systems Ltd.(a)
Coating systems
124,610 3,992,504
Celanese Corp., Class A
Global integrated producer of chemicals and advanced materials
68,200 6,474,908
Total   10,467,412
Total Materials 10,467,412
Common Stocks (continued)
Issuer Shares Value ($)
Real Estate 6.5%
Equity Real Estate Investment Trusts (REITS) 3.0%
Education Realty Trust, Inc.
Self-managed and self-advised real estate investment trust
247,076 9,574,195
Real Estate Management & Development 3.5%
Jones Lang LaSalle, Inc.
Real estate and investment management services
88,626 11,078,250
Total Real Estate 20,652,445
Total Common Stocks
(Cost: $244,323,281)
309,111,944
Money Market Funds 1.7%
  Shares Value ($)
JPMorgan U.S. Government Money Market Fund, Agency Shares, 0.780%(b) 5,320,499 5,320,499
Total Money Market Funds
(Cost: $5,320,499)
5,320,499
Total Investments
(Cost $249,643,780)
314,432,443
Other Assets & Liabilities, Net   1,254,614
Net Assets $315,687,057
 
 
Notes to Portfolio of Investments
(a) Non-income producing security.
(b) The rate shown is the seven-day current annualized yield at June 30, 2017.
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
The accompanying Notes to Financial Statements are an integral part of this statement.
70 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Portfolio of Investments   (continued)
Columbia Acorn SelectSM, June 30, 2017 (Unaudited)
Fair value measurements  (continued)
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 June 30, 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 56,606,449 56,606,449
Financials 40,314,176 40,314,176
Health Care 53,211,577 53,211,577
Industrials 83,290,400 83,290,400
Information Technology 44,569,485 44,569,485
Materials 10,467,412 10,467,412
Real Estate 20,652,445 20,652,445
Total Common Stocks 309,111,944 309,111,944
Money Market Funds 5,320,499 5,320,499
Total Investments 314,432,443 314,432,443
There were no transfers of financial assets between levels during the period.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments
Columbia Thermostat FundSM, June 30, 2017 (Unaudited)
(Percentages represent value of investments compared to net assets)
Equity Funds 19.9%
Issuer Shares Value ($)
Dividend Income 4.0%
Columbia Dividend Income Fund, Class Y Shares(a)
1,840,187 38,294,291
Total Dividend Income 38,294,291
International Small Mid Cap 4.0%
Columbia Acorn International, Class Y Shares(a)
857,676 38,355,203
Total International Small Mid Cap 38,355,203
U.S. Large Cap 7.9%
Columbia Contrarian Core Fund, Class Y Shares(a)
755,221 19,144,857
Columbia Large Cap Enhanced Core Fund, Class Y Shares(a)
807,397 19,135,318
Columbia Select Large Cap Equity Fund, Class Y Shares(a)
1,427,163 19,138,256
Columbia Select Large Cap Growth Fund, Class Y Shares(a),(b)
1,153,284 19,017,647
Total U.S. Large Cap 76,436,078
U.S. Mid Cap 2.0%
Columbia Acorn Select Fund, Class Y Shares(a),(b)
1,204,947 19,194,795
Total U.S. Mid Cap 19,194,795
U.S. Small Mid Cap 2.0%
Columbia Acorn Fund, Class Y Shares(a),(b)
1,098,624 19,170,994
Total U.S. Small Mid Cap 19,170,994
Total Equity Funds
(Cost: $163,111,752)
191,451,361
Fixed-Income Funds 79.9%
Issuer Shares Value ($)
High Yield 8.0%
Columbia Income Opportunities Fund, Class Y Shares(a)
7,739,980 77,399,800
Total High Yield 77,399,800
Investment Grade 71.9%
Columbia Short Term Bond Fund, Class Y Shares(a)
30,971,536 308,476,499
Columbia Total Return Bond Fund, Class Y Shares(a)
16,980,820 154,016,036
Columbia U.S. Government Mortgage Fund, Class Y Shares(a)
28,409,619 153,980,136
Columbia U.S. Treasury Index Fund, Class Y Shares(a)
6,891,437 76,839,523
Total Investment Grades 693,312,194
Total Fixed-Income Funds
(Cost: $765,080,096)
770,711,994
Money Market Funds 0.4%
  Shares Value ($)
JPMorgan U.S. Government Money Market Fund, Agency Shares, 0.780%(c) 3,763,746 3,763,746
Total Money Market Funds
(Cost: $3,763,746)
3,763,746
Total Investments
(Cost $931,955,594)
965,927,101
Other Assets & Liabilities, Net   (1,835,637)
Net Assets $964,091,464
 
 
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments   (continued)
Columbia Thermostat FundSM, June 30, 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 six months ended June 30, 2017, are as follows. The aggregate cost and value of these companies at June 30, 2017, was $928,191,848 and $962,163,355, respectively. Investments in affiliated companies represented 99.80% of the Fund’s total net assets at June 30, 2017.
    
Issuer Beginning
shares
Shares
purchased
Shares
sold
Ending
shares
Capital gain
Distributions ($)
Value ($) 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 1,502,308 1 (403,684) 1,098,624 784,027 19,170,994 (55,010)
Columbia Acorn International, Class I Shares 587,054 (587,054) 1 393,821
Columbia Acorn International, Class Y Shares 1,191,831 1 (334,155) 857,676 38,355,203 416,869 649,968
Columbia Acorn Select, Class Y Shares 1,651,132 1 (446,185) 1,204,947 1,733,798 19,194,795 (294,535)
Columbia Acorn Select, Class I Shares 738,151 (738,151) 1 94,331
Columbia Contrarian Core Fund, Class I Shares 966,230 (966,230) 1 428,650
Columbia Contrarian Core Fund, Class Y Shares 1,041,157 1 (285,936) 755,221 19,144,857 591,044
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 2,490,686 1 (650,499) 1,840,187 38,294,291 191,372 340,257
Columbia Income Opportunities Fund, Class I Shares 10,148,993 79,762 (10,228,755) 1 1,094,167 125,579
Columbia Income Opportunities Fund, Class Y Shares 10,100,121 1 (2,360,141) 7,739,980 77,399,800 1,089,020 978,494
Columbia Large Cap Enhanced Core Fund, Class I Shares 483,277 (483,277) 1 295,597
Columbia Large Cap Enhanced Core Fund, Class Y Shares 1,086,182 1 (278,785) 807,397 710,252 19,135,318 41,380 181,170
Columbia Select Large Cap Equity Fund, Class Y Shares 1,902,948 (475,785) 1,427,163 164,761 19,138,256 24,327 152,752
The accompanying Notes to Financial Statements are an integral part of this statement.
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73


Table of Contents
Portfolio of Investments   (continued)
Columbia Thermostat FundSM, June 30, 2017 (Unaudited)
Notes to Portfolio of Investments  (continued)
Issuer Beginning
shares
Shares
purchased
Shares
sold
Ending
shares
Capital gain
Distributions ($)
Value ($) Dividend —
affiliated issuers
($)
Realized gain
(loss) ($)
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 1,588,661 1 (435,377) 1,153,284 1,229,299 19,017,647 241,733
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 39,481,815 1 (8,510,279) 30,971,536 308,476,499 1,411,327 (93,046)
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 21,899,847 1 (4,919,027) 16,980,820 154,016,036 1,227,761 (205,338)
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 36,536,945 1 (8,127,326) 28,409,619 153,980,136 1,207,582 (106,177)
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 8,873,783 1 (1,982,346) 6,891,437 76,839,523 334,854 (519,082)
Total of Affiliated Transactions 123,508,969 129,791,476 (153,162,554) 100,137,891 4,622,137 962,163,355 11,083,957 3,023,476
    
1 Includes the effect of underlying share class exchange.
    
(b) Non-income producing security.
(c) The rate shown is the seven-day current annualized yield at June 30, 2017.
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 accompanying Notes to Financial Statements are an integral part of this statement.
74 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Portfolio of Investments   (continued)
Columbia Thermostat FundSM, June 30, 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 June 30, 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 191,451,361 191,451,361
Fixed-Income Funds 770,711,994 770,711,994
Money Market Funds 3,763,746 3,763,746
Total Investments 965,927,101 965,927,101
There were no transfers of financial assets between levels during the period.
The accompanying Notes to Financial Statements are an integral part of this statement.
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75


Table of Contents
Portfolio of Investments
Columbia Acorn Emerging Markets FundSM, June 30, 2017 (Unaudited)
(Percentages represent value of investments compared to net assets)
Common Stocks 96.4%
Issuer Shares Value ($)
Brazil 4.2%
Odontoprev SA
Dental benefits company
577,000 2,027,311
Raia Drogasil SA
Chain of pharmaceutical stores
109,000 2,319,569
Total 4,346,880
Cambodia 2.1%
NagaCorp Ltd.
Leisure and tourism company
4,056,000 2,130,322
Cayman Islands 4.8%
China Lodging Group Ltd.(a)
Chain of hotels
14,000 1,129,520
Netshoes Cayman Ltd.(a)
Online sports goods and apparel
78,358 1,491,153
Silicon Motion Technology Corp., ADR
Semiconductor products
48,399 2,334,284
Total 4,954,957
China 9.8%
51job, Inc., ADR(a)
Integrated human resource services
71,912 3,216,624
China Medical System Holdings Ltd.
Pharmaceutical and medical products
808,000 1,397,085
New Oriental Education & Technology Group, Inc., ADR(a)
Educational services
44,000 3,101,560
TravelSky Technology Ltd., Class H
IT solutions for China’s air travel and tourism industries
836,000 2,462,441
Total 10,177,710
Finland 1.1%
Tikkurila OYJ
Manufactures paint
51,395 1,111,206
Hong Kong 4.1%
Value Partners Group Ltd.
Independent, value oriented asset management group
1,807,000 1,644,808
Vitasoy International Holdings Ltd.
Food and beverages
1,261,000 2,595,570
Total 4,240,378
Common Stocks (continued)
Issuer Shares Value ($)
India 16.6%
Amara Raja Batteries Ltd.(a)
Industrial and automotive batteries
162,667 2,112,485
Care Ratings Ltd.
Credit rating services
171,000 4,237,290
GRUH Finance Ltd.
Provides a range of home loans as well as insurance products
428,074 2,947,995
TVS Motor Co., Ltd.
Motorcycles, mopeds and scooters
253,523 2,152,474
United Breweries Ltd.
Alcoholic beverages
139,000 1,680,220
Zee Entertainment Enterprises Ltd.
Hindi films, serials, game shows and children’s programs
535,472 4,064,286
Total 17,194,750
Indonesia 7.5%
PT Link Net Tbk
High-speed internet connection through fiber optic lines
5,000,000 1,941,475
PT Matahari Department Store Tbk
Retail clothes, accessories, bags, shoes, cosmetics, household appliances, and management consulting services.
1,300,000 1,382,513
PT Media Nusantara Citra Tbk(a)
Integrated media company in Southeast Asia
14,000,000 1,930,010
PT Tower Bersama Infrastructure Tbk
Telecommunication infrastructure services to Indonesian wireless carriers
4,850,000 2,461,260
Total 7,715,258
Mexico 5.8%
Grupo Aeroportuario del Centro Norte SAB de CV
Operates international airports in the northern and central regions of Mexico
223,000 1,343,130
Grupo Aeroportuario del Sureste SAB de CV, ADR
Operates airports in Mexico
7,000 1,472,800
Qualitas Controladora SAB de CV
Insurance holding company
1,908,000 3,180,219
Total 5,996,149
Philippines 1.7%
Melco Resorts And Entertainment Philippines Corp.(a)
Owns and operates casinos
2,937,700 508,992
Puregold Price Club, Inc.
Wholesale and retail stores, including supermarkets
1,410,000 1,244,857
Total 1,753,849
 
 
The accompanying Notes to Financial Statements are an integral part of this statement.
76 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Portfolio of Investments   (continued)
Columbia Acorn Emerging Markets FundSM, June 30, 2017 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Russian Federation 1.1%
X5 Retail Group NV GDR, Registered Shares(a)
Food retailer company
33,000 1,143,450
South Africa 6.5%
AECI Ltd.
Commercial explosives, synthetic fibers, industry chemicals and fertilizers
129,200 1,049,599
Clicks Group Ltd.
Owns and operates chains of retail stores
112,687 1,205,899
Famous Brands Ltd.
Food and beverage company
192,936 1,858,203
Rand Merchant Investment Holdings Ltd.
Investment holding company
882,911 2,631,355
Total 6,745,056
South Korea 13.8%
GS Retail Co., Ltd.
Chain of retail stores
8,574 386,605
Koh Young Technology, Inc.
3D measurement and inspection equipment for testing various machineries
75,915 3,981,788
Korea Investment Holdings Co., Ltd.
Financial holding company
50,123 3,071,423
Korea Zinc Co. Ltd.
Non-ferrous metal smelting
2,800 1,115,759
Medy-Tox, Inc.
Biopharmaceutical products using clostridium botulinum
5,449 2,668,372
Modetour Network, Inc.
Travel services
109,518 3,029,537
Total 14,253,484
Taiwan 9.3%
Basso Industry Corp.
Pneumatic nailers and staplers
568,000 1,587,284
Largan Precision Co., Ltd.
Optical lens modules and optoelectronic components
13,000 2,069,789
Silergy Corp.
High performance analog integrated circuits
210,000 4,043,532
Voltronic Power Technology Corp.
Uninterruptible power supply products, inverters, multiple surface mounted devices and other power products
116,000 1,909,275
Total 9,609,880
Common Stocks (continued)
Issuer Shares Value ($)
Thailand 5.1%
Beauty Community PCL(a)
Cosmetic and beauty products
3,361,000 1,067,372
Home Product Center PCL, Foreign Registered Shares
Building materials and home improvement products
3,838,000 1,083,744
Samui Airport Property Fund Leasehold
Closed-end property fund incorporated in Thailand
3,033,100 2,053,615
Tisco Financial Group PCL
Bank holding company
486,000 1,086,852
Total 5,291,583
Turkey 2.9%
Logo Yazilim Sanayi Ve Ticaret AS(a)
Enterprise resource planning software
178,000 2,984,837
Total Common Stocks
(Cost: $78,880,612)
99,649,749
Money Market Funds 3.7%
  Shares Value ($)
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.879% (b)
3,848,774 3,848,774
Total Money Market Funds
(Cost: $3,848,774)
3,848,774
Total Investments
(Cost: $82,729,386)
103,498,523
Other Assets & Liabilities, Net   (149,180)
Net Assets $103,349,343
 
 
The accompanying Notes to Financial Statements are an integral part of this statement.
Columbia Acorn Family of Funds  | Semiannual Report 2017
77


Table of Contents
Portfolio of Investments   (continued)
Columbia Acorn Emerging Markets FundSM, June 30, 2017 (Unaudited)
Notes to Portfolio of Investments
(a) Non-income producing security.
(b) The rate shown is the seven-day current annualized yield at June 30, 2017.
Abbreviation Legend
ADR American Depositary Receipt
GDR Global Depositary Receipt
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 June 30, 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 4,346,880 4,346,880
Cambodia 2,130,322 2,130,322
Cayman Islands 4,954,957 4,954,957
China 6,318,184 3,859,526 10,177,710
Finland 1,111,206 1,111,206
Hong Kong 4,240,378 4,240,378
India 17,194,750 17,194,750
Indonesia 7,715,258 7,715,258
Mexico 5,996,149 5,996,149
Philippines 1,753,849 1,753,849
Russian Federation 1,143,450 1,143,450
South Africa 6,745,056 6,745,056
South Korea 14,253,484 14,253,484
The accompanying Notes to Financial Statements are an integral part of this statement.
78 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Portfolio of Investments   (continued)
Columbia Acorn Emerging Markets FundSM, June 30, 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 9,609,880 9,609,880
Thailand 5,291,583 5,291,583
Turkey 2,984,837 2,984,837
Total Common Stocks 21,616,170 78,033,579 99,649,749
Money Market Funds 3,848,774 3,848,774
Total Investments 25,464,944 78,033,579 103,498,523
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 of Trustees, 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.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Portfolio of Investments
Columbia Acorn European FundSM , June 30, 2017 (Unaudited)
(Percentages represent value of investments compared to net assets)
Common Stocks 94.5%
Issuer Shares Value ($)
Belgium 1.1%
Melexis NV
Advanced integrated semiconductors, sensor ICs, and programmable sensor IC systems
9,217 756,905
Denmark 4.8%
SimCorp AS
Global provider of highly specialised software for the investment management industry
33,125 2,006,727
William Demant Holding AS(a)
Hearing aids, audiometers, tympanometers, diagnostic instruments, and wireless communication equipment
45,898 1,187,926
Total 3,194,653
Finland 5.6%
Munksjo OYJ
Industrial paper
56,522 1,149,107
Munksjo OYJ(b)
Industrial paper
68,560 1,390,780
Tikkurila OYJ
Manufactures paint
55,748 1,205,322
Total 3,745,209
France 5.2%
Akka Technologies
High-technology engineering consulting services
36,969 1,913,175
Elior Group
Provides catering, cleaning, and facility management services
30,926 898,595
Korian SA(c)
Healthcare facilities & medical establishments
18,000 614,191
Total 3,425,961
Germany 16.8%
AURELIUS Equity Opportunities SE & Co. KGaA(c)
Loans to distressed companies
20,200 1,085,164
CTS Eventim AG & Co. KGaA
Online ticket sales
21,200 937,549
Deutsche Beteiligungs AG
Private equity company, investing in domestic medium-sized companies
17,800 793,592
Fielmann AG
Prescription eyeglasses, specialty glasses, sunglasses, contact lenses, and optical supplies
10,038 774,339
MTU Aero Engines AG
Develops and manufactures engines and offers commercial engine services and support
9,170 1,293,479
Nemetschek SE
Standard software for designing, constructing and managing buildings and real estate
12,000 893,618
Common Stocks (continued)
Issuer Shares Value ($)
Norma Group SE
Plastic and metal-based components and systems in connecting technology
14,600 758,897
Rational AG
Food preparation appliances/processors and kitchen accessories
1,700 904,811
Stroeer SE & Co. KGaA
Digital multi-channel media company
14,600 874,457
Vapiano SE(a)
Chain of restaurants
25,227 656,937
Wirecard AG(c)
Internet payment and processing services
34,010 2,164,416
Total 11,137,259
Ireland 1.2%
UDG Healthcare PLC
Commercialisation solutions for health care companies
73,000 823,383
Italy 4.0%
Brembo SpA
Braking systems and components
86,110 1,259,870
Industria Macchine Automatiche SpA
Packaging machinery for the food, pharmaceuticals, and cosmetics industries
15,092 1,386,743
Total 2,646,613
Luxembourg 1.2%
eDreams ODIGEO SA(a)
Online travel company
222,000 763,461
Malta 2.9%
Kindred Group PLC
Online gambling services
167,040 1,889,552
Netherlands 1.8%
Aalberts Industries NV
Industrial services and flow control systems
30,701 1,222,371
Norway 2.1%
Atea ASA
Nordic and Baltic supplier of IT infrastructure
103,307 1,385,882
Spain 5.7%
Bolsas y Mercados Españoles SHMSF SA
Barcelona, Bilbao, Madrid, and Valencia Stock Exchanges
26,000 938,836
Hispania Activos Inmobiliarios SOCIMI SA
Invests in residential apartments, offices and hotels
52,000 859,696
Prosegur Cia de Seguridad SA, Registered Shares
Security and transportation services
140,000 909,836
 
 
The accompanying Notes to Financial Statements are an integral part of this statement.
80 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Portfolio of Investments   (continued)
Columbia Acorn European FundSM , June 30, 2017 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Viscofan SA
Artificial casings made of cellulose, collagen, and plastic for use in the meat industry
18,185 1,075,886
Total 3,784,254
Sweden 7.9%
Byggmax Group AB(c)
Discount provider of building materials
138,000 1,003,300
NetEnt AB
Computer gaming software
91,000 795,536
Recipharm AB, B Shares(a),(c)
Contract development and manufacture of pharmaceuticals
71,554 1,044,683
Sweco AB, Class B
Consulting company specializing in engineering, environmental technology, and architecture
52,867 1,307,132
Trelleborg AB, Class B
Manufactures and distributes industrial products
47,952 1,094,540
Total 5,245,191
Switzerland 5.1%
Inficon Holding AG
Vacuum instruments used to monitor and control production processes
2,950 1,453,619
Partners Group Holding AG
Global private markets asset management firm
3,077 1,907,682
Total 3,361,301
Turkey 1.2%
Logo Yazilim Sanayi Ve Ticaret AS(a)
Enterprise resource planning software
46,000 771,362
United Kingdom 27.9%
Assura PLC
Primary healthcare property group
1,253,516 1,041,625
Big Yellow Group PLC
Self-storage company
90,309 931,573
Connect Group PLC
Distribution of newspapers and magazines, and books
575,355 844,916
Croda International PLC
Chemicals and chemical products
14,411 729,199
Domino’s Pizza Group PLC
Pizza delivery stores
309,000 1,182,821
DS Smith PLC
Provides corrugated packaging services
210,000 1,295,364
Halma PLC
Products that detect hazards and protect assets and people in public and commercial buildings
126,231 1,808,505
Common Stocks (continued)
Issuer Shares Value ($)
Hastings Group Holdings PLC
General insurance services to the automobile and home insurance products
325,297 1,329,941
JD Sports Fashion PLC
Brand-name sports and leisure wear
19,487 88,833
LivaNova PLC(a)
Medical technology focusing on neuromodulation, cardiac surgery and rhythm management
20,451 1,251,806
Ocado Group PLC(a),(c)
Distributes a wide range of retail consumer products
144,538 544,805
Polypipe Group PLC
Plastic piping systems
264,385 1,316,443
Rentokil Initial PLC
Fully integrated facilities management and essential support services
324,592 1,155,416
Rightmove PLC
Website that lists properties across Britain
26,655 1,475,464
Shaftesbury PLC
Real estate company
62,669 793,786
Spirax-Sarco Engineering PLC
Consultation, service and products for the control and efficient management of steam and industrial fluids
23,541 1,640,362
WH Smith PLC
Retails books, magazines, newspapers, and periodicals
50,000 1,116,850
Total 18,547,709
Total Common Stocks
(Cost: $48,039,264)
62,701,066
Securities Lending Collateral 4.6%
  Shares Value ($)
Dreyfus Government Cash Management Fund, Institutional Shares, 0.910%(d),(e)
3,054,871 3,054,871
Total Securities Lending Collateral
(Cost: $3,054,871)
3,054,871
Money Market Funds 4.9%
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.879% (d)
3,275,036 3,275,036
Total Money Market Funds
(Cost: $3,275,036)
3,275,036
Total Investments
(Cost: $54,369,171)
69,030,973
Obligation to Return Collateral for Securities Loaned   (3,054,871)
Other Assets & Liabilities, Net   402,887
Net Assets $66,378,989
 
 
The accompanying Notes to Financial Statements are an integral part of this statement.
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81


