0001193125-18-176294.txt : 20180529 0001193125-18-176294.hdr.sgml : 20180529 20180529113504 ACCESSION NUMBER: 0001193125-18-176294 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20180331 FILED AS OF DATE: 20180529 DATE AS OF CHANGE: 20180529 EFFECTIVENESS DATE: 20180529 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-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-01829 FILM NUMBER: 18863445 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 Institutional Class ACRNX C000122735 Columbia Acorn Fund Advisor Class CEARX C000122736 Columbia Acorn Fund Institutional 2 Class CRBRX C000122737 Columbia Acorn Fund Institutional 3 Class CRBYX 0000002110 S000009185 Columbia Acorn International C000024958 Columbia Acorn International Class A LAIAX C000024960 Columbia Acorn International Class C LAICX C000024961 Columbia Acorn International Institutional Class ACINX C000097732 Columbia Acorn International Class R CACRX C000097733 Columbia Acorn International Institutional 2 Class CAIRX C000122738 Columbia Acorn International Advisor Class CCIRX C000122739 Columbia Acorn International Institutional 3 Class CCYIX 0000002110 S000009186 Columbia Acorn USA C000024962 Columbia Acorn USA Class A LAUAX C000024964 Columbia Acorn USA Class C LAUCX C000024965 Columbia Acorn USA Institutional Class AUSAX C000122740 Columbia Acorn USA Advisor Class CUSAX C000122741 Columbia Acorn USA Institutional 2 Class CYSRX C000122742 Columbia Acorn USA Institutional 3 Class CUSYX 0000002110 S000009187 Columbia Acorn Select C000024966 Columbia Acorn Select Class A LTFAX C000024968 Columbia Acorn Select Class C LTFCX C000024969 Columbia Acorn Select Institutional Class ACTWX C000122743 Columbia Acorn Select Advisor Class CSSRX C000122744 Columbia Acorn Select Institutional 2 Class CSLRX C000122745 Columbia Acorn Select Institutional 3 Class 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 Institutional Class ACFFX C000122746 Columbia Acorn International Select Institutional 2 Class CRIRX C000122747 Columbia Acorn International Select Institutional 3 Class CSIRX C000122748 Columbia Acorn International Select Advisor Class CILRX 0000002110 S000009189 Columbia Thermostat Fund C000024974 Columbia Thermostat Fund Class A CTFAX C000024976 Columbia Thermostat Fund Class C CTFDX C000024977 Columbia Thermostat Fund Institutional Class COTZX C000122749 Columbia Thermostat Fund Advisor Class CTORX C000122750 Columbia Thermostat Fund Institutional 2 Class CQTRX C000122751 Columbia Thermostat Fund Institutional 3 Class 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 Institutional Class CAEZX C000122752 Columbia Acorn European Fund Institutional 2 Class CAEEX C000144049 Columbia Acorn European Fund Advisor Class CLOFX C000171393 Columbia Acorn European Fund Institutional 3 Class 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 Institutional Class CEFZX C000122753 Columbia Acorn Emerging Markets Fund Advisor Class CAERX C000122754 Columbia Acorn Emerging Markets Fund Institutional 2 Class CANRX C000128887 Columbia Acorn Emerging Markets Fund Institutional 3 Class CPHRX N-Q 1 d582681dnq.htm COLUMBIA ACORN TRUST COLUMBIA ACORN TRUST

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF

REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-01829

 

 

Columbia Acorn Trust

(Exact name of registrant as specified in charter)

 

 

227 W. Monroe Street, Suite 3000, Chicago, IL 60606

(Address of principal executive offices) (Address of principal executive offices)

 

 

Mary C. Moynihan

Perkins Coie LLP

700 13th Street, NW

Suite 600

Washington, DC 20005

Paul B. Goucher, Esq.

Columbia Management Investment Advisers, LLC

100 Park Avenue

New York, New York 10017

P. Zachary Egan

Columbia Acorn Trust

227 West Monroe Street, Suite 3000

Chicago, Illinois 60606

(Name and address of agent for service)

 

 

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

Date of fiscal year end: December 31

Date of reporting period: March 31, 2018

 

 

 

Item 1. Schedule of Investments.

Portfolio of Investments
Columbia Acorn® Fund, March 31, 2018 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 99.0%
Issuer Shares Value ($)
Consumer Discretionary 17.8%
Auto Components 2.8%
Cooper-Standard Holding, Inc.(a)
Sealing, fuel and brake delivery, fluid transfer systems, anti-vibration systems components, subsystems, and modules 		381,375 46,836,664
Gentex Corp.
Products that use electro-optic technology 		985,983 22,697,329
LCI Industries
Recreational vehicles and equipment 		314,881 32,794,856
Tenneco, Inc.
Emission control and ride control products and systems 		457,483 25,102,092
Total   127,430,941
Distributors 1.8%
LKQ Corp.(a)
Automotive products and services 		593,633 22,528,372
Pool Corp.
Swimming pool supplies, equipment and leisure products 		404,067 59,082,677
Total   81,611,049
Diversified Consumer Services 2.5%
Adtalem Global Education, Inc.(a)
Higher education institutions 		762,394 36,251,835
Bright Horizons Family Solutions, Inc.(a)
Child care and early education services 		385,295 38,421,617
Grand Canyon Education, Inc.(a)
Online post secondary education 		398,464 41,806,843
Total   116,480,295
Hotels, Restaurants & Leisure 5.5%
Dave & Buster’s Entertainment, Inc.(a)
Venues that combine dining and entertainment for adults and families 		358,997 14,984,535
Domino’s Pizza, Inc.
Network of company-owned and franchise Domino’s Pizza stores 		91,833 21,448,515
Dunkin’ Brands Group, Inc.
Quick service restaurants serving hot and cold coffee and baked goods 		580,202 34,632,257
Extended Stay America, Inc.
Hotels and motels 		1,983,657 39,216,899
Papa John’s International, Inc.(b)
Pizza delivery and carry-out restaurants 		385,186 22,071,158
Common Stocks (continued)
Issuer Shares Value ($)
Texas Roadhouse, Inc.
Moderately priced, full service restaurant chain 		885,011 51,135,936
Vail Resorts, Inc.
Operates resorts globally 		137,762 30,541,835
Wingstop, Inc.
Cooked-to-order chicken wings 		843,639 39,845,070
Total   253,876,205
Household Durables 2.0%
Cavco Industries, Inc.(a)
Designs and manufactures systems-built structures 		139,806 24,291,292
iRobot Corp.(a),(b)
Manufactures robots for cleaning 		376,562 24,171,515
Leggett & Platt, Inc.
Manufactures a wide range of engineered products 		601,553 26,684,891
NVR, Inc.(a)
Builds and markets homes and conducts mortgage banking activities 		6,100 17,080,000
Total   92,227,698
Internet & Direct Marketing Retail 0.4%
Wayfair, Inc., Class A(a)
Retails household goods online 		303,419 20,489,885
Leisure Products 0.4%
Brunswick Corp.
Consumer products serving the outdoor and indoor active recreation markets 		334,352 19,857,165
Specialty Retail 2.4%
Camping World Holdings, Inc., Class A
Recreational vehicles and accessories 		536,203 17,292,547
Five Below, Inc.(a)
Specialty value retailer 		419,361 30,755,936
Monro, Inc.
Automotive undercar repair and tire services 		362,003 19,403,361
Tractor Supply Co.
Retail farm store chain 		391,354 24,663,129
Ulta Beauty, Inc.(a)
Chain of beauty stores 		94,556 19,314,954
Total   111,429,927
Total Consumer Discretionary 823,403,165
Consumer Staples 2.0%
Food & Staples Retailing 1.0%
U.S. Foods Holding Corp.(a)
Catering services 		1,336,033 43,781,801
Columbia Acorn® Fund | Quarterly Report 2018
 1

Portfolio of Investments   (continued)
Columbia Acorn® Fund, March 31, 2018 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Household Products 1.0%
Central Garden & Pet Co.(a)
Lawn, garden & pet supply products 		600,000 25,800,000
WD-40 Co.
Multi-purpose lubricant products and heavy-duty hand cleaners 		164,398 21,651,217
Total   47,451,217
Total Consumer Staples 91,233,018
Energy 1.3%
Oil, Gas & Consumable Fuels 1.3%
Cimarex Energy Co.
Crude oil and natural gas 		242,390 22,663,465
Diamondback Energy, Inc.(a)
Independent oil and natural gas company 		294,534 37,264,442
Total   59,927,907
Total Energy 59,927,907
Financials 8.6%
Banks 1.6%
BOK Financial Corp.
Multi-bank holding company 		250,194 24,766,704
MB Financial, Inc.
Holding company for MB Financial Bank, N.A. 		390,269 15,798,089
SVB Financial Group(a)
Holding company for Silicon Valley Bank 		148,227 35,575,962
Total   76,140,755
Capital Markets 6.2%
Ares Management LP
Asset management firm 		1,040,000 22,256,000
Cboe Global Markets, Inc.
Marketplace for the trading of standardized and listed options on equity securities 		239,000 27,269,900
Eaton Vance Corp.
Creates, markets, and manages mutual funds 		943,078 52,501,152
Factset Research Systems, Inc.
Global economic and financial data to analysts, investment bankers, and financial professionals 		164,763 32,857,038
Houlihan Lokey, Inc.
Investment bank 		624,963 27,873,350
Lazard Ltd., Class A
Corporate Advisory & Asset Management 		921,299 48,423,475
Common Stocks (continued)
Issuer Shares Value ($)
MarketAxess Holdings, Inc.
Electronic, multi-dealer to client platform for bond trading 		160,939 34,994,576
Raymond James Financial, Inc.
Financial services to individuals, corporations, and municipalities 		446,709 39,940,252
Total   286,115,743
Consumer Finance 0.8%
Credit Acceptance Corp.(a),(b)
Funding, receivables management, collection, sales training, and related services to automobile dealers 		109,411 36,150,489
Total Financials 398,406,987
Health Care 21.2%
Biotechnology 4.9%
Agios Pharmaceuticals, Inc.(a)
Therapeutics in the field of cancer metabolism 		332,809 27,217,120
Alkermes PLC(a)
Develops treatments for central nervous system disorders 		583,453 33,816,936
Celldex Therapeutics, Inc.(a),(c)
Uses applications of immunology to prevent and treat diseases 		7,655,252 17,836,737
Clovis Oncology, Inc.(a)
Pre-commercial Biotech Company 		234,723 12,393,374
Genomic Health, Inc.(a)
Development and commercialization of genomic-based clinical diagnostic tests for cancer 		853,329 26,700,665
Ligand Pharmaceuticals, Inc.(a)
Drugs that regulate hormone activated intracellular receptors 		277,166 45,776,737
Loxo Oncology, Inc.(a)
Researches and develops cancer drugs 		205,570 23,716,611
Seattle Genetics, Inc.(a)
Monoclonal antibody-based drugs to treat cancer and related diseases 		496,494 25,986,496
Ultragenyx Pharmaceutical, Inc.(a)
Therapeutics and sialic acid for treating metabolic, body myopathy, glucuronidase, and rare genetic diseases 		266,864 13,607,395
Total   227,052,071
 
 
2 Columbia Acorn® Fund | Quarterly Report 2018

Portfolio of Investments   (continued)
Columbia Acorn® Fund, March 31, 2018 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Health Care Equipment & Supplies 7.9%
Align Technology, Inc.(a)
Designs, manufactures, and markets the Invisalign System 		73,647 18,494,971
AxoGen, Inc.(a)
Technologies for peripheral nerve reconstruction and regeneration 		759,339 27,715,873
Haemonetics Corp.(a)
Automated blood processing systems 		618,947 45,282,163
iRhythm Technologies, Inc.(a)
Medical instruments 		421,643 26,542,427
LivaNova PLC(a)
Medical technology focusing on neuromodulation, cardiac surgery and rhythm management 		239,866 21,228,141
Masimo Corp.(a)
Medical signal processing and sensor technology for non-invasive monitoring of physiological parameters 		1,123,420 98,804,789
Penumbra, Inc.(a)
Peripheral vascular & neurovascular devices 		310,000 35,851,500
ResMed, Inc.
Medical equipment for the treatment of sleep disordered breathing 		322,545 31,761,006
Varex Imaging Corp.(a)
X-ray imaging components 		1,124,059 40,218,831
Varian Medical Systems, Inc.(a)
Medical equipment 		182,447 22,377,125
Total   368,276,826
Health Care Providers & Services 3.7%
Amedisys, Inc.(a)
Provider of alternate-site health care services 		494,504 29,838,371
AMN Healthcare Services, Inc.(a)
Temporary healthcare staffing 		475,389 26,978,326
Chemed Corp.
Hospice and palliative care services 		132,300 36,099,378
HealthSouth Corp.
Inpatient rehabilitative healthcare services 		1,353,237 77,364,559
Total   170,280,634
Health Care Technology 1.4%
Veeva Systems Inc., Class A(a)
Cloud-based business services 		883,056 64,480,749
Common Stocks (continued)
Issuer Shares Value ($)
Life Sciences Tools & Services 3.3%
Bio-Techne Corp.
Biotechnology products and clinical diagnostic controls 		210,462 31,788,180
Cambrex Corp.(a)
Products, services, and technologies for the Life Sciences and fine chemicals industry 		713,340 37,307,682
Mettler-Toledo International, Inc.(a)
Weighing instruments for use in laboratory, industrial, and food retailing applications 		30,543 17,563,141
Pra Health Sciences, Inc.(a)
Global contract research organization 		784,432 65,076,479
Total   151,735,482
Total Health Care 981,825,762
Industrials 17.4%
Aerospace & Defense 0.7%
HEICO Corp., Class A
Aerospace products and services 		447,836 31,773,964
Air Freight & Logistics 0.5%
Expeditors International of Washington, Inc.
Global logistics company 		330,439 20,916,789
Commercial Services & Supplies 2.1%
Brink’s Co. (The)
Provides security services globally 		445,358 31,776,293
Copart, Inc.(a)
Services to process and sell salvage vehicles through auctions 		767,276 39,077,367
Unifirst Corp.
Workplace uniforms and protective clothing 		176,205 28,483,538
Total   99,337,198
Industrial Conglomerates 0.6%
Carlisle Companies, Inc.
Construction materials, transportation products, and general industry products 		249,663 26,067,314
Machinery 7.2%
Gardner Denver Holdings, Inc.(a)
Vacuum systems, bottle blowers, pumps and air & gas compressors 		575,000 17,641,000
Graco, Inc.
Technology for the management of fluids in industrial and commercial applications 		1,234,634 56,447,466
ITT, Inc.
Engineered components & customized technology solutions 		523,500 25,641,030
 
