UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number811-01829
Columbia Acorn Trust
(Exact name of registrant as specified in charter)
71 S Wacker Dr.
Suite 2500
Chicago, IL 60606, USA
(Address of principal executive offices) (Zip code)
Ryan C. Larrenaga
c/o Columbia Management
Investment Advisers, LLC
290 Congress Street
Boston, Massachusetts 02210
Daniel J. Beckman
c/o Columbia Management Investment Advisers, LLC
290 Congress Street
Boston, Massachusetts 02210
Mary C. Moynihan
Perkins Coie LLP
700 13th Street, NW
Suite 800
Washington, DC 20005
(Name and address of agent for service)
Registrant's telephone number, including area code: (312) 634-9200
Date of fiscal year end: December 31
Date of reporting period: June 30, 2021
Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
Beginning on January 1, 2021, as
permitted by regulations adopted by the Securities and Exchange Commission, paper copies of the Funds’ annual and semiannual shareholder reports like this one are no longer sent by mail, unless you specifically
requested paper copies of the reports. Instead, the reports are made available on the Funds’ website (columbiathreadneedleus.com/investor/), and each time a report is posted you will be notified by mail and
provided with a website address to access the report.
If you have already
elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Funds
electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, for Fund shares held directly with the Funds, by calling 800.345.6611 or by enrolling in
“eDelivery” by logging into your account at columbiathreadneedleus.com/investor/.
You may elect to receive
all future shareholder reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue receiving paper copies of your
shareholder reports. If you invest directly with the Funds, you can call 800.345.6611 to let the Funds know you wish to continue receiving paper copies of your shareholder reports. Your election to receive paper
reports will apply to all Columbia Funds, including the Columbia Acorn Funds, held in your account if you invest through a financial intermediary or all Columbia Funds, including the Columbia Acorn Funds, held with
the fund complex if you invest directly with the Funds.
Not Federally Insured • No
Financial Institution Guarantee • May Lose Value
Table of Contents
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Columbia Acorn Family of Funds
| Semiannual Report 2021
Fund at a glance
Columbia Acorn® Fund (Unaudited)
Columbia Acorn® Fund (Unaudited)
Investment objective
Columbia
Acorn® Fund (the Fund) seeks long-term capital appreciation.
Portfolio management
Daniel Cole, CFA
Co-Portfolio Manager since April 2021
Service with Fund since 2021
Erika K. Maschmeyer, CFA
Co-Portfolio Manager since 2019
Service with Fund since 2016
John L. Emerson, CFA
Co-Portfolio Manager since April 2021
Service with Fund since 2003
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows
investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2021 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or
distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 3 |
Fund at a glance (continued)
Columbia Acorn® Fund (Unaudited)
Columbia Acorn® Fund (Unaudited)
| 4 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Fund at a glance
Columbia Acorn International® (Unaudited)
Columbia Acorn International® (Unaudited)
Investment objective
Columbia
Acorn International® (the Fund) seeks long-term capital appreciation.
Portfolio management
Tae Han (Simon) Kim, CFA
Co-Portfolio Manager since 2017
Service with Fund since 2011
Hans F. Stege
Co-Portfolio Manager since July 2020
Service with Fund since 2017
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows
investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2021 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or
distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 5 |
Fund at a glance (continued)
Columbia Acorn International® (Unaudited)
Columbia Acorn International® (Unaudited)
| 6 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Fund at a glance
Columbia Acorn USA® (Unaudited)
Columbia Acorn USA® (Unaudited)
Investment objective
Columbia
Acorn USA® (the Fund) seeks long-term capital appreciation.
Portfolio management
Erika K. Maschmeyer, CFA
Co-Portfolio Manager since April 2021
Service with Fund since 2016
John L. Emerson, CFA
Co-Portfolio Manager since April 2021
Service with Fund since 2003
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows
investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2021 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or
distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 7 |
Fund at a glance (continued)
Columbia Acorn USA® (Unaudited)
Columbia Acorn USA® (Unaudited)
| 8 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Fund at a glance
Columbia Acorn International SelectSM (Unaudited)
Columbia Acorn International SelectSM (Unaudited)
Investment objective
Columbia
Acorn International SelectSM (the Fund) seeks long-term capital appreciation.
Portfolio management
Stephen Kusmierczak, CFA
Lead Portfolio Manager or Co-Portfolio Manager since 2016
Service with Fund since 2001
Hans F. Stege
Co-Portfolio Manager since 2019
Service with Fund since 2017
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows
investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2021 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or
distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 9 |
Fund at a glance (continued)
Columbia Acorn International SelectSM (Unaudited)
Columbia Acorn International SelectSM (Unaudited)
| 10 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Fund at a glance
Columbia Thermostat FundSM (Unaudited)
Columbia Thermostat FundSM (Unaudited)
Investment objective
Columbia
Thermostat FundSM (the Fund) seeks long-term capital appreciation.
Portfolio management
Anwiti Bahuguna, Ph.D.
Co-Portfolio Manager since 2018
Service with Fund since 2018
Joshua Kutin, CFA
Co-Portfolio Manager since 2018
Service with Fund since 2018
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 11 |
Fund at a glance (continued)
Columbia Thermostat FundSM (Unaudited)
Columbia Thermostat FundSM (Unaudited)
The Bloomberg Barclays U.S.
Aggregate Bond Index is a market value-weighted index that tracks the daily price, coupon, pay-downs and total return performance of fixed-rate, publicly placed, dollar-denominated and non-convertible investment-grade
debt issues with at least $250 million par amount outstanding and with at least one year to final maturity.
The “Bloomberg Barclays”
indices will be re-branded as the “Bloomberg” indices effective August 24, 2021.
Unlike mutual funds, indexes are not
managed and do not incur fees or expenses. It is not possible to invest directly in an index.
The COVID-19 pandemic has adversely
impacted economies and capital markets around the world in ways that will likely continue and may change in unforeseen ways for an indeterminate period. The COVID-19 pandemic may exacerbate pre-existing political,
social and economic risks in certain countries and globally. Fund performance may be significantly negatively impacted by the economic impact of the COVID-19 pandemic.
| Portfolio breakdown (%) (at June 30, 2021) | |
| Equity Funds | 9.1 |
| Exchange-Traded Equity Funds | 1.0 |
| Exchange-Traded Fixed Income Funds | 9.0 |
| Fixed Income Funds | 80.7 |
| Money Market Funds | 0.2 |
| Total | 100.0 |
Percentages indicated are based
upon total investments excluding investments in derivatives, if any. The Fund’s portfolio composition is subject to change.
| 12 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Fund at a glance
Columbia Acorn European FundSM (Unaudited)
Columbia Acorn European FundSM (Unaudited)
Investment objective
Columbia
Acorn European FundSM (the Fund) seeks long-term capital appreciation.
Portfolio management
Stephen Kusmierczak, CFA
Portfolio Manager or Co-Portfolio Manager since 2011
Service with Fund since 2011
Sebastien Pigeon, CFA
Co-Portfolio Manager since May 2021
Service with Fund since 2015
Morningstar style boxTM
The Morningstar Style Box is based on a fund’s portfolio holdings. For equity funds, the vertical axis shows the market capitalization of the stocks owned, and the horizontal axis shows
investment style (value, blend, or growth). Information shown is based on the most recent data provided by Morningstar.
© 2021 Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or
distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 13 |
Fund at a glance (continued)
Columbia Acorn European FundSM (Unaudited)
Columbia Acorn European FundSM (Unaudited)
| 14 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Understanding Your Fund’s
Expenses
(Unaudited)
(Unaudited)
As a shareholder, you incur two
types of costs. There are shareholder transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing fund costs, which generally include investment
advisory fees, distribution and service (Rule 12b-1) fees, and other Fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you
compare these costs with the ongoing costs of investing in other mutual funds.
Analyzing your Fund’s
expenses
To illustrate these ongoing
costs, we have provided examples and calculated the expenses paid by investors in each share class of the Funds during the period. The actual and hypothetical information in the tables is based on an initial
investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in
the “Actual” column is calculated using the Funds’ actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the
expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under
the Actual column. The amount listed in the “Hypothetical” column assumes a 5% annual rate of return before expenses (which is not the Funds’ actual return) and then applies the Funds’ actual
expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid
during the period. See “Compare with other funds” below for details on how to use the hypothetical data.
In addition to the ongoing expenses
which the Funds bear directly, Columbia Thermostat FundSM’s shareholders indirectly bear the Fund’s allocable share of the costs and expenses of each underlying fund in
which the Fund invests. You can also estimate the effective expenses paid during the period, which includes the indirect fees associated with investing in the underlying funds, by using the amounts listed in the
effective expenses paid during the period column in the “Fund of Funds” table.
Compare with other funds
Since all mutual funds are
required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Funds with other funds. To do so, compare the
hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are
meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in
comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
| January 1, 2021 — June 30, 2021 | |||||||
| Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
| Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
| Columbia Acorn® Fund | |||||||
| Class A | 1,000.00 | 1,000.00 | 1,077.30 | 1,019.44 | 5.56 | 5.41 | 1.08 |
| Advisor Class | 1,000.00 | 1,000.00 | 1,079.20 | 1,020.68 | 4.28 | 4.16 | 0.83 |
| Class C | 1,000.00 | 1,000.00 | 1,073.60 | 1,015.72 | 9.41 | 9.15 | 1.83 |
| Institutional Class | 1,000.00 | 1,000.00 | 1,078.80 | 1,020.68 | 4.28 | 4.16 | 0.83 |
| Institutional 2 Class | 1,000.00 | 1,000.00 | 1,079.00 | 1,020.83 | 4.12 | 4.01 | 0.80 |
| Institutional 3 Class | 1,000.00 | 1,000.00 | 1,079.40 | 1,021.03 | 3.92 | 3.81 | 0.76 |
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 15 |
Understanding Your Fund’s
Expenses (continued)
(Unaudited)
(Unaudited)
| January 1, 2021 — June 30, 2021 | |||||||
| Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | ||||
| Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |
| Columbia Acorn International® | |||||||
| Class A | 1,000.00 | 1,000.00 | 1,082.40 | 1,018.70 | 6.35 | 6.16 | 1.23 |
| Advisor Class | 1,000.00 | 1,000.00 | 1,083.70 | 1,019.93 | 5.06 | 4.91 | 0.98 |
| Class C | 1,000.00 | 1,000.00 | 1,078.20 | 1,014.98 | 10.20 | 9.89 | 1.98 |
| Institutional Class | 1,000.00 | 1,000.00 | 1,083.70 | 1,019.93 | 5.06 | 4.91 | 0.98 |
| Institutional 2 Class | 1,000.00 | 1,000.00 | 1,084.10 | 1,020.23 | 4.75 | 4.61 | 0.92 |
| Institutional 3 Class | 1,000.00 | 1,000.00 | 1,084.30 | 1,020.43 | 4.55 | 4.41 | 0.88 |
| Class R | 1,000.00 | 1,000.00 | 1,081.20 | 1,017.46 | 7.64 | 7.40 | 1.48 |
| Columbia Acorn USA® | |||||||
| Class A | 1,000.00 | 1,000.00 | 1,097.80 | 1,017.90 | 7.23 | 6.95 | 1.39 |
| Advisor Class | 1,000.00 | 1,000.00 | 1,098.30 | 1,019.14 | 5.93 | 5.71 | 1.14 |
| Class C | 1,000.00 | 1,000.00 | 1,093.10 | 1,014.18 | 11.11 | 10.69 | 2.14 |
| Institutional Class | 1,000.00 | 1,000.00 | 1,098.80 | 1,019.14 | 5.93 | 5.71 | 1.14 |
| Institutional 2 Class | 1,000.00 | 1,000.00 | 1,098.90 | 1,019.44 | 5.62 | 5.41 | 1.08 |
| Institutional 3 Class | 1,000.00 | 1,000.00 | 1,099.20 | 1,019.64 | 5.41 | 5.21 | 1.04 |
| Columbia Acorn International SelectSM | |||||||
| Class A | 1,000.00 | 1,000.00 | 1,042.60 | 1,018.65 | 6.28 | 6.21 | 1.24 |
| Advisor Class | 1,000.00 | 1,000.00 | 1,044.10 | 1,019.89 | 5.02 | 4.96 | 0.99 |
| Class C | 1,000.00 | 1,000.00 | 1,038.80 | 1,014.93 | 10.06 | 9.94 | 1.99 |
| Institutional Class | 1,000.00 | 1,000.00 | 1,044.20 | 1,019.89 | 5.02 | 4.96 | 0.99 |
| Institutional 2 Class | 1,000.00 | 1,000.00 | 1,044.80 | 1,020.38 | 4.51 | 4.46 | 0.89 |
| Institutional 3 Class | 1,000.00 | 1,000.00 | 1,044.80 | 1,020.63 | 4.26 | 4.21 | 0.84 |
| Columbia Acorn European FundSM | |||||||
| Class A | 1,000.00 | 1,000.00 | 1,114.20 | 1,017.65 | 7.55 | 7.20 | 1.44 |
| Advisor Class | 1,000.00 | 1,000.00 | 1,115.60 | 1,018.89 | 6.24 | 5.96 | 1.19 |
| Class C | 1,000.00 | 1,000.00 | 1,110.00 | 1,013.93 | 11.46 | 10.94 | 2.19 |
| Institutional Class | 1,000.00 | 1,000.00 | 1,115.40 | 1,018.89 | 6.24 | 5.96 | 1.19 |
| Institutional 2 Class | 1,000.00 | 1,000.00 | 1,115.40 | 1,019.14 | 5.98 | 5.71 | 1.14 |
| Institutional 3 Class | 1,000.00 | 1,000.00 | 1,115.80 | 1,019.34 | 5.77 | 5.51 | 1.10 |
Fund of Funds—Columbia
Thermostat FundSM
| January 1, 2021 — June 30, 2021 | ||||||||||
| Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund’s annualized expense ratio (%) | Effective expenses paid during the period ($) | Fund’s effective annualized expense ratio (%) | |||||
| Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | Actual | Hypothetical | Actual | |
| Class A | 1,000.00 | 1,000.00 | 1,059.10 | 1,022.32 | 2.55 | 2.51 | 0.50 | 4.49 | 4.41 | 0.88 |
| Advisor Class | 1,000.00 | 1,000.00 | 1,060.80 | 1,023.55 | 1.28 | 1.25 | 0.25 | 3.22 | 3.16 | 0.63 |
| Class C | 1,000.00 | 1,000.00 | 1,055.50 | 1,018.60 | 6.37 | 6.26 | 1.25 | 8.31 | 8.16 | 1.63 |
| Institutional Class | 1,000.00 | 1,000.00 | 1,060.60 | 1,023.55 | 1.28 | 1.25 | 0.25 | 3.22 | 3.16 | 0.63 |
| Institutional 2 Class | 1,000.00 | 1,000.00 | 1,061.30 | 1,023.80 | 1.02 | 1.00 | 0.20 | 2.96 | 2.91 | 0.58 |
| Institutional 3 Class | 1,000.00 | 1,000.00 | 1,061.40 | 1,023.95 | 0.87 | 0.85 | 0.17 | 2.81 | 2.76 | 0.55 |
Expenses paid during the period
are equal to the annualized expense ratio, multiplied by the average account value over the period and then multiplied by the number of days in the Fund’s most recent fiscal half year and divided by 365.
Except with respect to Columbia
Thermostat FundSM, expenses do not include any fees and expenses incurred indirectly by a Fund from the underlying funds in which the Fund
may invest (also referred to as “acquired funds”), including affiliated and non-affiliated pooled investments vehicles (including mutual funds and exchange traded funds).
| 16 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Understanding Your Fund’s
Expenses (continued)
(Unaudited)
(Unaudited)
In the case of Columbia Thermostat
FundSM, effective expenses paid during the period and the Fund’s effective annualized expense ratio include expenses borne
directly by the class plus the Fund’s pro rata portion of the ongoing expenses charged by the underlying funds in which it invests using the expense ratio of each class of each underlying fund as of the
underlying fund’s most recent shareholder report.