Table of Contents
Portfolio of Investments   (continued)
Columbia Acorn European FundSM , June 30, 2017 (Unaudited)
Notes to Portfolio of Investments
(a) Non-income producing security.
(b) Security is traded on a Swedish exchange.
(c) All or a portion of this security was on loan at June 30, 2017. The total market value of securities on loan at June 30, 2017 was $2,907,619.
(d) The rate shown is the seven-day current annualized yield at June 30, 2017.
(e) Investment made with cash collateral received from securities lending activity.
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 June 30, 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 756,905 756,905
Denmark 3,194,653 3,194,653
Finland 3,745,209 3,745,209
France 3,425,961 3,425,961
Germany 11,137,259 11,137,259
Ireland 823,383 823,383
Italy 2,646,613 2,646,613
Luxembourg 763,461 763,461
Malta 1,889,552 1,889,552
Netherlands 1,222,371 1,222,371
Norway 1,385,882 1,385,882
Spain 3,784,254 3,784,254
Sweden 5,245,191 5,245,191
Switzerland 3,361,301 3,361,301
The accompanying Notes to Financial Statements are an integral part of this statement.
82 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Portfolio of Investments   (continued)
Columbia Acorn European FundSM , June 30, 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 ($)
Total ($)
Turkey 771,362 771,362
United Kingdom 1,251,806 17,295,903 18,547,709
Total Common Stocks 1,251,806 61,449,260 62,701,066
Securities Lending Collateral 3,054,871 3,054,871
Money Market Funds 3,275,036 3,275,036
Total Investments 7,581,713 61,449,260 69,030,973
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 of Trustees, 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.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Assets and Liabilities
June 30, 2017 (Unaudited)
  Columbia
Acorn®
Fund
Columbia
Acorn
International®
Columbia
Acorn
USA®
Columbia
Acorn
International
SelectSM
Assets        
Investments, at cost        
Unaffiliated issuers, at cost $3,572,738,443 $3,681,443,791 $493,679,726 $86,241,505
Total investments, at cost 3,572,738,443 3,681,443,791 493,679,726 86,241,505
Investments, at value        
Unaffiliated issuers, at value (including securities on loan: $119,231,924, 184,924,231, 9,705,947 and 4,339,293, respectively) 4,864,885,146 5,197,976,881 653,283,725 121,065,999
Total investments, at value 4,864,885,146 5,197,976,881 653,283,725 121,065,999
Foreign currency (identified cost $—, $270,950, $—, $—) 271,551
Receivable for:        
Investments sold 25,221,492 13,021,105 153,560 44
Capital shares sold 1,470,545 3,298,039 166,745 47,519
Regulatory settlements  (Note 7) 33,279
Dividends 2,243,004 1,907,554 292,622
Securities lending income 144,374 209,745 15,287 7,066
Foreign tax reclaims 2,892,461 381 62,006
Expense reimbursement due from Investment Manager 579 392
Prepaid expenses 34,590 34,888 4,137 668
Trustees’ deferred compensation plan 2,993,561 1,387,541 289,297
Other assets 2,595
Total assets 4,896,992,712 5,221,002,939 654,205,754 121,216,973
Liabilities        
Due upon return of securities on loan 121,051,730 194,056,021 9,894,600 4,554,276
Payable for:        
Investments purchased 50,707,609 11,136,402 6,792,211 264,982
Capital shares purchased 5,880,936 16,066,003 425,384 595,183
Distributions to shareholders 234 5
Investment advisory fee 86,214 105,143 15,609 2,832
Distribution and/or service fees 13,112 5,303 702 273
Transfer agent fees 421,009 476,390 159,284 9,263
Administration fees 6,022 6,420 815 149
Trustees’ fees 50,022
Compensation of chief compliance officer 152 4
Other expenses 295,841 645,855 72,394 57,519
Trustees’ deferred compensation plan 2,993,561 1,387,541 289,297
Other liabilities 17,385
Total liabilities 181,456,268 223,902,620 17,650,296 5,534,503
Net assets applicable to outstanding capital stock $4,715,536,444 $4,997,100,319 $636,555,458 $115,682,470
Represented by        
Paid in capital 2,757,314,098 3,381,289,706 383,386,021 95,170,145
Undistributed (excess of distributions over) net investment income (807,383) 17,847,989 (978,245) 267,668
Accumulated net realized gain (loss) 666,883,026 81,402,903 94,543,683 (14,582,612)
Unrealized appreciation (depreciation) on:        
Investments - unaffiliated issuers 1,292,146,703 1,516,533,090 159,603,999 34,824,494
Foreign currency translations 26,631 2,775
Total - representing net assets applicable to outstanding capital stock $4,715,536,444 $4,997,100,319 $636,555,458 $115,682,470
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Assets and Liabilities  (continued)
June 30, 2017 (Unaudited)
  Columbia
Acorn®
Fund
Columbia
Acorn
International®
Columbia
Acorn
USA®
Columbia
Acorn
International
SelectSM
Class A        
Net assets $858,519,174 $494,952,758 $57,544,780 $20,891,944
Shares outstanding 59,539,748 11,176,644 3,579,932 814,074
Net asset value per share(a) $14.42 $44.28 $16.07 $25.66
Maximum offering price per share(b) $15.30 $46.98 $17.05 $27.23
Class B        
Net assets $— $268,382 $— $—
Shares outstanding 6,281
Net asset value per share(a) $— $42.73 $— $—
Class C        
Net assets $264,293,902 $63,191,344 $11,217,434 $4,628,210
Shares outstanding 30,182,723 1,488,954 1,060,562 193,411
Net asset value per share(a) $8.76 $42.44 $10.58 $23.93
Class R        
Net assets $— $12,004,713 $— $—
Shares outstanding 271,415
Net asset value per share(c) $— $44.23 $— $—
Class R4        
Net assets $38,766,112 $101,844,389 $15,425,107 $1,357,077
Shares outstanding 2,250,834 2,277,816 794,422 51,812
Net asset value per share(c) $17.22 $44.71 $19.42 $26.19
Class R5        
Net assets $50,097,560 $399,347,377 $2,797,922 $494,697
Shares outstanding 2,888,773 9,003,618 143,321 18,892
Net asset value per share(c) $17.34 $44.35 $19.52 $26.19
Class Y        
Net assets $46,065,518 $253,696,668 $43,727,136 $284,176
Shares outstanding 2,639,304 5,672,431 2,224,534 10,859
Net asset value per share(c) $17.45 $44.72 $19.66 $26.17
Class Z        
Net assets $3,457,794,178 $3,671,794,688 $505,843,079 $88,026,366
Shares outstanding 208,143,482 82,750,590 27,196,453 3,385,306
Net asset value per share(c) $16.61 $44.37 $18.60 $26.00
    
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
(b) On sales of $50,000 or more the offering price is reduced.
(c) Redemption price per share is equal to net asset value.
The accompanying Notes to Financial Statements are an integral part of this statement.
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85


Table of Contents
Statement of Assets and Liabilities  (continued)
June 30, 2017 (Unaudited)
  Columbia
Acorn
SelectSM
Columbia
Thermostat
FundSM
Columbia
Acorn
Emerging Markets
FundSM
Columbia
Acorn
European
FundSM
Assets        
Investments, at cost        
Unaffiliated issuers, at cost $249,643,780 $3,763,746 $82,729,386 $54,369,171
Affiliated issuers, at cost 928,191,848
Total investments, at cost 249,643,780 931,955,594 82,729,386 54,369,171
Investments, at value        
Unaffiliated issuers, at value (including securities on loan: $—, —, — and 2,907,619, respectively) 314,432,443 3,763,746 103,498,523 69,030,973
Affiliated issuers, at value 962,163,355
Total investments, at value 314,432,443 965,927,101 103,498,523 69,030,973
Foreign currency (identified cost $—, $—, $—, $11,745) 11,770
Receivable for:        
Investments sold 1,602,572 236,037
Capital shares sold 118,685 845,046 224,244 325,607
Dividends 153,526 1,579,106 44,241 76,941
Securities lending income 6,453
Foreign tax reclaims 118 94,430
Expense reimbursement due from Investment Manager 972 464 361
Prepaid expenses 2,043 7,005 966 355
Trustees’ deferred compensation plan 246,752
Other assets 8,911 1,387 16,522
Total assets 316,556,021 968,368,141 104,005,980 69,563,412
Liabilities        
Due upon return of securities on loan 3,054,871
Payable for:        
Investments purchased 1,579,106 165,035
Capital shares purchased 522,714 2,388,545 183,801 65,713
Foreign capital gains taxes deferred 168,175
Investment advisory fee 5,652 2,646 3,520 2,167
Distribution and/or service fees 1,367 10,036 646 408
Transfer agent fees 29,058 73,316 16,052 5,638
Administration fees 406 1,236 132 85
Trustees’ fees 135,254 30,940 6,142
Compensation of chief compliance officer 3 2
Custodian fees 1,619 41,239 10,050
Other expenses 61,396 86,538 45,038 39,347
Trustees’ deferred compensation plan 246,752
Other liabilities 2,056
Total liabilities 868,964 4,276,677 656,637 3,184,423
Net assets applicable to outstanding capital stock $315,687,057 $964,091,464 $103,349,343 $66,378,989
Represented by        
Paid in capital 231,941,403 918,077,003 173,046,264 60,436,327
Undistributed (excess of distributions over) net investment income (410,517) 7,496,651 (1,378,265) 336,110
Accumulated net realized gain (loss) 19,367,508 4,546,303 (88,919,307) (9,058,054)
Unrealized appreciation (depreciation) on:        
Investments - unaffiliated issuers 64,788,663 20,769,137 14,661,802
Investments - affiliated issuers 33,971,507
Foreign currency translations (311) 2,804
Foreign capital gains tax (168,175)
Total - representing net assets applicable to outstanding capital stock $315,687,057 $964,091,464 $103,349,343 $66,378,989
The accompanying Notes to Financial Statements are an integral part of this statement.
86 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Statement of Assets and Liabilities  (continued)
June 30, 2017 (Unaudited)
  Columbia
Acorn
SelectSM
Columbia
Thermostat
FundSM
Columbia
Acorn
Emerging Markets
FundSM
Columbia
Acorn
European
FundSM
Class A        
Net assets $107,513,154 $293,007,581 $32,871,949 $19,662,668
Shares outstanding 7,981,516 19,856,108 2,778,946 1,131,088
Net asset value per share(a) $13.47 $14.76 $11.83 $17.38
Maximum offering price per share(b) $14.29 $15.66 $12.55 $18.44
Class C        
Net assets $22,382,032 $292,183,350 $15,332,359 $10,034,886
Shares outstanding 2,468,925 19,737,727 1,306,257 583,451
Net asset value per share(a) $9.07 $14.80 $11.74 $17.20
Class R4        
Net assets $1,862,951 $13,990,010 $1,105,371 $559,475
Shares outstanding 118,494 955,083 92,586 31,997
Net asset value per share(c) $15.72 $14.65 $11.94 $17.49
Class R5        
Net assets $1,498,103 $12,855,299 $994,955 $4,025,820
Shares outstanding 94,823 876,724 83,329 229,069
Net asset value per share(c) $15.80 $14.66 $11.94 $17.57
Class Y        
Net assets $23,667,560 $411,153 $2,244 $27,191
Shares outstanding 1,485,554 28,079 190 1,568
Net asset value per share(c) $15.93 $14.64 $11.84 (d) $17.34
Class Z        
Net assets $158,763,257 $351,644,071 $53,042,465 $32,068,949
Shares outstanding 10,475,699 24,131,665 4,470,996 1,842,368
Net asset value per share(c) $15.16 $14.57 $11.86 $17.41
    
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
(b) On sales of $50,000 or more the offering price is reduced.
(c) Redemption price per share is equal to net asset value.
(d) Net asset value per share rounds to this amount due to fractional shares outstanding.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Operations
Six Months Ended June 30, 2017 (Unaudited)
  Columbia
Acorn®
Fund
Columbia
Acorn
International®
Columbia
Acorn
USA®
Columbia
Acorn
International
SelectSM
Net investment income        
Income:        
Dividends — unaffiliated issuers $22,618,010 $60,540,371 $2,750,287 $1,167,330
Interest 99
Income from securities lending — net 2,831,312 1,046,141 415,672 21,534
Foreign taxes withheld (38,556) (6,322,031) (20,678) (174,268)
Total income 25,410,766 55,264,580 3,145,281 1,014,596
Expenses:        
Investment advisory fee 16,079,355 18,797,406 2,883,093 485,769
Distribution and/or service fees        
Class A 1,105,649 673,682 84,767 25,700
Class B 1,422
Class C 1,449,721 326,977 58,311 22,932
Class R 21,726
Transfer agent fees        
Class A 291,247 237,428 46,780 12,128
Class B 168
Class C 95,494 28,738 8,049 2,708
Class R 3,763
Class R4 11,749 44,659 6,622 741
Class R5 11,854 85,565 3,380 121
Class Z 1,142,650 1,567,280 346,247 48,398
Administration fees 1,123,123 1,145,845 150,443 25,465
Trustees’ fees 200,414 203,199 26,618 4,423
Custodian fees 22,770 390,789 5,254 11,584
Printing and postage fees 200,364 248,517 29,649 14,052
Registration fees 63,182 80,324 46,757 44,426
Audit fees 55,741 91,773 20,325 23,320
Legal fees 431,872 428,349 56,670 9,139
Compensation of chief compliance officer 7,427 7,077 1,007 152
Other 151,790 77,932 27,056 12,124
Total expenses 22,444,402 24,462,619 3,801,028 743,182
Fees waived or expenses reimbursed by Investment Manager and its affiliates (71,725)
Fees waived by transfer agent        
Class A (107,789)
Class B (168)
Class C (6,540)
Expense reduction (10,246) (10,491) (1,760) (816)
Total net expenses 22,434,156 24,337,631 3,799,268 670,641
Net investment income (loss) 2,976,610 30,926,949 (653,987) 343,955
Realized and unrealized gain (loss) — net        
Net realized gain (loss) on:        
Investments — unaffiliated issuers 679,800,922 148,637,957 96,319,482 136,440
Investments — affiliated issuers 943,168
Foreign currency translations 5,907 (536,468) (8,398)
Net realized gain 680,749,997 148,101,489 96,319,482 128,042
Net change in unrealized appreciation (depreciation) on:        
Investments — unaffiliated issuers (121,058,890) 653,207,573 (25,714,454) 19,374,014
Investments — affiliated issuers (1,745,360)
Foreign currency translations 342,251 9,301
Foreign capital gains tax 11,162
Net change in unrealized appreciation (depreciation) (122,804,250) 653,549,824 (25,714,454) 19,394,477
Net realized and unrealized gain 557,945,747 801,651,313 70,605,028 19,522,519
Net increase in net assets resulting from operations $560,922,357 $832,578,262 $69,951,041 $19,866,474
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Operations  (continued)
Six Months Ended June 30, 2017 (Unaudited)
  Columbia
Acorn
SelectSM
Columbia
Thermostat
FundSM
Columbia
Acorn
Emerging Markets
FundSM
Columbia
Acorn
European
FundSM
Net investment income        
Income:        
Dividends — unaffiliated issuers $1,586,180 $6,811 $872,955 $985,940
Dividends — affiliated issuers 11,083,957
Income from securities lending — net 243 6,380 23,732
Foreign taxes withheld (81,009) (84,103)
Total income 1,586,423 11,090,768 798,326 925,569
Expenses:        
Investment advisory fee 1,328,038 518,203 646,708 310,453
Distribution and/or service fees        
Class A 142,205 425,186 48,892 26,130
Class C 130,851 1,580,109 78,139 41,588
Transfer agent fees        
Class A 62,606 115,953 30,359 11,248
Class C 14,387 107,865 12,144 4,397
Class R4 601 4,979 925 247
Class R5 287 2,994 221 547
Class Z 83,510 120,847 37,012 10,583
Administration fees 72,895 241,785 24,357 12,171
Trustees’ fees 13,067 44,072 4,360 2,089
Custodian fees 2,091 1,331 54,708 15,602
Printing and postage fees 29,059 52,712 16,046 8,292
Registration fees 45,823 60,623 43,926 37,842
Audit fees 20,233 11,248 35,704 19,812
Legal fees 27,911 96,967 10,443 4,236
Compensation of chief compliance officer 474 1,646 157 69
Other 17,888 36,183 13,122 14,469
Total expenses 1,991,926 3,422,703 1,057,223 519,775
Fees waived or expenses reimbursed by Investment Manager and its affiliates (312,480) (126,713) (97,355) (63,613)
Expense reduction (1,847) (680) (80) (20)
Total net expenses 1,677,599 3,295,310 959,788 456,142
Net investment income (loss) (91,176) 7,795,458 (161,462) 469,427
Realized and unrealized gain (loss) — net        
Net realized gain (loss) on:        
Investments — unaffiliated issuers 19,819,313 (2,400,743) 880,599
Investments — affiliated issuers 3,023,476
Capital gain distributions from underlying affiliated funds 4,622,139
Foreign currency translations (15,877) (5,235)
Net realized gain (loss) 19,819,313 7,645,615 (2,416,620) 875,364
Net change in unrealized appreciation (depreciation) on:        
Investments — unaffiliated issuers 14,865,331 22,040,167 9,336,115
Investments — affiliated issuers 15,659,589
Foreign currency translations (612) 8,693
Foreign capital gains tax (159,986)
Net change in unrealized appreciation (depreciation) 14,865,331 15,659,589 21,879,569 9,344,808
Net realized and unrealized gain 34,684,644 23,305,204 19,462,949 10,220,172
Net increase in net assets resulting from operations $34,593,468 $31,100,662 $19,301,487 $10,689,599
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Changes in Net Assets
  Columbia
Acorn®Fund
Columbia Acorn
International®
  Six Months Ended
June 30, 2017
(Unaudited)
Year Ended
December 31, 2016
Six Months Ended
June 30, 2017
(Unaudited)
Year Ended
December 31, 2016
Operations        
Net investment income (loss) $2,976,610 $(2,693,471) $30,926,949 $63,212,029
Net realized gain (loss) 680,749,997 1,510,848,459 148,101,489 (14,787,593)
Net change in unrealized appreciation (depreciation) (122,804,250) (1,031,158,606) 653,549,824 (171,914,114)
Net increase (decrease) in net assets resulting from operations 560,922,357 476,996,382 832,578,262 (123,489,678)
Distributions to shareholders        
Net investment income        
Class A (4,335,267) (2,294,349)
Class B (2,069)
Class C (387,658)
Class I(a) (250,719)
Class R (103,770) (1,758)
Class R4 (871,232) (643,271)
Class R5 (3,471,621) (2,042,254)
Class Y (2,721,207) (1,616,789)
Class Z (31,830,965) (22,632,732)
Net realized gains        
Class A (33,143,420) (355,213,879) (4,791,671)
Class B (6,422)
Class C (16,469,765) (162,765,900) (553,766)
Class I(a) (6,394,000) (367,390)
Class R (30,861)
Class R4 (1,186,180) (10,648,130) (3,192,056)
Class R5 (1,526,873) (15,236,759) (2,010,528)
Class Y (3,389,085) (25,706,160) (1,662,627)
Class Z (117,143,381) (1,202,301,687) (27,548,483)
Total distributions to shareholders (172,858,704) (1,778,266,515) (43,723,789) (69,645,676)
Decrease in net assets from capital stock activity (501,260,965) (1,063,279,983) (444,692,320) (1,887,104,246)
Total increase (decrease) in net assets (113,197,312) (2,364,550,116) 344,162,153 (2,080,239,600)
Net assets at beginning of period 4,828,733,756 7,193,283,872 4,652,938,166 6,733,177,766
Net assets at end of period $4,715,536,444 $4,828,733,756 $4,997,100,319 $4,652,938,166
Undistributed (excess of distributions over) net investment income $(807,383) $(3,783,993) $17,847,989 $30,644,829
    
(a) Effective March 27, 2017, Class I shares were redeemed or exchanged for Class Y shares.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Changes in Net Assets   (continued)
  Columbia
Acorn USA®
Columbia Acorn
International SelectSM
  Six Months Ended
June 30, 2017
(Unaudited)
Year Ended
December 31, 2016
Six Months Ended
June 30, 2017
(Unaudited)
Year Ended
December 31, 2016
Operations        
Net investment income (loss) $(653,987) $(2,585,435) $343,955 $727,712
Net realized gain 96,319,482 173,306,331 128,042 406,852
Net change in unrealized appreciation (depreciation) (25,714,454) (116,920,216) 19,394,477 (727,228)
Net increase in net assets resulting from operations 69,951,041 53,800,680 19,866,474 407,336
Distributions to shareholders        
Net investment income        
Class A (128,440)
Class I(a) (21)
Class R4 (10,361)
Class R5 (4,257)
Class Y (3,239)
Class Z (688,337)
Net realized gains        
Class A (1,953,496) (32,380,146)
Class C (568,735) (6,855,670)
Class I(a) (535)
Class R4 (427,408) (2,636,761)
Class R5 (405,092) (6,082,950)
Class Y (1,207,408) (13,772,136)
Class Z (14,874,507) (176,812,357)
Return of capital        
Class A (21,491)
Class I(a) (2)
Class R4 (1,231)
Class R5 (474)
Class Y (333)
Class Z (79,155)
Total distributions to shareholders (19,436,646) (238,540,555) (937,341)
Decrease in net assets from capital stock activity (57,579,362) (129,621,627) (4,195,577) (38,779,298)
Total increase (decrease) in net assets (7,064,967) (314,361,502) 15,670,897 (39,309,303)
Net assets at beginning of period 643,620,425 957,981,927 100,011,573 139,320,876
Net assets at end of period $636,555,458 $643,620,425 $115,682,470 $100,011,573
Undistributed (excess of distributions over) net investment income $(978,245) $(324,258) $267,668 $(76,287)
    
(a) Effective March 27, 2017, Class I shares were redeemed or exchanged for Class Y shares.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Changes in Net Assets   (continued)
  Columbia
Acorn SelectSM
Columbia
Thermostat FundSM
  Six Months Ended
June 30, 2017
(Unaudited)
Year Ended
December 31, 2016
Six Months Ended
June 30, 2017
(Unaudited)
Year Ended
December 31, 2016
Operations        
Net investment income (loss) $(91,176) $(636,264) $7,795,458 $13,815,474
Net realized gain 19,819,313 51,359,334 7,645,615 6,455,376
Net change in unrealized appreciation (depreciation) 14,865,331 (13,696,714) 15,659,589 27,501,996
Net increase in net assets resulting from operations 34,593,468 37,026,356 31,100,662 47,772,846
Distributions to shareholders        
Net investment income        
Class A (4,626,442) (2,065,216)
Class C (3,104,507) (1,254,586)
Class R4 (221,981) (116,893)
Class R5 (184,686) (93,729)
Class Y (6,396) (3,227)
Class Z (5,661,210) (2,661,104)
Net realized gains        
Class A (9,165,000) (20,956,929) (1,198,529) (7,330,165)
Class C (2,682,256) (6,613,573) (1,216,348) (6,807,442)
Class I(a) (3,413,863)
Class R4 (76,385) (137,648) (57,507) (270,622)
Class R5 (77,918) (169,378) (47,845) (227,023)
Class Y (2,038,744) (675,691) (1,657) (6,939)
Class Z (11,563,561) (23,230,145) (1,466,597) (6,421,250)
Total distributions to shareholders (25,603,864) (55,197,227) (17,793,705) (27,258,196)
Decrease in net assets from capital stock activity (1,691,531) (72,642,815) (156,642,110) (15,113,859)
Total increase (decrease) in net assets 7,298,073 (90,813,686) (143,335,153) 5,400,791
Net assets at beginning of period 308,388,984 399,202,670 1,107,426,617 1,102,025,826
Net assets at end of period $315,687,057 $308,388,984 $964,091,464 $1,107,426,617
Undistributed (excess of distributions over) net investment income $(410,517) $(319,341) $7,496,651 $13,506,415
    
(a) Effective March 27, 2017, Class I shares were redeemed or exchanged for Class Y shares.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Changes in Net Assets   (continued)
  Columbia Acorn
Emerging Markets FundSM
Columbia Acorn
European FundSM
  Six Months Ended
June 30, 2017
(Unaudited)
Year Ended
December 31, 2016
Six Months Ended
June 30, 2017
(Unaudited)(a)
Year Ended
December 31, 2016
Operations        
Net investment income (loss) $(161,462) $(284,926) $469,427 $590,637
Net realized gain (loss) (2,416,620) (45,598,080) 875,364 (4,579,308)
Net change in unrealized appreciation (depreciation) 21,879,569 36,302,688 9,344,808 1,960,685
Net increase (decrease) in net assets resulting from operations 19,301,487 (9,580,318) 10,689,599 (2,027,986)
Distributions to shareholders        
Net investment income        
Class A (194,500) (61,767) (259,174)
Class C (15,971) (14,070)
Class I(b) (15) (29)
Class R4 (9,157) (1,849) (4,237)
Class R5 (6,632) (13,461) (14,327)
Class Y (14) (66)
Class Z (333,824) (95,901) (127,499)
Return of capital        
Class A (199,268)
Class I(b) (8)
Class R4 (5,302)
Class R5 (3,262)
Class Y (7)
Class Z (196,472)
Total distributions to shareholders (948,461) (189,015) (419,336)
Increase (decrease) in net assets from capital stock activity (21,712,543) (159,031,334) 9,526,092 (13,086,756)
Total increase (decrease) in net assets (2,411,056) (169,560,113) 20,026,676 (15,534,078)
Net assets at beginning of period 105,760,399 275,320,512 46,352,313 61,886,391
Net assets at end of period $103,349,343 $105,760,399 $66,378,989 $46,352,313
Undistributed (excess of distributions over) net investment income $(1,378,265) $(1,216,803) $336,110 $55,698
    