 
Columbia Acorn® Fund | Quarterly Report 2018
 3

Portfolio of Investments   (continued)
Columbia Acorn® Fund, March 31, 2018 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Middleby Corp. (The)(a)
Equipment for use in cooking and preparing food 		166,362 20,593,952
Nordson Corp.
Systems that apply adhesives, sealants, and coatings to products during manufacturing 		258,744 35,277,157
Oshkosh Corp.
Fire and emergency apparatuses and specialty commercial, and military trucks 		441,462 34,111,769
Snap-On, Inc.
Tool and equipment solutions 		139,187 20,535,650
Toro Co. (The)
Turf equipment 		918,438 57,356,453
WABCO Holdings, Inc.(a)
Electronic braking, stability, suspension, and transmission control systems commercial vehicles 		300,178 40,184,829
Woodward, Inc.
Energy control systems and components for aircraft, industrial engines and turbines 		364,500 26,120,070
Total   333,909,376
Professional Services 3.5%
CoStar Group, Inc.(a)
Provides building-specific information to the United States commercial real estate industry and related industries 		61,466 22,292,489
ManpowerGroup, Inc.
Non-governmental employment services 		320,437 36,882,299
Robert Half International, Inc.
Temporary and permanent staffing services 		679,220 39,320,046
TransUnion (a)
Offers consumer reports, risk scores, analytical services, and decisioning capabilities to businesses 		1,117,020 63,424,395
Total   161,919,229
Road & Rail 2.2%
JB Hunt Transport Services, Inc.
Logistics services 		212,566 24,902,107
Old Dominion Freight Line, Inc.
Inter-regional and multi-regional motor carrier 		534,818 78,602,201
Total   103,504,308
Trading Companies & Distributors 0.6%
Watsco, Inc.
Air conditioning, heating, and refrigeration equipment 		166,128 30,064,184
Total Industrials 807,492,362
Common Stocks (continued)
Issuer Shares Value ($)
Information Technology 24.5%
Electronic Equipment, Instruments & Components 3.8%
CDW Corp.
IT products and services 		953,075 67,010,703
Cognex Corp.
Machine vision systems 		670,000 34,833,300
Coherent, Inc.(a)
Laser-based photonic products 		45,500 8,526,700
II-VI, Inc.(a)
Optical and optoelectronic devices 		500,550 20,472,495
IPG Photonics Corp.(a)
High-power fiber lasers and amplifiers 		187,098 43,664,931
Total   174,508,129
Internet Software & Services 4.9%
Alteryx, Inc., Class A(a)
Data storage, retrieval, management, reporting, and analytics solutions 		983,198 33,566,380
GoDaddy, Inc., Class A(a)
Cloud-based web platform for small businesses, web design professionals and individuals 		588,811 36,164,771
Mimecast Ltd.(a)
Cloud security and risk management services for corporate information and email 		632,000 22,391,760
MINDBODY, Inc., Class A(a)
Business management software 		554,360 21,564,604
Nutanix, Inc., Class A(a)
Enterprise cloud platforms 		988,253 48,533,105
Q2 Holdings, Inc.(a)
Secure, cloud-based virtual banking solutions 		483,131 22,006,617
Quotient Technology, Inc.(a)
Operates a promotion platform 		1,597,710 20,930,001
VeriSign, Inc.(a)
Domain names and Internet security services 		177,571 21,052,818
Total   226,210,056
 
 
4 Columbia Acorn® Fund | Quarterly Report 2018

Portfolio of Investments   (continued)
Columbia Acorn® Fund, March 31, 2018 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
IT Services 3.8%
Black Knight, Inc.(a)
Integrated technology, work flow automation, data and analytic solutions 		622,215 29,306,326
Booz Allen Hamilton Holdings Corp.
Technology consulting services to the U.S. government in the defense, intelligence, and civil markets 		929,903 36,005,844
Broadridge Financial Solutions, Inc.
Technology-based outsourcing solutions to the financial services industry 		294,817 32,338,477
CoreLogic, Inc.(a)
Consumer, financial and property information, analytics and services to business and government 		397,760 17,990,685
Gartner, Inc.(a)
Research and analysis on computer hardware, software, communications, and information technology 		312,622 36,770,600
WNS Holdings Ltd., ADR(a)
Business process outsourcing services 		477,879 21,662,255
Total   174,074,187
Semiconductors & Semiconductor Equipment 6.1%
Advanced Energy Industries, Inc.(a)
Engineered precision power conversion, measurement and control solutions 		484,638 30,968,368
Ambarella, Inc.(a)
High definition video compression and image processing semiconductors 		458,500 22,461,915
Brooks Automation, Inc.
Automation solutions for the global semiconductor and related industries 		1,123,474 30,423,676
Cabot Microelectronics Corp.
slurries used in chemical mechanical planarization 		243,000 26,027,730
Inphi Corp.(a),(b)
Analog semiconductor solutions 		634,916 19,110,972
MKS Instruments, Inc.
Instruments and components used to control and analyze gases in semiconductor manufacturing 		329,284 38,081,695
Monolithic Power Systems, Inc.
Power management solutions 		294,141 34,052,704
Semtech Corp.(a)
Analog and mixed-signal semiconductors 		621,391 24,265,318
Teradyne, Inc.
Semiconductor test products and services 		1,253,396 57,292,731
Total   282,685,109
Common Stocks (continued)
Issuer Shares Value ($)
Software 5.9%
ANSYS, Inc.(a)
Software solutions for design analysis and optimization 		297,531 46,620,132
Blackline, Inc.(a)
Develops and markets enterprise software 		672,040 26,350,689
Cadence Design Systems, Inc.(a)
Software technology, design and consulting services and technology 		1,138,503 41,862,755
CyberArk Software Ltd.(a)
IT security solutions 		423,051 21,584,062
Guidewire Software, Inc.(a)
Enterprise software for the property and casualty insurance industry 		226,040 18,270,813
Proofpoint, Inc.(a)
On-demand data protection solutions 		292,000 33,185,800
Qualys, Inc.(a)
Information technology security risk and compliance management solutions 		563,451 40,991,060
Synopsys, Inc.(a)
Electronic design automation solutions 		294,590 24,521,672
Ultimate Software Group, Inc. (The)(a)
Software solutions 		89,935 21,917,160
Total   275,304,143
Total Information Technology 1,132,781,624
Materials 2.2%
Chemicals 1.1%
Celanese Corp., Class A
Global integrated producer of chemicals and advanced materials 		271,263 27,183,265
Quaker Chemical Corp.
Custom-formulated chemical specialty products 		151,400 22,426,882
Total   49,610,147
Containers & Packaging 1.1%
Avery Dennison Corp.
Pressure-sensitive materials and a variety of tickets, tags and labels 		279,691 29,717,169
Sealed Air Corp.
Packaging and performance-based materials and equipment 		482,600 20,650,454
Total   50,367,623
Total Materials 99,977,770
 
 
Columbia Acorn® Fund | Quarterly Report 2018
 5

Portfolio of Investments   (continued)
Columbia Acorn® Fund, March 31, 2018 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Real Estate 3.1%
Equity Real Estate Investment Trusts (REITS) 2.3%
Coresite Realty Corp.
Develops, owns & operates data centers 		321,881 32,271,789
Education Realty Trust, Inc.
Self-managed and self-advised real estate investment trust 		514,492 16,849,613
Equity LifeStyle Properties, Inc.
Acquires properties such as camping grounds and seasonal resort communities 		287,766 25,257,222
Lamar Advertising Co., Class A
Outdoor advertising structures 		505,833 32,201,329
Total   106,579,953
Real Estate Management & Development 0.8%
Jones Lang LaSalle, Inc.
Real estate and investment management services 		210,632 36,784,772
Total Real Estate 143,364,725
Telecommunication Services 0.9%
Diversified Telecommunication Services 0.4%
Zayo Group Holdings, Inc.(a)
Global provider of bandwidth infrastructure services 		547,191 18,692,045
Wireless Telecommunication Services 0.5%
Boingo Wireless, Inc.(a)
Mobile internet services 		965,652 23,919,200
Total Telecommunication Services 42,611,245
Total Common Stocks
(Cost: $3,217,363,053) 		4,581,024,565
Limited Partnerships 0.7%
Issuer Shares Value ($)
Consumer Discretionary 0.7%
Hotels, Restaurants & Leisure 0.7%
Cedar Fair LP
Owns and operates amusement parks 		478,546 30,569,519
Total Consumer Discretionary 30,569,519
Total Limited Partnerships
(Cost: $31,691,162) 		30,569,519
Securities Lending Collateral 1.1%
  Shares Value ($)
Dreyfus Government Cash Management Fund, Institutional Shares, 1.570%(d),(e)
 53,412,750 53,412,750
Total Securities Lending Collateral
(Cost: $53,412,750) 		53,412,750
Money Market Funds 0.4%
JPMorgan U.S. Government Money Market Fund, Agency Shares, 1.479%(d) 518,064 518,064
JPMorgan U.S. Government Money Market Fund, IM Shares, 1.581%(d) 20,416,985 20,416,985
Total Money Market Funds
(Cost: $20,935,049) 		20,935,049
Total Investments in Securities
(Cost $3,323,402,014) 		4,685,941,883
Obligation to Return Collateral for Securities Loaned   (53,412,750)
Other Assets & Liabilities, Net   (3,334,687)
Net Assets $4,629,194,446
 
 
Notes to Portfolio of Investments
(a) Non-income producing security.
(b) All or a portion of this security was on loan at March 31, 2018. The total market value of securities on loan at March 31, 2018 was $52,879,952.
(c) An affiliated person of the Fund, as defined in the Investment Company Act of 1940, may include any company in which the Fund owns five percent or more of its outstanding voting shares. Holdings and transactions in these affiliated companies during the period ended ended March 31, 2018, are as follows. The aggregate cost and value of these companies at March 31, 2018, was $23,086,125 and $17,836,737, respectively. Investments in affiliated companies represented 0.39% of the Fund’s total net assets at March 31, 2018.
    
Issuer Beginning
shares 		Shares
purchased 		Shares
sold 		Ending
shares 		Realized gain
(loss) —
affiliated
issuers ($) 		Net change in
unrealized
appreciation
(depreciation) —
affiliated
issuers ($) 		Dividend —
affiliated issuers
($) 		Value —
affiliated
issuers
at end of
period ($)
Celldex Therapeutics, Inc.
  8,126,489 — (471,237) 7,655,252 (148,253) (3,747,630) — 17,836,737
    
(d) The rate shown is the seven-day current annualized yield at March 31, 2018.
(e) Investment made with cash collateral received from securities lending activity.
6 Columbia Acorn® Fund | Quarterly Report 2018

Portfolio of Investments   (continued)
Columbia Acorn® Fund, March 31, 2018 (Unaudited)
Abbreviation Legend
ADR American Depositary Receipt
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
Fair value measurements
Various inputs are used in determining the value of the Fund’s investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (GAAP). These inputs are summarized in the three broad levels listed below:
■ Level 1 – quoted prices in active markets for identical securities
■ Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)
■ Level 3 – prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management’s own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose net asset values are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by Columbia Wanger Asset Management’s Valuation Committee (the Committee) that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Committee that relies on significant unobservable inputs.
The Committee is responsible for applying the Columbia Acorn Trust Portfolio Pricing Policy and the Columbia Wanger Asset Management pricing procedures (the Policies), which are approved by and subject to the oversight of the Board of Trustees.
The Committee meets as necessary, and no less frequently than quarterly, to determine fair values for securities for which market quotations are not readily available or for which Columbia Wanger Asset Management believes that available market quotations are unreliable. The Committee also reviews the continuing appropriateness of the Policies. In circumstances where a security has been fair valued, the Committee will also review the continuing appropriateness of the current value of the security. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Fund’s investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Fund’s securities may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. Significant changes in any of these factors could result in lower or higher fair value measurements. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.
The following table is a summary of the inputs used to value the Fund’s investments at March 31, 2018:
  Level 1
quoted prices in active
markets for identical
assets ($) 		Level 2
other significant
observable inputs ($) 		Level 3
significant
unobservable inputs ($) 		Total ($)
Investments in Securities        
Common Stocks        
Consumer Discretionary 823,403,165 — — 823,403,165
Consumer Staples 91,233,018 — — 91,233,018
Energy 59,927,907 — — 59,927,907
Financials 398,406,987 — — 398,406,987
Health Care 981,825,762 — — 981,825,762
Industrials 807,492,362 — — 807,492,362
Information Technology 1,132,781,624 — — 1,132,781,624
Materials 99,977,770 — — 99,977,770
Real Estate 143,364,725 — — 143,364,725
Telecommunication Services 42,611,245 — — 42,611,245
Total Common Stocks 4,581,024,565 — — 4,581,024,565
Limited Partnerships        
Consumer Discretionary 30,569,519 — — 30,569,519
Total Limited Partnerships 30,569,519 — — 30,569,519
Securities Lending Collateral 53,412,750 — — 53,412,750
Money Market Funds 20,935,049 — — 20,935,049
Total Investments in Securities 4,685,941,883 — — 4,685,941,883
Columbia Acorn® Fund | Quarterly Report 2018
 7

