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May 01, 2019

COLUMBIA ACORN TRUST

Supplement dated July 1, 2019

to the Prospectus, Summary Prospectus and Statement of Additional Information (“SAI”) dated May 1, 2019

for following Fund (“Fund”):

 

Columbia Acorn International Select

Effective immediately, the Fund’s Prospectus and Summary Prospectus are supplemented as follows:

 

1.
The Annual Fund Operating Expenses table that appears under the section heading “Fees and Expenses of the Fund” is removed and replaced with the following:

 

Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
    
Class
A
  
Class
Adv
  
Class
C
  
Class
Inst
  
Class
Inst2
  
Class
Inst3
Management fees
    0.89%   0.89%   0.89%   0.89%   0.89%   0.89%
Distribution and/or service (12b-1)
fees		    0.25%   0.00%   1.00%   0.00%   0.00%   0.00%
Other expenses(c)
    0.39%   0.39%   0.39%   0.39%   0.31%   0.26%
Total annual Fund operating
expenses(d)		    1.53%   1.28%   2.28%   1.28%   1.20%   1.15%
Fee waivers and/or expense
reimbursements(e)		    (0.22)%   (0.22)%   (0.22)%   (0.22)%   (0.23)%   (0.23)%
Total annual Fund operating
expenses after fee waivers and/or
expense reimbursements		    1.31%   1.06%   2.06%   1.06%   0.97%   0.92%

 

  (c) 
Other expenses have been restated to reflect current transfer agency fees paid by the Fund.
  (d) 
“Total annual Fund operating expenses” include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than the ratio of expenses to average net assets shown in the Financial Highlights section of this prospectus because the ratio of expenses to average net assets does not include acquired fund fees and expenses.
  (e) 
Columbia Wanger Asset Management, LLC (the Investment Manager) has contractually agreed to waive fees and reimburse certain expenses of the Fund, through June 30, 2020, so that ordinary operating expenses (excluding transaction costs and certain other investment-related expenses, interest and fees on borrowings and expenses associated with the Fund’s investment in other investment companies, if any) do not exceed the annual rates of 1.31% for Class A shares, 1.06% for Class Adv shares, 2.06% for Class C shares, 1.06% for Class Inst shares, 0.97% for Class Inst2 shares and 0.92% for Class Inst3 shares. This arrangement may only be amended or terminated with approval from the Fund’s Board of Trustees and the Investment Manager. The fee waivers and/or expense reimbursements shown in the table also reflect the contractual agreement of the Fund’s transfer agent, Columbia Management Investment Services Corp. (the Transfer Agent), to waive a portion of its fees through June 30, 2020, such that the Fund’s transfer agency fees do not exceed the annual rates of 0.05% of the average daily net assets of Class Inst2 shares and 0.00% of the average daily net assets of Class Inst3 shares.

 

2.
The Example table and the paragraph that immediately precedes it under the section heading “Fees and Expenses of the Fund” are removed and replaced with the following:

Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above expire as indicated in the preceding table, they are only reflected in the 1 year example and the first of the other examples. Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be:

 

     1 year    3 years    5 years    10 years
Class A (whether or not shares are redeemed)
    $701    $1,010    $1,342    $2,276
Class Adv (whether or not shares are redeemed)
    $108    $384    $681    $1,526
Class C (assuming redemption of all shares at the
end of the period)		    $309    $691    $1,200    $2,598
Class C (assuming no redemption of shares)
    $209    $691    $1,200    $2,598
Class Inst (whether or not shares are redeemed)
    $108    $384    $681    $1,526
Class Inst2 (whether or not shares are redeemed)
    $99    $358    $638    $1,434
Class Inst3 (whether or not shares are redeemed)
    $94    $343    $611    $1,377