(a) Class Y shares are based on operations from March 1, 2017 (commencement of operations) through the stated period end.
(b) Effective March 27, 2017, Class I shares were redeemed or exchanged for Class Y shares.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Changes in Net Assets   (continued)
  Columbia
Acorn®Fund
Columbia Acorn
International®
  Six Months Ended Year Ended Six Months Ended Year Ended
  June 30, 2017 (Unaudited) December 31, 2016 June 30, 2017 (Unaudited) December 31, 2016
  Shares Dollars ($) Shares Dollars ($) Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A                
Subscriptions 2,883,397 41,421,503 4,853,520 75,803,085 1,113,333 46,387,576 1,974,708 75,655,038
Distributions reinvested 2,078,336 29,824,130 22,814,791 328,819,766 92,959 4,161,790 175,532 6,887,710
Redemptions (15,171,162) (214,066,570) (36,704,218) (594,559,320) (5,311,577) (218,701,201) (7,659,549) (295,352,503)
Net decrease (10,209,429) (142,820,937) (9,035,907) (189,936,469) (4,105,285) (168,151,835) (5,509,309) (212,809,755)
Class B                
Distributions reinvested 47 2,052 166 6,407
Redemptions (93,870) (1,194,420) (7,156) (285,619) (29,829) (1,084,349)
Net decrease (93,870) (1,194,420) (7,109) (283,567) (29,663) (1,077,942)
Class C                
Subscriptions 541,758 4,717,470 2,850,481 28,830,261 45,583 1,821,506 88,146 3,250,023
Distributions reinvested 1,809,997 15,783,173 15,224,608 142,292,662 8,653 371,465 12,938 497,985
Redemptions (8,397,404) (74,484,276) (16,527,105) (189,293,788) (349,243) (14,054,948) (670,819) (24,917,914)
Net increase (decrease) (6,045,649) (53,983,633) 1,547,984 (18,170,865) (295,007) (11,861,977) (569,735) (21,169,906)
Class I(a)                
Subscriptions 2,241,456 40,012,558 2,023,643 76,814,214
Distributions reinvested 384,162 6,393,601 15,790 618,080
Redemptions (704,360) (11,413,369) (3,318,699) (60,309,700) (587,108) (24,144,151) (2,841,410) (108,946,434)
Net decrease (704,360) (11,413,369) (693,081) (13,903,541) (587,108) (24,144,151) (801,977) (31,514,140)
Class R                
Subscriptions 200,007 8,138,017 42,672 1,642,911
Distributions reinvested 2,179 97,434 704 28,080
Redemptions (53,725) (2,211,764) (46,971) (1,810,491)
Net increase (decrease) 148,461 6,023,687 (3,595) (139,500)
Class R4                
Subscriptions 584,680 9,818,746 495,492 9,093,680 325,026 13,499,161 2,310,115 89,193,756
Distributions reinvested 60,225 1,031,656 568,047 9,572,736 19,278 871,179 95,799 3,833,333
Redemptions (502,049) (8,413,601) (1,492,520) (27,409,512) (748,422) (30,957,447) (12,076,499) (488,580,771)
Net increase (decrease) 142,856 2,436,801 (428,981) (8,743,096) (404,118) (16,587,107) (9,670,585) (395,553,682)
Class R5                
Subscriptions 508,500 8,627,611 904,623 16,475,579 2,672,211 113,115,053 2,366,752 90,215,384
Distributions reinvested 88,470 1,526,102 896,900 15,226,488 77,214 3,461,513 103,055 4,001,510
Redemptions (561,291) (9,512,145) (2,784,189) (50,798,909) (1,349,109) (57,408,540) (3,057,775) (116,417,523)
Net increase (decrease) 35,679 641,568 (982,666) (19,096,842) 1,400,316 59,168,026 (587,968) (22,200,629)
Class Y(a)                
Subscriptions 1,849,271 31,833,886 631,619 11,532,036 2,395,358 102,231,093 1,867,415 72,910,693
Distributions reinvested 195,224 3,389,085 1,502,317 25,706,160 60,074 2,715,338 83,697 3,278,372
Redemptions (4,364,034) (75,174,766) (3,702,598) (70,187,193) (3,088,082) (136,129,354) (3,723,583) (138,860,801)
Net decrease (2,319,539) (39,951,795) (1,568,662) (32,948,997) (632,650) (31,182,923) (1,772,471) (62,671,736)
Class Z                
Subscriptions 8,576,348 138,749,997 12,510,656 225,203,283 5,408,351 222,815,683 10,938,039 423,737,709
Distributions reinvested 6,441,846 106,420,721 65,323,103 1,066,953,832 567,786 25,465,249 1,012,550 39,453,071
Redemptions (30,932,209) (501,340,318) (115,579,393) (2,071,442,868) (12,157,503) (505,953,405) (41,785,744) (1,603,157,736)
Net decrease (15,914,015) (256,169,600) (37,745,634) (779,285,753) (6,181,366) (257,672,473) (29,835,155) (1,139,966,956)
Total net decrease (35,014,457) (501,260,965) (49,000,817) (1,063,279,983) (10,663,866) (444,692,320) (48,780,458) (1,887,104,246)
    
(a) Effective March 27, 2017, Class I shares were redeemed or exchanged for Class Y shares.
    
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Changes in Net Assets   (continued)
  Columbia
Acorn USA®
Columbia Acorn
International SelectSM
  Six Months Ended Year Ended Six Months Ended Year Ended
  June 30, 2017 (Unaudited) December 31, 2016 June 30, 2017 (Unaudited) December 31, 2016
  Shares Dollars ($) Shares Dollars ($) Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A                
Subscriptions 276,310 4,326,063 570,239 10,137,511 249,073 5,992,741 144,898 3,073,366
Distributions reinvested 113,310 1,794,821 1,919,989 30,640,598 6,931 145,542
Redemptions (2,208,510) (34,795,322) (1,785,208) (32,134,125) (379,090) (8,956,980) (791,209) (16,621,178)
Net increase (decrease) (1,818,890) (28,674,438) 705,020 8,643,984 (130,017) (2,964,239) (639,380) (13,402,270)
Class B                
Redemptions (1,541) (21,538) (984) (18,165)
Net decrease (1,541) (21,538) (984) (18,165)
Class C                
Subscriptions 57,889 598,984 117,283 1,391,102 8,930 205,448 14,021 278,937
Distributions reinvested 52,927 552,032 573,317 6,404,572
Redemptions (253,161) (2,658,959) (566,118) (7,483,741) (32,902) (745,500) (66,643) (1,312,570)
Net increase (decrease) (142,345) (1,507,943) 124,482 311,933 (23,972) (540,052) (52,622) (1,033,633)
Class I(a)                
Redemptions (70) (1,266) (92) (2,211)
Net decrease (70) (1,266) (92) (2,211)
Class R4                
Subscriptions 551,088 10,668,498 182,950 4,045,095 5,935 142,221 37,828 786,212
Distributions reinvested 22,342 427,408 139,452 2,636,761 541 11,569
Redemptions (123,171) (2,375,310) (338,183) (6,985,619) (4,915) (119,626) (28,908) (628,248)
Net increase (decrease) 450,259 8,720,596 (15,781) (303,763) 1,020 22,595 9,461 169,533
Class R5                
Subscriptions 33,868 638,323 204,798 4,201,531 3,596 85,829 6,007 129,000
Distributions reinvested 21,064 405,054 314,491 6,082,419 220 4,710
Redemptions (675,429) (13,039,418) (939,630) (19,229,210) (4,936) (121,099) (90,410) (1,874,479)
Net decrease (620,497) (11,996,041) (420,341) (8,945,260) (1,340) (35,270) (84,183) (1,740,769)
Class Y(a)                
Subscriptions 155,430 2,913,994 160,115 3,363,597 5,683 135,450 9,194 207,948
Distributions reinvested 62,364 1,207,369 722,739 13,771,606 166 3,550
Redemptions (96,068) (1,832,253) (591,947) (11,971,994) (9,641) (223,304) (24,953) (526,808)
Net increase (decrease) 121,726 2,289,110 290,907 5,163,209 (3,958) (87,854) (15,593) (315,310)
Class Z                
Subscriptions 933,585 16,800,572 2,044,441 42,076,329 490,601 11,734,105 496,718 10,632,273
Distributions reinvested 782,802 14,340,933 9,206,155 166,971,786 25,779 547,806
Redemptions (3,168,249) (57,550,885) (17,240,685) (343,518,307) (511,777) (12,322,651) (1,578,100) (33,618,763)
Net decrease (1,451,862) (26,409,380) (5,990,089) (134,470,192) (21,176) (588,546) (1,055,603) (22,438,684)
Total net decrease (3,461,679) (57,579,362) (5,307,343) (129,621,627) (179,535) (4,195,577) (1,838,904) (38,779,298)
    
(a) Effective March 27, 2017, Class I shares were redeemed or exchanged for Class Y shares.
    
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Changes in Net Assets   (continued)
  Columbia
Acorn SelectSM
Columbia
Thermostat FundSM
  Six Months Ended Year Ended Six Months Ended Year Ended
  June 30, 2017 (Unaudited) December 31, 2016 June 30, 2017 (Unaudited) December 31, 2016
  Shares Dollars ($) Shares Dollars ($) Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A                
Subscriptions 628,251 8,686,279 504,342 6,690,492 1,095,341 16,181,552 8,041,017 116,448,340
Distributions reinvested 593,372 7,874,053 1,437,616 19,010,001 366,581 5,414,399 598,148 8,686,416
Redemptions (2,328,695) (31,878,357) (3,388,242) (45,317,466) (8,924,123) (131,729,251) (8,433,395) (122,528,839)
Net increase (decrease) (1,107,072) (15,318,025) (1,446,284) (19,616,973) (7,462,201) (110,133,300) 205,770 2,605,917
Class B                
Redemptions (26,947) (277,346) (20,546) (294,082)
Net decrease (26,947) (277,346) (20,546) (294,082)
Class C                
Subscriptions 34,608 323,676 247,884 2,349,868 687,691 10,176,230 3,516,437 51,108,804
Distributions reinvested 286,451 2,560,873 573,270 5,430,627 237,340 3,519,764 433,622 6,322,208
Redemptions (836,660) (8,106,911) (1,129,045) (11,022,448) (4,369,346) (64,651,819) (6,071,444) (88,504,045)
Net decrease (515,601) (5,222,362) (307,891) (3,241,953) (3,444,315) (50,955,825) (2,121,385) (31,073,033)
Class I(a)                
Subscriptions 2,747,662 39,487,939
Distributions reinvested 231,745 3,413,645
Redemptions (738,244) (11,402,065) (3,993,682) (59,895,103)
Net decrease (738,244) (11,402,065) (1,014,275) (16,993,519)
Class R4                
Subscriptions 82,275 1,289,357 20,875 314,488 221,672 3,255,978 628,375 9,077,683
Distributions reinvested 4,931 76,385 9,104 137,648 19,061 279,431 26,865 387,442
Redemptions (25,074) (399,193) (32,975) (491,350) (367,907) (5,391,086) (803,020) (11,457,488)
Net increase (decrease) 62,132 966,549 (2,996) (39,214) (127,174) (1,855,677) (147,780) (1,992,363)
Class R5                
Subscriptions 33,505 522,771 34,905 518,997 251,436 3,690,573 641,667 9,116,272
Distributions reinvested 5,001 77,809 11,146 169,161 15,851 232,531 22,173 319,988
Redemptions (11,836) (189,654) (35,794) (532,564) (220,532) (3,234,641) (264,332) (3,843,375)
Net increase 26,670 410,926 10,257 155,594 46,755 688,463 399,508 5,592,885
Class Y(a)                
Subscriptions 1,568,962 25,642,221 86,025 1,305,072 1,198 17,547 4,847 70,136
Distributions reinvested 129,932 2,038,635 44,223 675,474 546 8,000 701 10,096
Redemptions (500,005) (7,928,123) (162,905) (2,480,014) (1,238) (18,058) (2,796) (40,341)
Net increase (decrease) 1,198,889 19,752,733 (32,657) (499,468) 506 7,489 2,752 39,891
Class Z                
Subscriptions 1,164,841 17,834,701 573,558 8,420,465 6,392,366 92,989,678 7,615,049 109,081,660
Distributions reinvested 707,593 10,564,363 1,406,945 20,616,589 348,707 5,084,149 426,415 6,116,187
Redemptions (1,264,217) (19,278,351) (4,164,970) (61,166,990) (6,334,157) (92,467,087) (7,344,820) (105,190,921)
Net increase (decrease) 608,217 9,120,713 (2,184,467) (32,129,936) 406,916 5,606,740 696,644 10,006,926
Total net decrease (465,009) (1,691,531) (5,005,260) (72,642,815) (10,579,513) (156,642,110) (985,037) (15,113,859)
    
(a) Effective March 27, 2017, Class I shares were redeemed or exchanged for Class Y shares.
    
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Statement of Changes in Net Assets   (continued)
  Columbia Acorn
Emerging Markets FundSM
Columbia Acorn
European FundSM
  Six Months Ended Year Ended Six Months Ended Year Ended
  June 30, 2017 (Unaudited) December 31, 2016 June 30, 2017 (Unaudited)(a) December 31, 2016
  Shares Dollars ($) Shares Dollars ($) Shares Dollars ($) Shares Dollars ($)
Capital stock activity
Class A                
Subscriptions 233,744 2,540,331 511,014 5,151,768 396,951 6,564,008 614,988 8,800,628
Distributions reinvested 38,980 390,579 3,490 61,767 18,095 259,128
Redemptions (2,448,659) (25,920,358) (4,201,955) (43,044,856) (1,130,312) (17,506,086) (1,508,418) (21,629,960)
Net decrease (2,214,915) (23,380,027) (3,651,961) (37,502,509) (729,871) (10,880,311) (875,335) (12,570,204)
Class C                
Subscriptions 46,844 504,853 87,820 876,756 140,174 2,268,497 189,633 2,692,628
Distributions reinvested 911 15,971 926 14,070
Redemptions (325,886) (3,536,903) (752,453) (7,590,091) (65,938) (1,032,846) (175,620) (2,481,569)
Net increase (decrease) (279,042) (3,032,050) (664,633) (6,713,335) 75,147 1,251,622 14,939 225,129
Class I(b)                
Distributions reinvested 2 23 2 29
Redemptions (205) (2,259) (173) (2,700)
Net increase (decrease) (205) (2,259) 2 23 (173) (2,700) 2 29
Class R4                
Subscriptions 15,198 169,841 48,605 497,849 7,466 115,914 6,570 97,107
Distributions reinvested 1,429 14,438 104 1,840 296 4,213
Redemptions (54,270) (596,079) (253,438) (2,611,137) (1,128) (16,953) (8,873) (126,268)
Net increase (decrease) (39,072) (426,238) (203,404) (2,098,850) 6,442 100,801 (2,007) (24,948)
Class R5                
Subscriptions 20,357 228,055 79,534 799,097 158,351 2,680,211 13,780 200,355
Distributions reinvested 966 9,749 752 13,452 997 14,301
Redemptions (18,383) (201,060) (1,224,039) (12,729,815) (18,626) (307,218) (68,695) (1,011,199)
Net increase (decrease) 1,974 26,995 (1,143,539) (11,920,969) 140,477 2,386,445 (53,918) (796,543)
Class Y(b)                
Subscriptions 1,565 26,844
Distributions reinvested 3 56
Net increase 1,568 26,900
Class Z                
Subscriptions 1,856,810 19,747,812 1,761,120 18,169,951 1,235,257 19,830,300 767,402 10,950,673
Distributions reinvested 50,737 508,887 5,392 95,552 8,898 126,581
Redemptions (1,340,536) (14,646,776) (12,253,429) (119,474,532) (202,113) (3,282,517) (770,123) (10,997,473)
Net increase (decrease) 516,274 5,101,036 (10,441,572) (100,795,694) 1,038,536 16,643,335 6,177 79,781
Total net increase (decrease) (2,014,986) (21,712,543) (16,105,107) (159,031,334) 532,126 9,526,092 (910,142) (13,086,756)
    
(a) Class Y shares are based on operations from March 1, 2017 (commencement of operations) through the stated period end.
(b) Effective March 27, 2017, Class I shares were redeemed or exchanged for Class Y shares.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Financial Highlights
Columbia Acorn® Fund
The following tables are intended to help you understand the Fund’s financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund’s portfolio turnover rate may be higher.
Year ended (except as noted) Net asset value,
beginning of
period
Net
investment
income
(loss)
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Class A
6/30/2017 (b) $13.35 (0.00) (c) 1.63 1.63 (0.56)
12/31/2016 $17.63 (0.03) 1.73 1.70 (5.98)
12/31/2015 $30.30 (0.12) (0.27) (g) (0.39) (12.28)
12/31/2014 $35.78 (0.08) 0.21 0.13 (5.61)
12/31/2013 $29.36 (0.06) 8.84 8.78 (0.04) (2.32)
12/31/2012 $26.63 0.08 4.53 4.61 (0.06) (1.82)
Class C
6/30/2017 (b) $8.34 (0.03) 1.01 0.98 (0.56)
12/31/2016 $13.16 (0.11) 1.27 1.16 (5.98)
12/31/2015 $25.92 (0.27) (0.21) (g) (0.48) (12.28)
12/31/2014 $31.64 (0.28) 0.17 (0.11) (5.61)
12/31/2013 $26.34 (0.26) 7.88 7.62 (2.32)
12/31/2012 $24.18 (0.12) 4.10 3.98 (1.82)
Class R4
6/30/2017 (b) $15.83 0.02 1.93 1.95 (0.56)
12/31/2016 $19.84 0.00 (c) 1.97 1.97 (5.98)
12/31/2015 $32.51 (0.07) (0.32) (g) (0.39) (12.28)
12/31/2014 $37.88 0.02 0.22 0.24 (5.61)
12/31/2013 $30.90 0.06 9.29 9.35 (0.05) (2.32)
12/31/2012 (h) $30.59 0.05 1.84 1.89 (0.12) (1.46)
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Total
distributions to
shareholders
Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a)
Net investment
income (loss)
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
 
(0.56) $14.42 12.27% 1.08% (d) 1.08% (d),(e) (0.02%) (d) 35% $858,519
(5.98) $13.35 10.06% 1.10% (f) 1.10% (f) (0.21%) 85% $931,460
(12.28) $17.63 (1.87%) 1.08% 1.08% (0.39%) 21% $1,388,893
(5.61) $30.30 0.55% 1.08% 1.08% (0.22%) 17% $2,694,610
(2.36) $35.78 30.53% 1.07% 1.07% (0.17%) 18% $3,869,734
(1.88) $29.36 17.62% 1.06% 1.06% (e) 0.27% 16% $3,233,494
 
(0.56) $8.76 11.84% 1.83% (d) 1.83% (d),(e) (0.78%) (d) 35% $264,294
(5.98) $8.34 9.29% 1.84% (f) 1.84% (f) (0.95%) 85% $302,119
(12.28) $13.16 (2.57%) 1.80% 1.80% (1.11%) 21% $456,348
(5.61) $25.92 (0.16%) 1.77% 1.77% (0.92%) 17% $776,370
(2.32) $31.64 29.58% 1.78% 1.78% (0.88%) 18% $938,644
(1.82) $26.34 16.77% 1.80% 1.80% (e) (0.46%) 16% $756,709
 
(0.56) $17.22 12.37% 0.83% (d) 0.83% (d),(e) 0.24% (d) 35% $38,766
(5.98) $15.83 10.32% 0.89% (f) 0.89% (f) 85% $33,378
(12.28) $19.84 (1.75%) 0.89% 0.89% (0.23%) 21% $50,335
(5.61) $32.51 0.81% 0.84% 0.84% 0.05% 17% $250,457
(2.37) $37.88 30.85% 0.80% 0.80% 0.16% 18% $74,188
(1.58) $30.90 6.31% 0.87% (d) 0.86% (d),(e) 1.24% (d) 16% $17
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Table of Contents
Financial Highlights  (continued)
Columbia Acorn® Fund
Year ended (except as noted) Net asset value,
beginning of
period
Net
investment
income
(loss)
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Class R5
6/30/2017 (b) $15.94 0.02 1.94 1.96 (0.56)
12/31/2016 $19.92 0.01 1.99 2.00 (5.98)
12/31/2015 $32.55 (0.04) (0.31) (g) (0.35) (12.28)
12/31/2014 $37.89 0.04 0.23 0.27 (5.61)
12/31/2013 $30.88 0.07 9.30 9.37 (0.04) (2.32)
12/31/2012 (i) $30.59 0.06 1.83 1.89 (0.14) (1.46)
Class Y
6/30/2017 (b) $16.04 0.02 1.95 1.97 (0.56)
12/31/2016 $20.00 0.02 2.00 2.02 (5.98)
12/31/2015 $32.61 (0.02) (0.31) (g) (0.33) (12.28)
12/31/2014 $37.93 0.05 0.24 0.29 (5.61)
12/31/2013 $30.90 0.09 9.31 9.40 (0.05) (2.32)
12/31/2012 (j) $30.62 0.09 1.80 1.89 (0.15) (1.46)
Class Z
6/30/2017 (b) $15.29 0.02 1.86 1.88 (0.56)
12/31/2016 $19.34 0.01 1.92 1.93 (5.98)
12/31/2015 $31.95 (0.04) (0.29) (g) (0.33) (12.28)
12/31/2014 $37.32 0.02 0.22 0.24 (5.61)
12/31/2013 $30.45 0.04 9.19 9.23 (0.04) (2.32)
12/31/2012 $27.56 0.17 4.69 4.86 (0.15) (1.82)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests, if any. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) For the six months ended June 30, 2017 (unaudited).
(c) Rounds to zero.
(d) Annualized.
(e) The benefits derived from expense reductions had an impact of less than 0.01%.
(f) Ratios include line of credit interest expense which is less than 0.01%.
(g) Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.
(h) Class R4 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
(i) Class R5 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
(j) Class Y shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Total
distributions to
shareholders
Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a)
Net investment
income (loss)
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
 
(0.56) $17.34 12.34% 0.81% (d) 0.81% (d) 0.25% (d) 35% $50,098
(5.98) $15.94 10.43% 0.81% (f) 0.81% (f) 0.08% 85% $45,475
(12.28) $19.92 (1.60%) 0.77% 0.77% (0.11%) 21% $76,412
(5.61) $32.55 0.89% 0.76% 0.76% 0.10% 17% $458,223
(2.36) $37.89 30.94% 0.75% 0.75% 0.20% 18% $496,906
(1.60) $30.88 6.33% 0.82% (d) 0.81% (d),(e) 1.29% (d) 16% $3
 
(0.56) $17.45 12.33% 0.76% (d) 0.76% (d) 0.26% (d) 35% $46,066
(5.98) $16.04 10.50% 0.76% (f) 0.76% (f) 0.12% 85% $79,518
(12.28) $20.00 (1.54%) 0.73% 0.73% (0.06%) 21% $130,546
(5.61) $32.61 0.94% 0.70% 0.70% 0.13% 17% $378,780
(2.37) $37.93 30.99% 0.70% 0.70% 0.26% 18% $1,227,891
(1.61) $30.90 6.34% 0.75% (d) 0.75% (d),(e) 2.21% (d) 16% $67,012
 
(0.56) $16.61 12.35% 0.83% (d) 0.83% (d),(e) 0.23% (d) 35% $3,457,794
(5.98) $15.29 10.39% 0.82% (f) 0.82% (f) 0.07% 85% $3,425,935
(12.28) $19.34 (1.57%) 0.80% 0.80% (0.11%) 21% $5,062,313
(5.61) $31.95 0.82% 0.79% 0.79% 0.07% 17% $11,340,770
(2.36) $37.32 30.90% 0.78% 0.78% 0.12% 18% $14,703,948
(1.97) $30.45 17.93% 0.78% 0.78% (e) 0.57% 16% $13,374,355
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Table of Contents
Financial Highlights
Columbia Acorn International®
Year ended (except as noted) Net asset value,
beginning of
period
Net
investment
income
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Class A
6/30/2017 (b) $37.71 0.20 6.75 6.95 (0.38)
12/31/2016 $39.08 0.35 (1.31) (0.96) (0.15) (0.26)
12/31/2015 $41.68 0.39 (1.02) (0.63) (0.40) (1.57)
12/31/2014 $46.63 0.42 (2.51) (2.09) (0.55) (2.31)
12/31/2013 $40.79 0.45 8.37 8.82 (1.05) (1.93)
12/31/2012 $34.15 0.47 6.75 7.22 (0.58)
Class B
6/30/2017 (b) $36.38 0.10 6.53 6.63 (0.28)
12/31/2016 $37.80 0.07 (1.23) (1.16) (0.26)
12/31/2015 $40.38 0.02 (1.01) (0.99) (0.02) (1.57)
12/31/2014 $45.24 0.07 (2.42) (2.35) (0.20) (2.31)
12/31/2013 $39.67 0.12 8.10 8.22 (0.72) (1.93)
12/31/2012 $33.17 0.19 6.55 6.74 (0.24)
Class C
6/30/2017 (b) $36.18 0.06 6.46 6.52 (0.26)
12/31/2016 $37.65 0.05 (1.26) (1.21) (0.26)
12/31/2015 $40.20 0.07 (0.97) (0.90) (0.08) (1.57)
12/31/2014 $45.04 0.07 (2.40) (2.33) (0.20) (2.31)
12/31/2013 $39.50 0.10 8.08 8.18 (0.71) (1.93)
12/31/2012 $33.03 0.18 6.52 6.70 (0.23)
Class R
6/30/2017 (b) $37.71 0.27 6.63 6.90 (0.38)
12/31/2016 $39.07 0.21 (1.30) (1.09) (0.01) (0.26)
12/31/2015 $41.67 0.23 (1.02) (0.79) (0.24) (1.57)
12/31/2014 $46.60 0.24 (2.50) (2.26) (0.36) (2.31)
12/31/2013 $40.79 0.26 8.36 8.62 (0.88) (1.93)
12/31/2012 $34.11 0.21 6.89 7.10 (0.42)
Class R4
6/30/2017 (b) $38.03 0.26 6.80 7.06 (0.38)
12/31/2016 $39.41 0.48 (1.38) (0.90) (0.22) (0.26)
12/31/2015 $42.02 0.47 (1.03) (0.56) (0.48) (1.57)
12/31/2014 $46.99 0.50 (2.52) (2.02) (0.64) (2.31)
12/31/2013 $41.08 0.34 8.67 9.01 (1.17) (1.93)
12/31/2012 (h) $39.86 (0.00) (f) 1.81 1.81 (0.59)
Class R5
6/30/2017 (b) $37.72 0.29 6.72 7.01 (0.38)
12/31/2016 $39.10 0.44 (1.30) (0.86) (0.26) (0.26)
12/31/2015 $41.71 0.54 (1.05) (0.51) (0.53) (1.57)
12/31/2014 $46.66 0.57 (2.51) (1.94) (0.70) (2.31)
12/31/2013 $40.81 0.63 8.34 8.97 (1.19) (1.93)
12/31/2012 $34.31 0.75 6.62 7.37 (0.87)
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Total
distributions to
shareholders
Proceeds from
regulatory
settlements
Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a)
Net investment
income (loss)
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
 