Portfolio of Investments   (continued)
Columbia Acorn® Fund, March 31, 2018 (Unaudited)
Fair value measurements  (continued)
There were no transfers of financial assets between levels during the period.
8 Columbia Acorn® Fund | Quarterly Report 2018

Portfolio of Investments
Columbia Acorn International®, March 31, 2018 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 91.8%
Issuer Shares Value ($)
Australia 1.3%
carsales.com Ltd.
Automotive & related industry websites 		3,512,000 36,703,579
Domino’s Pizza Enterprises Ltd.(a)
Pizza delivery stores 		788,660 25,412,463
Total 62,116,042
Brazil 1.3%
Odontoprev SA
Dental benefits company 		3,543,000 16,043,814
Qualicorp SA
Insurance and benefits packages 		3,046,000 20,648,345
Raia Drogasil SA
Chain of pharmaceutical stores 		1,012,000 22,907,135
Total 59,599,294
Cambodia 0.4%
NagaCorp Ltd.
Leisure and tourism company 		20,536,000 21,377,201
Canada 5.0%
Boardwalk Real Estate Investment Trust(a)
Real estate company 		251,376 8,637,727
CAE, Inc.
Training solutions based on simulation technology and integrated training services 		2,499,934 46,531,158
CCL Industries, Inc.
Manufacturing services and specialty packaging products for the non-durable consumer products market 		2,711,220 136,870,997
ShawCor Ltd.
Energy services company 		1,209,367 22,904,145
Winpak Ltd.
Packaging materials and machines for the protection of perishables 		608,000 22,864,594
Total 237,808,621
Cayman Islands 1.9%
Gourmet Master Co., Ltd.
Coffee & bakery cafes 		1,314,000 17,259,634
Parade Technologies Ltd.
Fabless semiconductor company 		2,129,000 41,847,252
Silicon Motion Technology Corp., ADR
Semiconductor products 		658,000 31,662,960
Total 90,769,846
Common Stocks (continued)
Issuer Shares Value ($)
China 4.2%
51job, Inc., ADR(b)
Integrated human resource services 		421,000 36,222,840
58.Com, Inc., ADR(b)
Local life service platform 		315,107 25,164,445
China Medical System Holdings Ltd.
Pharmaceutical and medical products 		11,744,000 26,904,122
New Oriental Education & Technology Group, Inc., ADR
Educational services 		640,864 56,171,729
Shenzhou International Group Holdings Ltd.
Manufactures and processes textiles 		2,990,000 31,678,631
TravelSky Technology Ltd., Class H
IT solutions for China’s air travel and tourism industries 		8,557,000 24,994,043
Total 201,135,810
Denmark 3.9%
Novozymes AS, Class B
Enzymes for industrial use 		1,453,477 75,668,420
SimCorp AS
Global provider of highly specialised software for the investment management industry 		838,367 58,594,294
William Demant Holding AS(b)
Hearing aids, audiometers, tympanometers, diagnostic instruments, and wireless communication equipment 		1,401,031 52,188,728
Total 186,451,442
France 1.4%
Elior Group SA(a)
Provides catering, cleaning, and facility management services 		1,208,500 26,260,393
Ipsen SA
Medical drugs for targeted disease areas 		273,000 42,375,395
Total 68,635,788
Germany 8.5%
AURELIUS Equity Opportunities SE & Co. KGaA
Loans to distressed companies 		245,007 17,063,133
CTS Eventim AG & Co. KGaA
Online ticket sales 		570,000 26,693,622
Fielmann AG
Prescription eyeglasses, specialty glasses, sunglasses, contact lenses, and optical supplies 		440,000 35,569,840
KION Group AG
Material handling solutions 		316,000 29,449,386
Columbia Acorn International® | Quarterly Report 2018
 9

Portfolio of Investments   (continued)
Columbia Acorn International®, March 31, 2018 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
MTU Aero Engines AG
Develops and manufactures engines and offers commercial engine services and support 		445,000 74,904,856
Nemetschek SE
Standard software for designing, constructing and managing buildings and real estate 		191,000 21,386,446
Rational AG
Food preparation appliances/processors and kitchen accessories 		67,435 42,400,417
Stroeer SE & Co. KGaA
Digital multi-channel media company 		884,049 61,731,391
Wirecard AG
Internet payment and processing services 		590,000 69,634,593
Zalando SE(b)
Online sale of fashion accessories 		410,000 22,338,568
Total 401,172,252
Hong Kong 1.2%
ASM Pacific Technology Ltd.
Machines, tools & materials used in the semiconductor industry 		1,646,800 23,200,671
Value Partners Group Ltd.
Independent, value oriented asset management group 		33,644,000 31,700,629
Total 54,901,300
India 1.7%
Havells India Ltd.
Manufactures electrical products 		3,083,000 23,240,219
TVS Motor Co., Ltd.
Motorcycles, mopeds and scooters 		2,267,372 21,705,459
Zee Entertainment Enterprises Ltd.
Hindi films, serials, game shows and children’s programs 		4,125,681 36,621,351
Total 81,567,029
Indonesia 0.9%
PT Matahari Department Store Tbk
Retail clothes, accessories, bags, shoes, cosmetics, household appliances, and management consulting services. 		52,107,800 41,621,245
Ireland 1.1%
UDG Healthcare PLC
Commercialisation solutions for health care companies 		4,148,000 50,514,537
Common Stocks (continued)
Issuer Shares Value ($)
Italy 2.9%
Brembo SpA
Braking systems and components 		5,509,337 85,008,184
Davide Campari-Milano SpA
Global producer & distributor of branded spirits, wines and soft drinks 		3,276,000 24,790,362
Industria Macchine Automatiche SpA
Packaging machinery for the food, pharmaceuticals, and cosmetics industries 		290,000 28,207,444
Total 138,005,990
Japan 21.7%
Aeon Credit Service Co., Ltd.
Credit card company 		1,602,000 37,145,961
Aeon Mall Co., Ltd.
Large-scale shopping malls 		2,581,500 54,294,739
Aica Kogyo Co., Ltd.
Manufactures adhesives, melamine boards, and housing materials 		230,000 8,468,197
Amano Corp.
Electronic time recorders and information systems 		620,000 16,569,630
Asahi Intecc Co., Ltd.
Manufactures medical tools and stainless wire rope 		955,400 38,473,942
cocokara fine, Inc.
Drug chain stores 		314,200 21,810,727
CyberAgent, Inc.
Operates websites, internet advertising agency and creates PC and mobile contents 		649,300 33,736,668
Daiseki Co., Ltd.
Waste Disposal & Recycling 		582,400 16,265,207
Disco Corp.
Abrasive and precision industrial machinery for cutting and grinding purposes 		213,300 45,591,461
FamilyMart UNY Holdings Co., Ltd.
Chain of convenience stores 		1,127,900 93,973,178
Fuji Oil Holdings, Inc.
Specialty vegetable oils and fats 		1,276,000 38,793,589
Glory Ltd.
Vending machines, coin-operated lockers, money handling machines, and data processing terminals 		1,032,900 37,065,565
Hikari Tsushin, Inc.
Distribution network, telecommunication, office automation equipment, in-house products and individual insurance plans 		449,428 72,495,534
Kansai Paint
Paints and related products 		1,050,000 24,541,878
Mandom Corp.
Cosmetic products for men and women 		509,900 17,839,057
 
 
10 Columbia Acorn International® | Quarterly Report 2018

Portfolio of Investments   (continued)
Columbia Acorn International®, March 31, 2018 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Miura Co., Ltd.
Industrial boilers and related equipment 		960,400 31,128,844
MonotaRO Co., Ltd(a)
Machine tools, engine parts, and factory consumable goods 		744,800 26,359,953
Nabtesco Corp.
Aircraft and hydraulic products 		640,000 24,926,946
NGK Insulators Ltd.
Electrical insulators, industrial ceramic products, environmental systems and electronic parts 		1,375,200 23,821,167
Nissan Chemical Industries Ltd.
Variety of chemical products 		902,000 37,470,448
Obic Co., Ltd.
Computer system integration, office automation, consultation, and system support services 		562,100 47,367,047
OSG Corp.
Manufactures machine tool equipment 		1,128,300 25,772,758
Otsuka Corp.
Computer information system and software 		745,000 37,982,179
Persol Holdings Co., Ltd.
Human resource solutions 		1,440,000 41,841,662
Santen Pharmaceutical Co., Ltd.
Ophthalmic medicine 		1,902,000 31,850,848
Sekisui Chemical Co., Ltd.
Unit residential houses in addition to parcels of land 		2,762,300 48,442,310
Seven Bank Ltd.
Banking services through Automated Teller Machine (ATM) 		6,920,100 22,199,963
Sohgo Security Services Co., Ltd.
Around the clock security services 		620,400 30,488,653
Sony Financial Holdings, Inc.
Financial holding company 		1,316,000 24,030,344
Ushio, Inc.
Lamps and optical equipment 		1,246,100 16,731,125
Total 1,027,479,580
Malta 1.7%
Kindred Group PLC
Online gambling services 		5,785,711 79,377,539
Mexico 1.4%
Grupo Aeroportuario del Sureste SAB de CV, ADR
Operates airports in Mexico 		384,900 65,652,393
Netherlands 1.3%
Aalberts Industries NV
Industrial services and flow control systems 		1,183,797 60,245,086
Common Stocks (continued)
Issuer Shares Value ($)
Philippines 0.5%
Universal Robina Corp.
Branded consumer foods 		8,800,000 25,662,516
Russian Federation 0.4%
TCS Group Holding PLC, GDR
Online retail financial services 		821,000 18,020,950
Singapore 1.6%
Mapletree Commercial Trust
Singapore-focused real estate investment trust 		32,720,300 39,251,682
Singapore Exchange
Singapore’s Securities and derivatives exchange and clearing houses 		6,123,200 34,568,090
Total 73,819,772
South Africa 1.7%
Clicks Group Ltd.
Owns and operates chains of retail stores 		2,212,748 34,037,676
PSG Group Ltd.
Diversified financial services 		1,986,169 37,759,650
Rand Merchant Investment Holdings Ltd.
Investment holding company 		1,913,471 6,465,112
Total 78,262,438
South Korea 4.0%
CJ Logistics Corp.(b)
Logistics services 		165,087 21,406,059
GS Retail Co., Ltd.
Chain of retail stores 		1,222,700 35,378,735
Koh Young Technology, Inc.
3D measurement and inspection equipment for testing various machineries 		206,000 19,464,193
Korea Investment Holdings Co., Ltd.
Financial holding company 		493,000 38,698,856
Korea Zinc Co. Ltd.
Non-ferrous metal smelting 		114,000 51,768,754
Modetour Network, Inc.
Travel services 		555,515 20,378,110
Total 187,094,707
Spain 0.8%
Prosegur Cia de Seguridad SA, Registered Shares
Security and transportation services 		5,000,000 38,390,030
 
 
Columbia Acorn International® | Quarterly Report 2018
 11

Portfolio of Investments   (continued)
Columbia Acorn International®, March 31, 2018 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Sweden 5.4%
Hexagon AB, Class B
Design, measurement and visualisation technologies 		2,548,121 152,094,735
NetEnt AB
Computer gaming software 		3,854,000 19,455,067
Sweco AB, Class B
Consulting company specializing in engineering, environmental technology, and architecture 		772,443 16,002,946
Trelleborg AB, Class B
Manufactures and distributes industrial products 		2,710,587 68,301,754
Total 255,854,502
Switzerland 2.8%
Bossard Holding AG, Class A, Registered Shares
Fastening devices, industrial adhesives & tools 		73,000 14,966,527
Inficon Holding AG
Vacuum instruments used to monitor and control production processes 		6,782 4,167,809
Partners Group Holding AG
Global private markets asset management firm 		155,000 115,115,063
Total 134,249,399
Taiwan 1.2%
Largan Precision Co., Ltd.
Optical lens modules and optoelectronic components 		174,000 20,255,620
Silergy Corp.
High performance analog integrated circuits 		1,570,000 35,648,824
Total 55,904,444
Thailand 0.8%
Home Product Center PCL, Foreign Registered Shares
Building materials and home improvement products 		12,639,900 5,632,479
Tisco Financial Group PCL
Bank holding company 		10,621,000 29,946,959
Total 35,579,438
United Kingdom 10.2%
Ascential PLC
Media and consultancy services 		3,537,056 20,683,667
Croda International PLC
Chemicals and chemical products 		691,401 44,311,250
Domino’s Pizza Group PLC
Pizza delivery stores 		11,592,000 53,751,147
DS Smith PLC
Provides corrugated packaging services 		3,449,569 22,775,853
Common Stocks (continued)
Issuer Shares Value ($)
Halma PLC
Products that detect hazards and protect assets and people in public and commercial buildings 		4,062,325 67,196,456
Intermediate Capital Group PLC
Private equity firm 		1,972,079 27,170,254
Rentokil Initial PLC
Fully integrated facilities management and essential support services 		22,641,410 86,307,991
Rightmove PLC
Website that lists properties across Britain 		944,752 57,618,953
Spirax-Sarco Engineering PLC
Consultation, service and products for the control and efficient management of steam and industrial fluids 		802,262 64,776,794
WH Smith PLC
Retails books, magazines, newspapers, and periodicals 		1,446,502 39,533,557
Total 484,125,922
United States 0.6%
Ultragenyx Pharmaceutical, Inc.(b)
Therapeutics and sialic acid for treating metabolic, body myopathy, glucuronidase, and rare genetic diseases 		590,087 30,088,536
Total Common Stocks
(Cost: $2,806,592,986) 		4,345,483,649
    