Had the investment manager and/or
certain of its affiliates not waived/reimbursed certain fees and expenses for the Funds, account value at the end of the period would have been reduced.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 17 |
Portfolio of Investments
Columbia Acorn® Fund, June 30, 2021 (Unaudited)
Columbia Acorn® Fund, June 30, 2021 (Unaudited)
(Percentages represent value of
investments compared to net assets)
Investments in securities
The accompanying Notes to Financial
Statements are an integral part of this statement.
| 18 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Portfolio of Investments (continued)
Columbia Acorn® Fund, June 30, 2021 (Unaudited)
Columbia Acorn® Fund, June 30, 2021 (Unaudited)
The accompanying Notes to Financial
Statements are an integral part of this statement.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 19 |
Portfolio of Investments (continued)
Columbia Acorn® Fund, June 30, 2021 (Unaudited)
Columbia Acorn® Fund, June 30, 2021 (Unaudited)
Notes to Portfolio of
Investments
| (a) | Non-income producing investment. |
| (b) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended June 30, 2021 are as follows: |
| Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
| Columbia Short-Term Cash Fund, 0.051% | ||||||||
| 39,795,717 | 958,269,999 | (888,246,052) | (4,300) | 109,815,364 | 4,301 | 28,358 | 109,826,347 | |
| ePlus, Inc.‡,† | ||||||||
| — | 47,101,170 | (69,399,477) | — | — | 5,487,669 | — | — | |
| GCM Grosvenor, Inc., Class A‡ | ||||||||
| — | — | — | (107,441) | 23,194,920 | — | 311,640 | 2,226,000 | |
| Hamilton Lane, Inc., Class A‡,† | ||||||||
| — | 48,305,512 | (44,288,825) | — | — | (2,061,166) | 572,400 | — | |
The accompanying Notes to Financial Statements are
an integral part of this statement.
| 20 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Portfolio of Investments (continued)
Columbia Acorn® Fund, June 30, 2021 (Unaudited)
Columbia Acorn® Fund, June 30, 2021 (Unaudited)
Notes
to Portfolio of Investments (continued)
| Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
| Kiniksa Pharmaceuticals Ltd., Class A† | ||||||||
| 28,164,513 | — | (31,166,938) | 3,002,425 | — | (4,332,697) | — | — | |
| Poshmark, Inc., Class A‡,† | ||||||||
| — | 57,202,730 | (11,237,810) | — | — | (4,973,855) | — | — | |
| Total | 67,960,230 | 2,890,684 | 133,010,284 | (5,875,748) | 912,398 | |||
| ‡ | Issuer was not an affiliate at the beginning of period. |
| † | Issuer was not an affiliate at the end of period. |
| (c) | All or a portion of this security was on loan at June 30, 2021. The total market value of securities on loan at June 30, 2021 was $86,628,898. |
| (d) | Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At June 30, 2021, the total value of these securities amounted to $21,050,000, which represents 0.43% of total net assets. |
| (e) | At June 30, 2021, the Fund had unfunded commitments to purchase shares for the securities shown below: |
| Security | Shares | Cost ($) |
| Foresight Acquisition Corp. PIPE | 2,500,000 | 25,000,000 |
| (f) | Denotes a restricted security, which is subject to legal or contractual restrictions on resale under federal securities laws. Disposal of a restricted investment may involve time-consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult to achieve. Private placement securities are generally considered to be restricted, although certain of those securities may be traded between qualified institutional investors under the provisions of Section 4(a)(2) and Rule 144A. The Fund will not incur any registration costs upon such a trade. These securities are valued at fair value determined in good faith under consistently applied procedures established by the Fund’s Board of Trustees. At June 30, 2021, the total market value of these securities amounted to $21,050,000, which represents 0.43% of total net assets. Additional information on these securities is as follows: |
| Security | Acquisition Dates | Shares | Cost ($) | Value ($) |
| Foresight Acquisition Corp. PIPE | 05/26/2021 | 2,500,000 | 25,000,000 | 21,050,000 |
| (g) | Valuation based on significant unobservable inputs. |
| (h) | Represents a security purchased on a when-issued basis. |
| (i) | The rate shown is the seven-day current annualized yield at June 30, 2021. |
| (j) | Investment made with cash collateral received from securities lending activity. |
Abbreviation Legend
| ADR | American Depositary Receipt |
| PIPE | Private Investment in Public Equity |
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 typically statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are traded in the European region or
Asia Pacific region time zones which are typically 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 accompanying Notes to Financial Statements are
an integral part of this statement.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 21 |
Portfolio of Investments (continued)
Columbia Acorn® Fund, June 30, 2021 (Unaudited)
Columbia Acorn® Fund, June 30, 2021 (Unaudited)
Fair value measurements (continued)
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.
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.
The following table is a summary of
the inputs used to value the Fund’s investments at June 30, 2021:
| Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
| Investments in Securities | ||||
| Common Stocks | ||||
| Communication Services | 164,221,702 | — | — | 164,221,702 |
| Consumer Discretionary | 926,030,841 | — | — | 926,030,841 |
| Consumer Staples | 86,557,804 | — | — | 86,557,804 |
| Financials | 215,281,792 | — | 21,050,000 | 236,331,792 |
| Health Care | 1,160,930,464 | — | — | 1,160,930,464 |
| Industrials | 490,610,712 | — | — | 490,610,712 |
| Information Technology | 1,630,457,163 | 20,508,106 | — | 1,650,965,269 |
| Materials | 47,095,280 | — | — | 47,095,280 |
| Real Estate | 60,408,718 | — | — | 60,408,718 |
| Total Common Stocks | 4,781,594,476 | 20,508,106 | 21,050,000 | 4,823,152,582 |
| Securities Lending Collateral | 87,787,390 | — | — | 87,787,390 |
| Money Market Funds | 109,815,364 | — | — | 109,815,364 |
| Total Investments in Securities | 4,979,197,230 | 20,508,106 | 21,050,000 | 5,020,755,336 |
See the Portfolio of Investments for
all investment classifications not indicated in the table.
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. Securities which have halted or temporarily stopped
trading are valued at the last sale and adjusted by a premium or a discount to account for the anticipated re-opening price. These adjustments are determined by the investment manager’s experience with similar
securities or situations.
The Fund does not hold any
significant investments (greater than one percent of net assets) categorized as Level 3.
The accompanying Notes to Financial Statements are
an integral part of this statement.
| 22 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Portfolio of Investments
Columbia Acorn International®, June 30, 2021 (Unaudited)
Columbia Acorn International®, June 30, 2021 (Unaudited)
(Percentages represent value of
investments compared to net assets)
Investments in securities
The accompanying Notes to Financial
Statements are an integral part of this statement.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 23 |
Portfolio of Investments (continued)
Columbia Acorn International®, June 30, 2021 (Unaudited)
Columbia Acorn International®, June 30, 2021 (Unaudited)
At June 30, 2021,
securities and/or cash totaling $3,089,016 were pledged as collateral.
The accompanying Notes to Financial Statements are
an integral part of this statement.
| 24 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Portfolio of Investments (continued)
Columbia Acorn International®, June 30, 2021 (Unaudited)
Columbia Acorn International®, June 30, 2021 (Unaudited)
Investments in derivatives
| Long futures contracts | ||||||
| Description | Number of contracts | Expiration date | Trading currency | Notional amount | Value/Unrealized appreciation ($) | Value/Unrealized depreciation ($) |
| MSCI EAFE Index | 189 | 09/2021 | USD | 21,773,745 | — | (402,015) |
| MSCI Emerging Markets Index | 438 | 09/2021 | USD | 29,889,120 | — | (106,924) |
| Total | — | (508,939) | ||||
Notes to Portfolio of
Investments
| (a) | Non-income producing investment. |
| (b) | All or a portion of this security was on loan at June 30, 2021. The total market value of securities on loan at June 30, 2021 was $5,721,970. |
| (c) | Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At June 30, 2021, the total value of these securities amounted to $14,058,372, which represents 0.58% of total net assets. |
| (d) | The rate shown is the seven-day current annualized yield at June 30, 2021. |
| (e) | Investment made with cash collateral received from securities lending activity. |
| (f) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended June 30, 2021 are as follows: |
| Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
| Columbia Short-Term Cash Fund, 0.051% | ||||||||
| 61,934,514 | 384,758,790 | (378,992,714) | — | 67,700,590 | — | 23,102 | 67,707,361 | |
Abbreviation Legend
| ADR | American Depositary Receipt |
| GDR | Global Depositary Receipt |
Currency Legend
| USD | US Dollar |
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 typically statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are traded in the European region or
Asia Pacific region time zones which are typically 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
The accompanying Notes to Financial Statements are
an integral part of this statement.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 25 |
Portfolio of Investments (continued)
Columbia Acorn International®, June 30, 2021 (Unaudited)
Columbia Acorn International®, June 30, 2021 (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.
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.
The following table is a summary of
the inputs used to value the Fund’s investments at June 30, 2021:
| Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
| Investments in Securities | ||||
| Common Stocks | ||||
| Australia | — | 114,460,958 | — | 114,460,958 |
| Austria | — | 20,761,025 | — | 20,761,025 |
| Brazil | 60,579,731 | — | — | 60,579,731 |
| Cambodia | — | 14,538,421 | — | 14,538,421 |
| Canada | 53,016,390 | — | — | 53,016,390 |
| China | — | 58,223,320 | — | 58,223,320 |
| Denmark | — | 82,965,188 | — | 82,965,188 |
| France | — | 15,457,911 | — | 15,457,911 |
| Germany | — | 169,748,995 | — | 169,748,995 |
| Greece | — | 15,340,162 | — | 15,340,162 |
| Hong Kong | — | 20,099,544 | — | 20,099,544 |
| Italy | — | 124,604,330 | — | 124,604,330 |
| Japan | — | 404,728,603 | — | 404,728,603 |
| Malta | — | 17,313,509 | — | 17,313,509 |
| Mexico | 24,487,100 | — | — | 24,487,100 |
| Netherlands | 35,648,796 | 72,261,859 | — | 107,910,655 |
| New Zealand | — | 41,851,475 | — | 41,851,475 |
| Russian Federation | — | 47,175,835 | — | 47,175,835 |
| Singapore | — | 54,522,042 | — | 54,522,042 |
| South Korea | — | 65,851,856 | — | 65,851,856 |
| Spain | — | 60,049,238 | — | 60,049,238 |
| Sweden | — | 229,993,197 | — | 229,993,197 |
| Switzerland | — | 82,183,464 | — | 82,183,464 |
| Taiwan | — | 111,883,349 | — | 111,883,349 |
| United Kingdom | — | 326,754,621 | — | 326,754,621 |
| United States | 35,133,984 | — | — | 35,133,984 |
| Total Common Stocks | 208,866,001 | 2,150,768,902 | — | 2,359,634,903 |
| Securities Lending Collateral | 6,100,000 | — | — | 6,100,000 |
| Money Market Funds | 67,700,590 | — | — | 67,700,590 |
| Total Investments in Securities | 282,666,591 | 2,150,768,902 | — | 2,433,435,493 |
| Investments in Derivatives | ||||
| Liability | ||||
| Futures Contracts | (508,939) | — | — | (508,939) |
| Total | 282,157,652 | 2,150,768,902 | — | 2,432,926,554 |
See the Portfolio of Investments for
all investment classifications not indicated in the table.
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).
The accompanying Notes to Financial Statements are
an integral part of this statement.
| 26 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Portfolio of Investments
Columbia Acorn USA®, June 30, 2021 (Unaudited)
Columbia Acorn USA®, June 30, 2021 (Unaudited)
(Percentages represent value of
investments compared to net assets)
Investments in securities
The accompanying Notes to Financial
Statements are an integral part of this statement.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 27 |
Portfolio of Investments (continued)
Columbia Acorn USA®, June 30, 2021 (Unaudited)
Columbia Acorn USA®, June 30, 2021 (Unaudited)
The accompanying Notes to Financial
Statements are an integral part of this statement.
| 28 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Portfolio of Investments (continued)
Columbia Acorn USA®, June 30, 2021 (Unaudited)
Columbia Acorn USA®, June 30, 2021 (Unaudited)
Notes to Portfolio of
Investments
| (a) | Non-income producing investment. |
| (b) | All or a portion of this security was on loan at June 30, 2021. The total market value of securities on loan at June 30, 2021 was $14,192,253. |
| (c) | The rate shown is the seven-day current annualized yield at June 30, 2021. |
| (d) | Investment made with cash collateral received from securities lending activity. |
| (e) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended June 30, 2021 are as follows: |
| Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
| Columbia Short-Term Cash Fund, 0.051% | ||||||||
| 3,540,814 | 83,903,833 | (83,134,196) | (795) | 4,309,656 | 796 | 3,640 | 4,310,087 | |
Abbreviation Legend
| ADR | American Depositary Receipt |
The accompanying Notes to Financial Statements are
an integral part of this statement.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 29 |
Portfolio of Investments (continued)
Columbia Acorn USA®, June 30, 2021 (Unaudited)
Columbia Acorn USA®, June 30, 2021 (Unaudited)
Fair value measurements
Various inputs are used in
determining the value of the Fund’s investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (GAAP). These inputs are
summarized in the three broad levels listed below:
| ■ | Level 1 – quoted prices in active markets for identical securities |
| ■ | Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others) |
| ■ | Level 3 – prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management’s own assumptions about the factors market participants would use in pricing an investment) |
The inputs or methodology used for
valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities
in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose net asset values are
published each day and exchange traded foreign equities that are not typically statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are traded in the European region or
Asia Pacific region time zones which are typically 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.
The following table is a summary of
the inputs used to value the Fund’s investments at June 30, 2021:
| Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
| Investments in Securities | ||||
| Common Stocks | ||||
| Consumer Discretionary | 63,489,963 | — | — | 63,489,963 |
| Consumer Staples | 6,921,376 | — | — | 6,921,376 |
| Financials | 19,707,544 | — | — | 19,707,544 |
| Health Care | 107,371,126 | — | — | 107,371,126 |
| Industrials | 39,747,773 | — | — | 39,747,773 |
| Information Technology | 67,410,055 | 3,435,395 | — | 70,845,450 |
| Materials | 4,237,592 | — | — | 4,237,592 |
| Real Estate | 6,098,297 | — | — | 6,098,297 |
| Total Common Stocks | 314,983,726 | 3,435,395 | — | 318,419,121 |
| Limited Partnerships | ||||
| Consumer Discretionary | 2,373,525 | — | — | 2,373,525 |
| Total Limited Partnerships | 2,373,525 | — | — | 2,373,525 |
| Securities Lending Collateral | 14,249,600 | — | — | 14,249,600 |
| Money Market Funds | 4,309,656 | — | — | 4,309,656 |
| Total Investments in Securities | 335,916,507 | 3,435,395 | — | 339,351,902 |
See the Portfolio of Investments for
all investment classifications not indicated in the table.
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.
The accompanying Notes to Financial Statements are
an integral part of this statement.
| 30 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Portfolio of Investments
Columbia Acorn International SelectSM, June 30, 2021 (Unaudited)
Columbia Acorn International SelectSM, June 30, 2021 (Unaudited)
(Percentages represent value of
investments compared to net assets)
Investments in securities
The accompanying Notes to Financial
Statements are an integral part of this statement.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 31 |
Portfolio of Investments (continued)
Columbia Acorn International SelectSM, June 30, 2021 (Unaudited)
Columbia Acorn International SelectSM, June 30, 2021 (Unaudited)
| Money Market Funds 2.3% | ||
| Shares | Value ($) | |
| Columbia Short-Term Cash Fund, 0.051%(d),(e) | 10,869,363 | 10,868,276 |
| Total Money Market Funds (Cost $10,868,276) | 10,868,276 | |
| Total Investments in Securities (Cost $349,242,835) | 479,261,516 | |
| Other Assets & Liabilities, Net | 337,248 | |
| Net Assets | $479,598,764 | |
Notes to Portfolio of
Investments
| (a) | Non-income producing investment. |
| (b) | Represents fair value as determined in good faith under procedures approved by the Board of Trustees. At June 30, 2021, the total value of these securities amounted to $3, which represents less than 0.01% of total net assets. |
| (c) | Valuation based on significant unobservable inputs. |
| (d) | The rate shown is the seven-day current annualized yield at June 30, 2021. |
| (e) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended June 30, 2021 are as follows: |
| Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
| Columbia Short-Term Cash Fund, 0.051% | ||||||||
| 3,594,978 | 58,890,991 | (51,617,693) | — | 10,868,276 | — | 1,902 | 10,869,363 | |
Abbreviation Legend
| ADR | American Depositary Receipt |
Fair value measurements
Various inputs are used in
determining the value of the Fund’s investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (GAAP). These inputs are
summarized in the three broad levels listed below:
| ■ | Level 1 – quoted prices in active markets for identical securities |
| ■ | Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others) |
| ■ | Level 3 – prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management’s own assumptions about the factors market participants would use in pricing an investment) |
The inputs or methodology used for
valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities
in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose net asset values are
published each day and exchange traded foreign equities that are not typically statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are traded in the European region or
Asia Pacific region time zones which are typically 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.