(0.38) $44.28 18.43% (c) 1.21% (d) 1.17% (d),(e) 0.95% (d) 22% $494,953
(0.41) $37.71 (2.51%) (c) 1.27% 1.23% 0.90% 46% $576,235
(1.97) $39.08 (1.59%) (c) 1.28% 1.24% 0.93% 50% $812,479
(2.86) $41.68 (4.58%) (c) 1.26% 1.22% 0.91% 28% $946,553
(2.98) $46.63 22.00% (c) 1.27% 1.23% 1.02% 45% $1,089,263
(0.58) 0.00 (f) $40.79 21.21% (c) 1.28% 1.24% (g) 1.22% 33% $1,007,236
 
(0.28) $42.73 18.21% (c) 1.71% (d) 1.62% (d),(e) 0.49% (d) 22% $268
(0.26) $36.38 (3.11%) (c) 2.22% 1.91% 0.18% 46% $487
(1.59) $37.80 (2.53%) (c) 2.17% 2.14% 0.05% 50% $1,628
(2.51) $40.38 (5.29%) (c) 2.00% 1.97% 0.16% 28% $6,516
(2.65) $45.24 21.08% (c) 2.00% 1.97% 0.27% 45% $13,218
(0.24) 0.00 (f) $39.67 20.33% (c) 2.00% 1.97% (g) 0.51% 33% $17,910
 
(0.26) $42.44 18.01% (c) 1.96% (d) 1.94% (d),(e) 0.30% (d) 22% $63,191
(0.26) $36.18 (3.26%) (c) 2.01% 1.99% 0.13% 46% $64,548
(1.65) $37.65 (2.33%) (c) 2.01% 1.99% 0.18% 50% $88,606
(2.51) $40.20 (5.27%) (c) 1.99% 1.97% 0.16% 28% $103,691
(2.64) $45.04 21.07% (c) 2.01% 1.99% 0.23% 45% $110,875
(0.23) 0.00 (f) $39.50 20.31% (c) 2.02% 2.00% (g) 0.48% 33% $92,748
 
(0.38) $44.23 18.30% 1.46% (d) 1.46% (d),(e) 1.30% (d) 22% $12,005
(0.27) $37.71 (2.82%) 1.55% 1.55% 0.55% 46% $4,637
(1.81) $39.07 (1.98%) 1.62% 1.62% 0.54% 50% $4,945
(2.67) $41.67 (4.95%) 1.63% 1.63% 0.52% 28% $5,560
(2.81) $46.60 21.50% 1.63% 1.63% 0.58% 45% $5,822
(0.42) 0.00 (f) $40.79 20.83% 1.52% 1.51% (g) 0.54% 33% $2,799
 
(0.38) $44.71 18.56% 0.96% (d) 0.96% (d),(e) 1.25% (d) 22% $101,844
(0.48) $38.03 (2.32%) 1.05% 1.05% 1.22% 46% $101,988
(2.05) $39.41 (1.41%) 1.06% 1.06% 1.10% 50% $486,763
(2.95) $42.02 (4.39%) 1.04% 1.04% 1.07% 28% $424,425
(3.10) $46.99 22.32% 1.03% 1.03% 0.73% 45% $355,616
(0.59) $41.08 4.57% 1.03% (d) 1.02% (d),(g) (0.02%) (d) 33% $15
 
(0.38) $44.35 18.58% 0.93% (d) 0.93% (d) 1.40% (d) 22% $399,347
(0.52) $37.72 (2.23%) 0.93% 0.93% 1.15% 46% $286,786
(2.10) $39.10 (1.29%) 0.92% 0.92% 1.26% 50% $320,252
(3.01) $41.71 (4.25%) 0.90% 0.90% 1.23% 28% $397,882
(3.12) $46.66 22.38% 0.91% 0.91% 1.40% 45% $274,415
(0.87) 0.00 (f) $40.81 21.61% 0.89% 0.89% (g) 1.99% 33% $242
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Table of Contents
Financial Highlights  (continued)
Columbia Acorn International®
Year ended (except as noted) Net asset value,
beginning of
period
Net
investment
income
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Class Y
6/30/2017 (b) $38.02 0.32 6.76 7.08 (0.38)
12/31/2016 $39.41 0.47 (1.32) (0.85) (0.28) (0.26)
12/31/2015 $42.02 0.53 (1.01) (0.48) (0.56) (1.57)
12/31/2014 $46.99 0.58 (2.52) (1.94) (0.72) (2.31)
12/31/2013 $41.08 0.57 8.48 9.05 (1.21) (1.93)
12/31/2012 (i) $39.90 0.04 1.78 1.82 (0.64)
Class Z
6/30/2017 (b) $37.74 0.27 6.74 7.01 (0.38)
12/31/2016 $39.12 0.44 (1.32) (0.88) (0.24) (0.26)
12/31/2015 $41.73 0.51 (1.03) (0.52) (0.52) (1.57)
12/31/2014 $46.68 0.56 (2.51) (1.95) (0.69) (2.31)
12/31/2013 $40.84 0.58 8.38 8.96 (1.19) (1.93)
12/31/2012 $34.31 0.59 6.78 7.37 (0.84)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests, if any. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) For the six months ended June 30, 2017 (unaudited).
(c) Had the Investment Manager and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.
(d) Annualized.
(e) The benefits derived from expense reductions had an impact of less than 0.01%.
(f) Rounds to zero.
(g) The benefits derived from custody fees paid indirectly had an impact of 0.01%.
(h) Class R4 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
(i) Class Y shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Total
distributions to
shareholders
Proceeds from
regulatory
settlements
Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a)
Net investment
income (loss)
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
 
(0.38) $44.72 18.62% 0.88% (d) 0.88% (d) 1.52% (d) 22% $253,697
(0.54) $38.02 (2.19%) 0.88% 0.88% 1.20% 46% $239,733
(2.13) $39.41 (1.23%) 0.88% 0.88% 1.26% 50% $318,326
(3.03) $42.02 (4.21%) 0.85% 0.85% 1.25% 28% $225,012
(3.14) $46.99 22.44% 0.86% 0.86% 1.26% 45% $155,140
(0.64) $41.08 4.59% 0.91% (d) 0.90% (d) 0.75% (d) 33% $30,856
 
(0.38) $44.37 18.57% 0.96% (d) 0.96% (d),(e) 1.29% (d) 22% $3,671,795
(0.50) $37.74 (2.28%) 0.98% 0.98% 1.13% 46% $3,356,348
(2.09) $39.12 (1.33%) 0.97% 0.97% 1.21% 50% $4,645,797
(3.00) $41.73 (4.28%) 0.93% 0.93% 1.20% 28% $5,585,035
(3.12) $46.68 22.33% 0.93% 0.93% 1.30% 45% $6,293,552
(0.84) 0.00 (f) $40.84 21.60% 0.93% 0.93% (g) 1.53% 33% $5,494,506
Columbia Acorn Family of Funds  | Semiannual Report 2017
105


Table of Contents
Financial Highlights
Columbia Acorn USA®
Year ended (except as noted) Net asset value,
beginning of
period
Net
investment
income
(loss)
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Class A
6/30/2017 (b) $14.95 (0.03) 1.71 1.68 (0.56)
12/31/2016 $20.25 (0.11) 2.43 2.32 (7.62)
12/31/2015 $29.13 (0.18) (0.18) (e) (0.36) (8.52)
12/31/2014 $34.15 (0.20) 1.22 1.02 (6.04)
12/31/2013 $28.21 (0.15) 9.09 8.94 (3.00)
12/31/2012 $25.94 0.02 4.73 4.75 (0.11) (2.37)
Class C
6/30/2017 (b) $10.05 (0.06) 1.15 1.09 (0.56)
12/31/2016 $16.00 (0.18) 1.85 1.67 (7.62)
12/31/2015 $24.98 (0.33) (0.13) (e) (0.46) (8.52)
12/31/2014 $30.33 (0.37) 1.06 0.69 (6.04)
12/31/2013 $25.49 (0.33) 8.17 7.84 (3.00)
12/31/2012 $23.72 (0.16) 4.30 4.14 (2.37)
Class R4
6/30/2017 (b) $17.93 (0.01) 2.06 2.05 (0.56)
12/31/2016 $22.85 (0.07) 2.77 2.70 (7.62)
12/31/2015 $31.70 (0.13) (0.20) (e) (0.33) (8.52)
12/31/2014 $36.55 (0.11) 1.30 1.19 (6.04)
12/31/2013 $29.92 0.00 (h) 9.63 9.63 (3.00)
12/31/2012 (i) $30.06 0.06 2.28 2.34 (0.16) (2.32)
Class R5
6/30/2017 (b) $18.02 (0.01) 2.07 2.06 (0.56)
12/31/2016 $22.90 (0.06) 2.80 2.74 (7.62)
12/31/2015 $31.71 (0.10) (0.19) (e) (0.29) (8.52)
12/31/2014 $36.53 (0.06) 1.28 1.22 (6.04)
12/31/2013 $29.90 0.02 9.61 9.63 (3.00)
12/31/2012 (j) $30.06 0.07 2.27 2.34 (0.18) (2.32)
Class Y
6/30/2017 (b) $18.14 (0.00) 2.08 2.08 (0.56)
12/31/2016 $22.99 (0.04) 2.81 2.77 (7.62)
12/31/2015 $31.80 (0.08) (0.21) (e) (0.29) (8.52)
12/31/2014 $36.59 (0.07) 1.32 1.25 (6.04)
12/31/2013 $29.93 0.02 9.64 9.66 (3.00)
12/31/2012 (k) $30.10 0.07 2.27 2.34 (0.19) (2.32)
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Total
distributions to
shareholders
Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a)
Net investment
income (loss)
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
 
(0.56) $16.07 11.27% 1.39% (c) 1.39% (c),(d) (0.43%) (c) 41% $57,545
(7.62) $14.95 12.70% 1.41% 1.41% (0.58%) 98% $80,721
(8.52) $20.25 (1.60%) 1.34% 1.34% (0.63%) 35% $95,048
(6.04) $29.13 3.35% 1.33% 1.33% (0.60%) 12% $148,089
(3.00) $34.15 32.34% 1.32% 1.32% (0.46%) 17% $201,559
(2.48) $28.21 18.67% 1.32% (f) 1.32% (f),(g) 0.08% 14% $152,164
 
(0.56) $10.58 10.89% 2.14% (c) 2.14% (c),(d) (1.17%) (c) 41% $11,217
(7.62) $10.05 11.92% 2.13% 2.13% (1.31%) 98% $12,088
(8.52) $16.00 (2.28%) 2.02% 2.02% (1.32%) 35% $17,255
(6.04) $24.98 2.67% 2.00% 2.00% (1.26%) 12% $36,476
(3.00) $30.33 31.47% 2.00% 2.00% (1.14%) 17% $40,395
(2.37) $25.49 17.82% 2.05% (f) 2.05% (f),(g) (0.61%) 14% $31,410
 
(0.56) $19.42 11.46% 1.16% (c) 1.16% (c),(d) (0.13%) (c) 41% $15,425
(7.62) $17.93 12.93% 1.18% 1.18% (0.35%) 98% $6,172
(8.52) $22.85 (1.36%) 1.12% 1.12% (0.40%) 35% $8,224
(6.04) $31.70 3.60% 1.07% 1.07% (0.32%) 12% $7,952
(3.00) $36.55 32.80% 1.00% 1.00% 0.01% 17% $6,441
(2.48) $29.92 8.06% 1.14% (c),(f) 1.14% (c),(f),(g) 1.51% (c) 14% $15
 
(0.56) $19.52 11.46% 1.05% (c) 1.05% (c) (0.11%) (c) 41% $2,798
(7.62) $18.02 13.09% 1.07% 1.07% (0.27%) 98% $13,764
(8.52) $22.90 (1.23%) 1.01% 1.01% (0.30%) 35% $27,112
(6.04) $31.71 3.68% 0.99% 0.99% (0.17%) 12% $36,689
(3.00) $36.53 32.83% 0.97% 0.97% 0.06% 17% $6,068
(2.50) $29.90 8.06% 1.12% (c) 1.12% (c),(g) 1.53% (c) 14% $2
 
(0.56) $19.66 11.49% 1.01% (c) 1.01% (c) (0.03%) (c) 41% $43,727
(7.62) $18.14 13.18% 1.01% 1.01% (0.18%) 98% $38,136
(8.52) $22.99 (1.23%) 0.97% 0.97% (0.25%) 35% $41,658
(6.04) $31.80 3.76% 0.93% 0.93% (0.19%) 12% $35,551
(3.00) $36.59 32.89% 0.93% 0.93% 0.07% 17% $48,479
(2.51) $29.93 8.07% 1.04% (c) 1.04% (c),(g) 1.62% (c) 14% $2
Columbia Acorn Family of Funds  | Semiannual Report 2017
107


Table of Contents
Financial Highlights  (continued)
Columbia Acorn USA®
Year ended (except as noted) Net asset value,
beginning of
period
Net
investment
income
(loss)
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Class Z
6/30/2017 (b) $17.20 (0.02) 1.98 1.96 (0.56)
12/31/2016 $22.19 (0.07) 2.70 2.63 (7.62)
12/31/2015 $31.03 (0.12) (0.20) (e) (0.32) (8.52)
12/31/2014 $35.90 (0.12) 1.29 1.17 (6.04)
12/31/2013 $29.45 (0.07) 9.52 9.45 (3.00)
12/31/2012 $26.98 0.11 4.92 5.03 (0.19) (2.37)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) For the six months ended June 30, 2017 (unaudited).
(c) Annualized.
(d) The benefits derived from expense reductions had an impact of less than 0.01%.
(e) Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.
(f) Ratios include line of credit interest expense which is less than 0.01%.
(g) The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.
(h) Rounds to zero.
(i) Class R4 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
(j) Class R5 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
(k) Class Y shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Total
distributions to
shareholders
Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a)
Net investment
income (loss)
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
 
(0.56) $18.60 11.42% 1.15% (c) 1.15% (c),(d) (0.17%) (c) 41% $505,843
(7.62) $17.20 13.00% 1.16% 1.16% (0.34%) 98% $492,739
(8.52) $22.19 (1.36%) 1.10% 1.10% (0.40%) 35% $768,658
(6.04) $31.03 3.61% 1.08% 1.08% (0.34%) 12% $1,132,223
(3.00) $35.90 32.72% 1.06% 1.06% (0.20%) 17% $1,496,775
(2.56) $29.45 18.98% 1.07% (f) 1.07% (f),(g) 0.36% 14% $1,415,442
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Table of Contents
Financial Highlights
Columbia Acorn International SelectSM
Year ended (except as noted) Net asset value,
beginning of
period
Net
investment
income
(loss)
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Tax
return of
capital
Class A
6/30/2017 (b) $21.36 0.05 4.25 4.30
12/31/2016 $21.33 0.10 0.09 (e) 0.19 (0.14) (0.02)
12/31/2015 $22.04 0.17 (0.45) (0.28) (0.42) (0.01)
12/31/2014 $26.91 0.29 (2.17) (1.88) (0.10) (2.89)
12/31/2013 $25.61 0.29 3.29 3.58 (0.37) (1.91)
12/31/2012 $24.26 0.39 4.92 5.31 (1.75) (2.21)
Class C
6/30/2017 (b) $19.99 (0.03) 3.97 3.94
12/31/2016 $19.96 (0.06) 0.09 (e) 0.03
12/31/2015 $20.54 (0.01) (0.41) (0.42) (0.15) (0.01)
12/31/2014 $25.39 0.07 (2.03) (1.96) (2.89)
12/31/2013 $24.28 0.08 3.10 3.18 (0.16) (1.91)
12/31/2012 $23.17 0.18 4.67 4.85 (1.53) (2.21)
Class R4
6/30/2017 (b) $21.77 0.09 4.33 4.42
12/31/2016 $21.74 0.17 0.08 (e) 0.25 (0.20) (0.02)
12/31/2015 $22.45 0.22 (0.44) (0.22) (0.48) (0.01)
12/31/2014 $27.36 0.37 (2.22) (1.85) (0.17) (2.89)
12/31/2013 $25.99 0.29 3.42 3.71 (0.43) (1.91)
12/31/2012 (l) $29.98 (0.02) (0.09) (e) (0.11) (1.79) (2.09)
Class R5
6/30/2017 (b) $21.76 0.10 4.33 4.43
12/31/2016 $21.72 0.16 0.11 (e) 0.27 (0.21) (0.02)
12/31/2015 $22.43 0.22 (0.42) (0.20) (0.50) (0.01)
12/31/2014 $27.34 0.36 (2.19) (1.83) (0.19) (2.89)
12/31/2013 $25.98 0.38 3.35 3.73 (0.46) (1.91)
12/31/2012 (m) $29.98 (0.02) (0.09) (e) (0.11) (1.80) (2.09)
Class Y
6/30/2017 (b) $21.74 0.09 4.34 4.43
12/31/2016 $21.71 0.16 0.12 (e) 0.28 (0.23) (0.02)
12/31/2015 $22.42 0.28 (0.47) (0.19) (0.51) (0.01)
12/31/2014 $27.33 0.40 (2.21) (1.81) (0.21) (2.89)
12/31/2013 $25.98 0.11 3.62 3.73 (0.47) (1.91)
12/31/2012 (n) $29.99 (0.02) (0.09) (e) (0.11) (1.81) (2.09)
The accompanying Notes to Financial Statements are an integral part of this statement.
110 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Total
distributions to
shareholders
Proceeds from
regulatory
settlements
Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a)
Net investment
income (loss)
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
 
$25.66 20.13% 1.52% (c) 1.39% (c),(d) 0.44% (c) 28% $20,892
(0.16) $21.36 0.90% (f) 1.55% (g) 1.48% (g) 0.49% 49% $20,165
(0.43) 0.00 (h) $21.33 (1.30%) (i) 1.55% 1.55% 0.74% 59% $33,772
(2.99) $22.04 (7.06%) 1.47% 1.47% 1.05% 58% $53,419
(2.28) $26.91 14.42% 1.47% 1.47% 1.08% 72% $73,911
(3.96) $25.61 22.05% 1.49% (j) 1.49% (j),(k) 1.43% 63% $74,167
 
$23.93 19.71% 2.27% (c) 2.14% (c),(d) (0.28%) (c) 28% $4,628
$19.99 0.15% (f) 2.31% (g) 2.23% (g) (0.29%) 49% $4,346
(0.16) 0.00 (h) $19.96 (2.05%) (i) 2.32% 2.32% (0.06%) 59% $5,390
(2.89) $20.54 (7.80%) 2.23% 2.23% 0.29% 58% $8,057
(2.07) $25.39 13.52% 2.26% 2.26% 0.32% 72% $10,311
(3.74) $24.28 21.10% 2.28% (j) 2.27% (j),(k) 0.67% 63% $9,786
 
$26.19 20.30% 1.27% (c) 1.14% (c),(d) 0.72% (c) 28% $1,357
(0.22) $21.77 1.15% (f) 1.29% (g) 1.21% (g) 0.77% 49% $1,106
(0.49) 0.00 (h) $21.74 (1.00%) (i) 1.27% 1.27% 0.97% 59% $898
(3.06) $22.45 (6.83%) 1.21% 1.21% 1.33% 58% $974
(2.34) $27.36 14.72% 1.24% 1.24% 1.06% 72% $417
(3.88) $25.99 (0.27%) 1.30% (c),(j) 1.30% (c),(j),(k) (0.55%) (c) 63% $13
 
$26.19 20.36% 1.20% (c) 1.07% (c) 0.80% (c) 28% $495
(0.23) $21.76 1.25% (f) 1.23% (g) 1.19% (g) 0.76% 49% $440
(0.51) 0.00 (h) $21.72 (0.94%) (i) 1.21% 1.21% 0.96% 59% $2,268
(3.08) $22.43 (6.77%) 1.15% 1.15% 1.30% 58% $2,593
(2.37) $27.34 14.80% (f) 1.15% 1.15% 1.40% 72% $956
(3.89) $25.98 (0.27%) 1.29% (c) 1.28% (c),(k) (0.55%) (c) 63% $2
 
$26.17 20.38% 1.15% (c) 1.02% (c) 0.75% (c) 28% $284
(0.25) $21.74 1.29% (f) 1.12% (g) 1.04% (g) 0.74% 49% $322
(0.52) 0.00 (h) $21.71 (0.89%) (i) 1.14% 1.14% 1.21% 59% $660
(3.10) $22.42 (6.71%) 1.09% 1.09% 1.43% 58% $11,755
(2.38) $27.33 14.82% 1.09% 1.09% 0.40% 72% $13,318
(3.90) $25.98 (0.25%) 1.21% (c) 1.20% (c),(k) (0.48%) (c) 63% $2
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111


Table of Contents
Financial Highlights  (continued)
Columbia Acorn International SelectSM
Year ended (except as noted) Net asset value,
beginning of
period
Net
investment
income
(loss)
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Tax
return of
capital
Class Z
6/30/2017 (b) $21.61 0.09 4.30 4.39
12/31/2016 $21.58 0.16 0.09 (e) 0.25 (0.20) (0.02)
12/31/2015 $22.30 0.24 (0.46) (0.22) (0.49) (0.01)
12/31/2014 $27.20 0.38 (2.21) (1.83) (0.18) (2.89)
12/31/2013 $25.86 0.37 3.33 3.70 (0.45) (1.91)
12/31/2012 $24.46 0.49 4.95 5.44 (1.83) (2.21)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests, if any. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) For the six months ended June 30, 2017 (unaudited).
(c) Annualized.
(d) The benefits derived from expense reductions had an impact of less than 0.01%.
(e) Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statement of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.
(f) Had the Investment Manager and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.
(g) Expenses have been reduced due to a reimbursement of expenses overbilled by a third party. If the reimbursement had been excluded, the expense ratios would have been higher by the percentages shown for each class in the table below. All fee waivers and expense reimbursements by the Investment Manager and its affiliates were applied before giving effect to this third party reimbursement.
    