Preferred Stocks 1.1%
Issuer   Shares Value ($)
Germany 1.1%
Sartorius AG
Precision electronic equipment and components 		  360,000 50,276,174
Total Preferred Stocks
(Cost: $35,652,950) 		50,276,174
    
Securities Lending Collateral 0.5%
  Shares Value ($)
Dreyfus Government Cash Management Fund, Institutional Shares, 1.570%(c),(d)
 26,317,075 26,317,075
Total Securities Lending Collateral
(Cost: $26,317,075) 		26,317,075
 
 
12 Columbia Acorn International® | Quarterly Report 2018

Portfolio of Investments   (continued)
Columbia Acorn International®, March 31, 2018 (Unaudited)
Money Market Funds 6.7%
  Shares Value ($)
JPMorgan U.S. Government Money Market Fund, Agency Shares, 1.479%(c)
 95,942,628 95,942,628
JPMorgan U.S. Government Money Market Fund, IM Shares, 1.581%(c)
 220,000,000 220,000,000
Total Money Market Funds
(Cost: $315,942,628) 		315,942,628
Total Investments in Securities
(Cost: $3,184,505,639) 		4,738,019,526
Obligation to Return Collateral for Securities Loaned   (26,317,075)
Other Assets & Liabilities, Net   21,823,048
Net Assets $4,733,525,499
Investments in derivatives
Long futures contracts
Description Number of
contracts 		Expiration
date 		Trading
currency 		Notional
amount 		Value/Unrealized
appreciation ($) 		Value/Unrealized
depreciation ($)
MSCI EAFE Index 1,002 06/2018 USD 100,230,060 — (169,199)
MSCI Emerging Markets Index 423 06/2018 USD 25,121,970 — (2,492)
Total         — (171,691)
Notes to Portfolio of Investments
(a) All or a portion of this security was on loan at March 31, 2018. The total market value of securities on loan at March 31, 2018 was $25,363,247.
(b) Non-income producing security.
(c) The rate shown is the seven-day current annualized yield at March 31, 2018.
(d) Investment made with cash collateral received from securities lending activity.
Abbreviation Legend
ADR American Depositary Receipt
GDR Global Depositary Receipt
Currency Legend
USD US Dollar
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
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.
Columbia Acorn International® | Quarterly Report 2018
 13

Portfolio of Investments   (continued)
Columbia Acorn International®, March 31, 2018 (Unaudited)
Fair value measurements  (continued)
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose net asset values are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by Columbia Wanger Asset Management’s Valuation Committee (the Committee) that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Committee that relies on significant unobservable inputs.
The Committee is responsible for applying the Columbia Acorn Trust Portfolio Pricing Policy and the Columbia Wanger Asset Management pricing procedures (the Policies), which are approved by and subject to the oversight of the Board of Trustees.
The Committee meets as necessary, and no less frequently than quarterly, to determine fair values for securities for which market quotations are not readily available or for which Columbia Wanger Asset Management believes that available market quotations are unreliable. The Committee also reviews the continuing appropriateness of the Policies. In circumstances where a security has been fair valued, the Committee will also review the continuing appropriateness of the current value of the security. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Fund’s investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Fund’s securities may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. Significant changes in any of these factors could result in lower or higher fair value measurements. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.
The following table is a summary of the inputs used to value the Fund’s investments at March 31, 2018:
  Level 1
quoted prices in active
markets for identical
assets ($) 		Level 2
other significant
observable inputs ($) 		Level 3
significant
unobservable inputs ($) 		Total ($)
Investments in Securities        
Common Stocks        
Australia — 62,116,042 — 62,116,042
Brazil 59,599,294 — — 59,599,294
Cambodia — 21,377,201 — 21,377,201
Canada 237,808,621 — — 237,808,621
Cayman Islands 31,662,960 59,106,886 — 90,769,846
China 117,559,014 83,576,796 — 201,135,810
Denmark — 186,451,442 — 186,451,442
France — 68,635,788 — 68,635,788
Germany — 401,172,252 — 401,172,252
Hong Kong — 54,901,300 — 54,901,300
India — 81,567,029 — 81,567,029
Indonesia — 41,621,245 — 41,621,245
Ireland — 50,514,537 — 50,514,537
Italy — 138,005,990 — 138,005,990
Japan — 1,027,479,580 — 1,027,479,580
Malta — 79,377,539 — 79,377,539
Mexico 65,652,393 — — 65,652,393
Netherlands — 60,245,086 — 60,245,086
Philippines — 25,662,516 — 25,662,516
Russian Federation — 18,020,950 — 18,020,950
Singapore — 73,819,772 — 73,819,772
South Africa — 78,262,438 — 78,262,438
South Korea — 187,094,707 — 187,094,707
Spain — 38,390,030 — 38,390,030
Sweden — 255,854,502 — 255,854,502
Switzerland — 134,249,399 — 134,249,399
Taiwan — 55,904,444 — 55,904,444
Thailand — 35,579,438 — 35,579,438
14 Columbia Acorn International® | Quarterly Report 2018

Portfolio of Investments   (continued)
Columbia Acorn International®, March 31, 2018 (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 ($) 		Total ($)
United Kingdom — 484,125,922 — 484,125,922
United States 30,088,536 — — 30,088,536
Total Common Stocks 542,370,818 3,803,112,831 — 4,345,483,649
Preferred Stocks        
Germany — 50,276,174 — 50,276,174
Total Preferred Stocks — 50,276,174 — 50,276,174
Securities Lending Collateral 26,317,075 — — 26,317,075
Money Market Funds 315,942,628 — — 315,942,628
Total Investments in Securities 884,630,521 3,853,389,005 — 4,738,019,526
Investments in Derivatives        
Liability        
Futures Contracts (171,691) — — (171,691)
Total 884,458,830 3,853,389,005 — 4,737,847,835
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.
Derivative instruments are valued at unrealized appreciation (depreciation).
There were no transfers of financial assets between levels during the period.
Columbia Acorn International® | Quarterly Report 2018
 15

Portfolio of Investments
Columbia Acorn USA®, March 31, 2018 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 98.8%
Issuer Shares Value ($)
Consumer Discretionary 17.9%
Auto Components 3.9%
Cooper-Standard Holding, Inc.(a)
Sealing, fuel and brake delivery, fluid transfer systems, anti-vibration systems components, subsystems, and modules 		28,878 3,546,507
Dorman Products, Inc.(a)
Automotive products and home hardware 		51,305 3,396,904
LCI Industries
Recreational vehicles and equipment 		27,290 2,842,254
Tenneco, Inc.
Emission control and ride control products and systems 		53,377 2,928,796
Total   12,714,461
Distributors 0.7%
Pool Corp.
Swimming pool supplies, equipment and leisure products 		15,683 2,293,168
Diversified Consumer Services 1.9%
Adtalem Global Education, Inc.(a)
Higher education institutions 		62,031 2,949,574
Bright Horizons Family Solutions, Inc.(a)
Child care and early education services 		30,591 3,050,535
Total   6,000,109
Hotels, Restaurants & Leisure 6.0%
Dave & Buster’s Entertainment, Inc.(a)
Venues that combine dining and entertainment for adults and families 		92,381 3,855,983
Extended Stay America, Inc.
Hotels and motels 		202,555 4,004,512
Papa John’s International, Inc.(b)
Pizza delivery and carry-out restaurants 		39,362 2,255,443
Red Robin Gourmet Burgers, Inc.(a)
Chain of specialty restaurants 		27,597 1,600,626
Red Rock Resorts, Inc., Class A
Casino & entertainment properties 		48,500 1,420,080
Texas Roadhouse, Inc.
Moderately priced, full service restaurant chain 		68,054 3,932,160
Wingstop, Inc.
Cooked-to-order chicken wings 		53,473 2,525,530
Total   19,594,334
Common Stocks (continued)
Issuer Shares Value ($)
Household Durables 1.5%
Cavco Industries, Inc.(a)
Designs and manufactures systems-built structures 		10,806 1,877,543
iRobot Corp.(a),(b)
Manufactures robots for cleaning 		45,549 2,923,790
Total   4,801,333
Leisure Products 1.4%
Brunswick Corp.
Consumer products serving the outdoor and indoor active recreation markets 		39,106 2,322,505
MCBC Holdings, Inc.(a)
Sport boats 		85,284 2,149,157
Total   4,471,662
Specialty Retail 2.5%
Camping World Holdings, Inc., Class A
Recreational vehicles and accessories 		38,430 1,239,367
Five Below, Inc.(a)
Specialty value retailer 		68,838 5,048,579
Monro, Inc.
Automotive undercar repair and tire services 		35,565 1,906,284
Total   8,194,230
Total Consumer Discretionary 58,069,297
Consumer Staples 3.4%
Beverages 0.6%
MGP Ingredients, Inc.
Distillery ingredients and products 		21,505 1,926,633
Food Products 0.5%
Hostess Brands, Inc.(a)
Packaged baked sweet goods 		123,581 1,827,763
Household Products 1.5%
Central Garden & Pet Co.(a)
Lawn, garden & pet supply products 		61,000 2,623,000
WD-40 Co.
Multi-purpose lubricant products and heavy-duty hand cleaners 		16,094 2,119,580
Total   4,742,580
Personal Products 0.8%
Inter Parfums, Inc.
Fragrances and related products 		55,614 2,622,200
Total Consumer Staples 11,119,176
16 Columbia Acorn USA® | Quarterly Report 2018

Portfolio of Investments   (continued)
Columbia Acorn USA®, March 31, 2018 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Energy 1.6%
Energy Equipment & Services 0.8%
Core Laboratories NV
Reservoir description, production enhancement, and reservoir management services 		23,222 2,513,085
Oil, Gas & Consumable Fuels 0.8%
PDC Energy, Inc.(a)
Petroleum products 		52,746 2,586,136
Total Energy 5,099,221
Financials 13.4%
Banks 6.0%
First Busey Corp.
Multi-bank holding company 		157,023 4,666,724
Great Southern Bancorp, Inc.
Real estate, commercial real estate, commercial business, consumer, and construction loans 		51,630 2,578,919
Lakeland Financial Corp.
Bank holding company 		82,809 3,828,260
LegacyTexas Financial Group, Inc.
Bank holding company 		46,948 2,010,313
Sandy Spring Bancorp, Inc.
Holding company for Sandy Spring Bank 		82,932 3,214,444
Trico Bancshares
Holding company for Tri Counties Bank 		83,609 3,111,927
Total   19,410,587
Capital Markets 4.1%
Ares Management LP
Asset management firm 		90,991 1,947,207
BrightSphere Investment Group PLC
Asset management company 		234,507 3,695,830
Hamilton Lane, Inc., Class A
Private market investment solutions 		86,493 3,220,134
Houlihan Lokey, Inc.
Investment bank 		96,564 4,306,755
Total   13,169,926
Consumer Finance 1.2%
FirstCash, Inc.
Owns and operates pawn stores 		48,145 3,911,781
Common Stocks (continued)
Issuer Shares Value ($)
Thrifts & Mortgage Finance 2.1%
Merchants Bancorp
Bank holding company 		75,511 1,623,487
OceanFirst Financial Corp.
New Jersey banks 		103,795 2,776,516
Walker & Dunlop, Inc.
Commercial real estate financial services 		40,300 2,394,626
Total   6,794,629
Total Financials 43,286,923
Health Care 26.9%
Biotechnology 7.8%
Agios Pharmaceuticals, Inc.(a)
Therapeutics in the field of cancer metabolism 		41,818 3,419,876
Amicus Therapeutics, Inc.(a)
Orally-administered, small molecule drugs to treat human genetic diseases 		136,000 2,045,440
Clovis Oncology, Inc.(a)
Pre-commercial Biotech Company 		48,349 2,552,827
Genomic Health, Inc.(a)
Development and commercialization of genomic-based clinical diagnostic tests for cancer 		66,286 2,074,089
Ligand Pharmaceuticals, Inc.(a)
Drugs that regulate hormone activated intracellular receptors 		25,913 4,279,791
Loxo Oncology, Inc.(a)
Researches and develops cancer drugs 		19,490 2,248,561
MacroGenics, Inc.(a)
Treatments for autoimmune disorders, cancer and infectious diseases 		108,073 2,719,117
Repligen Corp.(a)
Supplier to Biopharma Industry 		70,500 2,550,690
Sarepta Therapeutics(a)
RNA-based therapeutics for treatment of rare & infectious diseases 		27,800 2,059,702
Ultragenyx Pharmaceutical, Inc.(a)
Therapeutics and sialic acid for treating metabolic, body myopathy, glucuronidase, and rare genetic diseases 		28,778 1,467,390
Total   25,417,483
 