The accompanying Notes to Financial Statements are
an integral part of this statement.
| 32 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Portfolio of Investments (continued)
Columbia Acorn International SelectSM, June 30, 2021 (Unaudited)
Columbia Acorn International SelectSM, June 30, 2021 (Unaudited)
Fair value measurements (continued)
The following table is a summary of the inputs used to value the Fund’s investments at June 30, 2021:
The following table is a summary of the inputs used to value the Fund’s investments at June 30, 2021:
| Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
| Investments in Securities | ||||
| Common Stocks | ||||
| Australia | — | 9,725,103 | — | 9,725,103 |
| Brazil | 11,846,206 | — | — | 11,846,206 |
| Canada | 13,672,946 | — | — | 13,672,946 |
| China | 16,709,060 | 17,578,470 | — | 34,287,530 |
| Denmark | — | 15,233,829 | — | 15,233,829 |
| Germany | — | 24,318,188 | — | 24,318,188 |
| Italy | — | 26,802,573 | — | 26,802,573 |
| Japan | — | 67,157,156 | — | 67,157,156 |
| Malta | — | — | 3 | 3 |
| Netherlands | — | 30,003,706 | — | 30,003,706 |
| New Zealand | — | 15,467,043 | — | 15,467,043 |
| Singapore | — | 10,037,147 | — | 10,037,147 |
| South Korea | — | 21,693,068 | — | 21,693,068 |
| Sweden | — | 53,644,977 | — | 53,644,977 |
| Switzerland | — | 43,422,469 | — | 43,422,469 |
| Taiwan | — | 27,161,110 | — | 27,161,110 |
| United Kingdom | — | 63,920,186 | — | 63,920,186 |
| Total Common Stocks | 42,228,212 | 426,165,025 | 3 | 468,393,240 |
| Money Market Funds | 10,868,276 | — | — | 10,868,276 |
| Total Investments in Securities | 53,096,488 | 426,165,025 | 3 | 479,261,516 |
See the Portfolio of Investments for
all investment classifications not indicated in the table.
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.
The Fund does not hold any
significant investments (greater than one percent of net assets) categorized as Level 3.
The accompanying Notes to Financial Statements are
an integral part of this statement.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 33 |
Portfolio of Investments
Columbia Thermostat FundSM, June 30, 2021 (Unaudited)
Columbia Thermostat FundSM, June 30, 2021 (Unaudited)
(Percentages represent value of
investments compared to net assets)
Investments in securities
The accompanying Notes to Financial
Statements are an integral part of this statement.
| 34 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Portfolio of Investments (continued)
Columbia Thermostat FundSM, June 30, 2021 (Unaudited)
Columbia Thermostat FundSM, June 30, 2021 (Unaudited)
Notes to Portfolio of
Investments
| (a) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended June 30, 2021 are as follows: |
| Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Capital gain distributions($) | Realized gain (loss)($) | Dividends — affiliated issuers ($) | End of period shares |
| Columbia Acorn International®, Institutional 3 Class | |||||||||
| 86,086,340 | 7,937,567 | (75,823,509) | (18,200,398) | — | — | 24,867,255 | — | — | |
| Columbia Acorn® Fund, Institutional 3 Class | |||||||||
| 84,751,736 | 14,435,573 | (62,617,712) | (14,113,184) | 22,456,413 | 824,033 | 18,246,971 | — | 1,193,855 | |
| Columbia Contrarian Core Fund, Institutional 3 Class | |||||||||
| 85,172,403 | 4,114,371 | (49,453,002) | (8,162,258) | 31,671,514 | — | 20,462,602 | — | 876,114 | |
| Columbia Corporate Income Fund, Institutional 3 Class | |||||||||
| 84,644,993 | 103,547,768 | — | 132,571 | 188,325,332 | — | — | 1,415,351 | 17,151,670 | |
| Columbia Diversified Fixed Income Allocation ETF | |||||||||
| 84,444,150 | 104,548,551 | — | (1,525,674) | 187,467,027 | — | — | 1,164,072 | 8,699,166 | |
| Columbia Dividend Income Fund, Institutional 3 Class | |||||||||
| 83,970,346 | 6,162,809 | (70,514,613) | (19,618,542) | — | — | 30,600,431 | 412,805 | — | |
| Columbia Emerging Markets Fund, Institutional 3 Class | |||||||||
| — | 20,833,788 | — | 869,949 | 21,703,737 | — | — | — | 1,057,172 | |
| Columbia Large Cap Enhanced Core Fund, Institutional 3 Class | |||||||||
| 84,343,847 | 6,700,875 | (50,512,030) | (8,960,850) | 31,571,842 | 1,606,765 | 20,192,666 | 62,300 | 1,061,595 | |
| Columbia Large Cap Index Fund, Institutional 3 Class | |||||||||
| 254,114,521 | 20,409,302 | (172,123,144) | (38,795,726) | 63,604,953 | 2,106,705 | 70,478,026 | 111,633 | 1,031,376 | |
| Columbia Quality Income Fund, Institutional 3 Class | |||||||||
| 169,430,970 | 206,457,029 | — | (923,419) | 374,964,580 | — | — | 3,291,290 | 16,562,040 | |
| Columbia Research Enhanced Core ETF | |||||||||
| 83,125,929 | 6,115,275 | (58,214,290) | (9,613,392) | 21,413,522 | — | 23,321,260 | — | 735,827 | |
| Columbia Select Mid Cap Value Fund, Institutional 3 Class | |||||||||
| 87,709,618 | 456,082 | (54,670,226) | (13,087,051) | 20,408,423 | 270,626 | 29,531,419 | 185,456 | 1,508,383 | |
| Columbia Short Term Bond Fund, Institutional 3 Class | |||||||||
| 126,683,822 | 154,236,753 | — | 117,390 | 281,037,965 | — | — | 1,420,376 | 27,798,018 | |
| Columbia Short-Term Cash Fund, 0.051% | |||||||||
| 6,901,030 | 210,284,597 | (213,862,344) | (2) | 3,323,281 | — | 2 | 3,108 | 3,323,614 | |
| Columbia Total Return Bond Fund, Institutional 3 Class | |||||||||
| 84,645,589 | 103,812,366 | — | (526,047) | 187,931,908 | — | — | 2,128,124 | 4,946,878 | |
| Columbia U.S. Treasury Index Fund, Institutional 3 Class | |||||||||
| 295,666,771 | 368,944,837 | — | (7,950,731) | 656,660,877 | — | — | 2,552,206 | 56,220,965 | |
| Total | 1,701,692,065 | (140,357,364) | 2,092,541,374 | 4,808,129 | 237,700,632 | 12,746,721 | |||
| (b) | Non-income producing investment. |
| (c) | The rate shown is the seven-day current annualized yield at June 30, 2021. |
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) |
The accompanying Notes to Financial Statements are
an integral part of this statement.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 35 |
Portfolio of Investments (continued)
Columbia Thermostat FundSM, June 30, 2021 (Unaudited)
Columbia Thermostat FundSM, June 30, 2021 (Unaudited)
Fair value measurements (continued)
| ■ | 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.
The following table is a summary of
the inputs used to value the Fund’s investments at June 30, 2021:
| Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
| Investments in Securities | ||||
| Equity Funds | 191,416,882 | — | — | 191,416,882 |
| Exchange-Traded Equity Funds | 21,413,522 | — | — | 21,413,522 |
| Exchange-Traded Fixed Income Funds | 187,467,027 | — | — | 187,467,027 |
| Fixed Income Funds | 1,688,920,662 | — | — | 1,688,920,662 |
| Money Market Funds | 3,323,281 | — | — | 3,323,281 |
| Total Investments in Securities | 2,092,541,374 | — | — | 2,092,541,374 |
See the Portfolio of Investments for
all investment classifications not indicated in the table.
The accompanying Notes to Financial Statements are
an integral part of this statement.
| 36 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Portfolio of Investments
Columbia Acorn European FundSM, June 30, 2021 (Unaudited)
Columbia Acorn European FundSM, June 30, 2021 (Unaudited)
(Percentages represent value of
investments compared to net assets)
Investments in securities
The accompanying Notes to Financial
Statements are an integral part of this statement.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 37 |
Portfolio of Investments (continued)
Columbia Acorn European FundSM, June 30, 2021 (Unaudited)
Columbia Acorn European FundSM, June 30, 2021 (Unaudited)
| Common Stocks (continued) | ||
| Issuer | Shares | Value ($) |
| United States 1.6% | ||
| Inter Parfums, Inc. | 34,005 | 2,448,360 |
| Total Common Stocks (Cost $98,552,867) | 151,933,510 | |
| Money Market Funds 1.2% | ||
| Shares | Value ($) | |
| Columbia Short-Term Cash Fund, 0.051%(c),(d) | 1,949,900 | 1,949,705 |
| Total Money Market Funds (Cost $1,949,705) | 1,949,705 | |
| Total Investments in Securities (Cost $100,502,572) | 153,883,215 | |
| Other Assets & Liabilities, Net | 852,683 | |
| Net Assets | $154,735,898 | |
Notes to Portfolio of
Investments
| (a) | Represents privately placed and other securities and instruments exempt from Securities and Exchange Commission registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. At June 30, 2021, the total value of these securities amounted to $2,953,103, which represents 1.91% of total net assets. |
| (b) | Non-income producing investment. |
| (c) | The rate shown is the seven-day current annualized yield at June 30, 2021. |
| (d) | As defined in the Investment Company Act of 1940, as amended, an affiliated company is one in which the Fund owns 5% or more of the company’s outstanding voting securities, or a company which is under common ownership or control with the Fund. The value of the holdings and transactions in these affiliated companies during the period ended June 30, 2021 are as follows: |
| Affiliated issuers | Beginning of period($) | Purchases($) | Sales($) | Net change in unrealized appreciation (depreciation)($) | End of period($) | Realized gain (loss)($) | Dividends($) | End of period shares |
| Columbia Short-Term Cash Fund, 0.051% | ||||||||
| 2,989,602 | 35,447,273 | (36,487,170) | — | 1,949,705 | — | 1,189 | 1,949,900 | |
Abbreviation Legend
| GDR | Global Depositary Receipt |
Fair value measurements
Various inputs are used in
determining the value of the Fund’s investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (GAAP). These inputs are
summarized in the three broad levels listed below:
| ■ | Level 1 – quoted prices in active markets for identical securities |
| ■ | Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others) |
| ■ | Level 3 – prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management’s own assumptions about the factors market participants would use in pricing an investment) |
The inputs or methodology used for
valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities
in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose net asset values are
published each day and exchange traded foreign equities that are not typically statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are traded in the European region or
Asia Pacific region time zones which are typically statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by
Columbia Wanger Asset Management’s Valuation Committee (the Committee) that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the
Committee that relies on significant unobservable inputs.
The accompanying Notes to Financial Statements are
an integral part of this statement.
| 38 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Portfolio of Investments (continued)
Columbia Acorn European FundSM, June 30, 2021 (Unaudited)
Columbia Acorn European FundSM, June 30, 2021 (Unaudited)
Fair value measurements (continued)
The Committee is responsible for applying the Columbia Acorn Trust Portfolio Pricing Policy and the Columbia Wanger Asset Management pricing procedures (the Policies), which are approved by and subject to the oversight of the Board of Trustees.
The Committee 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.
The following table is a summary of
the inputs used to value the Fund’s investments at June 30, 2021:
| Level 1 ($) | Level 2 ($) | Level 3 ($) | Total ($) | |
| Investments in Securities | ||||
| Common Stocks | ||||
| Austria | — | 2,149,386 | — | 2,149,386 |
| Cyprus | — | 2,121,440 | — | 2,121,440 |
| Denmark | — | 8,157,004 | — | 8,157,004 |
| France | — | 2,609,409 | — | 2,609,409 |
| Germany | — | 20,342,170 | — | 20,342,170 |
| Greece | — | 2,173,807 | — | 2,173,807 |
| Italy | — | 13,567,947 | — | 13,567,947 |
| Malta | — | 2,359,008 | — | 2,359,008 |
| Netherlands | — | 8,021,481 | — | 8,021,481 |
| Spain | — | 5,924,175 | — | 5,924,175 |
| Sweden | — | 30,119,717 | — | 30,119,717 |
| Switzerland | — | 12,311,831 | — | 12,311,831 |
| United Kingdom | — | 39,627,775 | — | 39,627,775 |
| United States | 2,448,360 | — | — | 2,448,360 |
| Total Common Stocks | 2,448,360 | 149,485,150 | — | 151,933,510 |
| Money Market Funds | 1,949,705 | — | — | 1,949,705 |
| Total Investments in Securities | 4,398,065 | 149,485,150 | — | 153,883,215 |
See the Portfolio of Investments for
all investment classifications not indicated in the table.
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.
The accompanying Notes to Financial Statements are
an integral part of this statement.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 39 |
Statement of Assets and Liabilities
June 30, 2021 (Unaudited)
June 30, 2021 (Unaudited)
| Columbia Acorn® Fund | Columbia Acorn International® | Columbia Acorn USA® | |
| Assets | |||
| Investments in securities, at value* | |||
| Unaffiliated issuers (cost $3,553,098,992, $1,472,658,089, $246,052,791, respectively) | $4,887,745,052 | $2,365,734,903 | $335,042,246 |
| Affiliated issuers (cost $133,116,822, $67,700,590, $4,309,628, respectively) | 133,010,284 | 67,700,590 | 4,309,656 |
| Foreign currency (cost $—, $196,647, $—, respectively) | — | 195,385 | — |
| Margin deposits on: | |||
| Futures contracts | — | 3,089,016 | — |
| Receivable for: | |||
| Investments sold | 27,765,751 | 6,442,953 | 3,444,546 |
| Capital shares sold | 337,729 | 212,851 | 46,471 |
| Dividends | 834,123 | 2,794,667 | 68,726 |
| Securities lending income | 715,087 | 2,304 | 71,228 |
| Foreign tax reclaims | 4,102 | 2,083,877 | 415 |
| Variation margin for futures contracts | — | 26,269 | — |
| Expense reimbursement due from Investment Manager | — | 1,033 | 32 |
| Prepaid expenses | 38,902 | 21,450 | 2,423 |
| Trustees’ deferred compensation plan | 4,701,569 | 2,331,683 | 409,539 |
| Other assets | 1,254 | 5,460 | — |
| Total assets | 5,055,153,853 | 2,450,642,441 | 343,395,282 |
| Liabilities | |||
| Due upon return of securities on loan | 87,787,390 | 6,100,000 | 14,249,600 |
| Payable for: | |||
| Investments purchased | 35,453,535 | — | 2,308,813 |
| Investments purchased on a delayed delivery basis | 25,000,000 | — | — |
| Capital shares purchased | 17,465,727 | 2,921,019 | 128,838 |
| Variation margin for futures contracts | — | 327,150 | — |
| Investment advisory fee | 90,262 | 53,266 | 8,260 |
| Distribution and/or service fees | 7,825 | 2,433 | 462 |
| Transfer agent fees | 437,203 | 205,795 | 29,928 |
| Administration fees | 6,445 | 3,209 | 428 |
| Trustees’ fees | 10,515 | 60,497 | 472 |
| Compensation of chief compliance officer | 125 | 325 | — |
| Other expenses | 196,267 | 166,937 | 32,587 |
| Trustees’ deferred compensation plan | 4,701,569 | 2,331,683 | 409,539 |
| Total liabilities | 171,156,863 | 12,172,314 | 17,168,927 |
| Net assets applicable to outstanding capital stock | $4,883,996,990 | $2,438,470,127 | $326,226,355 |
| Represented by | |||
| Paid in capital | 2,991,278,891 | 1,421,253,026 | 185,227,224 |
| Total distributable earnings (loss) | 1,892,718,099 | 1,017,217,101 | 140,999,131 |
| Total - representing net assets applicable to outstanding capital stock | $4,883,996,990 | $2,438,470,127 | $326,226,355 |
| * Includes the value of securities on loan | 86,628,898 | 5,721,970 | 14,192,253 |
The accompanying Notes to Financial Statements are
an integral part of this statement.