  Class A Class C Class R4 Class R5 Class Y Class Z
12/31/2016 0.06 % 0.06 % 0.06 % 0.04 % 0.09 % 0.06 %
    
(h) Rounds to zero.
(i) The Fund received proceeds from regulatory settlements. Had the Fund not received these proceeds, the total return would have been lower by 0.02%.
(j) Ratios include line of credit interest expense which is less than 0.01%.
(k) The benefits derived from custody fees paid indirectly had an impact of 0.01%.
(l) Class R4 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
(m) Class R5 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
(n) Class Y shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
The accompanying Notes to Financial Statements are an integral part of this statement.
112 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Total
distributions to
shareholders
Proceeds from
regulatory
settlements
Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a)
Net investment
income (loss)
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
 
$26.00 20.31% 1.27% (c) 1.14% (c),(d) 0.73% (c) 28% $88,026
(0.22) $21.61 1.18% (f) 1.26% (g) 1.19% (g) 0.74% 49% $73,631
(0.50) 0.00 (h) $21.58 (1.03%) (i) 1.24% 1.24% 1.05% 59% $96,311
(3.07) $22.30 (6.79%) 1.17% 1.17% 1.36% 58% $175,764
(2.36) $27.20 14.75% 1.19% 1.19% 1.37% 72% $256,100
(4.04) $25.86 22.42% 1.20% (j) 1.19% (j),(k) 1.77% 63% $295,231
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113


Table of Contents
Financial Highlights
Columbia Acorn SelectSM
Year ended (except as noted) Net asset value,
beginning of
period
Net
investment
income
(loss)
Net
realized
and
unrealized
gain
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Class A
6/30/2017 (b) $13.13 (0.01) 1.52 1.51 (1.17)
12/31/2016 $13.94 (0.04) 1.56 1.52 (2.33)
12/31/2015 $21.03 (0.09) 0.14 0.05 (7.14)
12/31/2014 $25.57 (0.14) 0.64 0.50 (5.04)
12/31/2013 $24.72 (0.15) 7.92 7.77 (0.07) (6.85)
12/31/2012 $22.95 0.03 3.78 3.81 (2.04)
Class C
6/30/2017 (b) $9.22 (0.04) 1.06 1.02 (1.17)
12/31/2016 $10.51 (0.10) 1.14 1.04 (2.33)
12/31/2015 $17.69 (0.19) 0.15 (0.04) (7.14)
12/31/2014 $22.46 (0.28) 0.55 0.27 (5.04)
12/31/2013 $22.48 (0.32) 7.15 6.83 (6.85)
12/31/2012 $21.20 (0.14) 3.46 3.32 (2.04)
Class R4
6/30/2017 (b) $15.13 0.01 1.75 1.76 (1.17)
12/31/2016 $15.69 (0.00) (h) 1.77 1.77 (2.33)
12/31/2015 $22.75 (0.04) 0.12 0.08 (7.14)
12/31/2014 $27.20 (0.10) 0.69 0.59 (5.04)
12/31/2013 $25.92 (0.06) 8.32 8.26 (0.13) (6.85)
12/31/2012 (i) $25.91 0.00 (h) 1.52 1.52 (1.51)
Class R5
6/30/2017 (b) $15.20 0.01 1.76 1.77 (1.17)
12/31/2016 $15.74 0.01 1.78 1.79 (2.33)
12/31/2015 $22.78 (0.08) 0.18 0.10 (7.14)
12/31/2014 $27.20 (0.07) 0.69 0.62 (5.04)
12/31/2013 $25.93 (0.04) 8.31 8.27 (0.15) (6.85)
12/31/2012 (j) $25.91 0.00 (h) 1.53 1.53 (1.51)
Class Y
6/30/2017 (b) $15.31 0.02 1.77 1.79 (1.17)
12/31/2016 $15.83 0.02 1.79 1.81 (2.33)
12/31/2015 $22.86 0.00 (h) 0.11 0.11 (7.14)
12/31/2014 $27.27 (0.06) 0.69 0.63 (5.04)
12/31/2013 $25.98 (0.03) 8.34 8.31 (0.17) (6.85)
12/31/2012 (k) $25.96 0.01 1.52 1.53 (1.51)
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Total
distributions to
shareholders
Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a)
Net investment
income (loss)
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
 
(1.17) $13.47 11.66% (c) 1.36% (d) 1.16% (d),(e) (0.13%) (d) 29% $107,513
(2.33) $13.13 11.54% (c) 1.37% 1.17% (0.27%) 75% $119,364
(7.14) $13.94 (0.73%) (c) 1.35% (f) 1.22% (f) (0.42%) 55% $146,864
(5.04) $21.03 2.17% 1.32% 1.32% (0.58%) 17% $264,234
(6.92) $25.57 33.77% 1.31% (f) 1.31% (f) (0.54%) 20% $333,193
(2.04) $24.72 16.87% 1.31% (f) 1.31% (f),(g) 0.13% 15% $271,628
 
(1.17) $9.07 11.29% (c) 2.10% (d) 1.90% (d),(e) (0.88%) (d) 29% $22,382
(2.33) $9.22 10.67% (c) 2.11% 1.91% (1.01%) 75% $27,524
(7.14) $10.51 (1.41%) (c) 2.08% (f) 1.95% (f) (1.15%) 55% $34,589
(5.04) $17.69 1.42% 2.04% 2.04% (1.30%) 17% $48,591
(6.85) $22.46 32.85% 2.04% (f) 2.04% (f) (1.28%) 20% $61,537
(2.04) $22.48 15.93% 2.07% (f) 2.06% (f),(g) (0.59%) 15% $57,309
 
(1.17) $15.72 11.77% (c) 1.11% (d) 0.91% (d),(e) 0.15% (d) 29% $1,863
(2.33) $15.13 11.86% (c) 1.13% 0.93% (0.02%) 75% $853
(7.14) $15.69 (0.53%) (c) 1.12% (f) 0.99% (f) (0.18%) 55% $932
(5.04) $22.75 2.39% 1.12% 1.12% (0.37%) 17% $1,193
(6.98) $27.20 34.16% 1.02% (f) 1.02% (f) (0.20%) 20% $1,383
(1.51) $25.92 5.92% 1.07% (d) 1.06% (d),(g) 0.02% (d) 15% $15
 
(1.17) $15.80 11.79% (c) 1.05% (d) 0.85% (d) 0.16% (d) 29% $1,498
(2.33) $15.20 11.96% (c) 1.05% 0.85% 0.07% 75% $1,036
(7.14) $15.74 (0.44%) (c) 1.02% (f) 0.95% (f) (0.33%) 55% $911
(5.04) $22.78 2.50% 1.00% 1.00% (0.26%) 17% $10,697
(7.00) $27.20 34.21% 0.97% (f) 0.97% (f) (0.13%) 20% $11,996
(1.51) $25.93 5.96% 0.99% (d) 0.99% (d),(g) 0.08% (d) 15% $3
 
(1.17) $15.93 11.83% (c) 1.00% (d) 0.80% (d) 0.21% (d) 29% $23,668
(2.33) $15.31 12.02% (c) 1.00% 0.80% 0.10% 75% $4,389
(7.14) $15.83 (0.39%) (c) 0.98% (f) 0.85% (f) 0.02% 55% $5,056
(5.04) $22.86 2.53% 0.95% 0.95% (0.22%) 17% $3,644
(7.02) $27.27 34.30% 0.93% (f) 0.93% (f) (0.09%) 20% $4,847
(1.51) $25.98 5.94% 0.92% (d) 0.92% (d),(g) 0.15% (d) 15% $3
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115


Table of Contents
Financial Highlights  (continued)
Columbia Acorn SelectSM
Year ended (except as noted) Net asset value,
beginning of
period
Net
investment
income
(loss)
Net
realized
and
unrealized
gain
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Class Z
6/30/2017 (b) $14.63 0.01 1.69 1.70 (1.17)
12/31/2016 $15.24 (0.00) (h) 1.72 1.72 (2.33)
12/31/2015 $22.28 (0.03) 0.13 0.10 (7.14)
12/31/2014 $26.72 (0.08) 0.68 0.60 (5.04)
12/31/2013 $25.57 (0.07) 8.21 8.14 (0.14) (6.85)
12/31/2012 $23.62 0.11 3.88 3.99 (2.04)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests, if any. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) For the six months ended June 30, 2017 (unaudited).
(c) Had the Investment Manager and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.
(d) Annualized.
(e) The benefits derived from expense reductions had an impact of less than 0.01%.
(f) Ratios include line of credit interest expense which is less than 0.01%.
(g) The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.
(h) Rounds to zero.
(i) Class R4 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
(j) Class R5 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
(k) Class Y shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Total
distributions to
shareholders
Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a)
Net investment
income (loss)
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
 
(1.17) $15.16 11.77% (c) 1.11% (d) 0.91% (d),(e) 0.10% (d) 29% $158,763
(2.33) $14.63 11.88% (c) 1.10% 0.90% (0.02%) 75% $144,313
(7.14) $15.24 (0.44%) (c) 1.07% (f) 0.95% (f) (0.15%) 55% $183,642
(5.04) $22.28 2.47% 1.04% 1.04% (0.30%) 17% $318,487
(6.99) $26.72 34.16% 1.02% (f) 1.02% (f) (0.26%) 20% $431,990
(2.04) $25.57 17.15% 1.03% (f) 1.03% (f),(g) 0.40% 15% $587,678
Columbia Acorn Family of Funds  | Semiannual Report 2017
117


Table of Contents
Financial Highlights
Columbia Thermostat FundSM
Year ended (except as noted) Net asset value,
beginning of
period
Net
investment
income
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Class A
6/30/2017 (c) $14.60 0.12 0.33 0.45 (0.23) (0.06)
12/31/2016 $14.31 0.20 0.44 0.64 (0.08) (0.27)
12/31/2015 $14.86 0.27 (0.26) 0.01 (0.28) (0.28)
12/31/2014 $14.58 0.28 0.49 0.77 (0.28) (0.21)
12/31/2013 $14.29 0.29 1.00 1.29 (0.25) (0.75)
12/31/2012 $12.82 0.32 1.39 1.71 (0.24)
Class C
6/30/2017 (c) $14.62 0.07 0.32 0.39 (0.15) (0.06)
12/31/2016 $14.41 0.09 0.44 0.53 (0.05) (0.27)
12/31/2015 $14.96 0.16 (0.26) (0.10) (0.17) (0.28)
12/31/2014 $14.68 0.17 0.49 0.66 (0.17) (0.21)
12/31/2013 $14.39 0.18 1.00 1.18 (0.14) (0.75)
12/31/2012 $12.91 0.22 1.39 1.61 (0.13)
Class R4
6/30/2017 (c) $14.47 0.14 0.33 0.47 (0.23) (0.06)
12/31/2016 $14.19 0.24 0.42 0.66 (0.11) (0.27)
12/31/2015 $14.74 0.30 (0.25) 0.05 (0.32) (0.28)
12/31/2014 $14.46 0.32 0.49 0.81 (0.32) (0.21)
12/31/2013 $14.19 0.36 0.95 1.31 (0.29) (0.75)
12/31/2012 (g) $14.08 0.09 0.28 0.37 (0.26)
Class R5
6/30/2017 (c) $14.49 0.14 0.32 0.46 (0.23) (0.06)
12/31/2016 $14.20 0.24 0.43 0.67 (0.11) (0.27)
12/31/2015 $14.75 0.31 (0.26) 0.05 (0.32) (0.28)
12/31/2014 $14.47 0.31 0.50 0.81 (0.32) (0.21)
12/31/2013 $14.19 0.37 0.96 1.33 (0.30) (0.75)
12/31/2012 (h) $14.08 0.09 0.27 0.36 (0.25)
Class Y
6/30/2017 (c) $14.46 0.14 0.33 0.47 (0.23) (0.06)
12/31/2016 $14.18 0.25 0.42 0.67 (0.12) (0.27)
12/31/2015 $14.74 0.31 (0.26) 0.05 (0.33) (0.28)
12/31/2014 $14.46 0.32 0.50 0.82 (0.33) (0.21)
12/31/2013 $14.18 0.33 1.01 1.34 (0.31) (0.75)
12/31/2012 (i) $14.08 0.09 0.27 0.36 (0.26)
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Total
distributions to
shareholders
Net
asset
value,
end of
period
Total
return(a)
Total gross
expense
ratio to
average
net assets(b)
Total net
expense
ratio to
average
net assets(b)
Net investment
income
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
 
(0.29) $14.76 3.11% 0.52% (d) 0.50% (d),(e) 1.63% (d) 21% $293,008
(0.35) $14.60 4.47% 0.54% 0.50% 1.39% 95% $398,781
(0.56) $14.31 0.07% 0.52% 0.50% 1.82% 69% $387,967
(0.49) $14.86 5.30% 0.51% 0.50% 1.88% 95% $450,258
(1.00) $14.58 9.07% 0.52% 0.50% 1.91% 92% $513,293
(0.24) $14.29 13.34% 0.58% 0.50% (f) 2.28% 109% $323,750
 
(0.21) $14.80 2.70% 1.27% (d) 1.25% (d),(e) 0.89% (d) 21% $292,183
(0.32) $14.62 3.69% 1.28% 1.25% 0.63% 95% $338,930
(0.45) $14.41 (0.68%) 1.27% 1.25% 1.08% 69% $364,684
(0.38) $14.96 4.50% 1.26% 1.25% 1.14% 95% $404,456
(0.89) $14.68 8.23% 1.27% 1.25% 1.16% 92% $430,173
(0.13) $14.39 12.52% 1.32% 1.25% (f) 1.56% 109% $253,641
 
(0.29) $14.65 3.27% 0.27% (d) 0.25% (d),(e) 1.89% (d) 21% $13,990
(0.38) $14.47 4.69% 0.30% 0.25% 1.64% 95% $15,664
(0.60) $14.19 0.33% 0.28% 0.25% 2.06% 69% $17,453
(0.53) $14.74 5.61% 0.26% 0.25% 2.14% 95% $23,412
(1.04) $14.46 9.26% 0.28% 0.25% 2.39% 92% $14,651
(0.26) $14.19 2.60% 0.42% (d) 0.25% (d),(f) 4.59% (d) 109% $15
 
(0.29) $14.66 3.20% 0.26% (d) 0.24% (d) 1.91% (d) 21% $12,855
(0.38) $14.49 4.77% 0.27% 0.24% 1.66% 95% $12,024
(0.60) $14.20 0.33% 0.25% 0.24% 2.14% 69% $6,114
(0.53) $14.75 5.62% 0.24% 0.23% 2.11% 95% $3,536
(1.05) $14.47 9.35% 0.25% 0.23% 2.44% 92% $979
(0.25) $14.19 2.58% 0.35% (d) 0.27% (d),(f) 4.60% (d) 109% $3
 
(0.29) $14.64 3.27% 0.21% (d) 0.19% (d) 1.96% (d) 21% $411
(0.39) $14.46 4.76% 0.21% 0.19% 1.71% 95% $399
(0.61) $14.18 0.32% 0.20% 0.19% 2.08% 69% $352
(0.54) $14.74 5.68% 0.19% 0.18% 2.19% 95% $401
(1.06) $14.46 9.46% 0.14% 0.14% 2.23% 92% $3
(0.26) $14.18 2.55% 0.30% (d) 0.22% (d),(f) 4.63% (d) 109% $3
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119


Table of Contents
Financial Highlights  (continued)
Columbia Thermostat FundSM
Year ended (except as noted) Net asset value,
beginning of
period
Net
investment
income
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Class Z
6/30/2017 (c) $14.40 0.14 0.32 0.46 (0.23) (0.06)
12/31/2016 $14.12 0.23 0.43 0.66 (0.11) (0.27)
12/31/2015 $14.67 0.31 (0.26) 0.05 (0.32) (0.28)
12/31/2014 $14.40 0.32 0.48 0.80 (0.32) (0.21)
12/31/2013 $14.13 0.32 0.99 1.31 (0.29) (0.75)
12/31/2012 $12.67 0.34 1.39 1.73 (0.27)
    
Notes to Financial Highlights
(a) Had the Investment Manager and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.
(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests, if any. Such indirect expenses are not included in the Fund’s reported expense ratios.
(c) For the six months ended June 30, 2017 (unaudited).
(d) Annualized.
(e) The benefits derived from expense reductions had an impact of less than 0.01%.
(f) The benefits derived from custody fees paid indirectly had an impact of 0.01%.
(g) Class R4 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
(h) Class R5 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
(i) Class Y shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Total
distributions to
shareholders
Net
asset
value,
end of
period
Total
return(a)
Total gross
expense
ratio to
average
net assets(b)
Total net
expense
ratio to
average
net assets(b)
Net investment
income
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
 
(0.29) $14.57 3.22% 0.27% (d) 0.25% (d),(e) 1.90% (d) 21% $351,644
(0.38) $14.40 4.72% 0.28% 0.25% 1.64% 95% $341,629
(0.60) $14.12 0.33% 0.26% 0.25% 2.08% 69% $325,159
(0.53) $14.67 5.57% 0.25% 0.24% 2.16% 95% $377,119
(1.04) $14.40 9.30% 0.26% 0.25% 2.14% 92% $375,444
(0.27) $14.13 13.69% 0.30% 0.25% (f) 2.48% 109% $292,732
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121


Table of Contents
Financial Highlights
Columbia Acorn Emerging Markets FundSM
Year ended (except as noted) Net asset value,
beginning of
period
Net
investment
income
(loss)
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Tax
return of
capital
Class A
6/30/2017 (b) $9.84 (0.02) 2.01 1.99
12/31/2016 $10.24 (0.01) (0.32) (0.33) (0.03) (0.04)
12/31/2015 $12.72 0.10 (2.42) (2.32) (0.15) (0.01)
12/31/2014 $13.37 0.06 (0.63) (0.57) (0.08)
12/31/2013 $12.04 0.07 1.34 1.41 (0.08)
12/31/2012 $9.26 0.08 2.78 2.86 (0.08)
Class C
6/30/2017 (b) $9.80 (0.06) 2.00 1.94
12/31/2016 $10.20 (0.09) (0.31) (0.40)
12/31/2015 $12.65 0.01 (2.39) (2.38) (0.06) (0.01)
12/31/2014 $13.32 (0.05) (0.62) (0.67)
12/31/2013 $12.01 (0.03) 1.34 1.31
12/31/2012 $9.24 (0.02) 2.79 2.77
Class R4
6/30/2017 (b) $9.92 (0.00) (h) 2.02 2.02
12/31/2016 $10.32 0.01 (0.31) (0.30) (0.06) (0.04)
12/31/2015 $12.83 0.17 (2.49) (2.32) (0.18) (0.01)
12/31/2014 $13.49 0.09 (0.63) (0.54) (0.12)
12/31/2013 $12.14 0.12 1.35 1.47 (0.12)
12/31/2012 (i) $11.44 (0.01) 0.81 0.80 (0.10)
Class R5
6/30/2017 (b) $9.91 0.00 (h) 2.03 2.03
12/31/2016 $10.32 (0.02) (0.28) (0.30) (0.07) (0.04)
12/31/2015 $12.82 0.15 (2.45) (2.30) (0.19) (0.01)
12/31/2014 $13.48 0.10 (0.64) (0.54) (0.12)
12/31/2013 $12.14 0.12 1.34 1.46 (0.12)
12/31/2012 (j) $11.44 (0.00) (h) 0.81 0.81 (0.11)
Class Y
6/30/2017 (b) $9.82 0.01 2.01 2.02
12/31/2016 $10.23 0.03 (0.33) (0.30) (0.07) (0.04)
12/31/2015 $12.71 0.15 (2.43) (2.28) (0.19) (0.01)
12/31/2014 $13.36 0.09 (0.62) (0.53) (0.12)
12/31/2013 (k) $12.22 0.07 1.20 1.27 (0.13)
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Total
distributions to
shareholders
Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a)
Net investment
income (loss)
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
 
$11.83 20.22% (c) 2.02% (d) 1.85% (d),(e) (0.46%) (d) 28% $32,872
(0.07) $9.84 (3.20%) (c) 1.84% (f) 1.84% (f) (0.11%) 43% $49,141
(0.16) $10.24 (18.25%) 1.67% 1.67% 0.88% 58% $88,574
(0.08) $12.72 (4.28%) 1.56% 1.56% 0.42% 45% $160,969
(0.08) $13.37 11.73% (c) 1.80% 1.76% 0.52% 36% $177,158
(0.08) $12.04 30.86% (c) 6.42% 1.77% (g) 0.77% 30% $3,103
 
$11.74 19.80% (c) 2.78% (d) 2.60% (d),(e) (1.05%) (d) 28% $15,332
$9.80 (3.92%) (c) 2.60% (f) 2.59% (f) (0.87%) 43% $15,534
(0.07) $10.20 (18.83%) 2.42% 2.42% 0.12% 58% $22,953
$12.65 (5.03%) 2.33% 2.33% (0.36%) 45% $41,208
$13.32 10.91% (c) 2.55% 2.51% (0.23%) 36% $32,636
$12.01 29.98% (c) 7.18% 2.56% (g) (0.15%) 30% $615
 
$11.94 20.36% (c) 1.78% (d) 1.60% (d),(e) (0.09%) (d) 28% $1,105
(0.10) $9.92 (2.91%) 1.57% (f) 1.57% (f) 0.09% 43% $1,306
(0.19) $10.32 (18.04%) 1.36% 1.36% 1.37% 58% $3,459
(0.12) $12.83 (4.03%) 1.28% 1.28% 0.66% 45% $15,467
(0.12) $13.49 12.13% (c) 1.44% 1.44% 0.92% 36% $13,583
(0.10) $12.14 7.04% (c) 5.86% (d) 1.54% (d),(g) (0.31%) (d) 30% $16
 
$11.94 20.48% (c) 1.68% (d) 1.50% (d) 0.08% (d) 28% $995
(0.11) $9.91 (2.90%) 1.46% (f) 1.46% (f) (0.23%) 43% $806
(0.20) $10.32 (17.96%) 1.34% 1.34% 1.22% 58% $12,643
(0.12) $12.82 (4.02%) 1.26% 1.26% 0.72% 45% $19,632
(0.12) $13.48 12.07% (c) 1.42% 1.42% 0.94% 36% $13,625
(0.11) $12.14 7.11% (c) 5.81% (d) 1.46% (d),(g) (0.22%) (d) 30% $3
 
$11.84 20.57% (c) 1.64% (d) 1.45% (d) 0.13% (d) 28% $2
(0.11) $9.82 (2.92%) (c) 1.45% 1.45% 0.29% 43% $2
(0.20) $10.23 (17.90%) 1.27% 1.27% 1.24% 58% $2
(0.12) $12.71 (3.95%) 1.22% 1.22% 0.68% 45% $2
(0.13) $13.36 10.43% (c) 1.36% (d) 1.36% (d) 0.97% (d) 36% $3
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Table of Contents
Financial Highlights  (continued)
Columbia Acorn Emerging Markets FundSM
Year ended (except as noted) Net asset value,
beginning of
period
Net
investment
income
(loss)
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Tax
return of
capital
Class Z
6/30/2017 (b) $9.85 0.00 (h) 2.01 2.01
12/31/2016 $10.26 (0.00) (h) (0.31) (0.31) (0.06) (0.04)
12/31/2015 $12.74 0.13 (2.42) (2.29) (0.18) (0.01)
12/31/2014 $13.40 0.08 (0.63) (0.55) (0.11)
12/31/2013 $12.07 0.11 1.33 1.44 (0.11)
12/31/2012 $9.28 0.12 2.79 2.91 (0.12)
    
Notes to Financial Highlights
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests, if any. Such indirect expenses are not included in the Fund’s reported expense ratios.
(b) For the six months ended June 30, 2017 (unaudited).
(c) Had the Investment Manager and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.
(d) Annualized.
(e) The benefits derived from expense reductions had an impact of less than 0.01%.
(f) Ratios include line of credit interest expense which is less than 0.01%.
(g) The benefits derived from custody fees paid indirectly had an impact of 0.01%.
(h) Rounds to zero.
(i) Class R4 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
(j) Class R5 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
(k) Class Y shares commenced operations on June 13, 2013. Per share data and total return reflect activity from that date.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Total
distributions to
shareholders
Net
asset
value,
end of
period
Total
return
Total gross
expense
ratio to
average
net assets(a)
Total net
expense
ratio to
average
net assets(a)
Net investment
income (loss)
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
 
$11.86 20.41% (c) 1.79% (d) 1.60% (d),(e) 0.04% (d) 28% $53,042
(0.10) $9.85 (3.04%) (c) 1.59% (f) 1.58% (f) (0.04%) 43% $38,969
(0.19) $10.26 (17.98%) 1.42% 1.42% 1.12% 58% $147,688
(0.11) $12.74 (4.12%) 1.33% 1.33% 0.62% 45% $245,053
(0.11) $13.40 11.92% (c) 1.58% 1.54% 0.89% 36% $177,693
(0.12) $12.07 31.35% (c) 6.15% 1.46% (g) 1.07% 30% $6,846
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Table of Contents
Financial Highlights
Columbia Acorn European FundSM
Year ended (except as noted) Net asset value,
beginning of
period
Net
investment
income
(loss)
Net
realized
and
unrealized
gain (loss)
Total from
investment
operations
Distributions
from net
investment
income
Distributions
from net
realized
gains
Class A
6/30/2017 (c) $14.12 0.09 3.23 3.32 (0.06)
12/31/2016 $14.75 0.16 (0.67) (0.51) (0.12)
12/31/2015 $14.34 0.10 0.50 0.60 (0.19)
12/31/2014 $15.68 0.13 (1.34) (1.21) (0.05) (0.08)
12/31/2013 $11.76 (0.02) 3.97 3.95 (0.01) (0.02)
12/31/2012 $9.43 0.03 2.37 2.40 (0.07) (0.00) (f)
Class C
6/30/2017 (c) $13.99 0.09 3.15 3.24 (0.03)
12/31/2016 $14.63 0.03 (0.64) (0.61) (0.03)
12/31/2015 $14.16 (0.00) (f) 0.48 0.48 (0.01)
12/31/2014 $15.54 (0.01) (1.29) (1.30) (0.08)
12/31/2013 $11.73 (0.15) 3.98 3.83 (0.02)
12/31/2012 $9.44 (0.15) 2.46 2.31 (0.02) (0.00) (f)
Class R4
6/30/2017 (c) $14.18 0.17 3.20 3.37 (0.06)
12/31/2016 $14.82 0.17 (0.65) (0.48) (0.16)
12/31/2015 $14.40 0.24 0.41 0.65 (0.23)
12/31/2014 (h) $15.85 (0.02) (1.34) (1.36) (0.09)
Class R5
6/30/2017 (c) $14.25 0.21 3.17 3.38 (0.06)
12/31/2016 $14.89 0.18 (0.66) (0.48) (0.16)
12/31/2015 $14.47 0.15 0.50 0.65 (0.23)
12/31/2014 $15.82 0.14 (1.32) (1.18) (0.09) (0.08)
12/31/2013 $11.86 (0.04) 4.06 4.02 (0.04) (0.02)
12/31/2012 (i) $11.19 (0.02) 0.77 0.75 (0.08)
Class Y
6/30/2017 (c),(j) $15.02 0.18 2.20 2.38 (0.06)
Class Z
6/30/2017 (c) $14.11 0.21 3.15 3.36 (0.06)
12/31/2016 $14.75 0.19 (0.67) (0.48) (0.16)
12/31/2015 $14.34 0.15 0.49 0.64 (0.23)
12/31/2014 $15.68 0.15 (1.32) (1.17) (0.09) (0.08)
12/31/2013 $11.76 0.11 3.88 3.99 (0.05) (0.02)
12/31/2012 $9.44 0.08 2.34 2.42 (0.10) (0.00) (f)
    