 
Columbia Acorn USA® | Quarterly Report 2018
 17

Portfolio of Investments   (continued)
Columbia Acorn USA®, March 31, 2018 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Health Care Equipment & Supplies 10.6%
Anika Therapeutics, Inc.(a)
Integrated orthopedic medicines company 		70,931 3,526,689
Atrion Corp.
Medical products and components 		6,698 4,228,447
AxoGen, Inc.(a)
Technologies for peripheral nerve reconstruction and regeneration 		90,247 3,294,016
Haemonetics Corp.(a)
Automated blood processing systems 		36,559 2,674,656
iRhythm Technologies, Inc.(a)
Medical instruments 		58,885 3,706,811
LeMaitre Vascular, Inc.
Medical devices for vascular surgeons and interventionists 		44,461 1,610,822
Masimo Corp.(a)
Medical signal processing and sensor technology for non-invasive monitoring of physiological parameters 		44,630 3,925,209
Orthofix International NV(a)
Spine fixation and other orthopedic & spine solutions 		38,472 2,261,384
Penumbra, Inc.(a)
Peripheral vascular & neurovascular devices 		26,000 3,006,900
Sientra, Inc.(a),(b)
Plastic surgery implantable devices 		244,157 2,358,557
Tactile Systems Technology, Inc.(a)
Technology for treating lymphedema, chronic swelling & venous ulcers 		53,069 1,687,594
Varex Imaging Corp.(a)
X-ray imaging components 		54,697 1,957,059
Total   34,238,144
Health Care Providers & Services 6.4%
Amedisys, Inc.(a)
Provider of alternate-site health care services 		36,405 2,196,678
AMN Healthcare Services, Inc.(a)
Temporary healthcare staffing 		67,615 3,837,151
Chemed Corp.
Hospice and palliative care services 		9,300 2,537,598
HealthEquity, Inc.(a)
Technology-enabled services platforms for consumers to make healthcare saving and spending decisions 		68,924 4,172,659
HealthSouth Corp.
Inpatient rehabilitative healthcare services 		81,193 4,641,804
Tivity Health, Inc.(a)
Health fitness solutions 		81,489 3,231,039
Total   20,616,929
Common Stocks (continued)
Issuer Shares Value ($)
Life Sciences Tools & Services 1.3%
Cambrex Corp.(a)
Products, services, and technologies for the Life Sciences and fine chemicals industry 		84,617 4,425,469
Pharmaceuticals 0.8%
Optinose, Inc.(a),(b)
Health care services 		127,581 2,554,172
Total Health Care 87,252,197
Industrials 11.0%
Building Products 0.8%
American Woodmark Corp.(a)
Kitchen cabinets and vanities 		27,764 2,733,366
Commercial Services & Supplies 4.0%
Brink’s Co. (The)
Provides security services globally 		61,845 4,412,641
Healthcare Services Group, Inc.
Housekeeping, laundry, linen, facility maintenance, and food services 		53,398 2,321,745
Knoll, Inc.
Branded office furniture products and textiles 		143,684 2,900,980
Unifirst Corp.
Workplace uniforms and protective clothing 		20,621 3,333,384
Total   12,968,750
Machinery 2.2%
Barnes Group, Inc.
International industrial and aerospace manufacturer and service provider 		43,575 2,609,707
ESCO Technologies, Inc.
Engineered products and solutions 		50,404 2,951,154
Toro Co. (The)
Turf equipment 		24,965 1,559,064
Total   7,119,925
Professional Services 2.2%
Exponent, Inc.
Science and engineering consulting firm 		21,500 1,690,975
ICF International, Inc.
Management, technology, policy consulting, and implementation services 		64,109 3,747,171
Wageworks, Inc.(a)
Tax-advantaged programs for consumer-directed health, commuter, and other employee spending account benefits 		34,244 1,547,829
Total   6,985,975
 
 
18 Columbia Acorn USA® | Quarterly Report 2018

Portfolio of Investments   (continued)
Columbia Acorn USA®, March 31, 2018 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Road & Rail 1.0%
Saia, Inc.(a)
Trucking transportation 		44,472 3,342,071
Trading Companies & Distributors 0.8%
SiteOne Landscape Supply, Inc.(a)
Landscape supplies 		33,681 2,594,784
Total Industrials 35,744,871
Information Technology 19.5%
Electronic Equipment, Instruments & Components 0.9%
II-VI, Inc.(a)
Optical and optoelectronic devices 		68,496 2,801,486
Internet Software & Services 5.7%
Alteryx, Inc., Class A(a)
Data storage, retrieval, management, reporting, and analytics solutions 		153,704 5,247,455
Apptio, Inc., Class A(a)
Cloud-based business management solutions 		96,043 2,721,859
Mimecast Ltd.(a)
Cloud security and risk management services for corporate information and email 		115,643 4,097,231
MINDBODY, Inc., Class A(a)
Business management software 		68,241 2,654,575
Q2 Holdings, Inc.(a)
Secure, cloud-based virtual banking solutions 		45,459 2,070,657
Web.com Group, Inc.(a)
Web site solutions to small businesses 		86,000 1,556,600
Total   18,348,377
IT Services 1.9%
CoreLogic, Inc.(a)
Consumer, financial and property information, analytics and services to business and government 		38,960 1,762,161
MAXIMUS, Inc.
Program management and consulting services to state and local governments 		36,814 2,456,966
WNS Holdings Ltd., ADR(a)
Business process outsourcing services 		45,362 2,056,260
Total   6,275,387
Common Stocks (continued)
Issuer Shares Value ($)
Semiconductors & Semiconductor Equipment 6.7%
Advanced Energy Industries, Inc.(a)
Engineered precision power conversion, measurement and control solutions 		53,443 3,415,008
Ambarella, Inc.(a)
High definition video compression and image processing semiconductors 		56,111 2,748,878
Brooks Automation, Inc.
Automation solutions for the global semiconductor and related industries 		86,518 2,342,907
Cabot Microelectronics Corp.
slurries used in chemical mechanical planarization 		43,409 4,649,538
Inphi Corp.(a)
Analog semiconductor solutions 		75,682 2,278,028
Monolithic Power Systems, Inc.
Power management solutions 		33,971 3,932,823
Semtech Corp.(a)
Analog and mixed-signal semiconductors 		59,378 2,318,711
Total   21,685,893
Software 4.3%
Aspen Technology, Inc.(a)
Process optimization software, products and services 		43,830 3,457,749
Blackline, Inc.(a)
Develops and markets enterprise software 		67,398 2,642,675
CyberArk Software Ltd.(a)
IT security solutions 		51,747 2,640,132
Qualys, Inc.(a)
Information technology security risk and compliance management solutions 		47,268 3,438,747
Zscaler, Inc.(a)
Cloud-based internet security platform 		66,324 1,861,715
Total   14,041,018
Total Information Technology 63,152,161
Materials 1.9%
Chemicals 1.9%
Orion Engineered Carbons SA
Global supplier of Carbon Black 		146,277 3,964,107
Quaker Chemical Corp.
Custom-formulated chemical specialty products 		13,804 2,044,786
Total   6,008,893
Total Materials 6,008,893
 
 
Columbia Acorn USA® | Quarterly Report 2018
 19

Portfolio of Investments   (continued)
Columbia Acorn USA®, March 31, 2018 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Real Estate 2.6%
Equity Real Estate Investment Trusts (REITS) 1.8%
CoreCivic, Inc.
Detention and corrections services 		85,537 1,669,682
Coresite Realty Corp.
Develops, owns & operates data centers 		22,485 2,254,346
UMH Properties, Inc.
Real estate investment trust 		137,151 1,839,195
Total   5,763,223
Real Estate Management & Development 0.8%
Colliers International Group, Inc.
Commercial real estate, residential property management and property services 		38,166 2,650,629
Total Real Estate 8,413,852
Telecommunication Services 0.6%
Wireless Telecommunication Services 0.6%
Boingo Wireless, Inc.(a)
Mobile internet services 		75,000 1,857,750
Total Telecommunication Services 1,857,750
Total Common Stocks
(Cost: $250,523,577) 		320,004,341
Securities Lending Collateral 1.3%
  Shares Value ($)
Dreyfus Government Cash Management Fund, Institutional Shares, 1.570%(c),(d)
 4,061,250 4,061,250
Total Securities Lending Collateral
(Cost: $4,061,250) 		4,061,250
Money Market Funds 1.5%
JPMorgan U.S. Government Money Market Fund, Agency Shares, 1.479%(c) 4,894,952 4,894,952
Total Money Market Funds
(Cost: $4,894,952) 		4,894,952
Total Investments in Securities
(Cost $259,479,779) 		328,960,543
Obligation to Return Collateral for Securities Loaned   (4,061,250)
Other Assets & Liabilities, Net   (1,115,532)
Net Assets $323,783,761
 
 
Notes to Portfolio of Investments
(a) Non-income producing security.
(b) All or a portion of this security was on loan at March 31, 2018. The total market value of securities on loan at March 31, 2018 was $4,031,704.
(c) The rate shown is the seven-day current annualized yield at March 31, 2018.
(d) Investment made with cash collateral received from securities lending activity.
Abbreviation Legend
ADR American Depositary Receipt
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
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.
20 Columbia Acorn USA® | Quarterly Report 2018

Portfolio of Investments   (continued)
Columbia Acorn USA®, March 31, 2018 (Unaudited)
Fair value measurements  (continued)
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose net asset values are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by Columbia Wanger Asset Management’s Valuation Committee (the Committee) that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Committee that relies on significant unobservable inputs.
The Committee is responsible for applying the Columbia Acorn Trust Portfolio Pricing Policy and the Columbia Wanger Asset Management pricing procedures (the Policies), which are approved by and subject to the oversight of the Board of Trustees.
The Committee meets as necessary, and no less frequently than quarterly, to determine fair values for securities for which market quotations are not readily available or for which Columbia Wanger Asset Management believes that available market quotations are unreliable. The Committee also reviews the continuing appropriateness of the Policies. In circumstances where a security has been fair valued, the Committee will also review the continuing appropriateness of the current value of the security. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Fund’s investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Fund’s securities may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. Significant changes in any of these factors could result in lower or higher fair value measurements. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.
The following table is a summary of the inputs used to value the Fund’s investments at March 31, 2018:
  Level 1
quoted prices in active
markets for identical
assets ($) 		Level 2
other significant
observable inputs ($) 		Level 3
significant
unobservable inputs ($) 		Total ($)
Investments in Securities        
Common Stocks        
Consumer Discretionary 58,069,297 — — 58,069,297
Consumer Staples 11,119,176 — — 11,119,176
Energy 5,099,221 — — 5,099,221
Financials 43,286,923 — — 43,286,923
Health Care 87,252,197 — — 87,252,197
Industrials 35,744,871 — — 35,744,871
Information Technology 63,152,161 — — 63,152,161
Materials 6,008,893 — — 6,008,893
Real Estate 8,413,852 — — 8,413,852
Telecommunication Services 1,857,750 — — 1,857,750
Total Common Stocks 320,004,341 — — 320,004,341
Securities Lending Collateral 4,061,250 — — 4,061,250
Money Market Funds 4,894,952 — — 4,894,952
Total Investments in Securities 328,960,543 — — 328,960,543
There were no transfers of financial assets between levels during the period.
Columbia Acorn USA® | Quarterly Report 2018
 21

Portfolio of Investments
Columbia Acorn International SelectSM, March 31, 2018 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 95.1%
Issuer Shares Value ($)
Canada 4.8%
CCL Industries, Inc.
Manufacturing services and specialty packaging products for the non-durable consumer products market 		121,000 6,108,464
China 6.0%
NetEase, Inc., ADR
Internet technology company that develops applications, services and Internet technologies 		15,600 4,374,084
New Oriental Education & Technology Group, Inc., ADR
Educational services 		37,600 3,295,640
Total 7,669,724
Denmark 4.2%
Novozymes AS, Class B
Enzymes for industrial use 		102,955 5,359,866
France 4.4%
Ipsen SA
Medical drugs for targeted disease areas 		18,000 2,793,982
Legrand SA
Products and systems for electrical installations and information networks 		35,000 2,743,288
Total 5,537,270
Germany 7.8%
MTU Aero Engines AG
Develops and manufactures engines and offers commercial engine services and support 		31,300 5,268,589
Wirecard AG
Internet payment and processing services 		38,700 4,567,557
Total 9,836,146
India 3.2%
Zee Entertainment Enterprises Ltd.
Hindi films, serials, game shows and children’s programs 		452,000 4,012,150
Ireland 1.8%
Ryanair Holdings PLC(a)
Low fare passenger airline services 		115,000 2,264,028
Italy 3.5%
Brembo SpA
Braking systems and components 		288,000 4,443,794
Japan 17.1%
Aeon Mall Co., Ltd.
Large-scale shopping malls 		221,600 4,660,745
Common Stocks (continued)
Issuer Shares Value ($)
FamilyMart UNY Holdings Co., Ltd.
Chain of convenience stores 		47,500 3,957,555
Hikari Tsushin, Inc.
Distribution network, telecommunication, office automation equipment, in-house products and individual insurance plans 		9,600 1,548,540
Recruit Holdings Co., Ltd.
Information providing services in human resource, housing, bridal, travel, restaurants, beauty, automobiles, and education and more 		104,200 2,611,630
Santen Pharmaceutical Co., Ltd.
Ophthalmic medicine 		151,200 2,531,992
Sekisui Chemical Co., Ltd.
Unit residential houses in addition to parcels of land 		129,000 2,262,266
Sony Financial Holdings, Inc.
Financial holding company 		224,500 4,099,401
Total 21,672,129
Mexico 1.9%
Grupo Aeroportuario del Sureste SAB de CV, ADR
Operates airports in Mexico 		14,000 2,387,980
Netherlands 3.5%
Koninklijke Philips NV
Health technology focused on improving people’s health 		116,000 4,448,248
South Africa 4.1%
Naspers Ltd., Class N
Electronic and print media industries 		21,300 5,202,930
South Korea 2.9%
Korea Zinc Co. Ltd.
Non-ferrous metal smelting 		8,200 3,723,717
Sweden 9.4%
Hexagon AB, Class B
Design, measurement and visualisation technologies 		114,000 6,804,543
Trelleborg AB, Class B
Manufactures and distributes industrial products 		203,000 5,115,223
Total 11,919,766
Switzerland 5.3%
Partners Group Holding AG
Global private markets asset management firm 		9,060 6,728,661
Taiwan 1.9%
Largan Precision Co., Ltd.
Optical lens modules and optoelectronic components 		21,000 2,444,644
22 Columbia Acorn International SelectSM | Quarterly Report 2018