| 40 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Statement of Assets and Liabilities (continued)
June 30, 2021 (Unaudited)
June 30, 2021 (Unaudited)
| Columbia Acorn® Fund | Columbia Acorn International® | Columbia Acorn USA® | |
| Class A | |||
| Net assets | $1,000,850,036 | $290,120,435 | $58,679,002 |
| Shares outstanding | 77,151,597 | 8,048,986 | 4,050,581 |
| Net asset value per share(a) | $12.97 | $36.04 | $14.49 |
| Maximum sales charge | 5.75% | 5.75% | 5.75% |
| Maximum offering price per share(b) (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) | $13.76 | $38.24 | $15.37 |
| Advisor Class | |||
| Net assets | $44,876,170 | $10,220,749 | $25,214,257 |
| Shares outstanding | 2,451,200 | 278,504 | 1,211,955 |
| Net asset value per share(c) | $18.31 | $36.70 | $20.80 |
| Class C | |||
| Net assets | $32,007,870 | $13,354,649 | $2,110,281 |
| Shares outstanding | 1,919,727 | 406,034 | 108,657 |
| Net asset value per share(a) | $16.67 | $32.89 | $19.42 |
| Institutional Class | |||
| Net assets | $3,659,986,466 | $1,749,417,027 | $182,691,157 |
| Shares outstanding | 213,161,963 | 48,355,314 | 9,490,204 |
| Net asset value per share(c) | $17.17 | $36.18 | $19.25 |
| Institutional 2 Class | |||
| Net assets | $60,219,053 | $139,158,984 | $3,877,929 |
| Shares outstanding | 3,246,394 | 3,848,436 | 184,559 |
| Net asset value per share(c) | $18.55 | $36.16 | $21.01 |
| Institutional 3 Class | |||
| Net assets | $86,057,395 | $232,724,845 | $53,653,729 |
| Shares outstanding | 4,574,057 | 6,336,596 | 2,520,890 |
| Net asset value per share(c) | $18.81 | $36.73 | $21.28 |
| Class R | |||
| Net assets | $— | $3,473,438 | $— |
| Shares outstanding | — | 96,487 | — |
| Net asset value per share(c) | $— | $36.00 | $— |
| (a) | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
| (b) | On sales of $50,000 or more the offering price is reduced. |
| (c) | Redemption price per share is equal to net asset value. |
The accompanying Notes to
Financial Statements are an integral part of this statement.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 41 |
Statement of Assets and Liabilities (continued)
June 30, 2021 (Unaudited)
June 30, 2021 (Unaudited)
| Columbia Acorn International SelectSM | Columbia Thermostat FundSM | Columbia Acorn European FundSM | |
| Assets | |||
| Investments in securities, at value | |||
| Unaffiliated issuers (cost $338,374,559, $—, $98,552,867, respectively) | $468,393,240 | $— | $151,933,510 |
| Affiliated issuers (cost $10,868,276, $2,026,739,736, $1,949,705, respectively) | 10,868,276 | 2,092,541,374 | 1,949,705 |
| Cash | — | 154,989 | — |
| Receivable for: | |||
| Capital shares sold | 79,334 | 5,322,250 | 782,468 |
| Dividends | 391,626 | 2,521,943 | 85,208 |
| Foreign tax reclaims | 585,509 | — | 196,444 |
| Expense reimbursement due from Investment Manager | 2,707 | 2,203 | 760 |
| Prepaid expenses | 4,381 | 13,347 | 850 |
| Other assets | — | — | 8,444 |
| Total assets | 480,325,073 | 2,100,556,106 | 154,957,389 |
| Liabilities | |||
| Foreign currency (cost $7,352, $ —, $—, respectively) | 7,350 | — | — |
| Payable for: | |||
| Investments purchased | — | 2,521,608 | — |
| Capital shares purchased | 252,453 | 1,860,055 | 160,576 |
| Investment advisory fee | 11,809 | 5,742 | 4,694 |
| Distribution and/or service fees | 1,672 | 9,521 | 520 |
| Transfer agent fees | 46,237 | 181,003 | 13,268 |
| Administration fees | 632 | 2,736 | 203 |
| Trustees’ fees | 363,062 | 359,209 | 24,447 |
| Audit fees | — | 7,788 | 16,963 |
| Other expenses | 43,094 | 54,527 | 820 |
| Total liabilities | 726,309 | 5,002,189 | 221,491 |
| Net assets applicable to outstanding capital stock | $479,598,764 | $2,095,553,917 | $154,735,898 |
| Represented by | |||
| Paid in capital | 336,569,388 | 1,781,282,188 | 102,820,731 |
| Total distributable earnings (loss) | 143,029,376 | 314,271,729 | 51,915,167 |
| Total - representing net assets applicable to outstanding capital stock | $479,598,764 | $2,095,553,917 | $154,735,898 |
The accompanying Notes to Financial Statements are
an integral part of this statement.
| 42 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Statement of Assets and Liabilities (continued)
June 30, 2021 (Unaudited)
June 30, 2021 (Unaudited)
| Columbia Acorn International SelectSM | Columbia Thermostat FundSM | Columbia Acorn European FundSM | |
| Class A | |||
| Net assets | $232,431,936 | $632,207,622 | $53,689,881 |
| Shares outstanding | 6,647,704 | 33,028,093 | 1,752,800 |
| Net asset value per share(a) | $34.96 | $19.14 | $30.63 |
| Maximum sales charge | 5.75% | 5.75% | 5.75% |
| Maximum offering price per share(b) (calculated by dividing the net asset value per share by 1.0 minus the maximum sales charge for Class A shares) | $37.09 | $20.31 | $32.50 |
| Advisor Class | |||
| Net assets | $2,858,475 | $174,264,332 | $2,057,104 |
| Shares outstanding | 79,680 | 9,186,827 | 66,388 |
| Net asset value per share(c) | $35.87 | $18.97 | $30.99 |
| Class C | |||
| Net assets | $2,349,721 | $189,670,231 | $5,394,097 |
| Shares outstanding | 74,396 | 9,877,601 | 181,110 |
| Net asset value per share(a) | $31.58 | $19.20 | $29.78 |
| Institutional Class | |||
| Net assets | $156,685,097 | $874,152,389 | $81,374,794 |
| Shares outstanding | 4,406,967 | 46,381,803 | 2,639,174 |
| Net asset value per share(c) | $35.55 | $18.85 | $30.83 |
| Institutional 2 Class | |||
| Net assets | $58,066,156 | $221,215,546 | $12,153,357 |
| Shares outstanding | 1,618,427 | 11,644,140 | 389,350 |
| Net asset value per share(c) | $35.88 | $19.00 | $31.21 |
| Institutional 3 Class | |||
| Net assets | $27,207,379 | $4,043,797 | $66,665 |
| Shares outstanding | 758,704 | 213,194 | 2,169 |
| Net asset value per share(c) | $35.86 | $18.97 | $30.73(d) |
| (a) | Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge. |
| (b) | On sales of $50,000 or more the offering price is reduced. |
| (c) | Redemption price per share is equal to net asset value. |
| (d) | Net asset value per share rounds to this amount due to fractional shares outstanding. |
The accompanying Notes to Financial Statements are
an integral part of this statement.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 43 |
Statement of Operations
Six Months Ended June 30, 2021 (Unaudited)
Six Months Ended June 30, 2021 (Unaudited)
| Columbia Acorn® Fund | Columbia Acorn International® | Columbia Acorn USA® | |
| Net investment income | |||
| Income: | |||
| Dividends — unaffiliated issuers | $6,722,854 | $19,139,148 | $514,094 |
| Dividends — affiliated issuers | 912,398 | 23,102 | 3,640 |
| Income from securities lending — net | 2,192,923 | 122,487 | 178,169 |
| Foreign taxes withheld | (9,781) | (1,523,095) | (992) |
| Total income | 9,818,394 | 17,761,642 | 694,911 |
| Expenses: | |||
| Investment advisory fee | 16,262,338 | 9,802,676 | 1,525,357 |
| Distribution and/or service fees | |||
| Class A | 1,236,465 | 357,763 | 75,190 |
| Class C | 215,214 | 79,413 | 11,664 |
| Class R | — | 8,482 | — |
| Transfer agent fees | |||
| Class A | 401,778 | 144,806 | 31,170 |
| Advisor Class | 18,262 | 7,385 | 12,857 |
| Class C | 17,482 | 8,043 | 1,208 |
| Institutional Class | 1,460,044 | 893,744 | 92,840 |
| Institutional 2 Class | 16,388 | 38,176 | 1,130 |
| Institutional 3 Class | 3,955 | 6,928 | 1,704 |
| Class R | — | 1,716 | — |
| Administration fees | 1,163,909 | 592,855 | 79,210 |
| Trustees’ fees | 217,360 | 116,838 | 14,820 |
| Custodian fees | 14,583 | 185,502 | 5,185 |
| Printing and postage fees | 57,484 | 49,499 | 11,613 |
| Registration fees | 60,270 | 60,156 | 47,442 |
| Audit fees | 12,592 | 51,533 | 13,584 |
| Legal fees | 381,903 | 190,856 | 26,220 |
| Line of credit interest | — | — | 1,454 |
| Compensation of chief compliance officer | 8,841 | 4,206 | 619 |
| Other | 144,262 | 76,883 | 13,206 |
| Total expenses | 21,693,130 | 12,677,460 | 1,966,473 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | — | (210,904) | (14,172) |
| Fees waived by transfer agent | |||
| Institutional 2 Class | (1,303) | (10,599) | (376) |
| Institutional 3 Class | — | (6,928) | (1,704) |
| Total net expenses | 21,691,827 | 12,449,029 | 1,950,221 |
| Net investment income (loss) | (11,873,433) | 5,312,613 | (1,255,310) |
| Realized and unrealized gain (loss) — net | |||
| Net realized gain (loss) on: | |||
| Investments — unaffiliated issuers | 582,180,455 | 221,501,907 | 55,937,288 |
| Investments — affiliated issuers | (5,875,748) | — | 796 |
| Foreign currency translations | — | (517,169) | — |
| Futures contracts | (2,338,271) | 3,560,128 | 142,295 |
| Net realized gain | 573,966,436 | 224,544,866 | 56,080,379 |
| Net change in unrealized appreciation (depreciation) on: | |||
| Investments — unaffiliated issuers | (193,871,647) | (24,818,678) | (20,754,124) |
| Investments — affiliated issuers | 2,890,684 | — | (795) |
| Foreign currency translations | — | (208,483) | — |
| Futures contracts | — | (1,651,448) | — |
| Net change in unrealized appreciation (depreciation) | (190,980,963) | (26,678,609) | (20,754,919) |
| Net realized and unrealized gain | 382,985,473 | 197,866,257 | 35,325,460 |
| Net increase in net assets resulting from operations | $371,112,040 | $203,178,870 | $34,070,150 |
The accompanying Notes to Financial
Statements are an integral part of this statement.
| 44 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Statement of Operations (continued)
Six Months Ended June 30, 2021 (Unaudited)
Six Months Ended June 30, 2021 (Unaudited)
| Columbia Acorn International SelectSM | Columbia Thermostat FundSM | Columbia Acorn European FundSM | |
| Net investment income | |||
| Income: | |||
| Dividends — unaffiliated issuers | $3,504,530 | $— | $1,129,201 |
| Dividends — affiliated issuers | 1,902 | 12,746,721 | 1,189 |
| Income from securities lending — net | 4,136 | — | 2,196 |
| Foreign taxes withheld | (386,349) | — | (126,933) |
| Total income | 3,124,219 | 12,746,721 | 1,005,653 |
| Expenses: | |||
| Investment advisory fee | 2,142,753 | 954,931 | 721,717 |
| Distribution and/or service fees | |||
| Class A | 284,958 | 709,947 | 58,540 |
| Class C | 12,964 | 969,311 | 26,322 |
| Transfer agent fees | |||
| Class A | 174,464 | 279,398 | 21,548 |
| Advisor Class | 2,085 | 76,582 | 890 |
| Class C | 1,986 | 95,186 | 2,428 |
| Institutional Class | 117,863 | 397,945 | 30,795 |
| Institutional 2 Class | 18,714 | 47,796 | 1,762 |
| Institutional 3 Class | 709 | 337 | 6 |
| Administration fees | 115,036 | 456,286 | 30,386 |
| Trustees’ fees | 81,212 | 129,099 | 8,442 |
| Custodian fees | 40,475 | 1,392 | 11,702 |
| Printing and postage fees | 29,084 | 40,702 | 7,179 |
| Registration fees | 58,465 | 109,001 | 47,195 |
| Audit fees | 24,369 | 4,409 | 13,584 |
| Legal fees | 37,139 | 140,573 | 8,906 |
| Line of credit interest | 193 | 156 | — |
| Compensation of chief compliance officer | 890 | 3,300 | 208 |
| Other | 22,131 | 44,776 | 9,400 |
| Total expenses | 3,165,490 | 4,461,127 | 1,001,010 |
| Fees waived or expenses reimbursed by Investment Manager and its affiliates | (537,048) | (452,074) | (159,231) |
| Fees waived by transfer agent | |||
| Institutional 2 Class | — | — | (564) |
| Institutional 3 Class | — | — | (6) |
| Total net expenses | 2,628,442 | 4,009,053 | 841,209 |
| Net investment income | 495,777 | 8,737,668 | 164,444 |
| Realized and unrealized gain (loss) — net | |||
| Net realized gain (loss) on: | |||
| Investments — unaffiliated issuers | 20,728,398 | — | 2,901,998 |
| Investments — affiliated issuers | — | 237,700,632 | — |
| Capital gain distributions from underlying affiliated funds | — | 4,808,129 | — |
| Foreign currency translations | (98,604) | — | (761) |
| Net realized gain | 20,629,794 | 242,508,761 | 2,901,237 |
| Net change in unrealized appreciation (depreciation) on: | |||
| Investments — unaffiliated issuers | (797,508) | — | 10,766,636 |
| Investments — affiliated issuers | — | (140,357,364) | — |
| Foreign currency translations | (38,846) | — | (8,366) |
| Net change in unrealized appreciation (depreciation) | (836,354) | (140,357,364) | 10,758,270 |
| Net realized and unrealized gain | 19,793,440 | 102,151,397 | 13,659,507 |
| Net increase in net assets resulting from operations | $20,289,217 | $110,889,065 | $13,823,951 |
The accompanying Notes to Financial
Statements are an integral part of this statement.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 45 |
Statement of Changes in Net Assets
| Columbia Acorn® Fund | Columbia Acorn International® | |||
| Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | |
| Operations | ||||
| Net investment income (loss) | $(11,873,433) | $(14,975,252) | $5,312,613 | $10,414,660 |
| Net realized gain | 573,966,436 | 680,585,296 | 224,544,866 | 271,270,947 |
| Net change in unrealized appreciation (depreciation) | (190,980,963) | 465,103,053 | (26,678,609) | 22,746,058 |
| Net increase in net assets resulting from operations | 371,112,040 | 1,130,713,097 | 203,178,870 | 304,431,665 |
| Distributions to shareholders | ||||
| Net investment income and net realized gains | ||||
| Class A | (49,881,799) | (150,373,734) | (8,748,982) | (34,334,393) |
| Advisor Class | (1,705,676) | (5,281,322) | (323,332) | (2,890,397) |
| Class C | (1,197,133) | (14,567,713) | (412,682) | (2,457,496) |
| Institutional Class | (145,862,182) | (438,953,007) | (57,274,286) | (221,646,811) |
| Institutional 2 Class | (2,251,539) | (6,996,582) | (4,588,638) | (18,032,639) |
| Institutional 3 Class | (3,529,941) | (16,279,584) | (6,499,555) | (33,290,405) |
| Class R | — | — | (96,192) | (402,136) |
| Total distributions to shareholders | (204,428,270) | (632,451,942) | (77,943,667) | (313,054,277) |
| Increase (decrease) in net assets from capital stock activity | (152,527,350) | 212,416,503 | (184,305,702) | (208,084,940) |
| Total increase (decrease) in net assets | 14,156,420 | 710,677,658 | (59,070,499) | (216,707,552) |
| Net assets at beginning of period | 4,869,840,570 | 4,159,162,912 | 2,497,540,626 | 2,714,248,178 |
| Net assets at end of period | $4,883,996,990 | $4,869,840,570 | $2,438,470,127 | $2,497,540,626 |
The accompanying Notes to
Financial Statements are an integral part of this statement.