Notes to Financial Highlights
(a) Had the Investment Manager and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.
(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests, if any. Such indirect expenses are not included in the Fund’s reported expense ratios.
(c) For the six months ended June 30, 2017 (unaudited).
(d) Annualized.
(e) The benefits derived from expense reductions had an impact of less than 0.01%.
(f) Rounds to zero.
(g) The benefits derived from custody fees paid indirectly had an impact of 0.01%.
(h) Class R4 shares commenced operations on June 25, 2014. Per share data and total return reflect activity from that date.
(i) Class R5 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
(j) Class Y shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date.
The accompanying Notes to Financial Statements are an integral part of this statement.
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Table of Contents
Total
distributions to
shareholders
Net
asset
value,
end of
period
Total
return(a)
Total gross
expense
ratio to
average
net assets(b)
Total net
expense
ratio to
average
net assets(b)
Net investment
income (loss)
ratio to
average
net assets
Portfolio
turnover
Net
assets,
end of
period
(000’s)
 
(0.06) $17.38 23.50% 1.98% (d) 1.74% (d),(e) 1.20% (d) 17% $19,663
(0.12) $14.12 (3.47%) 2.00% 1.75% 1.07% 40% $26,269
(0.19) $14.75 4.17% 2.06% 1.75% 0.67% 37% $40,368
(0.13) $14.34 (7.77%) 2.05% 1.75% 0.86% 74% $21,101
(0.03) $15.68 33.64% 3.33% 1.74% (0.11%) 42% $19,078
(0.07) $11.76 25.46% 12.35% 1.61% (g) 0.23% 37% $453
 
(0.03) $17.20 23.14% 2.73% (d) 2.49% (d),(e) 1.09% (d) 17% $10,035
(0.03) $13.99 (4.21%) 2.75% 2.50% 0.18% 40% $7,112
(0.01) $14.63 3.41% 2.82% 2.50% (0.02%) 37% $7,220
(0.08) $14.16 (8.44%) 2.84% 2.50% (0.10%) 74% $5,096
(0.02) $15.54 32.63% 4.19% 2.50% (1.10%) 42% $1,400
(0.02) $11.73 24.46% 12.83% 2.32% (g) (1.33%) 37% $89
 
(0.06) $17.49 23.75% 1.73% (d) 1.49% (d),(e) 2.14% (d) 17% $559
(0.16) $14.18 (3.27%) 1.79% 1.50% 1.15% 40% $362
(0.23) $14.82 4.48% 1.81% 1.50% 1.59% 37% $408
(0.09) $14.40 (8.60%) 1.87% (d) 1.50% (d) (0.30%) (d) 74% $302
 
(0.06) $17.57 23.70% 1.68% (d) 1.45% (d) 2.62% (d) 17% $4,026
(0.16) $14.25 (3.23%) 1.68% 1.47% 1.26% 40% $1,262
(0.23) $14.89 4.48% 1.75% 1.48% 0.98% 37% $2,122
(0.17) $14.47 (7.54%) 1.75% 1.52% 0.92% 74% $1,633
(0.06) $15.82 33.97% 2.76% 1.51% (0.29%) 42% $1,891
(0.08) $11.86 6.70% 14.07% (d) 1.36% (d),(g) (1.07%) (d) 37% $3
 
(0.06) $17.34 15.83% 1.65% (d) 1.38% (d) 3.35% (d) 17% $27
 
(0.06) $17.41 23.80% 1.74% (d) 1.49% (d),(e) 2.61% (d) 17% $32,069
(0.16) $14.11 (3.29%) 1.73% 1.50% 1.29% 40% $11,345
(0.23) $14.75 4.43% 1.78% 1.50% 1.01% 37% $11,766
(0.17) $14.34 (7.52%) 1.79% 1.50% 0.97% 74% $8,499
(0.07) $15.68 33.98% 3.98% 1.45% 0.83% 42% $4,407
(0.10) $11.76 25.66% 12.07% 1.33% (g) 0.76% 37% $2,727
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Table of Contents
Notes to Financial Statements
June 30, 2017 (Unaudited)
Note 1. Organization
Columbia Acorn® Fund, Columbia Acorn International®, Columbia Acorn USA®, Columbia Acorn International SelectSM, Columbia Acorn SelectSM, Columbia Thermostat FundSM, Columbia Acorn Emerging Markets FundSM and Columbia Acorn European FundSM (each a Fund and collectively, the Funds) are each a series of Columbia Acorn Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The investment objective of each Fund is to seek long-term capital appreciation.
Columbia Thermostat FundSM pursues its investment objective by investing in shares of other mutual funds. As a “fund of funds”, under normal circumstances, the Fund allocates at least 95% of its net assets among a selected group of affiliated stock and bond mutual funds (underlying funds) according to the current level of the Standard & Poor’s (S&P) 500 Index in relation to predetermined ranges set by Columbia Wanger Asset Management, LLC (the Investment Manager or CWAM). The Fund may invest up to 5% of its net assets plus any cash received that day in cash, repurchase agreements, high quality short-term paper and government securities.
Fund shares
Each Fund may issue an unlimited number of shares. Columbia Acorn® Fund, Columbia Acorn USA®, Columbia Acorn SelectSM and Columbia Acorn SelectSM each currently offers Class A, Class C, Class R4, Class R5, Class Y and Class Z shares. Columbia Acorn International® currently offers Class A, Class C, Class R, Class R4, Class R5, Class Y and Class Z shares. Columbia Thermostat FundSM currently offers Class A, Class C, Class R4, Class R5, Class Y and Class Z shares. Columbia Acorn Emerging Markets FundSM currently offers Class A, Class C, Class R4, Class R5, Class Y and Class Z shares. Columbia Acorn European FundSM currently offers Class A, Class C, Class R4, Class R5, Class Y and Class Z shares. Columbia Acorn International® generally no longer accepts investments by new or existing investors in the Fund’s Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of the Fund. Effective March 27, 2017, Class I shares are no longer offered in Columbia Acorn® Fund, Columbia Acorn Emerging Markets FundSM, Columbia Acorn European FundSM , Columbia Acorn International®, Columbia Acorn SelectSM, Columbia Acorn SelectSM and Columbia Acorn USA®. Effective July 17, 2017, Class B shares are no longer offered in Columbia Acorn International®.
Class A shares are sold with a front-end sales charge. Class A shares bought without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a 1.00% contingent deferred sales charge (CDSC) if the shares are redeemed within 12 months after purchase, and a 0.50% CDSC if the shares are redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
When available, Class B shares of Columbia Acorn International® were subject to maximum CDSC of 5.00%, based upon the holding period after purchase, if redeemed within six years after purchase. However, as of June 30, 2017, Columbia Acorn International®’s Class B shareholders, having held their shares for the requisite period of time, were no longer subject to a CDSC upon redemption of their shares. Effective July 17, 2017, Class B shares were automatically converted to Class A shares, and Columbia Acorn International® no longer accepts any investments by new or existing investors in Class B shares.
Class C shares are offered at net asset value but are subject to a CDSC on redemptions made within one year after purchase.
Class R, Class R4, Class R5 and Class Y shares are offered at net asset value. There are certain restrictions on who may purchase these share classes.
Effective March 27, 2017, Class I shares are no longer offered for sale. Class I shares, when available, were not subject to sales charges or distribution and service (12b-1) fees, and were made only to the Columbia Family of Funds. On March 27, 2017, Class I shares were redeemed or exchanged for Class Y shares of the applicable Fund in a tax free transaction that had no impact on the fees and expenses paid by shareholders.
Class Z shares are offered at net asset value. There are certain restrictions on who may purchase Class Z shares. Generally, Class Z shares of a Fund may be exchanged for shares of another fund distributed by Columbia Management Investment Distributors, Inc. (CMID) at no additional charge.
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Table of Contents
Notes to Financial Statements  (continued)
June 30, 2017 (Unaudited)
Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated pro rata on the basis of the relative net assets of all classes, except that each class bears certain expenses specific to that class such as distribution services, transfer agent fees, and certain other class specific expenses. Differences in class expenses may result in payment of different dividend distributions for each class. All of the Funds’ share classes have equal rights with respect to voting, subject to Fund or class-specific matters.
Note 2. Summary of significant accounting policies
Basis of preparation
Each Fund is an investment company that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of significant accounting policies followed by the Funds in the preparation of their financial statements.
Security valuation
Securities of the Funds are valued at market value or, if a market quotation for a security is not readily available or is deemed not to be reliable because of events or circumstances that have occurred between the market quotation and the time as of which the security is to be valued, the security is valued at a fair value determined in good faith under consistently applied procedures established by the Board of Trustees. With respect to Columbia Thermostat FundSM, investments in underlying funds are valued at their net asset values as reported by the underlying funds. A security traded on a securities exchange or in an over-the-counter market in which transaction prices are reported is valued at the last sales price at the time of valuation. A security traded principally on NASDAQ is valued at the NASDAQ official closing price. Exchange traded funds are valued at their closing net asset value as reported on the applicable exchange. A security for which there is no reported sale on the valuation date is valued by comparison of the mean of the latest bid and ask quotations.
Foreign equity securities are generally valued based on the closing price on the foreign exchange in which such securities are primarily traded. If any foreign equity security closing prices are not readily available, the securities are valued at the mean of the latest quoted bid and ask prices on such exchanges or markets. Foreign currency exchange rates are generally determined at 4:00 p.m. Eastern (U.S.) time. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In situations where foreign markets are closed, where a significant event has occurred after the foreign exchange closes but before the time at which the Fund’s share price is calculated, and in the event of significant movement in the trigger index for the statistical fair valuation process established by the Board of Trustees, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees. The Trust has retained an independent statistical fair value pricing service that employs a systematic methodology to assist in the fair valuation process for securities principally traded in a foreign market in order to adjust for possible changes in value that may occur between the close of the foreign market and the time as of which the securities are to be valued. If a security is valued at a fair value, that value may be different from the last quoted market price for the security.
Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value.
The Trust has retained an independent statistical fair value pricing service that employs a systematic methodology to assist in the fair valuation process for securities principally traded in a foreign market in order to adjust for possible changes in value that may occur between the close of the foreign exchange and the time as of which the securities are to be valued. If a security is valued at fair value, that value may be different from the last quoted market price for the security.
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Notes to Financial Statements  (continued)
June 30, 2017 (Unaudited)
Foreign currency transactions and translations
Values of investments denominated in foreign currencies are converted into U.S. dollars using the New York spot market rate of exchange at the time of valuation. Purchases and sales of investments and dividend and interest income are translated into U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such transactions. The gain or loss resulting from changes in foreign exchange rates is included with net realized and unrealized gain or loss from investments, as appropriate.
Security transactions and investment income
Security transactions, investment income and shareholder fund transactions are accounted for on the trade date (date the order to buy or sell is executed) and dividend income and realized gain distributions from other funds are recorded on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the information is available to the Funds. Interest income is recorded on the accrual basis and includes amortization of discounts on debt obligations when required for federal income tax purposes. Realized gains and losses from security transactions are recorded on an identified cost basis.
Awards, if any, from class action litigation related to securities owned may be recorded as a reduction of cost of those securities. If the applicable securities are no longer owned, the proceeds are recorded as realized gains.
The Funds may receive distributions from holdings in exchange-traded funds (ETFs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information on the character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. To the extent actual information has not yet been reported by the REITs, estimates for return of capital may be made by the Funds’ management. Return of capital is recorded as a reduction of the cost basis of securities held. If the Funds no longer own the applicable securities, return of capital is recorded as a realized gain. Management’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders. No estimates are made for ETFs and RICs.
Fund share valuation
Fund shares are sold and redeemed on a daily basis at net asset value, subject to any applicable sales charge. Net asset value per share is determined daily as of the close of trading on the New York Stock Exchange (NYSE) on each day the NYSE is open for trading. Generally, income, expenses and realized and unrealized gain/(losses) of a Fund are allocated to each class proportionately on a daily basis for purposes of determining the net asset value of each class. The distribution and service fees and transfer agent fees are charged to each specific class as expenses are incurred. Redemption fees are accounted for as an addition to paid in capital for purposes of determining the net asset value of each class.
Securities lending
Each Fund, except Columbia Thermostat FundSM, may lend securities up to one-third of the value of its total assets to certain approved brokers, dealers and other financial institutions to earn additional income. The Funds retain the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. The Funds also receive a fee for the loan. The Funds have the ability to recall the loans at any time and could do so in order to vote proxies or to sell the loaned securities. Each loan is collateralized by cash that exceeds the value of the securities on loan. The market value of the loaned securities is determined daily at the close of business of a Fund and any additional required collateral is delivered to the Fund on the next business day. The Funds have elected to invest the cash collateral in the Dreyfus Government Cash Management Fund. The income earned from the securities lending program is paid to each Fund, net of any fees remitted to Goldman Sachs Agency Lending, the Funds’ lending agent, and net of any borrower rebates. The Investment Manager does not retain any fees earned by the lending program. Generally, in the event of borrower default, a Fund has the right to use the collateral to offset any losses incurred. In the event a Fund is delayed or prevented from exercising its right to dispose of the collateral, there may be a potential loss to the Fund. Some of these losses may be indemnified by the lending agent. The Funds bear the risk of loss with respect to the investment of collateral. The net securities lending income earned as of June 30, 2017 by each Fund is included in the Statements of Operations.
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Table of Contents
Notes to Financial Statements  (continued)
June 30, 2017 (Unaudited)
Offsetting of assets and liabilities
The following table presents each Fund’s gross and net amount of assets and liabilities available for offset under netting agreements and under a securities lending agreement as well as the related collateral received by each Fund as of June 30, 2017:
  Columbia Acorn
Fund®
Columbia Acorn
International®
Columbia Acorn
USA®
Columbia Acorn
International SelectSM
Columbia Acorn
European FundSM
       
  Goldman
Sachs ($)
Goldman
Sachs ($)
Goldman
Sachs ($)
Goldman
Sachs ($)
Goldman
Sachs ($)
       
Liabilities                  
Collateral on Securities loaned 121,051,730 194,056,021 9,894,600 4,554,276 3,054,871        
Total Liabilities 121,051,730 194,056,021 9,894,600 4,554,276 3,054,871        
Total Financial and Derivative Net Assets (121,051,730) (194,056,021) (9,894,600) (4,554,276) (3,054,871)        
Financial Instruments 119,231,924 184,924,231 9,705,947 4,339,293 2,907,619        
Net Amount (a) (1,819,806) (9,131,790) (188,653) (214,983) (147,252)        
    
(a) Represents the net amount due from/(to) counterparties in the event of default.
Securities lending transactions
The following table indicates the total amount of securities loaned by type, reconciled to gross liability payable upon return of the securities loaned by the Fund as of June 30, 2017:
  Overnight and
continuous
Up to
30 days
30-90
days
Greater than
90 days
Total
Columbia Acorn® Fund          
Securities lending transactions          
Equity securities $119,231,924 $— $— $— $119,231,924
Gross amount of recognized liabilities for securities lending (collateral received)         121,051,730
Amounts due to counterparty         $1,819,806
Columbia Acorn International®          
Securities lending transactions          
Equity securities $184,924,231 $— $— $— $184,924,231
Gross amount of recognized liabilities for securities lending (collateral received)         194,056,021
Amounts due to counterparty         $9,131,790
Columbia Acorn USA®          
Securities lending transactions          
Equity securities $9,705,947 $— $— $— $9,705,947
Gross amount of recognized liabilities for securities lending (collateral received)         9,894,600
Amounts due to counterparty         $188,653
Columbia Acorn International SelectSM          
Securities lending transactions          
Equity securities $4,339,293 $— $— $— $4,339,293
Gross amount of recognized liabilities for securities lending (collateral received)         4,554,276
Amounts due to counterparty         $214,983
Columbia Acorn European FundSM          
Securities lending transactions          
Equity securities $2,907,619 $— $— $— $2,907,619
Gross amount of recognized liabilities for securities lending (collateral received)         3,054,871
Amounts due to counterparty         $147,252
Federal income tax status
It is each Fund’s policy to comply with the provisions of the Internal Revenue Code available to regulated investment companies and, in the manner provided therein, distribute substantially all their taxable income, as well as any net realized gain on sales of investments and foreign currency transactions reportable for federal income tax purposes. Columbia
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Notes to Financial Statements  (continued)
June 30, 2017 (Unaudited)
Thermostat FundSM distributes all of its taxable income, as well as any net realized gain on sales of portfolio fund shares and any distributions of net realized gains received by the Fund from its portfolio funds, reportable for federal income tax purposes. Accordingly, the Funds paid no federal income taxes and no federal income tax provision was required.
Foreign taxes
Realized gains in certain countries may be subject to foreign taxes at the fund level. The Funds accrue for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction. The amount, if any, is disclosed as a liability on the Statements of Assets and Liabilities.
Distributions to shareholders
Distributions to shareholders are recorded on the ex-dividend date.
Guarantees and indemnification
In the normal course of business, the Trust on behalf of the Funds enters into contracts that contain a variety of representations and warranties and that provide general indemnities. A Fund’s maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund. Also, under the Trust’s organizational documents, the trustees and officers of the Trust are indemnified against certain liabilities that may arise out of their duties to the Trust. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.
Investment company reporting modernization
In October 2016, the U.S. Securities and Exchange Commission adopted new rules and forms, and amendments to certain current rules and forms, to modernize reporting and disclosure of information by registered investment companies. The amendments to Regulation S-X will require standardized, enhanced disclosure about derivatives in investment company financial statements, and will also change the rules governing the form and content of such financial statements. The amendments to Regulation S-X take effect on August 1, 2017. At this time, management is assessing the anticipated impact of these regulatory developments.
Note 3. Fees and other transactions with affiliates
Investment management fees
CWAM is a wholly-owned subsidiary of Columbia Management Investment Advisers, LLC (Columbia Management), which is a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). CWAM furnishes continuing investment supervision to the Funds and is responsible for the overall management of the Funds’ business affairs.
CWAM receives a monthly advisory fee based on each Fund’s daily net assets at the following annual rates:
Columbia Acorn® Fund
Average daily net assets Annual
fee rate
Up to $700 million 0.74%
$700 million to $2 billion 0.69%
$2 billion to $6 billion 0.64%
$6 billion and over 0.63%
    
Columbia Acorn International
Average daily net assets Annual
fee rate
Up to $100 million 1.19%
$100 million to $500 million 0.94%
$500 million and over 0.74%
    
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Table of Contents
Notes to Financial Statements  (continued)
June 30, 2017 (Unaudited)
Columbia Acorn USA
Average daily net assets Annual
fee rate
Up to $200 million 0.94%
$200 million to $500 million 0.89%
$500 million to $2 billion 0.84%
$2 billion to $3 billion 0.80%
$3 billion and over 0.70%
    
Columbia Acorn International SelectSM
Average daily net assets Annual
fee rate
Up to $500 million 0.89%
$500 million and over 0.85%
    
Columbia Acorn SelectSM
Average daily net assets Annual
fee rate
Up to $700 million 0.85%
$700 million to $2 billion 0.80%
$2 billion to $3 billion 0.75%
$3 billion and over 0.70%
    
Columbia Thermostat FundSM
  Annual
fee rate
All Average Daily Net Assets 0.10%
    
Columbia Acorn Emerging Markets Fund
Average daily net assets Annual
fee rate
Up to $100 million 1.25%
$100 million to $500 million 1.00%
$500 million and over 0.80%
    