Portfolio of Investments   (continued)
Columbia Acorn International SelectSM, March 31, 2018 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
United Kingdom 13.3%
Ferguson PLC
Bathroom materials, heating and plumbing supplies, and industrial pipes, valves, and fittings 		50,000 3,755,833
Halma PLC
Products that detect hazards and protect assets and people in public and commercial buildings 		217,071 3,590,654
Rentokil Initial PLC
Fully integrated facilities management and essential support services 		996,769 3,799,636
Rightmove PLC
Website that lists properties across Britain 		43,800 2,671,294
Spirax-Sarco Engineering PLC
Consultation, service and products for the control and efficient management of steam and industrial fluids 		33,000 2,664,509
WH Smith PLC
Retails books, magazines, newspapers, and periodicals 		12,892 352,344
Total 16,834,270
Total Common Stocks
(Cost: $81,026,103) 		120,593,787
Preferred Stocks 2.7%
Issuer   Shares Value ($)
Germany 2.7%
Sartorius AG
Precision electronic equipment and components 		  25,000 3,491,401
Total Preferred Stocks
(Cost: $2,475,897) 		3,491,401
    
Money Market Funds 1.7%
  Shares Value ($)
JPMorgan U.S. Government Money Market Fund, IM Shares, 1.581%(b)
 2,098,438 2,098,438
Total Money Market Funds
(Cost: $2,098,438) 		2,098,438
Total Investments in Securities
(Cost: $85,600,438) 		126,183,626
Other Assets & Liabilities, Net   655,825
Net Assets $126,839,451
 
 
Notes to Portfolio of Investments
(a) Non-income producing security.
(b) The rate shown is the seven-day current annualized yield at March 31, 2018.
Abbreviation Legend
ADR American Depositary Receipt
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
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
Columbia Acorn International SelectSM | Quarterly Report 2018
 23

Portfolio of Investments   (continued)
Columbia Acorn International SelectSM, March 31, 2018 (Unaudited)
Fair value measurements  (continued)
require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Fund’s investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Fund’s securities may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. Significant changes in any of these factors could result in lower or higher fair value measurements. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.
The following table is a summary of the inputs used to value the Fund’s investments at March 31, 2018:
  Level 1
quoted prices in active
markets for identical
assets ($) 		Level 2
other significant
observable inputs ($) 		Level 3
significant
unobservable inputs ($) 		Total ($)
Investments in Securities        
Common Stocks        
Canada 6,108,464 — — 6,108,464
China 7,669,724 — — 7,669,724
Denmark — 5,359,866 — 5,359,866
France — 5,537,270 — 5,537,270
Germany — 9,836,146 — 9,836,146
India — 4,012,150 — 4,012,150
Ireland — 2,264,028 — 2,264,028
Italy — 4,443,794 — 4,443,794
Japan — 21,672,129 — 21,672,129
Mexico 2,387,980 — — 2,387,980
Netherlands — 4,448,248 — 4,448,248
South Africa — 5,202,930 — 5,202,930
South Korea — 3,723,717 — 3,723,717
Sweden — 11,919,766 — 11,919,766
Switzerland — 6,728,661 — 6,728,661
Taiwan — 2,444,644 — 2,444,644
United Kingdom — 16,834,270 — 16,834,270
Total Common Stocks 16,166,168 104,427,619 — 120,593,787
Preferred Stocks        
Germany — 3,491,401 — 3,491,401
Total Preferred Stocks — 3,491,401 — 3,491,401
Money Market Funds 2,098,438 — — 2,098,438
Total Investments in Securities 18,264,606 107,919,020 — 126,183,626
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.
24 Columbia Acorn International SelectSM | Quarterly Report 2018

Portfolio of Investments
Columbia Acorn SelectSM, March 31, 2018 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 98.7%
Issuer Shares Value ($)
Consumer Discretionary 20.1%
Auto Components 4.5%
LCI Industries
Recreational vehicles and equipment 		127,359 13,264,440
Distributors 4.6%
LKQ Corp.(a)
Automotive products and services 		355,380 13,486,671
Hotels, Restaurants & Leisure 5.1%
Vail Resorts, Inc.
Operates resorts globally 		67,898 15,052,987
Household Durables 3.2%
Cavco Industries, Inc.(a)
Designs and manufactures systems-built structures 		54,750 9,512,812
Media 2.7%
Liberty Global PLC, Class A(a)
Broadband, distribution, and content companies 		252,583 7,908,374
Total Consumer Discretionary 59,225,284
Financials 17.1%
Banks 4.6%
SVB Financial Group(a)
Holding company for Silicon Valley Bank 		56,026 13,446,800
Capital Markets 8.8%
Ares Management LP
Asset management firm 		279,000 5,970,600
Eaton Vance Corp.
Creates, markets, and manages mutual funds 		205,849 11,459,614
Lazard Ltd., Class A
Corporate Advisory & Asset Management 		161,438 8,485,181
Total   25,915,395
Consumer Finance 3.7%
FirstCash, Inc.
Owns and operates pawn stores 		132,732 10,784,475
Total Financials 50,146,670
Common Stocks (continued)
Issuer Shares Value ($)
Health Care 13.1%
Biotechnology 3.5%
Genomic Health, Inc.(a)
Development and commercialization of genomic-based clinical diagnostic tests for cancer 		240,329 7,519,895
Ultragenyx Pharmaceutical, Inc.(a)
Therapeutics and sialic acid for treating metabolic, body myopathy, glucuronidase, and rare genetic diseases 		51,286 2,615,073
Total   10,134,968
Health Care Equipment & Supplies 4.2%
Masimo Corp.(a)
Medical signal processing and sensor technology for non-invasive monitoring of physiological parameters 		141,716 12,463,922
Health Care Providers & Services 5.4%
HealthSouth Corp.
Inpatient rehabilitative healthcare services 		278,517 15,922,817
Total Health Care 38,521,707
Industrials 20.2%
Machinery 12.2%
Middleby Corp. (The)(a)
Equipment for use in cooking and preparing food 		60,554 7,495,980
Nordson Corp.
Systems that apply adhesives, sealants, and coatings to products during manufacturing 		66,248 9,032,252
Oshkosh Corp.
Fire and emergency apparatuses and specialty commercial, and military trucks 		180,690 13,961,916
Snap-On, Inc.
Tool and equipment solutions 		36,888 5,442,456
Total   35,932,604
Road & Rail 4.7%
JB Hunt Transport Services, Inc.
Logistics services 		117,774 13,797,224
Trading Companies & Distributors 3.3%
SiteOne Landscape Supply, Inc.(a)
Landscape supplies 		124,201 9,568,445
Total Industrials 59,298,273
Columbia Acorn SelectSM | Quarterly Report 2018
 25

Portfolio of Investments   (continued)
Columbia Acorn SelectSM, March 31, 2018 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Information Technology 21.0%
Electronic Equipment, Instruments & Components 5.7%
CDW Corp.
IT products and services 		161,565 11,359,635
Coherent, Inc.(a)
Laser-based photonic products 		29,400 5,509,560
Total   16,869,195
Internet Software & Services 10.9%
GoDaddy, Inc., Class A(a)
Cloud-based web platform for small businesses, web design professionals and individuals 		211,801 13,008,818
SPS Commerce, Inc.(a)
On-demand supply chain management solutions through an online hosted software suite 		96,795 6,201,656
VeriSign, Inc.(a)
Domain names and Internet security services 		107,181 12,707,379
Total   31,917,853
Software 4.4%
ANSYS, Inc.(a)
Software solutions for design analysis and optimization 		81,790 12,815,675
Total Information Technology 61,602,723
Materials 2.9%
Chemicals 2.9%
Celanese Corp., Class A
Global integrated producer of chemicals and advanced materials 		84,617 8,479,469
Total Materials 8,479,469
Common Stocks (continued)
Issuer Shares Value ($)
Real Estate 4.3%
Equity Real Estate Investment Trusts (REITS) 4.3%
Coresite Realty Corp.
Develops, owns & operates data centers 		31,200 3,128,112
Education Realty Trust, Inc.
Self-managed and self-advised real estate investment trust 		293,774 9,621,098
Total   12,749,210
Total Real Estate 12,749,210
Total Common Stocks
(Cost: $220,227,014) 		290,023,336
Money Market Funds 1.3%
  Shares Value ($)
JPMorgan U.S. Government Money Market Fund, Agency Shares, 1.479%(b) 3,990,982 3,990,982
Total Money Market Funds
(Cost: $3,990,982) 		3,990,982
Total Investments in Securities
(Cost $224,217,996) 		294,014,318
Other Assets & Liabilities, Net   (116,001)
Net Assets $293,898,317
 
 
Notes to Portfolio of Investments
(a) Non-income producing security.
(b) The rate shown is the seven-day current annualized yield at March 31, 2018.
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
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.
26 Columbia Acorn SelectSM | Quarterly Report 2018

Portfolio of Investments   (continued)
Columbia Acorn SelectSM, March 31, 2018 (Unaudited)
Fair value measurements  (continued)
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose net asset values are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by Columbia Wanger Asset Management’s Valuation Committee (the Committee) that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Committee that relies on significant unobservable inputs.
The Committee is responsible for applying the Columbia Acorn Trust Portfolio Pricing Policy and the Columbia Wanger Asset Management pricing procedures (the Policies), which are approved by and subject to the oversight of the Board of Trustees.
The Committee meets as necessary, and no less frequently than quarterly, to determine fair values for securities for which market quotations are not readily available or for which Columbia Wanger Asset Management believes that available market quotations are unreliable. The Committee also reviews the continuing appropriateness of the Policies. In circumstances where a security has been fair valued, the Committee will also review the continuing appropriateness of the current value of the security. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Fund’s investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Fund’s securities may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. Significant changes in any of these factors could result in lower or higher fair value measurements. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.
The following table is a summary of the inputs used to value the Fund’s investments at March 31, 2018:
  Level 1
quoted prices in active
markets for identical
assets ($) 		Level 2
other significant
observable inputs ($) 		Level 3
significant
unobservable inputs ($) 		Total ($)
Investments in Securities        
Common Stocks        
Consumer Discretionary 59,225,284 — — 59,225,284
Financials 50,146,670 — — 50,146,670
Health Care 38,521,707 — — 38,521,707
Industrials 59,298,273 — — 59,298,273
Information Technology 61,602,723 — — 61,602,723
Materials 8,479,469 — — 8,479,469
Real Estate 12,749,210 — — 12,749,210
Total Common Stocks 290,023,336 — — 290,023,336
Money Market Funds 3,990,982 — — 3,990,982
Total Investments in Securities 294,014,318 — — 294,014,318
There were no transfers of financial assets between levels during the period.
Columbia Acorn SelectSM | Quarterly Report 2018
 27

Portfolio of Investments
Columbia Thermostat FundSM, March 31, 2018 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Equity Funds 9.7%
Issuer Shares Value ($)
Dividend Income 0.9%
Columbia Dividend Income Fund, Institutional 3 Class(a)
 352,068 7,699,724
Total Dividend Income 7,699,724
International Small Mid Cap 1.0%
Columbia Acorn International, Institutional 3 Class(a)
 166,643 7,998,876
Total International Small Mid Cap 7,998,876
U.S. Large Cap 5.8%
Columbia Contrarian Core Fund, Institutional 3 Class(a)
 298,374 7,650,302
Columbia Large Cap Enhanced Core Fund, Institutional 3 Class(a)
 313,993 7,702,245
Columbia Large Cap Index Fund, Institutional 3 Class(a)
 631,572 30,744,960
Total U.S. Large Cap 46,097,507
U.S. Mid Cap 1.0%
Columbia Acorn Select, Institutional 3 Class(a),(b)
 449,118 7,769,735
Total U.S. Mid Cap 7,769,735
U.S. Small Mid Cap 1.0%
Columbia Acorn Fund, Institutional 3 Class(a),(b)
 459,418 7,782,545
Total U.S. Small Mid Cap 7,782,545
Total Equity Funds
(Cost: $60,555,738) 		77,348,387
Exchange-Traded Funds 9.0%
Columbia Diversified Fixed Income Allocation ETF(a)
 3,681,386 71,971,097
Total Exchange-Traded Funds
(Cost: $71,752,945) 		71,971,097
Fixed-Income Funds 81.0%
Issuer Shares Value ($)
Investment Grade 81.0%
Columbia Corporate Income Fund, Institutional 3 Class(a)
 7,208,554 71,941,365
Columbia Short Term Bond Fund, Institutional 3 Class(a)
 18,196,346 179,415,975
Columbia U.S. Government Mortgage Fund, Institutional 3 Class(a)
 27,115,610 143,712,735
Columbia U.S. Treasury Index Fund, Institutional 3 Class(a)
 23,042,217 251,621,003
Total Investment Grades 646,691,078
Total Fixed-Income Funds
(Cost: $651,302,996) 		646,691,078
Money Market Funds 0.0%
  Shares Value ($)
JPMorgan U.S. Government Money Market Fund, Agency Shares, 1.479%(c) 256,220 256,220
Total Money Market Funds
(Cost: $256,220) 		256,220
Total Investments in Securities
(Cost $783,867,899) 		796,266,782
Other Assets & Liabilities, Net   2,689,753
Net Assets $798,956,535
28 Columbia Thermostat FundSM | Quarterly Report 2018

Portfolio of Investments   (continued)
Columbia Thermostat FundSM, March 31, 2018 (Unaudited)
Notes to Portfolio of Investments
(a) An affiliated person of the Fund, as defined in the Investment Company Act of 1940, may include any company in which the Fund owns five percent or more of its outstanding voting shares. Holdings and transactions in these affiliated companies during the period ended ended March 31, 2018, are as follows. The aggregate cost and value of these companies at March 31, 2018, was $783,611,679 and $796,010,562, respectively. Investments in affiliated companies represented 99.63% of the Fund’s total net assets at March 31, 2018.
    