| 46 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Statement of Changes in Net Assets (continued)
| Columbia Acorn USA® | Columbia Acorn International SelectSM | |||
| Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | |
| Operations | ||||
| Net investment income (loss) | $(1,255,310) | $(1,924,191) | $495,777 | $203,776 |
| Net realized gain (loss) | 56,080,379 | 17,300,637 | 20,629,794 | (3,009,188) |
| Net change in unrealized appreciation (depreciation) | (20,754,919) | 47,282,562 | (836,354) | 82,996,337 |
| Net increase in net assets resulting from operations | 34,070,150 | 62,659,008 | 20,289,217 | 80,190,925 |
| Distributions to shareholders | ||||
| Net investment income and net realized gains | ||||
| Class A | (1,614,742) | (3,334,546) | (982,800) | (137,241) |
| Advisor Class | (487,155) | (927,003) | (16,788) | (6,211) |
| Class C | (43,897) | (298,962) | — | (6,451) |
| Institutional Class | (3,811,268) | (7,684,936) | (946,377) | (262,018) |
| Institutional 2 Class | (74,815) | (135,059) | (403,339) | (225,716) |
| Institutional 3 Class | (1,013,401) | (3,102,308) | (189,677) | (53,063) |
| Total distributions to shareholders | (7,045,278) | (15,482,814) | (2,538,981) | (690,700) |
| Increase (decrease) in net assets from capital stock activity | (36,961,512) | (20,411,506) | (34,286,015) | 268,475,687 |
| Total increase (decrease) in net assets | (9,936,640) | 26,764,688 | (16,535,779) | 347,975,912 |
| Net assets at beginning of period | 336,162,995 | 309,398,307 | 496,134,543 | 148,158,631 |
| Net assets at end of period | $326,226,355 | $336,162,995 | $479,598,764 | $496,134,543 |
The accompanying Notes to
Financial Statements are an integral part of this statement.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 47 |
Statement of Changes in Net Assets (continued)
| Columbia Thermostat FundSM | Columbia Acorn European FundSM | |||
| Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | Six Months Ended June 30, 2021 (Unaudited) | Year Ended December 31, 2020 | |
| Operations | ||||
| Net investment income (loss) | $8,737,668 | $17,824,496 | $164,444 | $(367,657) |
| Net realized gain | 242,508,761 | 105,933,366 | 2,901,237 | 3,830,745 |
| Net change in unrealized appreciation (depreciation) | (140,357,364) | 162,365,695 | 10,758,270 | 11,494,745 |
| Net increase in net assets resulting from operations | 110,889,065 | 286,123,557 | 13,823,951 | 14,957,833 |
| Distributions to shareholders | ||||
| Net investment income and net realized gains | ||||
| Class A | (8,165,043) | (29,853,089) | — | (160,959) |
| Advisor Class | (2,261,395) | (7,487,768) | — | (7,030) |
| Class C | (2,452,698) | (11,618,991) | — | (30,429) |
| Institutional Class | (11,502,808) | (44,952,118) | — | (199,953) |
| Institutional 2 Class | (2,862,324) | (7,900,364) | — | (22,104) |
| Institutional 3 Class | (52,055) | (182,364) | — | (21) |
| Total distributions to shareholders | (27,296,323) | (101,994,694) | — | (420,496) |
| Increase in net assets from capital stock activity | 305,687,282 | 797,756,258 | 32,272,754 | 839,659 |
| Total increase in net assets | 389,280,024 | 981,885,121 | 46,096,705 | 15,376,996 |
| Net assets at beginning of period | 1,706,273,893 | 724,388,772 | 108,639,193 | 93,262,197 |
| Net assets at end of period | $2,095,553,917 | $1,706,273,893 | $154,735,898 | $108,639,193 |
The accompanying Notes to
Financial Statements are an integral part of this statement.
| 48 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Statement of Changes in Net Assets (continued)
| Columbia Acorn® Fund | Columbia Acorn International® | |||||||
| Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||
| June 30, 2021 (Unaudited) | December 31, 2020 | June 30, 2021 (Unaudited) | December 31, 2020 | |||||
| Shares | Dollars ($) | Shares(a) | Dollars ($) | Shares | Dollars ($) | Shares | Dollars ($) | |
| Capital stock activity | ||||||||
| Class A | ||||||||
| Subscriptions | 2,959,698 | 39,209,781 | 4,688,264 | 54,407,624 | 333,504 | 11,907,371 | 435,640 | 13,349,899 |
| Fund reorganization | — | — | 7,633,122 | 86,559,646 | — | — | 401,457 | 12,160,120 |
| Distributions reinvested | 3,654,310 | 45,423,072 | 11,451,072 | 137,106,865 | 231,734 | 8,393,402 | 1,022,070 | 32,891,134 |
| Redemptions | (6,983,950) | (91,717,725) | (15,492,356) | (179,323,557) | (777,848) | (27,714,259) | (2,598,676) | (79,701,674) |
| Net increase (decrease) | (369,942) | (7,084,872) | 8,280,102 | 98,750,578 | (212,610) | (7,413,486) | (739,509) | (21,300,521) |
| Advisor Class | ||||||||
| Subscriptions | 191,311 | 3,534,848 | 462,475 | 7,310,751 | 22,876 | 823,937 | 505,382 | 16,108,591 |
| Fund reorganization | — | — | 86,140 | 1,315,365 | — | — | 10,583 | 325,654 |
| Distributions reinvested | 84,457 | 1,481,381 | 279,871 | 4,586,563 | 8,769 | 323,332 | 88,709 | 2,890,336 |
| Redemptions | (324,906) | (5,890,175) | (1,179,579) | (18,249,135) | (398,351) | (14,243,036) | (326,695) | (10,135,796) |
| Net increase (decrease) | (49,138) | (873,946) | (351,093) | (5,036,456) | (366,706) | (13,095,767) | 277,979 | 9,188,785 |
| Class C | ||||||||
| Subscriptions | 81,486 | 1,360,401 | 202,898 | 2,992,920 | 13,860 | 450,446 | 21,414 | 615,973 |
| Fund reorganization | — | — | 139,092 | 1,964,002 | — | — | 206,250 | 5,785,299 |
| Distributions reinvested | 74,441 | 1,189,565 | 965,200 | 14,020,819 | 12,454 | 411,753 | 81,909 | 2,439,825 |
| Redemptions | (1,696,819) | (28,856,667) | (2,038,003) | (30,727,957) | (256,613) | (8,398,701) | (260,624) | (7,549,238) |
| Net increase (decrease) | (1,540,892) | (26,306,701) | (730,813) | (11,750,216) | (230,299) | (7,536,502) | 48,949 | 1,291,859 |
| Institutional Class | ||||||||
| Subscriptions | 2,019,967 | 34,654,300 | 4,362,457 | 64,578,049 | 752,617 | 26,725,779 | 2,231,454 | 67,688,698 |
| Fund reorganization | — | — | 8,169,626 | 117,887,709 | — | — | 435,556 | 13,232,202 |
| Distributions reinvested | 8,120,280 | 133,578,584 | 26,042,782 | 403,676,921 | 1,297,913 | 47,178,830 | 5,578,841 | 180,071,314 |
| Redemptions | (12,047,415) | (207,104,045) | (35,542,945) | (518,688,814) | (4,786,791) | (172,506,463) | (14,024,302) | (429,532,164) |
| Net increase (decrease) | (1,907,168) | (38,871,161) | 3,031,920 | 67,453,865 | (2,736,261) | (98,601,854) | (5,778,451) | (168,539,950) |
| Institutional 2 Class | ||||||||
| Subscriptions | 248,951 | 4,634,418 | 817,139 | 12,495,019 | 663,398 | 23,675,871 | 642,789 | 20,785,644 |
| Fund reorganization | — | — | 204,341 | 3,157,067 | — | — | 8,252 | 250,540 |
| Distributions reinvested | 126,705 | 2,251,539 | 420,207 | 6,994,417 | 59,560 | 2,163,823 | 265,894 | 8,594,008 |
| Redemptions | (540,977) | (10,030,282) | (1,318,362) | (20,493,897) | (634,920) | (23,022,642) | (2,525,963) | (80,967,049) |
| Net increase (decrease) | (165,321) | (3,144,325) | 123,325 | 2,152,606 | 88,038 | 2,817,052 | (1,609,028) | (51,336,857) |
| Institutional 3 Class | ||||||||
| Subscriptions | 993,328 | 18,444,061 | 6,783,381 | 92,424,393 | 1,623,577 | 59,680,647 | 3,467,150 | 93,267,502 |
| Fund reorganization | — | — | 367,453 | 5,746,856 | — | — | 20,109 | 619,153 |
| Distributions reinvested | 194,732 | 3,509,075 | 956,314 | 16,224,539 | 124,258 | 4,583,860 | 775,293 | 25,432,820 |
| Redemptions | (5,184,466) | (98,199,481) | (3,659,083) | (53,549,662) | (3,345,900) | (124,645,901) | (3,234,167) | (96,540,634) |
| Net increase (decrease) | (3,996,406) | (76,246,345) | 4,448,065 | 60,846,126 | (1,598,065) | (60,381,394) | 1,028,385 | 22,778,841 |
| Class R | ||||||||
| Subscriptions | — | — | — | — | 5,083 | 181,273 | 12,442 | 384,006 |
| Distributions reinvested | — | — | — | — | 2,659 | 96,192 | 12,421 | 399,796 |
| Redemptions | — | — | — | — | (10,496) | (371,216) | (33,602) | (950,899) |
| Net decrease | — | — | — | — | (2,754) | (93,751) | (8,739) | (167,097) |
| Total net increase (decrease) | (8,028,867) | (152,527,350) | 14,801,506 | 212,416,503 | (5,058,657) | (184,305,702) | (6,780,414) | (208,084,940) |
| (a) | Share activity for Class C has been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020. |
The accompanying Notes to Financial
Statements are an integral part of this statement.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 49 |
Statement of Changes in Net Assets (continued)
| Columbia Acorn USA® | Columbia Acorn International SelectSM | |||||||
| Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||
| June 30, 2021 (Unaudited) | December 31, 2020 | June 30, 2021 (Unaudited) | December 31, 2020 | |||||
| Shares | Dollars ($) | Shares(a) | Dollars ($) | Shares | Dollars ($) | Shares | Dollars ($) | |
| Capital stock activity | ||||||||
| Class A | ||||||||
| Subscriptions | 137,423 | 2,012,756 | 346,060 | 3,817,424 | 154,382 | 5,261,505 | 628,129 | 16,436,706 |
| Fund reorganization | — | — | — | — | — | — | 5,674,674 | 165,360,417 |
| Distributions reinvested | 108,898 | 1,540,903 | 266,526 | 3,190,992 | 25,415 | 898,431 | 5,030 | 134,560 |
| Redemptions | (543,300) | (7,888,417) | (1,104,170) | (11,907,742) | (379,021) | (12,904,717) | (771,815) | (20,777,304) |
| Net increase (decrease) | (296,979) | (4,334,758) | (491,584) | (4,899,326) | (199,224) | (6,744,781) | 5,536,018 | 161,154,379 |
| Advisor Class | ||||||||
| Subscriptions | 97,015 | 2,048,427 | 219,087 | 3,501,300 | 8,007 | 283,541 | 34,327 | 949,659 |
| Fund reorganization | — | — | — | — | — | — | 13,886 | 415,049 |
| Distributions reinvested | 23,986 | 487,154 | 54,222 | 927,003 | 463 | 16,767 | 226 | 6,202 |
| Redemptions | (107,953) | (2,231,913) | (251,565) | (3,745,560) | (8,289) | (283,693) | (38,301) | (1,005,492) |
| Net increase | 13,048 | 303,668 | 21,744 | 682,743 | 181 | 16,615 | 10,138 | 365,418 |
| Class C | ||||||||
| Subscriptions | 8,912 | 174,250 | 20,827 | 297,879 | 5,266 | 164,537 | 11,506 | 302,527 |
| Fund reorganization | — | — | — | — | — | — | 51,121 | 1,349,083 |
| Distributions reinvested | 2,291 | 43,457 | 19,743 | 289,386 | — | — | 265 | 6,424 |
| Redemptions | (49,097) | (954,837) | (87,933) | (1,291,382) | (37,812) | (1,173,701) | (51,813) | (1,235,107) |
| Net increase (decrease) | (37,894) | (737,130) | (47,363) | (704,117) | (32,546) | (1,009,164) | 11,079 | 422,927 |
| Institutional Class | ||||||||
| Subscriptions | 231,658 | 4,428,396 | 310,344 | 4,280,049 | 191,787 | 6,604,915 | 550,028 | 15,266,316 |
| Fund reorganization | — | — | — | — | — | — | 2,384,285 | 70,622,469 |
| Distributions reinvested | 194,554 | 3,657,609 | 466,504 | 7,368,960 | 23,247 | 835,512 | 8,639 | 234,705 |
| Redemptions | (469,257) | (9,006,505) | (1,704,651) | (24,375,489) | (336,892) | (11,665,450) | (1,480,207) | (42,408,722) |
| Net increase (decrease) | (43,045) | (920,500) | (927,803) | (12,726,480) | (121,858) | (4,225,023) | 1,462,745 | 43,714,768 |
| Institutional 2 Class | ||||||||
| Subscriptions | 29,032 | 609,301 | 50,915 | 759,419 | 16,518 | 581,749 | 2,597,666 | 67,295,084 |
| Fund reorganization | — | — | — | — | — | — | 27,450 | 820,474 |
| Distributions reinvested | 3,644 | 74,786 | 7,827 | 135,002 | 11,121 | 403,339 | 8,235 | 225,716 |
| Redemptions | (19,627) | (414,375) | (118,538) | (1,926,685) | (648,579) | (22,435,231) | (509,998) | (14,522,127) |
| Net increase (decrease) | 13,049 | 269,712 | (59,796) | (1,032,264) | (620,940) | (21,450,143) | 2,123,353 | 53,819,147 |
| Institutional 3 Class | ||||||||
| Subscriptions | 304,755 | 6,556,008 | 462,738 | 7,546,284 | 58,358 | 2,019,258 | 437,355 | 12,374,906 |
| Fund reorganization | — | — | — | — | — | — | 152,649 | 4,559,646 |
| Distributions reinvested | 48,690 | 1,011,779 | 177,436 | 3,099,067 | 5,221 | 189,272 | 1,931 | 52,896 |
| Redemptions | (1,747,865) | (39,110,291) | (804,052) | (12,377,413) | (88,057) | (3,082,049) | (283,180) | (7,988,400) |
| Net increase (decrease) | (1,394,420) | (31,542,504) | (163,878) | (1,732,062) | (24,478) | (873,519) | 308,755 | 8,999,048 |
| Total net increase (decrease) | (1,746,241) | (36,961,512) | (1,668,680) | (20,411,506) | (998,865) | (34,286,015) | 9,452,088 | 268,475,687 |
| (a) | Share activity for Class C has been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020. |
The accompanying Notes to
Financial Statements are an integral part of this statement.