Columbia Acorn European Fund
Average daily net assets Annual
fee rate
Up to $100 million 1.19%
$100 million to $500 million 0.94%
$500 million and over 0.74%
Through April 30, 2018, CWAM has contractually agreed to waive 0.20% of the advisory fee otherwise payable to it by Columbia Acorn Select. When determining whether the Fund’s total expenses exceed the voluntary expense cap described below, the Fund’s net advisory fee, reflecting application of the 0.20% waiver, will be used to calculate the Fund’s total expenses. This arrangement may be modified or amended with approval from all parties to the arrangement, including the Fund and CWAM.
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Notes to Financial Statements  (continued)
June 30, 2017 (Unaudited)
For the six months ended June 30, 2017, the annualized effective investment advisory fee rates (net of the advisory fee waiver for Columbia Acorn SelectSM) were as follows:
Fund Effective investment advisory fee rate (%)
Columbia Acorn® Fund 0.67
Columbia Acorn International® 0.77
Columbia Acorn USA® 0.89
Columbia Acorn International SelectSM 0.89
Columbia Acorn SelectSM 0.65
Columbia Thermostat FundSM 0.10
Columbia Acorn Emerging Markets FundSM 1.24
Columbia Acorn European FundSM 1.19
Administration fees
CWAM provides administrative services and receives an administration fee from the Funds at the following annual rates:
Columbia Acorn Trust
Aggregate average daily
net assets of the trust
Annual
fee rate
Up to $8 billion 0.050%
$8 billion to $16 billion 0.040%
$16 billion to $35 billion 0.030%
$35 billion to $45 billion 0.025%
$45 billion and over 0.015%
For the six months ended June 30, 2017, the annualized effective administration fee rate was 0.047% of each Fund’s average daily net assets. CWAM has delegated to Columbia Management responsibility to provide certain sub-administrative services to the Funds.
Compensation of board members
Certain officers and trustees of the Trust are also officers of CWAM or Columbia Management. The Trust makes no direct payments to its officers and trustees who are affiliated with CWAM or Columbia Management. The Trust offers a deferred compensation plan for its independent trustees. Under that plan, a trustee may elect to defer all or a portion of his or her compensation. Amounts deferred are retained by the Trust and may represent an unfunded obligation of the Trust. The value of amounts deferred is determined by reference to the change in value of Class Z shares of one or more series of Columbia Acorn Trust or a money market fund as specified by the trustee. Benefits under the deferred compensation plan are payable in accordance with the plan.
Compensation of Chief Compliance Officer
The Board of Trustees has appointed a Chief Compliance Officer of the Funds in accordance with federal securities regulations. A portion of the Chief Compliance Officer’s total compensation is allocated to the Funds, along with other affiliated funds governed by the Board, based on relative net assets. The total amount allocated to all affiliated funds governed by the Board will not exceed $40,000 annually.
Transactions with affiliates
An affiliated person of a Fund may include any company in which a Fund owns five percent or more of its outstanding voting shares during the year. On June 30, 2017, Columbia Thermostat FundSM held five percent or more of the outstanding voting securities of one or more companies or a company which is under common ownership or control with the Funds. Details of investments in those affiliated companies are presented in the Notes to Portfolio of Investments of each Fund listed above.
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Table of Contents
Notes to Financial Statements  (continued)
June 30, 2017 (Unaudited)
For the six months ended June 30, 2017, the Funds engaged in purchase and sales transactions with funds that have a common investment manager (or affiliated investment managers), common directors/trustees, and/or common officers. Those transactions complied with Rule 17a-7 under the 1940 Act and totaled as follows.
Fund Purchases ($) Sales ($) Realized
gain/(loss)
from sale
transactions ($)
Columbia Acorn International® (762,759) 354,209
Transfer agency fees
Under a Transfer and Dividend Disbursing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise Financial, is responsible for providing transfer agency services to the Fund. The Transfer Agent has contracted with Boston Financial Data Services (BFDS) to serve as sub-transfer agent. The Transfer Agent pays the fees of BFDS for services as sub-transfer agent and BFDS is not entitled to reimbursement for such fees from the Fund (with the exception of out-of-pocket fees).
The Fund pays the Transfer Agent a monthly transfer agency fee based on the number or the average value of accounts, depending on the type of account. In addition, the Fund pays the Transfer Agent a fee for shareholder services based on the number of accounts or on a percentage of the average aggregate value of the Fund’s shares maintained in omnibus accounts up to the lesser of the amount charged by the financial intermediary or a cap established by the Board of Trustees from time to time.
The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket fees. Effective July 1, 2017 total transfer agency fees for Class R5 and Class Y shares are subject to an annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class. In addition, effective July 1, 2017 through June 30, 2019, Class R5 and Class Y shares are subject to a contractual transfer agency fee annual limitation of not more than 0.05% and 0.00%, respectively, of the average daily net assets attributable to each share class. Prior to July 1, 2017, total transfer agency fees for Class R5 shares were subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to Class R5 shares and Class Y did not pay transfer agency fees. Prior to March 27, 2017, Class I shares did not pay transfer agency fees.
Effective July 1, 2017 through June 30, 2019, CMIS has contractually agreed to limit the total transfer agency fees to an annual rate of not more than 0.07% for Class A, Class C, Class R4 and Class Z shares of Columbia Acorn® Fund, unless sooner terminated at the sole discretion of the Board of Trustees.
Effective July 1, 2017 through June 30, 2019, CMIS has contractually agreed to limit the total transfer agency fees to an annual rate of not more than 0.11% for Class A, Class C, Class R, Class R4 and Class Z shares of Columbia Acorn International®, unless sooner terminated at the sole discretion of the Board of Trustees.
Effective July 1, 2017 through June 30, 2019, CMIS has contractually agreed to limit the total transfer agency fees to an annual rate of not more than 0.11% for Class A, Class C, Class R4 and Class Z shares of Columbia Acorn SelectSM, unless sooner terminated at the sole discretion of the Board of Trustees.
Effective July 1, 2017 through June 30, 2019, CMIS has contractually agreed to limit the total transfer agency fees to an annual rate of not more than 0.14% for Class A, Class C, Class R4 and Class Z shares of Columbia Acorn USA®, unless sooner terminated at the sole discretion of the Board of Trustees.
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Notes to Financial Statements  (continued)
June 30, 2017 (Unaudited)
For the six months ended June 30, 2017, the Funds’ annualized effective transfer agency fee rates, excluding any voluntary transfer agency fee waivers, as a percentage of average daily net assets of each class were as follows:
Fund Class A
(%)
Class B
(%)
Class C
(%)
Class R
(%)
Class R4
(%)
Class R5
(%)
Class Y
(%)
Class Z
(%)
Columbia Acorn® Fund 0.07 0.07 0.07 0.05 0.07
Columbia Acorn International® 0.09 0.09 0.09 0.09 0.05 0.09
Columbia Acorn USA® 0.14 0.14 0.14 0.05 0.14
Columbia Acorn International SelectSM 0.12 0.12 0.12 0.05 0.12
Columbia Acorn SelectSM 0.11 0.11 0.11 0.05 0.11
Columbia Thermostat FundSM 0.07 0.07 0.07 0.05 0.07
Columbia Acorn Emerging Markets FundSM 0.16 0.16 0.16 0.05 0.16
Columbia Acorn European FundSM 0.11 0.11 0.11 0.05 0.10
Columbia Acorn International® and certain other associated investment companies, have severally, but not jointly, guaranteed the performance and observance of all the terms and conditions of a lease entered into by Seligman Data Corp. (SDC), the former transfer agent to certain associated investment companies, including the payment of rent by SDC (the Guaranty). The lease and the Guaranty expire in January 2019. At June 30, 2017, Columbia Acorn International®’s total potential future obligation over the life of the Guaranty is $32,324. The liability remaining at June 30, 2017 for non-recurring charges associated with the lease amounted to $24,030 and is included within the payable for other liabilities in the Statements of Assets and Liabilities.
An annual minimum account balance fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum account balance fees are remitted to the Funds and recorded as part of expense reductions in the Statement of Operations.
For the six months ended June 30, 2017, these minimum account balance fees reduced total expenses as follows:
Fund Amount ($)
Columbia Acorn® Fund 10,246
Columbia Acorn International® 10,491
Columbia Acorn USA® 1,760
Columbia Acorn International SelectSM 816
Columbia Acorn SelectSM 1,847
Columbia Thermostat FundSM 680
Columbia Acorn Emerging Markets FundSM 80
Columbia Acorn European FundSM 20
CMIS has contractually agreed to waive transfer agency fees payable by Class B shares of Columbia Acorn International® through the conversion of Class B to Class A shares. This fee waiver may only be modified or amended with approval from the Fund’s Board and CMIS. Prior to July 1, 2017, CMIS had voluntarily agreed to waive a portion of the total annual Fund operating expenses attributable to transfer agency fees incurred by Class A and Class C shares of Columbia Acorn International® such that the Fund’s total annual Fund operating expenses would be reduced by 0.04% and 0.02% for Class A and Class C shares of the Fund, respectively.
Distribution and service fees
CMID, a wholly owned subsidiary of Ameriprise Financial, is the distributor of the Funds. Each Fund has adopted a distribution and service plan which requires it to pay CMID a monthly service fee equal to 0.25% annually of the average daily net assets attributable to Class A, Class B and Class C shares and a monthly distribution fee equal to 0.50%, 0.75% and 0.50%, annually, of the average daily net assets attributable to Class B, Class C and Class R shares, respectively. CMID receives no compensation with respect to Class R4, Class R5, Class Y and Class Z shares.
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Table of Contents
Notes to Financial Statements  (continued)
June 30, 2017 (Unaudited)
Sales charges
Sales charges, including front-end charges and CDSCs, received by the Distributor for distributing Fund shares for the six months ended June 30, 2017, if any, are listed below:
  Underwriting discounts ($)    
Fund Class A Class A Class C
Columbia Acorn® Fund 176,540 228 2,822
Columbia Acorn International® 134,056 54 421
Columbia Acorn USA® 19,542 11 95
Columbia Acorn International SelectSM 26,709 138
Columbia Acorn SelectSM 18,160 11 44
Columbia Thermostat FundSM 165,488 105 25,719
Columbia Acorn Emerging Markets FundSM 16,229 63 245
Columbia Acorn European FundSM 51,135 564
Expenses waived/reimbursed by the Investment Manager and its affiliates
Effective July 1, 2017, CWAM has contractually agreed to waive fees and/or reimburse expenses through June 30, 2019 so that the Funds’ ordinary operating expenses (excluding transaction costs and certain other investment-related expenses, interest and fees on borrowings and expenses associated with the Fund’s investments in other investment companies, if any) do not exceed the following annual rates as a percentage of each class’ average daily net assets:
Fund Class A Class C Class R4 Class R5 Class Y Class Z
Columbia Acorn Emerging Markets FundSM 1.55% 2.30% 1.30% 1.19% 1.14% 1.30%
Columbia Acorn European FundSM 1.45% 2.20% 1.20% 1.13% 1.08% 1.20%
This arrangement may not be modified or terminated, except by a vote of the Fund’s Board and CWAM.
From May 1, 2017 through June 30, 2017, CWAM contractually agreed to waive fees and/or reimburse expenses so that the Funds’ ordinary operating expenses (excluding transaction costs and certain other investment-related expenses, interest and fees on borrowings and expenses associated with the Fund’s investments in other investment companies, if any) did not exceed the following annual rates as a percentage of each class’ average daily net assets:
Fund Class A Class C Class R4 Class R5 Class Y Class Z
Columbia Acorn Emerging Markets FundSM 1.85% 2.60% 1.60% 1.49% 1.44% 1.60%
Columbia Acorn European FundSM 1.75% 2.50% 1.50% 1.43% 1.38% 1.50%
Effective May 1, 2017, CWAM has voluntarily agreed to reimburse expenses so that the Fund’s ordinary operating expenses (excluding transaction costs and certain other investment-related expenses, interest and fees on borrowings and expenses associated with each Fund’s investments in other investment companies, if any) after giving effect to any balance credits or overdraft charges from the Funds’ custodian, do not exceed the following annual rates as a percentage of each class’ average daily net assets:
Fund Class A Class C Class R4 Class R5 Class Y Class Z
Columbia Acorn SelectSM 1.60% 2.35% 1.35% 1.29% 1.24% 1.35%
This arrangement may be modified or terminated by either the Fund or CWAM on 30 days notice.
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Table of Contents
Notes to Financial Statements  (continued)
June 30, 2017 (Unaudited)
Effective May 1, 2017, CWAM has contractually agreed to waive fees and/or reimburse expenses through April 30, 2018, so that the Funds’ ordinary operating expenses (excluding transaction costs and certain other investment-related expenses, interest and fees on borrowings and expenses associated with each Fund’s investments in other investment companies, if any, and in the case of Columbia Thermostat FundSM its underlying portfolio funds), do not exceed the following annual rates as a percentage of each class’ average daily net assets:
Fund Class A Class C Class R4 Class R5 Class Y Class Z
Columbia Acorn International Select 1.40% 2.15% 1.15% 1.08% 1.03% 1.15%
Columbia Thermostat Fund 0.50% 1.25% 0.25% 0.23% 0.18% 0.25%
There is no guarantee that these agreements will continue thereafter.
Prior to May 1, 2017, CWAM voluntarily agreed to reimburse expenses so that the Funds’ ordinary operating expenses (excluding transaction costs and certain other investment-related expenses, interest and fees on borrowings and expenses associated with each Fund’s investments in other investment companies, if any) after giving effect to any balance credits or overdraft charges from the Funds’ custodian, did not exceed the following annual rates as a percentage of each class’ average daily net assets:
Fund Class A Class C Class R4 Class R5 Class Y Class Z
Columbia Acorn SelectSM 1.60% 2.35% 1.35% 1.30% 1.25% 1.35%
Prior to May 1, 2017, CWAM contractually waived fees and/or reimburse expenses so that the Funds’ ordinary operating expenses (excluding transaction costs and certain other investment-related expenses, interest and fees on borrowings and expenses associated with each Fund’s investments in other investment companies, if any, and in the case of Columbia Thermostat FundSM its underlying portfolio funds), did not exceed the following annual rates as a percentage of each class’ average daily net assets:
Fund Class A Class C Class R4 Class R5 Class Y Class Z
Columbia Acorn International SelectSM 1.40% 2.15% 1.15% 1.07% 1.02% 1.15%
Columbia Thermostat FundSM 0.50% 1.25% 0.25% 0.24% 0.19% 0.25%
Columbia Acorn Emerging Markets FundSM 1.85% 2.60% 1.60% 1.50% 1.45% 1.60%
Columbia Acorn European FundSM 1.75% 2.50% 1.50% 1.47% 1.42% 1.50%
In addition to the contractual agreement, CWAM has voluntarily agreed to waive fees and/or reimburse Fund expenses (excluding certain fees and expenses described above) so that Columbia Acorn International SelectSM and Columbia Acorn European FundSM level expenses (expenses directly attributable to the Fund and not to a specific share class) are waived proportionately across all share classes, but each Fund’s net operating expenses shall not exceed the contractual annual rates listed in the table above. This arrangement may be revised or discontinued at any time.
Expenses waived and/or reimbursed by CWAM and its affiliates for the six months ended June 30, 2017, were as follows:
Fund Expenses Waived and/or
reimbursed ($)
Columbia Acorn International® 114,497
Columbia Acorn International SelectSM 71,725
Columbia Acorn SelectSM 312,480
Columbia Thermostat FundSM 126,713
Columbia Acorn Emerging Markets FundSM 97,355
Columbia Acorn European FundSM 63,613
Prior to July 1, 2017, CWAM was contractually entitled to recoup from each of Columbia Acorn Emerging Markets FundSM and Columbia Acorn European FundSM any fees waived and/or expenses reimbursed with respect to any share class offered by Columbia Acorn Emerging Markets FundSM and Columbia Acorn European FundSM for a one year period following the date of such fee waiver and/or reimbursement, if such recovery did not cause the ordinary operating expenses of the Fund (excluding transaction costs and certain other investment-related expenses, interest and fees on borrowings and expenses associated
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June 30, 2017 (Unaudited)
with the Fund’s investment in other investment companies, if any) to exceed the annual rates set forth above, or to exceed such annual rate as was in place at the time of the recoupment, whichever was less. For the six months ended June 30, 2017, there was no recoupment of fees.
Note 4. Federal tax information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At June 30, 2017, the approximate cost of investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
Fund Tax cost ($) Gross
unrealized
appreciation ($)
Gross
unrealized
(depreciation) ($)
Net unrealized
appreciation ($)
Columbia Acorn® Fund 3,572,738,000 1,389,336,000 (97,189,000) 1,292,147,000
Columbia Acorn International® 3,681,444,000 1,557,094,000 (40,561,000) 1,516,533,000
Columbia Acorn USA® 493,680,000 171,843,000 (12,239,000) 159,604,000
Columbia Acorn International SelectSM 86,242,000 36,244,000 (1,420,000) 34,824,000
Columbia Acorn SelectSM 249,644,000 66,278,000 (1,489,000) 64,789,000
Columbia Thermostat FundSM 931,956,000 34,869,000 (897,000) 33,972,000
Columbia Acorn Emerging Markets FundSM 82,729,000 22,574,000 (1,805,000) 20,769,000
Columbia Acorn European FundSM 54,369,000 15,263,000 (601,000) 14,662,000
The following capital loss carryforwards, determined at December 31, 2016, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code. Capital loss carryforwards with no expiration are required to be utilized prior to any capital losses which carry an expiration date. As a result of this ordering rule, capital loss carryforwards which carry an expiration date may be more likely to expire unused.
Fund 2017 ($) 2018 ($) 2019 ($) No expiration
short-term ($)
No expiration
long-term ($)
Total ($)
Columbia Acorn International® 46,821,711 46,821,711
Columbia Acorn International SelectSM 14,662,013 14,662,013
Columbia Acorn Emerging Markets FundSM 44,001,715 41,697,803 85,699,518
Columbia Acorn European FundSM 5,868,008 3,575,836 9,443,844
Under current tax rules, regulated investment companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Funds will elect to treat the following late-year ordinary losses and post-October capital losses at December 31, 2016 as arising on January 1, 2017.
Fund Late year
ordinary losses ($)
Post-October
capital losses ($)
Columbia Acorn International SelectSM 8,631
Columbia Acorn Emerging Markets FundSM 297,319
Management of the Funds has concluded that there are no significant uncertain tax positions in the Funds that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Funds’ federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
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Notes to Financial Statements  (continued)
June 30, 2017 (Unaudited)
Note 5. Line of credit
Effective April 25, 2017, each Fund has access to a revolving credit facility with a syndicate of banks led by Citibank, N.A., HSBC Bank USA, N.A. and JPMorgan Chase Bank, N.A. whereby each Fund may borrow for the temporary funding of shareholder redemptions or for other temporary or emergency purposes. The credit facility, which is a collective agreement between each Fund and other participating Funds, including other funds managed by another affiliated investment manager, severally and not jointly, permits collective borrowings up to $1 billion. Interest is charged to each participating fund based on its borrowings at a rate equal to the higher of (i) the overnight federal funds rate plus 1.00% or (ii) the one-month LIBOR rate plus 1.00%. Each borrowing under the credit facility matures no later than 60 days after the date of borrowing. Each Fund also pays a commitment fee equal to its pro rata share of the amount of the credit facility at a rate of 0.15% per annum. Prior to April 25, 2017, the Trust participated together with Wanger Advisors Trust, another trust managed by the Investment Manager, in a revolving credit facility in the amount of $200 million with a syndicate of banks led by JPMorgan Chase Bank, N.A. Under this facility, interest was charged to each participating fund based on its borrowings at a rate per annum equal to the Federal Funds Rate plus 1.00%. In addition, a commitment fee of 0.15% per annum of the unutilized line of credit was accrued and apportioned among the participating funds based on their relative net assets. The commitment fee is disclosed as a part of other expenses in the Statement of Operations.
No Fund had borrowings during the six months ended June 30, 2017.
Note 6. Portfolio information
The aggregate cost of purchases and proceeds from sales, other than short-term obligations, for the six months ended June 30, 2017, were:
  Purchases
($)
Proceeds
from sales
($)
Columbia Acorn® Fund 1,667,231,800 2,413,767,334
Columbia Acorn International® 1,034,903,673 1,531,678,054
Columbia Acorn USA® 260,160,589 352,468,283
Columbia Acorn International SelectSM 29,913,557 31,068,002
Columbia Acorn SelectSM 88,691,359 118,070,849
Columbia Thermostat FundSM 213,865,759 370,265,697
Columbia Acorn Emerging Markets FundSM 28,478,930 48,372,123
Columbia Acorn European FundSM 16,060,677 8,684,139
The amount of purchase and sales activity impacts the portfolio turnover rate reported in the Financial Highlights.
Note 7. Regulatory settlements
During the six months ended June 30, 2017, Columbia Acorn International SelectSM recorded a receivable of $33,279 as a result of a regulatory settlement proceeding brought by the Securities and Exchange Commission against a third party relating to market timing and/or late trading of mutual funds. This amount represented the Fund’s portion of the proceeds from the settlement (neither the Fund nor the Investment Manager were a party to the proceeding) and is disclosed as a receivable on the Statement of Assets and Liabilities.
Note 8. Significant risks
Consumer discretionary sector risk
Columbia Acorn International®, Columbia Acorn USA® , Columbia Acorn Emerging Markets FundSM and Columbia Acorn European FundSM may be more susceptible to the particular risks that may affect companies in the consumer discretionary sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the discretionary sector are
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Notes to Financial Statements  (continued)
June 30, 2017 (Unaudited)
subject to certain risks, including fluctuations in the performance of the overall domestic and international economy, interest rate changes, increased competition and consumer confidence. Performance of such companies may be affected by factors including reduced disposable household income, reduced consumer spending, changing demographics and consumer tastes.
Foreign securities and emerging market countries risk
Investing in foreign securities may include certain risks and considerations not typically associated with investing in U.S. securities, such as fluctuating currency values and changing local and regional economic, political and social conditions, which may result in greater market volatility. In addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may accentuate these risks. These countries are also more likely to experience high levels of inflation, deflation or currency devaluation which could hurt their economies and securities markets. To the extent that Columbia Acorn International® , Columbia Acorn International SelectSM, Columbia Acorn Emerging Markets FundSM and Columbia Acorn European FundSM concentrates their investment exposure to any one or a few specific countries, the Funds will be particularly susceptible to the various conditions, events or other factors impacting those countries and may, therefore, have a greater risk than that of a fund which is more geographically diversified.
Health care sector risk
Columbia Acorn Fund® and Columbia Acorn USA® may be more susceptible to the particular risks that may affect companies in the health care sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the health care sector are subject to certain risks, including restrictions on government reimbursement for medical expenses, government approval of medical products and services, competitive pricing pressures, and the rising cost of medical products and services (especially for companies dependent upon a relatively limited number of products or services). Performance of such companies may be affected by factors including, government regulation, obtaining and protecting patents (or the failure to do so), product liability and other similar litigation as well as product obsolescence.
Industrial sector risk
Columbia Acorn International®, Columbia Acorn International Select SM , Columbia Acorn SelectSM and Columbia Acorn European FundSM may be more susceptible to the particular risks that may affect companies in the industrials sector than if it were invested in a wider variety of companies in unrelated sectors. Companies in the industrials sector are subject to certain risks, including changes in supply and demand for their specific product or service and for industrial sector products in general, including decline in demand for such products due to rapid technological developments and frequent new product introduction. Performance of such companies may be affected by factors including government regulation, world events and economic conditions and risks for environmental damage and product liability claims.
Shareholder concentration risk
At June 30, 2017, the table below details the affiliated and significant unaffiliated shareholder account ownership of outstanding shares of each Fund. The Funds have no knowledge about whether any portion of these unaffiliated shares were owned beneficially. Subscription and redemption activity of these accounts may have a significant effect on the operations of the Funds.
Fund Number of
unaffiliated
accounts
Percentage of
shares
outstanding
held —
unaffiliated (%)
Percentage of
shares
outstanding
held —
affiliated (%)
Columbia Acorn® Fund 1 10.3
Columbia Acorn International® 2 29.5
Columbia Acorn USA® 2 59.4
Columbia Acorn International SelectSM 2 29.0 12.5
Columbia Acorn SelectSM 1 18.9 15.2
Columbia Thermostat FundSM 1 17.4 24.5
Columbia Acorn Emerging Markets FundSM 2 21.9 31.8
Columbia Acorn European FundSM 35.6
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Notes to Financial Statements  (continued)
June 30, 2017 (Unaudited)
Technology and technology-related investment risk
Columbia Acorn® Fund, Columbia Acorn USA®, Columbia Acorn International Select SM and Columbia Acorn European FundSM may be more susceptible to the particular risks that may affect companies in the information technology sector, as well as other technology-related sectors (collectively, the technology sectors) than if it were invested in a wider variety of companies in unrelated sectors. Companies in the technology sectors are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many technology sector companies have limited operating histories and prices of these companies’ securities historically have been more volatile than other securities, especially over the short term.
Subsequent Events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. Other than as noted in Note 1, Note 3 and below, there were no items requiring adjustment of the financial statements or additional disclosure.
On July 7, 2017, an affiliated shareholder of Columbia Acorn USA® redeemed $299,386,352, through an in-kind transaction. This amount represented approximately 47% of Columbia Acorn USA® Fund’s net assets as of that date.
Note 9. Information regarding pending and settled legal proceedings
Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Funds. Further, although we believe proceedings are not likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial.
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Board Approval of the Advisory Agreement
Columbia Acorn Trust (the "Trust") has an investment advisory agreement (the "Advisory Agreement") with Columbia Wanger Asset Management, LLC ("CWAM") under which CWAM manages the Columbia Acorn Funds (each, a "Fund," and together, the "Funds"). More than 75% of the trustees of the Trust (the "Trustees") are persons who have no direct or indirect interest in the Advisory Agreement and are not "interested persons" (as defined in the Investment Company Act of 1940, as amended (the "1940 Act")) of the Trust (the "Independent Trustees"). The Trustees oversee the management of each Fund and, as required by law, determine at least annually whether to continue the Advisory Agreement for each Fund.
The Contract Committee (the "Contract Committee") of the Board of Trustees (the "Board"), which is comprised solely of Independent Trustees, makes recommendations to the Board regarding any proposed continuation of the Advisory Agreement. After the Contract Committee has made its recommendations, the full Board determines whether to approve continuation of the Advisory Agreement. The Board also considers matters bearing on the Advisory Agreement at its various meetings throughout the year, meets at least quarterly with CWAM investment personnel (as does the Board’s Investment Performance Analysis Committee (the "Performance Committee")), and receives monthly reports from CWAM on the performance of the Funds.
In connection with their most recent consideration of the Advisory Agreement for the Funds, the Contract Committee and all Trustees received and reviewed a substantial amount of information provided by CWAM, Columbia Management Investment Advisers, LLC ("Columbia Management") and the parent of CWAM and Columbia Management, Ameriprise Financial, Inc. ("Ameriprise"), in response to written requests from the Independent Trustees and their independent legal counsel. Throughout the process, the Trustees had numerous opportunities to ask questions of and request additional materials from CWAM, Columbia Management and Ameriprise.
During each meeting at which the Contract Committee or the Independent Trustees considered the Advisory Agreement, they met in at least one executive session with their independent legal counsel. The Contract Committee also met with representatives of CWAM, Columbia Management and Ameriprise on several occasions. In all,
the Contract Committee convened formally on nine separate occasions to consider the continuation of the Advisory Agreement. The Board and/or some or all of the Independent Trustees met on other occasions to receive the Contract Committee’s status reports, receive presentations from CWAM, Columbia Management and Ameriprise representatives, and/or to discuss outstanding issues. In addition, the Performance Committee, also comprised exclusively of Independent Trustees, reviewed the performance of the Funds, met in joint meetings with the Contract Committee, and reported to the Board and/or the Contract Committee throughout the year. The chair of the Compliance Committee of the Board (the "Compliance Committee") made available relevant information with respect to matters within the realm of its oversight responsibilities.
The materials reviewed by the Contract Committee and the Trustees included, among other items: (i) information on the investment performance of each Fund relative to independently selected peer groups of funds and the Funds’ performance benchmarks over various time periods, as presented and analyzed by two independent consultants; (ii) information on each Fund’s advisory fees and other expenses, including information comparing the Fund’s fees and expenses to those of peer groups of funds and information about any applicable expense limitations and fee breakpoints; (iii) data on sales and redemptions of Fund shares; and (iv) information on the profitability to CWAM and Ameriprise, as well as potential "fall-out" or ancillary benefits that CWAM and its affiliates may receive as a result of their relationships with the Funds. The Contract Committee and the Board also considered other information such as: (i) CWAM’s financial condition; (ii) each Fund’s investment objective and strategies; (iii) the size, education and experience of CWAM’s investment staff and its use of technology, external research and trading cost measurement tools and level of resources devoted to the Funds; (iv) the portfolio manager compensation framework; (v) the allocation of the Funds’ brokerage, and the use of "soft" commission dollars to pay for research products and services; (vi) CWAM’s risk management program; (vii) the resources devoted to, and the record of compliance with, the Funds’ investment policies and restrictions, policies on personal securities transactions and other compliance policies and procedures; and (viii) CWAM’s and its affiliates’ conflicts of interest.
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Board Approval of the Advisory Agreement  (continued)
At a meeting held on June 13, 2017, the Board considered and unanimously approved the continuation of the Advisory Agreement for each Fund. In considering the continuation of the Advisory Agreement, the Trustees reviewed and analyzed various factors that they determined were relevant, none of which by itself was considered dispositive. The material factors and conclusions that formed the basis for the Trustees’ determination to approve the continuation of the Advisory Agreement are discussed below.
Nature, quality and extent of services
The Trustees reviewed the nature, quality and extent of the services provided by CWAM and its affiliates to the Funds under the Advisory Agreement, taking into account the investment objective and strategy of each Fund, its shareholder base, and knowledge gained from meetings with management, which were held on at least a quarterly basis. In addition, the Trustees reviewed the available resources and key personnel of CWAM and its affiliates, especially those providing investment management services to the Funds. The Trustees also considered other services provided to the Funds by CWAM and its affiliates, including: managing the execution of portfolio transactions and selecting broker-dealers for those transactions; monitoring adherence to the Funds’ investment restrictions; providing support services for the Board and committees of the Board; managing the Funds’ securities lending program; communicating with shareholders; serving as the Funds’ administrator; and overseeing the activities of the Funds’ other service providers, including monitoring for compliance with various policies and procedures as well as applicable securities laws and regulations. The Trustees also noted the quality of CWAM’s compliance record.
The Trustees took into account the extensive process changes made by CWAM affecting Columbia Acorn Fund, Columbia Acorn USA and Columbia Acorn Select in the past year to improve Fund performance, including but not limited to: the continued addition of more systematic and quantitative tools and risk-based analyses into the portfolio management and construction process; the significant reduction in the number of Fund holdings and the increased concentration of the portfolios in high conviction names; and certain portfolio manager and analyst changes. In the case of Columbia Thermostat Fund, the Trustees also considered recent changes made by CWAM in the Fund’s investment allocation model. The Trustees believed that CWAM’s extensive and focused efforts to improve these domestic Funds’ performance were reasonable and appropriate.
For the four international Funds, the Trustees took into account changes made by CWAM in the past year to improve Fund performance, including but not limited to: changes to Fund portfolio holdings, which began in 2015; the addition of more systematic and quantitative tools and risk-based analyses into the portfolio management and construction process; an emphasis on more liquid stocks with more growth potential; and certain portfolio and analyst changes.
The Trustees concluded that the nature, quality and extent of the services provided by CWAM and its affiliates to each Fund under the Advisory Agreement were appropriate for the Funds and that the Funds were likely to benefit from the continued provision of those services by CWAM. They also concluded that CWAM currently had sufficient personnel, with appropriate education and experience, to serve the Funds effectively, and that the firm had demonstrated its continuing ability to attract and retain well-qualified personnel. The Trustees also considered that Ameriprise had previously committed to the Board that CWAM would have sufficient investment management resources to continue to improve performance, including but not limited to resources to continue hiring additional analysts and other investment and operational personnel.
Performance of the Funds
The Trustees received and considered detailed performance information at various meetings of the Board, the Contract Committee and the Performance Committee throughout the year. They reviewed information comparing each Fund’s performance with that of its benchmarks and with the performance of comparable funds and peer groups as identified by independent consultants Broadridge Financial Solutions, Inc. ("Broadridge") and Morningstar, Inc. ("Morningstar"), taking into account that each service had a different methodology for calculating the Funds’ total returns. The Trustees evaluated the performance and risk characteristics of the Funds over various time periods, including over the one-, three- and five-year periods ended December 31, 2016. The Trustees also considered more recent peer performance rankings for certain Funds in order to evaluate CWAM’s progress in improving Fund performance.
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Board Approval of the Advisory Agreement  (continued)
The Trustees noted that Columbia Acorn International’s performance was ranked above median against its Morningstar peers and below median against its Broadridge peers over the one-year period ended December 1, 2016, and below median against its peer groups over the three- and five-year periods. For the one-year period ended April 30, 2017, the Trustees took into account that the Fund had underperformed its peer groups but that performance relative to its primary benchmark had improved. The Trustees considered CWAM’s explanation for the Fund’s underperformance and the steps being taken to improve returns.
The Trustees considered that Columbia Acorn International Select’s performance was ranked above median among its Broadridge and Morningstar peers, respectively, for the one-year period ended December 31, 2016 and was ranked below the median of its peer groups for the three- and five-year periods. For the one-year period ended April 30, 2017, the Trustees took into account the Fund’s top quartile performance in both peer groups and that performance relative to its primary benchmark was satisfactory. The Trustees believed that the Fund’s improved performance was evidence that CWAM’s remediation efforts, including a focus on higher capitalization and more liquid stocks, were contributing positively to the Fund’s returns.
The Trustees noted that the Columbia Acorn European Fund had outperformed its Broadridge and Morningstar peer groups for the five-year period ended December 31, 2016 but had underperformed its peer groups for the one-year period, while performance for the three-year period was mixed. For the one-year period ended April 30, 2017, the Trustees took into account that the Fund had outperformed both of its peer groups but that performance relative to its primary benchmark was below expectations. The Trustees considered CWAM’s assessment of the reasons for the Fund’s underperformance and the steps being undertaken to improve returns.
The Trustees noted that Columbia Acorn Emerging Markets Fund had performed below the median of its Morningstar peer rankings for the one-, three-, and five-year periods ended December 31, 2016, and had performed below the Broadridge peer group median for the one- and three-year periods but outperformed the Broadridge peer group median for the five-year period. More recent Fund performance was also disappointing, with the Fund having underperformed its Broadridge and Morningstar peers and its primary benchmark as of April 30, 2017. The Trustees considered CWAM’s explanation for the Fund’s underperformance and the plan being implemented to improve returns.
The Trustees considered that the Columbia Acorn Fund had outperformed its Morningstar and Broadridge peer group medians over the one-year period ended December 31, 2016, but had underperformed over the three- and five-year periods. The Trustees also considered the Fund’s substantially improved performance for the one-year period ended April 30, 2017, and that performance relative to its primary benchmark was satisfactory. Based on this information, the Trustees believed that the steps taken by CWAM were having a positive impact on Fund performance.
The Trustees considered that Columbia Acorn Select had outperformed its Broadridge peer group median over the one-year period ended December 31, 2016, and had equaled or outperformed its Broadridge peer group medians for the three- and five-year periods. They also considered that the Fund had slightly outperformed its Morningstar peer median for the one- and three-periods but had underperformed for the five-year period. For the one-year period ended April 30, 2017, the Trustees noted that the Fund had substantially outperformed both peer groups as well as its primary benchmark. Based on this information, the Trustees believed that CWAM’s performance remediation efforts, including the additional management resources provided to the Fund over the past two years, were having a positive impact on performance.
The Trustees considered that Columbia Acorn USA had outperformed the medians of its Morningstar and Broadridge peer groups for the one-, three- and five-year periods ended December 31, 2016, and that more recent performance as of April 30, 2017 was in the first quartile, with the Fund’s performance relative to its primary benchmark having improved as well. Based on this information, the Trustees believed that the performance remediation plan implemented by CWAM over the past two years was having a positive impact on this Fund’s performance.
The Trustees considered that Columbia Thermostat Fund had underperformed its Morningstar peer group median over the one-year period ended December 31, 2016, but it slightly outperformed its peer medians over the three- and five-year periods. They also took into account that as of April 30, 2017 the Fund had underperformed its Morningstar peer group and primary equity benchmark, but had outperformed its primary debt benchmark. The Trustees noted that Broadridge could not construct an appropriate peer group for the Fund because of its unique strategy and that its Morningstar peers had investment strategies that were not necessarily comparable to the Fund’s strategies.
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Board Approval of the Advisory Agreement  (continued)
The Trustees concluded that CWAM had taken, and continued to take, a number of corrective steps to improve performance of the underperforming Funds, although it would take some time to determine their effectiveness, and that the Performance Committee was monitoring the underperforming Funds’ performance closely. In addition the Trustees considered that CWAM’s Chief Investment Officer, Director of Research (U.S.) and Director of International Research had reported to them at numerous Contract Committee, Performance Committee and Board meetings on the corrective steps being taken to improve Fund performance.
Costs of services and profits realized by CWAM
At various Committee and Board meetings, the Trustees examined detailed information on the fees and expenses of each Fund in comparison to information for comparable funds provided by Broadridge and Morningstar. The Trustees noted that Columbia Acorn USA, Columbia Acorn International Select, and Columbia Acorn Fund had total net operating expenses that were lower than the peer group median identified by one of Morningstar or Broadridge but higher than the peer group median identified by the other consultant. They considered that Columbia Acorn Select, Columbia Thermostat and Columbia Acorn International had total net operating expenses that were lower than the peer group medians identified by both Morningstar and Broadridge. They also considered that Columbia Acorn Emerging Markets Fund and Columbia Acorn European Fund had total net expenses that were above the peer group median identified by both consultants, but that after factoring in expense reductions agreed to by CWAM, Columbia Acorn Emerging Markets Fund’s expenses were below the median of both peer groups, while Columbia Acorn European Fund’s expenses were below the peer group median identified by one consultant but higher than the median identified by the other.
The Trustees also took into account that: the actual advisory fees paid by Columbia Acorn Fund, Columbia Acorn Select, and Columbia Thermostat Fund were below median in one peer group but higher than the median of the other peer group; the actual advisory fees paid by Columbia Acorn International Select and Columbia Acorn European Fund were higher than the median advisory fees of both peer groups; and the actual advisory fee paid by Columbia Acorn USA was equal to the median of one peer group, but higher than the other; the advisory fees paid by Columbia Acorn Emerging Markets Fund were equal to the median of one peer group, but above the median of the other; and the advisory fees paid by Columbia Acorn International were below the median in both peer groups.
The Trustees considered that CWAM had contractually waived 20 basis points of its advisory fee for Columbia Acorn Select for the years ended April 30, 2017 and April 30, 2018. They also considered that for Columbia Acorn International Select, CWAM had agreed as of July 1, 2016 to permanently reduce its advisory fee by five basis points and to implement an expense cap that reduced the Fund’s expenses by an additional 15 basis points, and that beginning July 1, 2017 CWAM had agreed to waive an additional 30 basis points of its advisory fees (and/or reimburse expenses) for both Columbia Acorn Emerging Markets Fund and Columbia European Fund beyond the existing CWAM imposed expense cap. The Trustees also considered that Columbia Thermostat Fund was subject to a CWAM imposed expense cap.
The Trustees also reviewed the advisory fee rates charged by CWAM for managing other investment companies and other institutional separate accounts that had investment strategies similar to Columbia Acorn Fund, as detailed in materials provided to the Contract Committee by CWAM. The Trustees noted that the Fund’s advisory fees were somewhat higher than the institutional account advisory fees. The Trustees considered the information provided by CWAM that it performed significant additional services for Columbia Acorn Fund that it did not provide to non-mutual fund clients, including administrative and fund accounting services, oversight of the Fund’s other service providers, Trustee support, regulatory compliance and numerous other services, and that, in servicing the Fund, CWAM assumed many legal and business risks that it does not assume in servicing many of its non-fund clients. It was noted that the advisory fees charged by Columbia Acorn USA, Columbia Acorn Select and Columbia Acorn International were generally comparable to their Columbia Wanger Fund counterparts at the same asset levels.
The Trustees reviewed the analysis of CWAM’s profitability in serving as each Fund’s investment manager and of CWAM and its affiliates in their relationships with each Fund. The Contract Committee and the Board met with representatives from Ameriprise to discuss its methodologies for calculating profitability and allocating costs. They considered that Ameriprise calculated profitability and allocated costs on a contract-by-contract and Fund-by-Fund basis. The Trustees also reviewed the methodology used by CWAM and Ameriprise in determining compensation payable to portfolio managers and the competitive market for investment management talent. The Trustees were also provided with profitability information from a third-party
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Board Approval of the Advisory Agreement  (continued)
consultant, Strategic Insight, which compared CWAM’s profitability to other similar investment managers in the mutual fund industry. The Trustees discussed, however, that profitability comparisons among fund managers may not always be meaningful due to the lack of consistency in data, small number of publicly-owned managers, and the fact that profitability of any investment manager is affected by numerous factors, including its particular organizational structure, the types of funds and other accounts managed, other lines of business, expense allocation methodology, capital structure and other factors. The Trustees evaluated CWAM’s profitability in light of the additional resources that had been, and would continue to be, provided to it by Ameriprise to assist in improving performance.
Economies of scale
At various Committee and Board meetings and other informal meetings, the Trustees considered information about the extent to which CWAM realized economies of scale in connection with an increase in Fund assets. The Trustees noted that the advisory fee schedule for each Fund, other than Columbia Thermostat Fund, includes breakpoints in the rate of fees at various asset levels. In evaluating whether CWAM was sharing economies of scale with Fund shareholders, the Trustees also took into account the various fee waivers/reimbursements and expense cap that CWAM had agreed to for many of the Funds for 2017 and 2018. The Trustees concluded that the fee structure of the Advisory Agreement for each Fund reflected a sharing of economies of scale between CWAM and the Funds.
Other benefits to CWAM
The Trustees also reviewed benefits that accrued to CWAM and its affiliates from their relationships with the Funds, based upon information provided to them by Ameriprise. They noted that the Funds’ transfer agency services were performed by Columbia Management Investment Services Corp., an affiliate of Ameriprise, which receives compensation from the Funds for its transfer agent services. They considered that another affiliate of Ameriprise, Columbia Management Investment Distributors, Inc. (“CMID”), served as the Funds’ distributor under a distribution agreement, and that it received fees under the Trust’s Rule 12b-1 Plan, most of which CMID paid to broker-dealers, but received no additional compensation for its services to the Funds. In addition, they considered that Columbia Management provided sub-administration services to the Funds. The Contract Committee and the Board received information regarding the profitability of these Fund agreements to the CWAM affiliates and also reviewed information about and discussed the capabilities of each affiliated entity in performing its respective duties.
The Trustees considered other ways that the Funds and CWAM might potentially benefit from their relationship with each other. For example, the Trustees considered CWAM’s use of commissions paid by each Fund on its portfolio brokerage transactions to obtain research products and services benefiting the Funds and/or other clients of CWAM. They noted that the Compliance Committee reviewed CWAM’s annual "soft dollar" report during the year and met with representatives from CWAM to review CWAM’s soft dollar spending. The Trustees also considered that the Compliance Committee regularly reviewed third-party prepared reports that evaluated the quality of CWAM’s execution of the Funds’ portfolio transactions. The Trustees determined that CWAM’s use of the Funds’ "soft" commission dollars to obtain research products and services was consistent with current regulatory requirements and guidance. They also concluded that CWAM benefited from the receipt of proprietary research products and services acquired through commissions paid on portfolio transactions of the Funds, and that the Funds benefitted from CWAM’s receipt of those products and services as well as research products and services acquired through commissions paid by other clients of CWAM. Finally, the Trustees considered that CWAM’s affiliates benefited from management fees received from Columbia Thermostat Fund’s investment in other Columbia mutual funds.
After full consideration of the above factors, as well as other factors that were instructive in evaluating the Advisory Agreement, the Trustees, including the Independent Trustees by separate vote, concluded that the advisory fees were reasonable and that the continuation of the Advisory Agreement was in the best interest of each Fund. At the Board meeting held on June 13, 2017 the Trustees approved continuation of the Advisory Agreement for each Fund through July 31, 2018.
Columbia Acorn Family of Funds  | Semiannual Report 2017
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Expense Information
as of June 30, 2017
Columbia Acorn® Fund Class A Class B (a) Class C Class R Class R4 Class R5 Class Y Class Z
Investment advisory fee 0.67%   0.67%   0.67% 0.67% 0.67% 0.67%  
Distribution and/or service fees 0.25%   1.00%   0.00% 0.00% 0.00% 0.00%  
Other expenses 0.16%   0.16%   0.16% 0.14% 0.09% 0.16%  
Net expense ratio 1.08%   1.83%   0.83% 0.81% 0.76% 0.83%  
Columbia Acorn International®
Investment advisory fee 0.77% 0.77% 0.77% 0.77% 0.77% 0.77% 0.77% 0.77%  
Distribution and/or service fees 0.25% 0.75% 1.00% 0.50% 0.00% 0.00% 0.00% 0.00%  
Other expenses 0.15% 0.10% 0.17% 0.19% 0.19% 0.16% 0.11% 0.19%  
Net expense ratio 1.17% 1.62% 1.94% 1.46% 0.96% 0.93% 0.88% 0.96%  
Columbia Acorn USA®
Investment advisory fee 0.89%   0.89%   0.89% 0.89% 0.89% 0.89%  
Distribution and/or service fees 0.25%   1.00%   0.00% 0.00% 0.00% 0.00%  
Other expenses 0.25%   0.25%   0.27% 0.16% 0.12% 0.26%  
Net expense ratio 1.39%   2.14%   1.16% 1.05% 1.01% 1.15%  
Columbia Acorn International SelectSM
Investment advisory fee 0.89%   0.89%   0.89% 0.89% 0.89% 0.89%  
Distribution and/or service fees 0.25%   1.00%   0.00% 0.00% 0.00% 0.00%  
Other expenses 0.25%   0.25%   0.25% 0.18% 0.13% 0.25%  
Net expense ratio 1.39%   2.14%   1.14% 1.07% 1.02% 1.14%  
Columbia Acorn SelectSM
Investment advisory fee 0.65%   0.65%   0.65% 0.65% 0.65% 0.65%  
Distribution and/or service fees 0.25%   1.00%   0.00% 0.00% 0.00% 0.00%  
Other expenses 0.26%   0.25%   0.26% 0.20% 0.15% 0.26%  
Net expense ratio 1.16%   1.90%   0.91% 0.85% 0.80% 0.91%  
Columbia Thermostat FundSM
Investment advisory fee 0.10%   0.10%   0.10% 0.10% 0.10% 0.10%  
Distribution and/or service fees 0.25%   1.00%   0.00% 0.00% 0.00% 0.00%  
Other expenses 0.15%   0.15%   0.15% 0.14% 0.09% 0.15%  
Net expense ratio (b) 0.50%   1.25%   0.25% 0.24% 0.19% 0.25%  
Columbia Acorn Emerging Markets FundSM
Investment advisory fee 1.24%   1.24%   1.24% 1.24% 1.24% 1.24%  
Distribution and/or service fees 0.25%   1.00%   0.00% 0.00% 0.00% 0.00%  
Other expenses 0.36%   0.36%   0.36% 0.26% 0.21% 0.36%  
Net expense ratio 1.85%   2.60%   1.60% 1.50% 1.45% 1.60%  
Columbia Acorn European FundSM
Investment advisory fee 1.19%   1.19%   1.19% 1.19% 1.19% 1.19%  
Distribution and/or service fees 0.25%   1.00%   0.00% 0.00% 0.00% 0.00%  
Other expenses 0.30%   0.30%   0.30% 0.26% 0.19% 0.30%  
Net expense ratio 1.74%   2.49%   1.49% 1.45% 1.38% 1.49%  
See the Funds’ prospectuses for information on minimum initial investment amounts and other details of buying, selling and exchanging shares of the Funds.
Fees and expenses are for the six months ended June 30, 2017. Please see Note 3, “Fees and Other Transactions With Affiliates” in the Notes to Financial Statements of this report for information on fee waivers and/or expense reimbursements in place for Columbia Acorn International, Columbia Acorn International Select, Columbia Acorn Select, Columbia Acorn Emerging Markets Fund, Columbia Acorn European Fund and Columbia Thermostat Fund.
(a) Effective July 17, 2017, Class B shares were automatically converted to Class A shares, and the Fund no longer accepts any investment by new or existing investors in Class B shares.
(b) Does not include estimated fees and expenses of 0.48% incurred by the Fund from the underlying portfolio funds in which it invests.
148 Columbia Acorn Family of Funds  | Semiannual Report 2017