Issuer Beginning
shares 		Shares
purchased 		Shares
sold 		Ending
shares 		Realized gain
(loss) —
affiliated
issuers ($) 		Net change in
unrealized
appreciation
(depreciation) —
affiliated
issuers ($) 		Dividend —
affiliated
issuers ($) 		Capital gain
distributions —
affiliated
issuers ($) 		Value —
affiliated
issuers
at end of
period ($)
Columbia Acorn Fund, Institutional 3 Class
  519,202 291,489 (351,273) 459,418 164,013 612,792 — — 7,782,545
Columbia Acorn International, Institutional 3 Class
  364,288 199,433 (397,078) 166,643 3,092,399 (2,024,180) — — 7,998,876
Columbia Acorn Select, Institutional 3 Class
  487,249 270,708 (308,839) 449,118 422,382 (192,851) — — 7,769,735
Columbia Contrarian Core Fund, Institutional 3 Class
  323,920 182,742 (208,288) 298,374 493,290 (398,682) — — 7,650,302
Columbia Corporate Income Fund, Institutional 3 Class
  — 7,325,495 (116,941) 7,208,554 263 143,931 119,727 — 71,941,365
Columbia Diversified Fixed Income Allocation ETF
  — 3,741,265 (59,879) 3,681,386 (3,690) 218,151 — — 71,971,097
Columbia Dividend Income Fund, Institutional 3 Class
  759,793 426,573 (834,298) 352,068 3,602,420 (3,163,716) 39,597 — 7,699,724
Columbia Income Opportunities Fund, Institutional 3 Class
  7,774,323 59,913 (7,834,236) — 2,103,636 (3,913,900) 696,670 — —
Columbia Large Cap Enhanced Core Fund, Institutional 3 Class
  345,654 191,283 (222,944) 313,993 535,031 (260,359) — — 7,702,245
Columbia Large Cap Index Fund, Institutional 3 Class
  — 631,572 — 631,572 — (1,629,458) — — 30,744,960
Columbia Select Large Cap Equity Fund, Institutional 3 Class
  595,505 330,247 (925,752) — 1,195,080 (595,150) — — —
Columbia Select Large Cap Growth Fund, Institutional 3 Class
  492,597 265,317 (757,914) — 3,424,753 (1,924,787) — — —
Columbia Short Term Bond Fund, Institutional 3 Class
  31,104,620 88,175 (12,996,449) 18,196,346 (1,145,957) (632,091) 870,114 — 179,415,975
Columbia Total Return Bond Fund, Institutional 3 Class
  17,065,809 71,871 (17,137,680) — (2,138,391) (854,368) 764,183 — —
Columbia U.S. Government Mortgage Fund, Institutional 3 Class
  28,648,549 1,714,943 (3,247,882) 27,115,610 (294,910) (2,222,844) 1,251,502 — 143,712,735
Columbia U.S. Treasury Index Fund, Institutional 3 Class
  6,949,835 17,223,256 (1,130,874) 23,042,217 (394,475) 473,579 491,105 — 251,621,003
Total of Affiliated Transactions         11,055,844 (16,363,933) 4,232,898 — 796,010,562
    
(b) Non-income producing security.
(c) The rate shown is the seven-day current annualized yield at March 31, 2018.
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
Columbia Thermostat FundSM | Quarterly Report 2018
 29

Portfolio of Investments   (continued)
Columbia Thermostat FundSM, March 31, 2018 (Unaudited)
Fair value measurements
Various inputs are used in determining the value of the Fund’s investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (GAAP). These inputs are summarized in the three broad levels listed below:
■ Level 1 – quoted prices in active markets for identical securities
■ Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)
■ Level 3 – prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management’s own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include mutual funds whose net asset values are published each day.
The Committee is responsible for applying the Columbia Acorn Trust Portfolio Pricing Policy and the Columbia Wanger Asset Management pricing procedures (the Policies), which are approved by and subject to the oversight of the Board of Trustees.
The Committee meets as necessary, and no less frequently than quarterly, to determine fair values for securities for which market quotations are not readily available or for which Columbia Wanger Asset Management believes that available market quotations are unreliable. The Committee also reviews the continuing appropriateness of the Policies. In circumstances where a security has been fair valued, the Committee will also review the continuing appropriateness of the current value of the security. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Fund’s investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Fund’s securities may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. Significant changes in any of these factors could result in lower or higher fair value measurements. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.
The following table is a summary of the inputs used to value the Fund’s investments at March 31, 2018:
  Level 1
quoted prices in active
markets for identical
assets ($) 		Level 2
other significant
observable inputs ($) 		Level 3
significant
unobservable inputs ($) 		Total ($)
Investments in Securities        
Equity Funds 77,348,387 — — 77,348,387
Exchange-Traded Funds 71,971,097 — — 71,971,097
Fixed-Income Funds 646,691,078 — — 646,691,078
Money Market Funds 256,220 — — 256,220
Total Investments in Securities 796,266,782 — — 796,266,782
There were no transfers of financial assets between levels during the period.
30 Columbia Thermostat FundSM | Quarterly Report 2018

Portfolio of Investments
Columbia Acorn Emerging Markets FundSM, March 31, 2018 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 97.1%
Issuer Shares Value ($)
Brazil 5.1%
Odontoprev SA
Dental benefits company 		560,000 2,535,856
Qualicorp SA
Insurance and benefits packages 		116,000 786,345
Raia Drogasil SA
Chain of pharmaceutical stores 		88,000 1,991,925
Total 5,314,126
Cambodia 3.5%
NagaCorp Ltd.
Leisure and tourism company 		3,522,000 3,666,269
Cayman Islands 11.3%
China Lodging Group Ltd.
Chain of hotels 		12,000 1,580,520
Gourmet Master Co., Ltd.
Coffee & bakery cafes 		163,000 2,141,035
Netshoes Cayman Ltd.(a),(b)
Online sports goods and apparel 		78,358 463,879
Parade Technologies Ltd.
Fabless semiconductor company 		118,000 2,319,388
Silicon Motion Technology Corp., ADR
Semiconductor products 		41,799 2,011,368
Xiabuxiabu Catering Management China Holdings Co., Ltd.
Chain of restaurants in China 		1,705,000 3,252,560
Total 11,768,750
China 10.4%
51job, Inc., ADR(a)
Integrated human resource services 		30,912 2,659,669
58.Com, Inc., ADR(a)
Local life service platform 		25,893 2,067,815
China Medical System Holdings Ltd.
Pharmaceutical and medical products 		508,000 1,163,768
New Oriental Education & Technology Group, Inc., ADR
Educational services 		34,000 2,980,100
TravelSky Technology Ltd., Class H
IT solutions for China’s air travel and tourism industries 		671,000 1,959,916
Total 10,831,268
Egypt 1.2%
Commercial International Bank of Egypt
Provides a range of financial services 		237,000 1,196,561
Common Stocks (continued)
Issuer Shares Value ($)
Hong Kong 6.4%
ASM Pacific Technology Ltd.
Machines, tools & materials used in the semiconductor industry 		68,800 969,277
Value Partners Group Ltd.
Independent, value oriented asset management group 		2,628,000 2,476,199
Vitasoy International Holdings Ltd.
Food and beverages 		1,261,000 3,254,286
Total 6,699,762
India 9.2%
Care Ratings Ltd.
Credit rating services 		101,000 1,881,564
GRUH Finance Ltd.
Provides a range of home loans as well as insurance products 		317,074 2,823,679
Havells India Ltd.
Manufactures electrical products 		129,000 972,425
TVS Motor Co., Ltd.
Motorcycles, mopeds and scooters 		103,480 990,610
Zee Entertainment Enterprises Ltd.
Hindi films, serials, game shows and children’s programs 		329,472 2,924,538
Total 9,592,816
Indonesia 5.7%
PT Link Net Tbk
High-speed internet connection through fiber optic lines 		3,902,900 1,481,217
PT Matahari Department Store Tbk
Retail clothes, accessories, bags, shoes, cosmetics, household appliances, and management consulting services. 		2,400,000 1,917,006
PT Media Nusantara Citra Tbk
Integrated media company in Southeast Asia 		10,000,000 1,033,845
PT Tower Bersama Infrastructure Tbk
Telecommunication infrastructure services to Indonesian wireless carriers 		3,550,000 1,439,842
Total 5,871,910
Malaysia 1.2%
AEON Credit Service M Bhd
Consumer financing products 		389,000 1,236,996
Columbia Acorn Emerging Markets FundSM | Quarterly Report 2018
 31

Portfolio of Investments   (continued)
Columbia Acorn Emerging Markets FundSM, March 31, 2018 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Mexico 4.4%
Grupo Aeroportuario del Sureste SAB de CV, ADR
Operates airports in Mexico 		7,000 1,193,990
Qualitas Controladora SAB de CV
Insurance holding company 		1,203,000 3,329,756
Total 4,523,746
Philippines 1.8%
D&L Industries, Inc.
Customized raw materials 		6,000,000 1,330,794
Security Bank Corp.
Financial products & services 		114,000 527,288
Total 1,858,082
Russian Federation 1.2%
TCS Group Holding PLC, GDR
Online retail financial services 		59,000 1,295,050
South Africa 6.7%
Clicks Group Ltd.
Owns and operates chains of retail stores 		130,687 2,010,297
Famous Brands Ltd.(a),(b)
Food and beverage company 		258,936 2,451,622
PSG Group Ltd.
Diversified financial services 		117,696 2,237,554
Rand Merchant Investment Holdings Ltd.
Investment holding company 		82,673 279,330
Total 6,978,803
South Korea 13.6%
CJ Logistics Corp.(a)
Logistics services 		10,683 1,385,215
GS Retail Co., Ltd.
Chain of retail stores 		63,100 1,825,794
Koh Young Technology, Inc.
3D measurement and inspection equipment for testing various machineries 		32,515 3,072,224
Korea Investment Holdings Co., Ltd.
Financial holding company 		26,676 2,093,977
Korea Zinc Co. Ltd.
Non-ferrous metal smelting 		6,800 3,087,961
Modetour Network, Inc.
Travel services 		72,518 2,660,198
Total 14,125,369
Spain 1.0%
Prosegur Cia de Seguridad SA, Registered Shares
Security and transportation services 		131,000 1,005,819
Common Stocks (continued)
Issuer Shares Value ($)
Taiwan 7.7%
Basso Industry Corp.
Pneumatic nailers and staplers 		568,000 1,027,833
Largan Precision Co., Ltd.
Optical lens modules and optoelectronic components 		10,000 1,164,116
Silergy Corp.
High performance analog integrated circuits 		132,000 2,997,226
Sinbon Electronics Co., Ltd.
Cable, connectors & modems 		192,000 507,199
Voltronic Power Technology Corp.
Uninterruptible power supply products, inverters, multiple surface mounted devices and other power products 		116,000 2,253,869
Total 7,950,243
Thailand 4.6%
Beauty Community PCL
Cosmetic and beauty products 		2,760,000 1,882,549
Home Product Center PCL, Foreign Registered Shares
Building materials and home improvement products 		355,600 158,459
Samui Airport Property Fund Leasehold
Closed-end property fund incorporated in Thailand 		1,537,100 1,140,413
Tisco Financial Group PCL
Bank holding company 		550,000 1,550,779
Total 4,732,200
Turkey 2.1%
Logo Yazilim Sanayi Ve Ticaret AS(a)
Enterprise resource planning software 		178,000 2,197,197
Total Common Stocks
(Cost: $79,479,645) 		100,844,967
Securities Lending Collateral 0.7%
  Shares Value ($)
Dreyfus Government Cash Management Fund, Institutional Shares, 1.570%(c),(d)
 771,000 771,000
Total Securities Lending Collateral
(Cost: $771,000) 		771,000
 
 
32 Columbia Acorn Emerging Markets FundSM | Quarterly Report 2018

Portfolio of Investments   (continued)
Columbia Acorn Emerging Markets FundSM, March 31, 2018 (Unaudited)
Money Market Funds 3.0%
  Shares Value ($)
JPMorgan U.S. Government Money Market Fund, IM Shares, 1.581%(c)
 3,108,226 3,108,226
Total Money Market Funds
(Cost: $3,108,226) 		3,108,226
Total Investments in Securities
(Cost: $83,358,871) 		104,724,193
Obligation to Return Collateral for Securities Loaned   (771,000)
Other Assets & Liabilities, Net   (63,360)
Net Assets $103,889,833
Notes to Portfolio of Investments
(a) Non-income producing security.
(b) All or a portion of this security was on loan at March 31, 2018. The total market value of securities on loan at March 31, 2018 was $734,490.
(c) The rate shown is the seven-day current annualized yield at March 31, 2018.
(d) Investment made with cash collateral received from securities lending activity.
Abbreviation Legend
ADR American Depositary Receipt
GDR Global Depositary Receipt
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
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.
Columbia Acorn Emerging Markets FundSM | Quarterly Report 2018
 33