| 50 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Statement of Changes in Net Assets (continued)
| Columbia Thermostat FundSM | Columbia Acorn European FundSM | |||||||
| Six Months Ended | Year Ended | Six Months Ended | Year Ended | |||||
| June 30, 2021 (Unaudited) | December 31, 2020 | June 30, 2021 (Unaudited) | December 31, 2020 | |||||
| Shares | Dollars ($) | Shares | Dollars ($) | Shares | Dollars ($) | Shares | Dollars ($) | |
| Capital stock activity | ||||||||
| Class A | ||||||||
| Subscriptions | 8,441,112 | 159,332,495 | 17,213,419 | 298,463,150 | 415,331 | 12,113,814 | 753,063 | 17,268,947 |
| Distributions reinvested | 397,141 | 7,601,281 | 1,520,872 | 27,445,861 | — | — | 7,687 | 160,744 |
| Redemptions | (3,411,188) | (64,140,141) | (6,025,996) | (102,931,026) | (192,256) | (5,576,078) | (712,243) | (14,706,843) |
| Net increase | 5,427,065 | 102,793,635 | 12,708,295 | 222,977,985 | 223,075 | 6,537,736 | 48,507 | 2,722,848 |
| Advisor Class | ||||||||
| Subscriptions | 3,283,981 | 60,995,819 | 6,863,588 | 119,997,025 | 18,086 | 540,372 | 20,311 | 460,105 |
| Distributions reinvested | 118,843 | 2,253,268 | 415,096 | 7,440,017 | — | — | 332 | 7,010 |
| Redemptions | (1,441,107) | (26,832,326) | (1,136,463) | (18,534,553) | (15,823) | (479,659) | (40,465) | (719,702) |
| Net increase (decrease) | 1,961,717 | 36,416,761 | 6,142,221 | 108,902,489 | 2,263 | 60,713 | (19,822) | (252,587) |
| Class C | ||||||||
| Subscriptions | 2,241,576 | 42,496,156 | 4,134,190 | 72,312,804 | 13,426 | 387,699 | 10,212 | 224,937 |
| Distributions reinvested | 120,334 | 2,311,613 | 597,023 | 10,828,046 | — | — | 1,483 | 30,396 |
| Redemptions | (3,821,223) | (72,658,188) | (3,641,561) | (62,976,289) | (44,921) | (1,251,275) | (78,350) | (1,572,649) |
| Net increase (decrease) | (1,459,313) | (27,850,419) | 1,089,652 | 20,164,561 | (31,495) | (863,576) | (66,655) | (1,317,316) |
| Institutional Class | ||||||||
| Subscriptions | 11,963,374 | 221,645,007 | 26,620,852 | 453,014,337 | 826,535 | 24,193,338 | 810,554 | 18,752,767 |
| Distributions reinvested | 505,951 | 9,532,108 | 2,026,638 | 36,002,075 | — | — | 9,440 | 198,135 |
| Redemptions | (6,582,481) | (122,634,741) | (7,335,717) | (120,216,003) | (183,274) | (5,346,764) | (1,020,779) | (19,997,548) |
| Net increase (decrease) | 5,886,844 | 108,542,374 | 21,311,773 | 368,800,409 | 643,261 | 18,846,574 | (200,785) | (1,046,646) |
| Institutional 2 Class | ||||||||
| Subscriptions | 5,321,387 | 99,619,129 | 6,788,489 | 114,076,072 | 254,602 | 7,787,080 | 221,913 | 4,629,697 |
| Distributions reinvested | 150,724 | 2,862,248 | 441,392 | 7,900,050 | — | — | 1,040 | 22,084 |
| Redemptions | (949,030) | (17,728,993) | (2,828,659) | (46,801,458) | (3,030) | (88,206) | (180,402) | (3,964,044) |
| Net increase | 4,523,081 | 84,752,384 | 4,401,222 | 75,174,664 | 251,572 | 7,698,874 | 42,551 | 687,737 |
| Institutional 3 Class | ||||||||
| Subscriptions | 75,029 | 1,403,471 | 118,904 | 2,017,296 | 522 | 15,848 | 2,370 | 58,624 |
| Distributions reinvested | 2,743 | 52,010 | 10,200 | 182,140 | — | — | — | — |
| Redemptions | (22,575) | (422,934) | (27,055) | (463,286) | (847) | (23,415) | (742) | (13,001) |
| Net increase (decrease) | 55,197 | 1,032,547 | 102,049 | 1,736,150 | (325) | (7,567) | 1,628 | 45,623 |
| Total net increase (decrease) | 16,394,591 | 305,687,282 | 45,755,212 | 797,756,258 | 1,088,351 | 32,272,754 | (194,576) | 839,659 |
The accompanying Notes to Financial Statements are
an integral part of this statement.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 51 |
Financial Highlights
Columbia Acorn® Fund
Columbia Acorn® Fund
The following tables are intended
to help you understand the Funds’ financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts
are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total
return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain
derivatives, if any. If such transactions were included, a Fund’s portfolio turnover rate may be higher.
| Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net realized gains | Total distributions to shareholders | |
| Class A | ||||||
| Six Months Ended 6/30/2021 (Unaudited) | $12.69 | (0.04) | 0.99 | 0.95 | (0.67) | (0.67) |
| Year Ended 12/31/2020 | $11.71 | (0.06) | 3.24 | 3.18 | (2.20) | (2.20) |
| Year Ended 12/31/2019 | $10.65 | (0.04) | 2.78 | 2.74 | (1.68) | (1.68) |
| Year Ended 12/31/2018 | $12.92 | (0.03) | (0.48) | (0.51) | (1.76) | (1.76) |
| Year Ended 12/31/2017 | $13.35 | (0.02) | 3.23 | 3.21 | (3.64) | (3.64) |
| Year Ended 12/31/2016 | $17.63 | (0.03) | 1.73 | 1.70 | (5.98) | (5.98) |
| Advisor Class | ||||||
| Six Months Ended 6/30/2021 (Unaudited) | $17.65 | (0.04) | 1.41 | 1.37 | (0.71) | (0.71) |
| Year Ended 12/31/2020 | $15.52 | (0.05) | 4.38 | 4.33 | (2.20) | (2.20) |
| Year Ended 12/31/2019 | $13.63 | (0.01) | 3.58 | 3.57 | (1.68) | (1.68) |
| Year Ended 12/31/2018 | $16.06 | 0.01 | (0.64) | (0.63) | (1.80) | (1.80) |
| Year Ended 12/31/2017 | $15.83 | 0.02 | 3.85 | 3.87 | (3.64) | (3.64) |
| Year Ended 12/31/2016 | $19.84 | 0.00(f) | 1.97 | 1.97 | (5.98) | (5.98) |
| Class C(g) | ||||||
| Six Months Ended 6/30/2021 (Unaudited) | $16.14 | (0.12) | 1.28 | 1.16 | (0.63) | (0.63) |
| Year Ended 12/31/2020 | $16.57 | (0.20) | 4.08 | 3.88 | (4.31) | (4.31) |
| Year Ended 12/31/2019 | $18.75 | (0.20) | 4.74 | 4.54 | (6.72) | (6.72) |
| Year Ended 12/31/2018 | $26.34 | (0.24) | (0.71) | (0.95) | (6.64) | (6.64) |
| Year Ended 12/31/2017 | $33.36 | (0.32) | 7.86 | 7.54 | (14.56) | (14.56) |
| Year Ended 12/31/2016 | $52.63 | (0.44) | 5.09 | 4.65 | (23.92) | (23.92) |
| Institutional Class | ||||||
| Six Months Ended 6/30/2021 (Unaudited) | $16.60 | (0.04) | 1.32 | 1.28 | (0.71) | (0.71) |
| Year Ended 12/31/2020 | $14.70 | (0.04) | 4.14 | 4.10 | (2.20) | (2.20) |
| Year Ended 12/31/2019 | $12.98 | (0.01) | 3.41 | 3.40 | (1.68) | (1.68) |
| Year Ended 12/31/2018 | $15.39 | 0.01 | (0.62) | (0.61) | (1.80) | (1.80) |
| Year Ended 12/31/2017 | $15.29 | 0.02 | 3.72 | 3.74 | (3.64) | (3.64) |
| Year Ended 12/31/2016 | $19.34 | 0.01 | 1.92 | 1.93 | (5.98) | (5.98) |
| Institutional 2 Class | ||||||
| Six Months Ended 6/30/2021 (Unaudited) | $17.88 | (0.04) | 1.42 | 1.38 | (0.71) | (0.71) |
| Year Ended 12/31/2020 | $15.69 | (0.04) | 4.43 | 4.39 | (2.20) | (2.20) |
| Year Ended 12/31/2019 | $13.76 | (0.00)(f) | 3.61 | 3.61 | (1.68) | (1.68) |
| Year Ended 12/31/2018 | $16.20 | 0.01 | (0.65) | (0.64) | (1.80) | (1.80) |
| Year Ended 12/31/2017 | $15.94 | 0.02 | 3.88 | 3.90 | (3.64) | (3.64) |
| Year Ended 12/31/2016 | $19.92 | 0.01 | 1.99 | 2.00 | (5.98) | (5.98) |
The accompanying Notes to Financial
Statements are an integral part of this statement.
| 52 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Financial Highlights (continued)
Columbia Acorn® Fund
Columbia Acorn® Fund
| Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
| Class A | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $12.97 | 7.73% | 1.08%(b) | 1.08%(b) | (0.68%)(b) | 46% | $1,000,850 |
| Year Ended 12/31/2020 | $12.69 | 29.18%(c) | 1.11% | 1.11%(d) | (0.56%) | 86% | $983,709 |
| Year Ended 12/31/2019 | $11.71 | 26.21%(c) | 1.11% | 1.10%(d) | (0.30%) | 101% | $810,966 |
| Year Ended 12/31/2018 | $10.65 | (5.22%)(c) | 1.10% | 1.08%(d) | (0.20%) | 66% | $768,031 |
| Year Ended 12/31/2017 | $12.92 | 24.91% | 1.09% | 1.08%(d) | (0.13%) | 72% | $830,454 |
| Year Ended 12/31/2016 | $13.35 | 10.06% | 1.10%(e) | 1.10%(e) | (0.21%) | 85% | $931,460 |
| Advisor Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $18.31 | 7.92% | 0.83%(b) | 0.83%(b) | (0.43%)(b) | 46% | $44,876 |
| Year Ended 12/31/2020 | $17.65 | 29.44%(c) | 0.86% | 0.86%(d) | (0.30%) | 86% | $44,139 |
| Year Ended 12/31/2019 | $15.52 | 26.58%(c) | 0.86% | 0.85%(d) | (0.05%) | 101% | $44,248 |
| Year Ended 12/31/2018 | $13.63 | (5.00%)(c) | 0.85% | 0.83%(d) | 0.05% | 66% | $40,425 |
| Year Ended 12/31/2017 | $16.06 | 25.19% | 0.84% | 0.83%(d) | 0.12% | 72% | $38,588 |
| Year Ended 12/31/2016 | $15.83 | 10.32% | 0.89%(e) | 0.89%(e) | 0.00%(f) | 85% | $33,378 |
| Class C(g) | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $16.67 | 7.36% | 1.83%(b) | 1.83%(b) | (1.44%)(b) | 46% | $32,008 |
| Year Ended 12/31/2020 | $16.14 | 28.27%(c) | 1.86% | 1.86%(d) | (1.30%) | 86% | $55,861 |
| Year Ended 12/31/2019 | $16.57 | 25.12%(c) | 1.86% | 1.85%(d) | (1.05%) | 101% | $69,471 |
| Year Ended 12/31/2018 | $18.75 | (5.86%)(c) | 1.85% | 1.82%(d) | (0.94%) | 66% | $81,149 |
| Year Ended 12/31/2017 | $26.34 | 23.88% | 1.84% | 1.83%(d) | (0.88%) | 72% | $246,450 |
| Year Ended 12/31/2016 | $33.36 | 9.29% | 1.84%(e) | 1.84%(e) | (0.95%) | 85% | $302,119 |
| Institutional Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $17.17 | 7.88% | 0.83%(b) | 0.83%(b) | (0.43%)(b) | 46% | $3,659,986 |
| Year Ended 12/31/2020 | $16.60 | 29.51%(c) | 0.86% | 0.86%(d) | (0.30%) | 86% | $3,569,794 |
| Year Ended 12/31/2019 | $14.70 | 26.60%(c) | 0.86% | 0.85%(d) | (0.05%) | 101% | $3,117,486 |
| Year Ended 12/31/2018 | $12.98 | (5.09%)(c) | 0.85% | 0.83%(d) | 0.05% | 66% | $2,816,948 |
| Year Ended 12/31/2017 | $15.39 | 25.24% | 0.84% | 0.83%(d) | 0.12% | 72% | $3,407,214 |
| Year Ended 12/31/2016 | $15.29 | 10.39% | 0.82%(e) | 0.82%(e) | 0.07% | 85% | $3,425,935 |
| Institutional 2 Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $18.55 | 7.90%(c) | 0.81%(b) | 0.80%(b) | (0.40%)(b) | 46% | $60,219 |
| Year Ended 12/31/2020 | $17.88 | 29.50%(c) | 0.83% | 0.82% | (0.27%) | 86% | $61,000 |
| Year Ended 12/31/2019 | $15.69 | 26.63%(c) | 0.83% | 0.82% | (0.02%) | 101% | $51,584 |
| Year Ended 12/31/2018 | $13.76 | (5.00%)(c) | 0.81% | 0.80% | 0.08% | 66% | $37,124 |
| Year Ended 12/31/2017 | $16.20 | 25.21% | 0.82% | 0.81% | 0.14% | 72% | $67,932 |
| Year Ended 12/31/2016 | $15.94 | 10.43% | 0.81%(e) | 0.81%(e) | 0.08% | 85% | $45,475 |
The accompanying Notes to Financial
Statements are an integral part of this statement.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 53 |
Financial Highlights (continued)
Columbia Acorn® Fund
Columbia Acorn® Fund
| Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net realized gains | Total distributions to shareholders | |
| Institutional 3 Class | ||||||
| Six Months Ended 6/30/2021 (Unaudited) | $18.12 | (0.03) | 1.44 | 1.41 | (0.72) | (0.72) |
| Year Ended 12/31/2020 | $15.87 | (0.04) | 4.49 | 4.45 | (2.20) | (2.20) |
| Year Ended 12/31/2019 | $13.89 | 0.00(f) | 3.66 | 3.66 | (1.68) | (1.68) |
| Year Ended 12/31/2018 | $16.34 | 0.02 | (0.66) | (0.64) | (1.81) | (1.81) |
| Year Ended 12/31/2017 | $16.04 | 0.03 | 3.91 | 3.94 | (3.64) | (3.64) |
| Year Ended 12/31/2016 | $20.00 | 0.02 | 2.00 | 2.02 | (5.98) | (5.98) |
| Notes to Financial Highlights | |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests, if any. Such indirect expenses are not included in the Fund’s reported expense ratios. |
| (b) | Annualized. |
| (c) | Had the Investment Manager and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced. |
| (d) | The benefits derived from expense reductions had an impact of less than 0.01%. |
| (e) | Ratios include line of credit interest expense which is less than 0.01%. |
| (f) | Rounds to zero. |
| (g) | Per share amounts have been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020. |
The accompanying Notes to
Financial Statements are an integral part of this statement.