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Additional information
The Fund mails one shareholder report to each shareholder address. If you would like more than one report, please call shareholder services at 800.345.6611 and additional reports will be sent to you.
Proxy voting policies and procedures
The policy of the Board is to vote the proxies of the companies in which the Fund holds investments consistent with the procedures that can be found by visiting investor.columbiathreadneedleus.com. Information regarding how the Fund voted proxies relating to portfolio securities is filed with the SEC by August 31 for the most recent 12-month period ending June 30 of that year, and is available without charge by visiting investor.columbiathreadneedleus.com; or searching the website of the SEC at sec.gov.
Quarterly schedule of investments
The Fund files a complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. The Fund’s Form N-Q is available on the SEC’s website at sec.gov and may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 800.SEC.0330. The Fund’s complete schedule of portfolio holdings, as filed on Form N-Q, can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the Fund, please visit investor.columbiathreadneedleus.com or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Wanger Asset Management, LLC
227 West Monroe, Suite 3000
Chicago, IL 60606
888.4.WANGER
(888.492.6437)
Fund distributor
Columbia Management Investment Distributors, Inc.
225 Franklin Street
Boston, MA 02110
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 8081
Boston, MA 02266-8081
150 Columbia Acorn Family of Funds  | Semiannual Report 2017


Table of Contents
Additional information   (continued)
Trustees
Laura M. Born, Chair of the Board
David J. Rudis, Vice Chair of the Board
Maureen M. Culhane
P. Zachary Egan
Margaret M. Eisen
Thomas M. Goldstein
John C. Heaton
Charles R. Phillips
Ralph Wanger (Trustee Emeritus)
Officers
P. Zachary Egan, President
Alan G. Berkshire, Vice President
Michael G. Clarke, Assistant Treasurer
William J. Doyle, Vice President
David L. Frank, Vice President
Paul B. Goucher, Assistant Secretary
John M. Kunka, Vice President, Treasurer and Principal Financial and Accounting Officer
Stephen Kusmierczak, Vice President
Joseph C. LaPalm, Vice President
Ryan C. Larrenaga, Assistant Secretary
Matthew A. Litfin, Vice President
Satoshi Matsunaga, Vice President
Thomas P. McGuire, Chief Compliance Officer
Louis J. Mendes, Vice President
Julian Quero, Assistant Treasurer
Martha A. Skinner, Assistant Treasurer
Matthew S. Szafranski, Vice President
Andreas Waldburg-Wolfegg, Vice President
Linda K. Roth-Wiszowaty, Secretary
Columbia Acorn Family of Funds  | Semiannual Report 2017
151


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Columbia Acorn Family of Funds
P.O. Box 8081
Boston, MA 02266-8081
  
Please read and consider the investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Fund, go to investor.columbiathreadneedleus.com. Columbia Acorn Family of Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA and managed by Columbia Wanger Asset Management, LLC.
Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA 02110-2804
© 2017 Columbia Management Investment Advisers, LLC.
investor.columbiathreadneedleus.com
SAR110_12_G01_(08/17)


Table of Contents

Item 2. Code of Ethics.

Not applicable for semiannual reports.

Item 3. Audit Committee Financial Expert.

Not applicable for semiannual reports.

Item 4. Principal Accountant Fees and Services.

Not applicable for semiannual reports.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Investments

 

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

 

  (b) Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

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


Table of Contents

Item 11. Controls and Procedures.

 

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

 

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

Item 12. Exhibits.

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

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

(a)(3) Not applicable.

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


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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    August 21, 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    August 21, 2017

 

By (Signature and Title)   /s/ John M. Kunka
  John M. Kunka, Treasurer and Principal Accounting and Financial Officer

 

Date    August 21, 2017
EX-99.CERT 2 d312545dex99cert.htm SECTION 302 CERTIFICATION SECTION 302 CERTIFICATION

I, P. Zachary Egan, certify that:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

  (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 21, 2017      

/s/ P. Zachary Egan

      P. Zachary Egan, President and Principal Executive Officer


I, John M. Kunka, certify that:

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

  (b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 21, 2017      

/s/ John M. Kunka

      John M. Kunka, Treasurer and Principal Accounting and Financial Officer
EX-99.906CERT 3 d312545dex99906cert.htm SECTION 906 CERTIFICATION SECTION 906 CERTIFICATION

CERTIFICATION PURSUANT TO SECTION 906 OF

THE SARBANES-OXLEY ACT OF 2002

In connection with the Certified Shareholder Report of Columbia Acorn Trust (the “Trust”) on Form N-CSR for the period ending June 30, 2017, as filed with the Securities and Exchange Commission on the date hereof (“the Report”), the undersigned hereby certifies that, to his knowledge:

 

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

 

  2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust.
Date: August 21, 2017      

/s/ P. Zachary Egan

      P. Zachary Egan, President and Principal Executive Officer
Date: August 21, 2017      

/s/ John M. Kunka

      John M. Kunka, Treasurer and Principal Accounting and Financial Officer

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

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

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