Portfolio of Investments   (continued)
Columbia Acorn Emerging Markets FundSM, March 31, 2018 (Unaudited)
Fair value measurements  (continued)
The following table is a summary of the inputs used to value the Fund’s investments at March 31, 2018:
  Level 1
quoted prices in active
markets for identical
assets ($) 		Level 2
other significant
observable inputs ($) 		Level 3
significant
unobservable inputs ($) 		Total ($)
Investments in Securities        
Common Stocks        
Brazil 5,314,126 — — 5,314,126
Cambodia — 3,666,269 — 3,666,269
Cayman Islands 4,055,767 7,712,983 — 11,768,750
China 7,707,584 3,123,684 — 10,831,268
Egypt — 1,196,561 — 1,196,561
Hong Kong — 6,699,762 — 6,699,762
India — 9,592,816 — 9,592,816
Indonesia — 5,871,910 — 5,871,910
Malaysia — 1,236,996 — 1,236,996
Mexico 4,523,746 — — 4,523,746
Philippines — 1,858,082 — 1,858,082
Russian Federation — 1,295,050 — 1,295,050
South Africa — 6,978,803 — 6,978,803
South Korea — 14,125,369 — 14,125,369
Spain — 1,005,819 — 1,005,819
Taiwan — 7,950,243 — 7,950,243
Thailand — 4,732,200 — 4,732,200
Turkey — 2,197,197 — 2,197,197
Total Common Stocks 21,601,223 79,243,744 — 100,844,967
Securities Lending Collateral 771,000 — — 771,000
Money Market Funds 3,108,226 — — 3,108,226
Total Investments in Securities 25,480,449 79,243,744 — 104,724,193
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.
34 Columbia Acorn Emerging Markets FundSM | Quarterly Report 2018

Portfolio of Investments
Columbia Acorn European FundSM, March 31, 2018 (Unaudited)
(Percentages represent value of investments compared to net assets)
Investments in securities
Common Stocks 95.0%
Issuer Shares Value ($)
Australia 1.0%
Domino’s Pizza Enterprises Ltd.
Pizza delivery stores 		39,075 1,259,088
Belgium 1.4%
Melexis NV
Advanced integrated semiconductors, sensor ICs, and programmable sensor IC systems 		16,690 1,663,433
Denmark 4.9%
ALK-Abello AS(a)
Pharmaceuticals for allergy vaccinations 		8,255 1,035,491
SimCorp AS
Global provider of highly specialised software for the investment management industry 		42,018 2,936,680
William Demant Holding AS(a)
Hearing aids, audiometers, tympanometers, diagnostic instruments, and wireless communication equipment 		51,222 1,908,031
Total 5,880,202
Finland 2.7%
Ahlstrom-Munksjo Oyj(b)
Industrial paper 		69,101 1,440,328
Ahlstrom-Munksjo Oyj(c)
Industrial paper 		83,818 1,726,592
Total 3,166,920
France 2.9%
Akka Technologies
High-technology engineering consulting services 		29,378 1,785,719
Elior Group SA(b)
Provides catering, cleaning, and facility management services 		39,228 852,414
Korian SA
Healthcare facilities & medical establishments 		22,831 772,541
Total 3,410,674
Germany 22.4%
AURELIUS Equity Opportunities SE & Co. KGaA
Loans to distressed companies 		30,600 2,131,090
CTS Eventim AG & Co. KGaA
Online ticket sales 		52,262 2,447,477
Deutsche Beteiligungs AG
Private equity company, investing in domestic medium-sized companies 		20,301 982,938
Fielmann AG
Prescription eyeglasses, specialty glasses, sunglasses, contact lenses, and optical supplies 		22,578 1,825,218
Common Stocks (continued)
Issuer Shares Value ($)
MTU Aero Engines AG
Develops and manufactures engines and offers commercial engine services and support 		17,952 3,021,780
Nemetschek SE
Standard software for designing, constructing and managing buildings and real estate 		40,989 4,589,576
Norma Group SE
Plastic and metal-based components and systems in connecting technology 		21,436 1,603,656
Rational AG
Food preparation appliances/processors and kitchen accessories 		3,677 2,311,950
Stroeer SE & Co. KGaA
Digital multi-channel media company 		38,466 2,686,004
Vapiano SE(a),(b)
Chain of restaurants 		72,548 1,959,403
Wirecard AG
Internet payment and processing services 		25,900 3,056,840
Total 26,615,932
Ireland 1.8%
UDG Healthcare PLC
Commercialisation solutions for health care companies 		172,517 2,100,920
Italy 5.5%
Brembo SpA
Braking systems and components 		228,119 3,519,840
Davide Campari-Milano SpA
Global producer & distributor of branded spirits, wines and soft drinks 		148,000 1,119,955
Industria Macchine Automatiche SpA
Packaging machinery for the food, pharmaceuticals, and cosmetics industries 		19,142 1,861,886
Total 6,501,681
Luxembourg 1.9%
eDreams ODIGEO SA(a)
Online travel company 		475,119 2,265,364
Malta 3.2%
Kindred Group PLC
Online gambling services 		276,477 3,793,149
Netherlands 2.5%
Aalberts Industries NV
Industrial services and flow control systems 		58,942 2,999,641
Columbia Acorn European FundSM | Quarterly Report 2018
 35

Portfolio of Investments   (continued)
Columbia Acorn European FundSM, March 31, 2018 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Norway 3.2%
Atea ASA
Nordic and Baltic supplier of IT infrastructure 		165,297 2,683,304
XXL ASA
Multi-sports retail store 		104,240 1,074,967
Total 3,758,271
Russian Federation 1.0%
TCS Group Holding PLC, GDR
Online retail financial services 		54,000 1,185,300
Spain 1.3%
Prosegur Cia de Seguridad SA, Registered Shares
Security and transportation services 		199,157 1,529,129
Sweden 10.1%
Byggmax Group AB(b)
Discount provider of building materials 		168,340 837,190
NetEnt AB
Computer gaming software 		259,384 1,309,375
Recipharm AB, B Shares(b)
Contract development and manufacture of pharmaceuticals 		73,589 843,688
Sectra AB, B Shares
Medical and communication systems 		161,897 3,341,139
Sweco AB, Class B
Consulting company specializing in engineering, environmental technology, and architecture 		115,374 2,390,240
Trelleborg AB, Class B
Manufactures and distributes industrial products 		130,665 3,292,515
Total 12,014,147
Switzerland 6.4%
Bossard Holding AG, Class A, Registered Shares
Fastening devices, industrial adhesives & tools 		11,100 2,275,732
Inficon Holding AG
Vacuum instruments used to monitor and control production processes 		3,780 2,322,960
Kardex AG
Storage, warehouse and materials handling systems 		449 60,775
Partners Group Holding AG
Global private markets asset management firm 		3,899 2,895,701
Total 7,555,168
Turkey 1.2%
Logo Yazilim Sanayi Ve Ticaret AS(a)
Enterprise resource planning software 		111,630 1,377,938
Common Stocks (continued)
Issuer Shares Value ($)
United Kingdom 21.6%
Ascential PLC
Media and consultancy services 		303,775 1,776,387
Assura PLC
Primary healthcare property group 		2,128,147 1,770,575
Big Yellow Group PLC
Self-storage company 		95,558 1,143,600
Croda International PLC
Chemicals and chemical products 		29,278 1,876,400
Domino’s Pizza Group PLC
Pizza delivery stores 		464,524 2,153,959
Halma PLC
Products that detect hazards and protect assets and people in public and commercial buildings 		186,033 3,077,242
Hastings Group Holdings PLC
General insurance services to the automobile and home insurance products 		317,418 1,165,003
Intermediate Capital Group PLC
Private equity firm 		95,767 1,319,427
Polypipe Group PLC
Plastic piping systems 		191,479 934,885
Rentokil Initial PLC
Fully integrated facilities management and essential support services 		956,870 3,647,544
Rightmove PLC
Website that lists properties across Britain 		30,849 1,881,432
Spirax-Sarco Engineering PLC
Consultation, service and products for the control and efficient management of steam and industrial fluids 		37,402 3,019,938
WH Smith PLC
Retails books, magazines, newspapers, and periodicals 		67,955 1,857,241
Total 25,623,633
Total Common Stocks
(Cost: $91,545,861) 		112,700,590
    
Preferred Stocks 1.7%
Issuer   Shares Value ($)
Germany 1.7%
Sartorius AG
Precision electronic equipment and components 		  14,483 2,022,639
Total Preferred Stocks
(Cost: $1,430,069) 		2,022,639
 
 
36 Columbia Acorn European FundSM | Quarterly Report 2018

Portfolio of Investments   (continued)
Columbia Acorn European FundSM, March 31, 2018 (Unaudited)
Securities Lending Collateral 1.3%
  Shares Value ($)
Dreyfus Government Cash Management Fund, Institutional Shares, 1.570%(d),(e)
 1,487,371 1,487,371
Total Securities Lending Collateral
(Cost: $1,487,371) 		1,487,371
Money Market Funds 3.0%
JPMorgan U.S. Government Money Market Fund, IM Shares, 1.581%(d)
 3,595,964 3,595,964
Total Money Market Funds
(Cost: $3,595,964) 		3,595,964
Total Investments in Securities
(Cost: $98,059,265) 		119,806,564
Obligation to Return Collateral for Securities Loaned   (1,487,371)
Other Assets & Liabilities, Net   307,584
Net Assets $118,626,777
Notes to Portfolio of Investments
(a) Non-income producing security.
(b) All or a portion of this security was on loan at March 31, 2018. The total market value of securities on loan at March 31, 2018 was $1,424,971.
(c) Security is traded on a Swedish exchange.
(d) The rate shown is the seven-day current annualized yield at March 31, 2018.
(e) Investment made with cash collateral received from securities lending activity.
Abbreviation Legend
GDR Global Depositary Receipt
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
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
Columbia Acorn European FundSM | Quarterly Report 2018
 37

Portfolio of Investments   (continued)
Columbia Acorn European FundSM, March 31, 2018 (Unaudited)
Fair value measurements  (continued)
require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Fund’s investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Fund’s securities may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. Significant changes in any of these factors could result in lower or higher fair value measurements. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.
The following table is a summary of the inputs used to value the Fund’s investments at March 31, 2018:
  Level 1
quoted prices in active
markets for identical
assets ($) 		Level 2
other significant
observable inputs ($) 		Level 3
significant
unobservable inputs ($) 		Total ($)
Investments in Securities        
Common Stocks        
Australia — 1,259,088 — 1,259,088
Belgium — 1,663,433 — 1,663,433
Denmark — 5,880,202 — 5,880,202
Finland — 3,166,920 — 3,166,920
France — 3,410,674 — 3,410,674
Germany — 26,615,932 — 26,615,932
Ireland — 2,100,920 — 2,100,920
Italy — 6,501,681 — 6,501,681
Luxembourg — 2,265,364 — 2,265,364
Malta — 3,793,149 — 3,793,149
Netherlands — 2,999,641 — 2,999,641
Norway — 3,758,271 — 3,758,271
Russian Federation — 1,185,300 — 1,185,300
Spain — 1,529,129 — 1,529,129
Sweden — 12,014,147 — 12,014,147
Switzerland — 7,555,168 — 7,555,168
Turkey — 1,377,938 — 1,377,938
United Kingdom — 25,623,633 — 25,623,633
Total Common Stocks — 112,700,590 — 112,700,590
Preferred Stocks        
Germany — 2,022,639 — 2,022,639
Total Preferred Stocks — 2,022,639 — 2,022,639
Securities Lending Collateral 1,487,371 — — 1,487,371
Money Market Funds 3,595,964 — — 3,595,964
Total Investments in Securities 5,083,335 114,723,229 — 119,806,564
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.
38 Columbia Acorn European FundSM | Quarterly Report 2018

Item 2. Controls and Procedures.

 

  (a) The registrant’s principal executive officer and principal financial officer, 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 information required to be disclosed by the registrant in Form N-Q 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 last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

 

Item 3. Exhibits.

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

SIGNATURES

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

 

(registrant)                                     Columbia Acorn Trust                                                           
By (Signature and Title)               /s/ P. Zachary Egan
              P. Zachary Egan, President and Principal Executive Officer             
Date                                              May 21, 2018                                                                         

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By (Signature and Title)               /s/ P. Zachary Egan                                                            
              P. Zachary Egan, President and Principal Executive Officer
Date                                              May 21, 2018                                                                          
By (Signature and Title)               /s/ John M. Kunka                                                                  
  John M. Kunka, Treasurer and Principal Accounting and Financial Officer
Date                                              May 21, 2018                                                                         
 EX-99.CERT 2 d582681dex99cert.htm SECTION 302 CERTIFICATION Section 302 Certification

I, John M. Kunka, certify that:

 

1. I have reviewed this report on Form N-Q 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 schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

4. The registrant’s other certifying officer(s) 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 most recent fiscal quarter 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 officer(s) 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: May 21, 2018                   /s/ John M. Kunka
      John M. Kunka, Treasurer and Principal Accounting and Financial Officer

I, P. Zachary Egan, certify that:

 

1. I have reviewed this report on Form N-Q 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 schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

 

4. The registrant’s other certifying officer(s) 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 most recent fiscal quarter 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 officer(s) 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: May 21, 2018                   /s/ P. Zachary Egan
      P. Zachary Egan, President and Principal Executive Officer