| 54 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Financial Highlights (continued)
Columbia Acorn® Fund
Columbia Acorn® Fund
| Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
| Institutional 3 Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $18.81 | 7.94% | 0.76%(b) | 0.76%(b) | (0.37%)(b) | 46% | $86,057 |
| Year Ended 12/31/2020 | $18.12 | 29.54%(c) | 0.78% | 0.78% | (0.25%) | 86% | $155,338 |
| Year Ended 12/31/2019 | $15.87 | 26.74%(c) | 0.78% | 0.77% | 0.03% | 101% | $65,408 |
| Year Ended 12/31/2018 | $13.89 | (4.98%)(c) | 0.76% | 0.76% | 0.13% | 66% | $54,688 |
| Year Ended 12/31/2017 | $16.34 | 25.31% | 0.76% | 0.76% | 0.19% | 72% | $47,536 |
| Year Ended 12/31/2016 | $16.04 | 10.50% | 0.76%(e) | 0.76%(e) | 0.12% | 85% | $79,518 |
The accompanying Notes to Financial Statements are
an integral part of this statement.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 55 |
Financial Highlights
Columbia Acorn International®
Columbia Acorn International®
| Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
| Class A | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $34.31 | 0.04 | 2.79 | 2.83 | (0.10) | (1.00) | (1.10) |
| Year Ended 12/31/2020 | $34.20 | 0.06 | 4.51 | 4.57 | (0.20) | (4.26) | (4.46) |
| Year Ended 12/31/2019 | $29.48 | 0.25 | 8.19 | 8.44 | (0.65) | (3.07) | (3.72) |
| Year Ended 12/31/2018 | $46.51 | 0.23 | (7.41) | (7.18) | (0.29) | (9.56) | (9.85) |
| Year Ended 12/31/2017 | $37.71 | 0.25 | 11.71 | 11.96 | (0.67) | (2.49) | (3.16) |
| Year Ended 12/31/2016 | $39.08 | 0.35 | (1.31) | (0.96) | (0.15) | (0.26) | (0.41) |
| Advisor Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $34.95 | 0.03 | 2.90 | 2.93 | (0.18) | (1.00) | (1.18) |
| Year Ended 12/31/2020 | $34.67 | 0.16 | 4.58 | 4.74 | (0.20) | (4.26) | (4.46) |
| Year Ended 12/31/2019 | $29.84 | 0.33 | 8.30 | 8.63 | (0.73) | (3.07) | (3.80) |
| Year Ended 12/31/2018 | $46.95 | 0.46 | (7.61) | (7.15) | (0.40) | (9.56) | (9.96) |
| Year Ended 12/31/2017 | $38.03 | 0.36 | 11.82 | 12.18 | (0.77) | (2.49) | (3.26) |
| Year Ended 12/31/2016 | $39.41 | 0.48 | (1.38) | (0.90) | (0.22) | (0.26) | (0.48) |
| Class C | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $31.43 | (0.10) | 2.56 | 2.46 | — | (1.00) | (1.00) |
| Year Ended 12/31/2020 | $31.92 | (0.17) | 4.14 | 3.97 | (0.20) | (4.26) | (4.46) |
| Year Ended 12/31/2019 | $27.63 | 0.00(f) | 7.65 | 7.65 | (0.29) | (3.07) | (3.36) |
| Year Ended 12/31/2018 | $44.57 | (0.05) | (7.09) | (7.14) | (0.24) | (9.56) | (9.80) |
| Year Ended 12/31/2017 | $36.18 | (0.06) | 11.20 | 11.14 | (0.26) | (2.49) | (2.75) |
| Year Ended 12/31/2016 | $37.65 | 0.05 | (1.26) | (1.21) | — | (0.26) | (0.26) |
| Institutional Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $34.47 | 0.08 | 2.81 | 2.89 | (0.18) | (1.00) | (1.18) |
| Year Ended 12/31/2020 | $34.25 | 0.14 | 4.54 | 4.68 | (0.20) | (4.26) | (4.46) |
| Year Ended 12/31/2019 | $29.51 | 0.33 | 8.21 | 8.54 | (0.73) | (3.07) | (3.80) |
| Year Ended 12/31/2018 | $46.57 | 0.34 | (7.44) | (7.10) | (0.40) | (9.56) | (9.96) |
| Year Ended 12/31/2017 | $37.74 | 0.37 | 11.73 | 12.10 | (0.78) | (2.49) | (3.27) |
| Year Ended 12/31/2016 | $39.12 | 0.44 | (1.32) | (0.88) | (0.24) | (0.26) | (0.50) |
| Institutional 2 Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $34.46 | 0.09 | 2.81 | 2.90 | (0.20) | (1.00) | (1.20) |
| Year Ended 12/31/2020 | $34.22 | 0.16 | 4.54 | 4.70 | (0.20) | (4.26) | (4.46) |
| Year Ended 12/31/2019 | $29.49 | 0.35 | 8.20 | 8.55 | (0.75) | (3.07) | (3.82) |
| Year Ended 12/31/2018 | $46.54 | 0.37 | (7.43) | (7.06) | (0.43) | (9.56) | (9.99) |
| Year Ended 12/31/2017 | $37.72 | 0.38 | 11.72 | 12.10 | (0.79) | (2.49) | (3.28) |
| Year Ended 12/31/2016 | $39.10 | 0.44 | (1.30) | (0.86) | (0.26) | (0.26) | (0.52) |
| Institutional 3 Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $34.99 | 0.10 | 2.86 | 2.96 | (0.22) | (1.00) | (1.22) |
| Year Ended 12/31/2020 | $34.67 | 0.19 | 4.59 | 4.78 | (0.20) | (4.26) | (4.46) |
| Year Ended 12/31/2019 | $29.83 | 0.37 | 8.30 | 8.67 | (0.76) | (3.07) | (3.83) |
| Year Ended 12/31/2018 | $46.95 | 0.51 | (7.62) | (7.11) | (0.45) | (9.56) | (10.01) |
| Year Ended 12/31/2017 | $38.02 | 0.40 | 11.83 | 12.23 | (0.81) | (2.49) | (3.30) |
| Year Ended 12/31/2016 | $39.41 | 0.47 | (1.32) | (0.85) | (0.28) | (0.26) | (0.54) |
The accompanying Notes to Financial
Statements are an integral part of this statement.
| 56 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Financial Highlights (continued)
Columbia Acorn International®
Columbia Acorn International®
| Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
| Class A | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $36.04 | 8.24%(b) | 1.25%(c) | 1.23%(c) | 0.20%(c) | 17% | $290,120 |
| Year Ended 12/31/2020 | $34.31 | 14.68%(b) | 1.28%(d) | 1.24%(d),(e) | 0.21% | 55% | $283,478 |
| Year Ended 12/31/2019 | $34.20 | 29.56%(b) | 1.27%(d) | 1.24%(d),(e) | 0.76% | 32% | $307,872 |
| Year Ended 12/31/2018 | $29.48 | (16.13%)(b) | 1.25%(d) | 1.24%(d),(e) | 0.51% | 32% | $296,349 |
| Year Ended 12/31/2017 | $46.51 | 31.91% | 1.23% | 1.20%(e) | 0.56% | 37% | $465,830 |
| Year Ended 12/31/2016 | $37.71 | (2.51%) | 1.27% | 1.23% | 0.90% | 46% | $576,235 |
| Advisor Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $36.70 | 8.37%(b) | 0.99%(c) | 0.98%(c) | 0.16%(c) | 17% | $10,221 |
| Year Ended 12/31/2020 | $34.95 | 14.98%(b) | 1.03%(d) | 0.99%(d),(e) | 0.52% | 55% | $22,549 |
| Year Ended 12/31/2019 | $34.67 | 29.86%(b) | 1.02%(d) | 0.99%(d),(e) | 1.00% | 32% | $12,733 |
| Year Ended 12/31/2018 | $29.84 | (15.90%)(b) | 1.00%(d) | 0.99%(d),(e) | 0.97% | 32% | $12,740 |
| Year Ended 12/31/2017 | $46.95 | 32.21% | 0.98% | 0.98%(e) | 0.81% | 37% | $99,578 |
| Year Ended 12/31/2016 | $38.03 | (2.32%) | 1.05% | 1.05% | 1.22% | 46% | $101,988 |
| Class C | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $32.89 | 7.82%(b) | 1.99%(c) | 1.98%(c) | (0.62%)(c) | 17% | $13,355 |
| Year Ended 12/31/2020 | $31.43 | 13.82%(b) | 2.02%(d) | 1.99%(d),(e) | (0.57%) | 55% | $19,998 |
| Year Ended 12/31/2019 | $31.92 | 28.61%(b) | 2.02%(d) | 2.00%(d),(e) | 0.01% | 32% | $18,749 |
| Year Ended 12/31/2018 | $27.63 | (16.76%)(b) | 2.00%(d) | 1.99%(d),(e) | (0.11%) | 32% | $22,817 |
| Year Ended 12/31/2017 | $44.57 | 30.93% | 1.98% | 1.97%(e) | (0.15%) | 37% | $63,787 |
| Year Ended 12/31/2016 | $36.18 | (3.26%) | 2.01% | 1.99% | 0.13% | 46% | $64,548 |
| Institutional Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $36.18 | 8.37%(b) | 1.00%(c) | 0.98%(c) | 0.45%(c) | 17% | $1,749,417 |
| Year Ended 12/31/2020 | $34.47 | 14.99%(b) | 1.03%(d) | 0.99%(d),(e) | 0.46% | 55% | $1,760,927 |
| Year Ended 12/31/2019 | $34.25 | 29.89%(b) | 1.02%(d) | 0.99%(d),(e) | 1.01% | 32% | $1,947,995 |
| Year Ended 12/31/2018 | $29.51 | (15.93%)(b) | 1.00%(d) | 0.99%(d),(e) | 0.76% | 32% | $1,824,055 |
| Year Ended 12/31/2017 | $46.57 | 32.24% | 0.98% | 0.98%(e) | 0.85% | 37% | $3,116,383 |
| Year Ended 12/31/2016 | $37.74 | (2.28%) | 0.98% | 0.98% | 1.13% | 46% | $3,356,348 |
| Institutional 2 Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $36.16 | 8.41%(b) | 0.95%(c) | 0.92%(c) | 0.53%(c) | 17% | $139,159 |
| Year Ended 12/31/2020 | $34.46 | 15.06%(b) | 0.97%(d) | 0.92%(d) | 0.53% | 55% | $129,576 |
| Year Ended 12/31/2019 | $34.22 | 29.95%(b) | 0.97%(d) | 0.93%(d) | 1.06% | 32% | $183,763 |
| Year Ended 12/31/2018 | $29.49 | (15.85%)(b) | 0.93%(d) | 0.93%(d) | 0.81% | 32% | $160,488 |
| Year Ended 12/31/2017 | $46.54 | 32.27% | 0.93% | 0.93% | 0.87% | 37% | $422,916 |
| Year Ended 12/31/2016 | $37.72 | (2.23%) | 0.93% | 0.93% | 1.15% | 46% | $286,786 |
| Institutional 3 Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $36.73 | 8.43%(b) | 0.90%(c) | 0.88%(c) | 0.55%(c) | 17% | $232,725 |
| Year Ended 12/31/2020 | $34.99 | 15.10%(b) | 0.93%(d) | 0.88%(d) | 0.60% | 55% | $277,614 |
| Year Ended 12/31/2019 | $34.67 | 30.04%(b) | 0.92%(d) | 0.89%(d) | 1.12% | 32% | $239,441 |
| Year Ended 12/31/2018 | $29.83 | (15.82%)(b) | 0.88%(d) | 0.88%(d) | 1.10% | 32% | $198,933 |
| Year Ended 12/31/2017 | $46.95 | 32.36% | 0.88% | 0.88% | 0.89% | 37% | $725,247 |
| Year Ended 12/31/2016 | $38.02 | (2.19%) | 0.88% | 0.88% | 1.20% | 46% | $239,733 |
The accompanying Notes to Financial
Statements are an integral part of this statement.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 57 |
Financial Highlights (continued)
Columbia Acorn International®
Columbia Acorn International®
| Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
| Class R | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $34.24 | (0.01) | 2.80 | 2.79 | (0.03) | (1.00) | (1.03) |
| Year Ended 12/31/2020 | $34.22 | (0.01) | 4.49 | 4.48 | (0.20) | (4.26) | (4.46) |
| Year Ended 12/31/2019 | $29.44 | 0.06 | 8.27 | 8.33 | (0.48) | (3.07) | (3.55) |
| Year Ended 12/31/2018 | $46.51 | 0.12 | (7.39) | (7.27) | (0.24) | (9.56) | (9.80) |
| Year Ended 12/31/2017 | $37.71 | 0.21 | 11.63 | 11.84 | (0.55) | (2.49) | (3.04) |
| Year Ended 12/31/2016 | $39.07 | 0.21 | (1.30) | (1.09) | (0.01) | (0.26) | (0.27) |
| Notes to Financial Highlights | |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests, if any. Such indirect expenses are not included in the Fund’s reported expense ratios. |
| (b) | Had the Investment Manager and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced. |
| (c) | Annualized. |
| (d) | Ratios include line of credit interest expense which is less than 0.01%. |
| (e) | The benefits derived from expense reductions had an impact of less than 0.01%. |
| (f) | Rounds to zero. |
The accompanying Notes to
Financial Statements are an integral part of this statement.
| 58 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Financial Highlights (continued)
Columbia Acorn International®
Columbia Acorn International®
| Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
| Class R | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $36.00 | 8.12%(b) | 1.50%(c) | 1.48%(c) | (0.04%)(c) | 17% | $3,473 |
| Year Ended 12/31/2020 | $34.24 | 14.40%(b) | 1.53%(d) | 1.49%(d),(e) | (0.04%) | 55% | $3,398 |
| Year Ended 12/31/2019 | $34.22 | 29.21%(b) | 1.52%(d) | 1.50%(d),(e) | 0.19% | 32% | $3,696 |
| Year Ended 12/31/2018 | $29.44 | (16.32%)(b) | 1.50%(d) | 1.49%(d),(e) | 0.26% | 32% | $10,049 |
| Year Ended 12/31/2017 | $46.51 | 31.58% | 1.49% | 1.48%(e) | 0.46% | 37% | $13,218 |
| Year Ended 12/31/2016 | $37.71 | (2.82%) | 1.55% | 1.55% | 0.55% | 46% | $4,637 |
The accompanying Notes to Financial Statements are
an integral part of this statement.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 59 |
Financial Highlights
Columbia Acorn USA®
Columbia Acorn USA®
| Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
| Class A | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $13.58 | (0.07) | 1.39 | 1.32 | — | (0.41) | (0.41) |
| Year Ended 12/31/2020 | $11.69 | (0.10) | 2.76 | 2.66 | — | (0.77) | (0.77) |
| Year Ended 12/31/2019 | $10.28 | (0.05) | 3.14 | 3.09 | (0.01) | (1.67) | (1.68) |
| Year Ended 12/31/2018 | $12.48 | (0.07) | (0.04) | (0.11) | — | (2.09) | (2.09) |
| Year Ended 12/31/2017 | $14.95 | (0.09) | 2.84 | 2.75 | — | (5.22) | (5.22) |
| Year Ended 12/31/2016 | $20.25 | (0.11) | 2.43 | 2.32 | — | (7.62) | (7.62) |
| Advisor Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $19.32 | (0.07) | 1.96 | 1.89 | — | (0.41) | (0.41) |
| Year Ended 12/31/2020 | $16.31 | (0.10) | 3.91 | 3.81 | — | (0.80) | (0.80) |
| Year Ended 12/31/2019 | $13.77 | (0.03) | 4.25 | 4.22 | (0.01) | (1.67) | (1.68) |
| Year Ended 12/31/2018 | $16.08 | (0.05) | (0.09) | (0.14) | — | (2.17) | (2.17) |
| Year Ended 12/31/2017 | $17.93 | (0.06) | 3.43 | 3.37 | — | (5.22) | (5.22) |
| Year Ended 12/31/2016 | $22.85 | (0.07) | 2.77 | 2.70 | — | (7.62) | (7.62) |
| Class C(f) | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $18.14 | (0.17) | 1.85 | 1.68 | — | (0.40) | (0.40) |
| Year Ended 12/31/2020 | $16.47 | (0.25) | 3.60 | 3.35 | — | (1.68) | (1.68) |
| Year Ended 12/31/2019 | $18.07 | (0.24) | 5.32 | 5.08 | — | (6.68) | (6.68) |
| Year Ended 12/31/2018 | $26.22 | (0.36) | 0.17(g) | (0.19) | — | (7.96) | (7.96) |
| Year Ended 12/31/2017 | $40.19 | (0.52) | 7.43 | 6.91 | — | (20.88) | (20.88) |
| Year Ended 12/31/2016 | $64.00 | (0.72) | 7.39 | 6.67 | — | (30.48) | (30.48) |
| Institutional Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $17.90 | (0.07) | 1.83 | 1.76 | — | (0.41) | (0.41) |
| Year Ended 12/31/2020 | $15.17 | (0.10) | 3.63 | 3.53 | — | (0.80) | (0.80) |
| Year Ended 12/31/2019 | $12.90 | (0.03) | 3.98 | 3.95 | (0.01) | (1.67) | (1.68) |
| Year Ended 12/31/2018 | $15.21 | (0.04) | (0.09) | (0.13) | — | (2.18) | (2.18) |
| Year Ended 12/31/2017 | $17.20 | (0.05) | 3.28 | 3.23 | — | (5.22) | (5.22) |
| Year Ended 12/31/2016 | $22.19 | (0.07) | 2.70 | 2.63 | — | (7.62) | (7.62) |
| Institutional 2 Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $19.50 | (0.07) | 1.99 | 1.92 | — | (0.41) | (0.41) |
| Year Ended 12/31/2020 | $16.46 | (0.10) | 3.95 | 3.85 | — | (0.81) | (0.81) |
| Year Ended 12/31/2019 | $13.87 | (0.01) | 4.28 | 4.27 | (0.01) | (1.67) | (1.68) |
| Year Ended 12/31/2018 | $16.21 | (0.03) | (0.11) | (0.14) | — | (2.20) | (2.20) |
| Year Ended 12/31/2017 | $18.02 | (0.03) | 3.44 | 3.41 | — | (5.22) | (5.22) |
| Year Ended 12/31/2016 | $22.90 | (0.06) | 2.80 | 2.74 | — | (7.62) | (7.62) |
The accompanying Notes to
Financial Statements are an integral part of this statement.
| 60 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Financial Highlights (continued)
Columbia Acorn USA®
Columbia Acorn USA®
| Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
| Class A | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $14.49 | 9.78%(b) | 1.40%(c),(d) | 1.39%(c),(d) | (0.97%)(c) | 41% | $58,679 |
| Year Ended 12/31/2020 | $13.58 | 23.70%(b) | 1.44% | 1.40%(e) | (0.91%) | 94% | $59,050 |
| Year Ended 12/31/2019 | $11.69 | 30.88%(b) | 1.45%(d) | 1.41%(d),(e) | (0.43%) | 91% | $56,578 |
| Year Ended 12/31/2018 | $10.28 | (2.15%)(b) | 1.44%(d) | 1.42%(d),(e) | (0.49%) | 86% | $49,179 |
| Year Ended 12/31/2017 | $12.48 | 19.14%(b) | 1.44% | 1.43%(e) | (0.55%) | 84% | $47,960 |
| Year Ended 12/31/2016 | $14.95 | 12.70% | 1.41% | 1.41% | (0.58%) | 98% | $80,721 |
| Advisor Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $20.80 | 9.83%(b) | 1.15%(c),(d) | 1.14%(c),(d) | (0.72%)(c) | 41% | $25,214 |
| Year Ended 12/31/2020 | $19.32 | 24.08%(b) | 1.19% | 1.15%(e) | (0.66%) | 94% | $23,158 |
| Year Ended 12/31/2019 | $16.31 | 31.27%(b) | 1.20%(d) | 1.16%(d),(e) | (0.18%) | 91% | $19,202 |
| Year Ended 12/31/2018 | $13.77 | (1.91%)(b) | 1.18%(d) | 1.17%(d),(e) | (0.27%) | 86% | $14,579 |
| Year Ended 12/31/2017 | $16.08 | 19.42%(b) | 1.21% | 1.20%(e) | (0.31%) | 84% | $16,355 |
| Year Ended 12/31/2016 | $17.93 | 12.93% | 1.18% | 1.18% | (0.35%) | 98% | $6,172 |
| Class C(f) | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $19.42 | 9.31%(b) | 2.15%(c),(d) | 2.14%(c),(d) | (1.73%)(c) | 41% | $2,110 |
| Year Ended 12/31/2020 | $18.14 | 22.79%(b) | 2.19% | 2.15%(e) | (1.66%) | 94% | $2,658 |
| Year Ended 12/31/2019 | $16.47 | 29.93%(b) | 2.20%(d) | 2.16%(d),(e) | (1.19%) | 91% | $3,195 |
| Year Ended 12/31/2018 | $18.07 | (2.92%)(b) | 2.19%(d) | 2.17%(d),(e) | (1.30%) | 86% | $4,608 |
| Year Ended 12/31/2017 | $26.22 | 18.30%(b) | 2.19% | 2.19%(e) | (1.31%) | 84% | $9,802 |
| Year Ended 12/31/2016 | $40.19 | 11.92% | 2.13% | 2.13% | (1.31%) | 98% | $12,088 |
| Institutional Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $19.25 | 9.88%(b) | 1.15%(c),(d) | 1.14%(c),(d) | (0.72%)(c) | 41% | $182,691 |
| Year Ended 12/31/2020 | $17.90 | 24.04%(b) | 1.19% | 1.15%(e) | (0.67%) | 94% | $170,650 |
| Year Ended 12/31/2019 | $15.17 | 31.28%(b) | 1.20%(d) | 1.16%(d),(e) | (0.18%) | 91% | $158,696 |
| Year Ended 12/31/2018 | $12.90 | (1.98%)(b) | 1.18%(d) | 1.17%(d),(e) | (0.26%) | 86% | $149,048 |
| Year Ended 12/31/2017 | $15.21 | 19.44%(b) | 1.16% | 1.16%(e) | (0.27%) | 84% | $189,408 |
| Year Ended 12/31/2016 | $17.20 | 13.00% | 1.16% | 1.16% | (0.34%) | 98% | $492,739 |
| Institutional 2 Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $21.01 | 9.89%(b) | 1.11%(c),(d) | 1.08%(c),(d) | (0.65%)(c) | 41% | $3,878 |
| Year Ended 12/31/2020 | $19.50 | 24.10%(b) | 1.14% | 1.08% | (0.60%) | 94% | $3,344 |
| Year Ended 12/31/2019 | $16.46 | 31.41%(b) | 1.13%(d) | 1.08%(d) | (0.09%) | 91% | $3,806 |
| Year Ended 12/31/2018 | $13.87 | (1.89%)(b) | 1.11%(d) | 1.09%(d) | (0.19%) | 86% | $3,332 |
| Year Ended 12/31/2017 | $16.21 | 19.56%(b) | 1.08% | 1.08% | (0.17%) | 84% | $10,133 |
| Year Ended 12/31/2016 | $18.02 | 13.09% | 1.07% | 1.07% | (0.27%) | 98% | $13,764 |
The accompanying Notes to
Financial Statements are an integral part of this statement.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 61 |
Financial Highlights (continued)
Columbia Acorn USA®
Columbia Acorn USA®
| Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
| Institutional 3 Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $19.74 | (0.07) | 2.02 | 1.95 | — | (0.41) | (0.41) |
| Year Ended 12/31/2020 | $16.65 | (0.09) | 4.00 | 3.91 | — | (0.82) | (0.82) |
| Year Ended 12/31/2019 | $14.01 | (0.01) | 4.33 | 4.32 | (0.01) | (1.67) | (1.68) |
| Year Ended 12/31/2018 | $16.36 | (0.02) | (0.11) | (0.13) | — | (2.22) | (2.22) |
| Year Ended 12/31/2017 | $18.14 | (0.03) | 3.47 | 3.44 | — | (5.22) | (5.22) |
| Year Ended 12/31/2016 | $22.99 | (0.04) | 2.81 | 2.77 | — | (7.62) | (7.62) |
| Notes to Financial Highlights | |
| (a) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests, if any. Such indirect expenses are not included in the Fund’s reported expense ratios. |
| (b) | Had the Investment Manager and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced. |
| (c) | Annualized. |
| (d) | Ratios include line of credit interest expense which is less than 0.01%. |
| (e) | The benefits derived from expense reductions had an impact of less than 0.01%. |
| (f) | Per share amounts have been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020. |
| (g) | Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statements of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio. |
The accompanying Notes to
Financial Statements are an integral part of this statement.
| 62 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Financial Highlights (continued)
Columbia Acorn USA®
Columbia Acorn USA®
| Net asset value, end of period | Total return | Total gross expense ratio to average net assets(a) | Total net expense ratio to average net assets(a) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
| Institutional 3 Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $21.28 | 9.92%(b) | 1.05%(c),(d) | 1.04%(c),(d) | (0.65%)(c) | 41% | $53,654 |
| Year Ended 12/31/2020 | $19.74 | 24.16%(b) | 1.09% | 1.04% | (0.55%) | 94% | $77,304 |
| Year Ended 12/31/2019 | $16.65 | 31.45%(b) | 1.08%(d) | 1.03%(d) | (0.05%) | 91% | $67,921 |
| Year Ended 12/31/2018 | $14.01 | (1.86%)(b) | 1.06%(d) | 1.04%(d) | (0.11%) | 86% | $55,248 |
| Year Ended 12/31/2017 | $16.36 | 19.60%(b) | 1.05% | 1.05% | (0.17%) | 84% | $49,019 |
| Year Ended 12/31/2016 | $18.14 | 13.18% | 1.01% | 1.01% | (0.18%) | 98% | $38,136 |
The accompanying Notes to Financial Statements are
an integral part of this statement.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 63 |
Financial Highlights
Columbia Acorn International SelectSM
Columbia Acorn International SelectSM
| Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Tax return of capital | Total distributions to shareholders | |
| Class A | ||||||||
| Six Months Ended 6/30/2021 (Unaudited) | $33.67 | 0.01 | 1.43 | 1.44 | (0.15) | — | — | (0.15) |
| Year Ended 12/31/2020 | $28.58 | (0.03) | 5.21 | 5.18 | (0.09) | — | — | (0.09) |
| Year Ended 12/31/2019 | $23.44 | 0.09 | 7.67 | 7.76 | (0.28) | (2.34) | — | (2.62) |
| Year Ended 12/31/2018 | $28.89 | 0.06 | (3.66) | (3.60) | — | (1.85) | — | (1.85) |
| Year Ended 12/31/2017 | $21.36 | 0.02 | 7.52 | 7.54 | (0.01) | — | — | (0.01) |
| Year Ended 12/31/2016 | $21.33 | 0.10 | 0.09(f) | 0.19 | (0.14) | — | (0.02) | (0.16) |
| Advisor Class | ||||||||
| Six Months Ended 6/30/2021 (Unaudited) | $34.56 | 0.05 | 1.47 | 1.52 | (0.21) | — | — | (0.21) |
| Year Ended 12/31/2020 | $29.26 | 0.04 | 5.35 | 5.39 | (0.09) | — | — | (0.09) |
| Year Ended 12/31/2019 | $24.00 | 0.18 | 7.84 | 8.02 | (0.42) | (2.34) | — | (2.76) |
| Year Ended 12/31/2018 | $29.46 | 0.09 | (3.70) | (3.61) | — | (1.85) | — | (1.85) |
| Year Ended 12/31/2017 | $21.77 | 0.08 | 7.68 | 7.76 | (0.07) | — | — | (0.07) |
| Year Ended 12/31/2016 | $21.74 | 0.17 | 0.08(f) | 0.25 | (0.20) | — | (0.02) | (0.22) |
| Class C | ||||||||
| Six Months Ended 6/30/2021 (Unaudited) | $30.40 | (0.12) | 1.30 | 1.18 | — | — | — | — |
| Year Ended 12/31/2020 | $26.00 | (0.23) | 4.72 | 4.49 | (0.09) | — | — | (0.09) |
| Year Ended 12/31/2019 | $21.48 | (0.10) | 6.99 | 6.89 | (0.03) | (2.34) | — | (2.37) |
| Year Ended 12/31/2018 | $26.85 | (0.12) | (3.40) | (3.52) | — | (1.85) | — | (1.85) |
| Year Ended 12/31/2017 | $19.99 | (0.15) | 7.01 | 6.86 | — | — | — | — |
| Year Ended 12/31/2016 | $19.96 | (0.06) | 0.09(f) | 0.03 | — | — | — | — |
| Institutional Class | ||||||||
| Six Months Ended 6/30/2021 (Unaudited) | $34.25 | 0.06 | 1.45 | 1.51 | (0.21) | — | — | (0.21) |
| Year Ended 12/31/2020 | $29.00 | 0.03 | 5.31 | 5.34 | (0.09) | — | — | (0.09) |
| Year Ended 12/31/2019 | $23.81 | 0.17 | 7.78 | 7.95 | (0.42) | (2.34) | — | (2.76) |
| Year Ended 12/31/2018 | $29.25 | 0.14 | (3.73) | (3.59) | — | (1.85) | — | (1.85) |
| Year Ended 12/31/2017 | $21.61 | 0.09 | 7.62 | 7.71 | (0.07) | — | — | (0.07) |
| Year Ended 12/31/2016 | $21.58 | 0.16 | 0.09(f) | 0.25 | (0.20) | — | (0.02) | (0.22) |
| Institutional 2 Class | ||||||||
| Six Months Ended 6/30/2021 (Unaudited) | $34.57 | 0.06 | 1.49 | 1.55 | (0.24) | — | — | (0.24) |
| Year Ended 12/31/2020 | $29.24 | 0.08 | 5.34 | 5.42 | (0.09) | — | — | (0.09) |
| Year Ended 12/31/2019 | $24.01 | 0.18 | 7.86 | 8.04 | (0.47) | (2.34) | — | (2.81) |
| Year Ended 12/31/2018 | $29.44 | 0.11 | (3.69) | (3.58) | — | (1.85) | — | (1.85) |
| Year Ended 12/31/2017 | $21.76 | 0.11 | 7.66 | 7.77 | (0.09) | — | — | (0.09) |
| Year Ended 12/31/2016 | $21.72 | 0.16 | 0.11(f) | 0.27 | (0.21) | — | (0.02) | (0.23) |
The accompanying Notes to
Financial Statements are an integral part of this statement.
| 64 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Financial Highlights (continued)
Columbia Acorn International SelectSM
Columbia Acorn International SelectSM
| Net asset value, end of period | Total return(a) | Total gross expense ratio to average net assets(b) | Total net expense ratio to average net assets(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
| Class A | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $34.96 | 4.26% | 1.46%(c),(d) | 1.24%(c),(d) | 0.07%(c) | 16% | $232,432 |
| Year Ended 12/31/2020 | $33.67 | 18.21% | 1.48% | 1.26%(e) | (0.10%) | 68% | $230,519 |
| Year Ended 12/31/2019 | $28.58 | 33.37% | 1.54%(d) | 1.35%(d),(e) | 0.34% | 46% | $37,461 |
| Year Ended 12/31/2018 | $23.44 | (12.46%) | 1.54% | 1.40%(e) | 0.20% | 48% | $26,073 |
| Year Ended 12/31/2017 | $28.89 | 35.30% | 1.54% | 1.40%(e) | 0.07% | 49% | $26,336 |
| Year Ended 12/31/2016 | $21.36 | 0.90% | 1.55%(g) | 1.48%(g) | 0.49% | 49% | $20,165 |
| Advisor Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $35.87 | 4.41% | 1.21%(c),(d) | 0.99%(c),(d) | 0.31%(c) | 16% | $2,858 |
| Year Ended 12/31/2020 | $34.56 | 18.51% | 1.23% | 1.02%(e) | 0.12% | 68% | $2,748 |
| Year Ended 12/31/2019 | $29.26 | 33.73% | 1.29%(d) | 1.10%(d),(e) | 0.63% | 46% | $2,030 |
| Year Ended 12/31/2018 | $24.00 | (12.26%) | 1.29% | 1.15%(e) | 0.31% | 48% | $1,201 |
| Year Ended 12/31/2017 | $29.46 | 35.67% | 1.29% | 1.15%(e) | 0.30% | 49% | $1,820 |
| Year Ended 12/31/2016 | $21.77 | 1.15% | 1.29%(g) | 1.21%(g) | 0.77% | 49% | $1,106 |
| Class C | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $31.58 | 3.88% | 2.21%(c),(d) | 1.99%(c),(d) | (0.78%)(c) | 16% | $2,350 |
| Year Ended 12/31/2020 | $30.40 | 17.37% | 2.23% | 2.02%(e) | (0.88%) | 68% | $3,251 |
| Year Ended 12/31/2019 | $26.00 | 32.31% | 2.29%(d) | 2.10%(d),(e) | (0.42%) | 46% | $2,493 |
| Year Ended 12/31/2018 | $21.48 | (13.11%) | 2.28% | 2.15%(e) | (0.43%) | 48% | $2,752 |
| Year Ended 12/31/2017 | $26.85 | 34.32% | 2.29% | 2.15%(e) | (0.64%) | 49% | $5,027 |
| Year Ended 12/31/2016 | $19.99 | 0.15% | 2.31%(g) | 2.23%(g) | (0.29%) | 49% | $4,346 |
| Institutional Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $35.55 | 4.42% | 1.21%(c),(d) | 0.99%(c),(d) | 0.32%(c) | 16% | $156,685 |
| Year Ended 12/31/2020 | $34.25 | 18.50% | 1.23% | 1.02%(e) | 0.12% | 68% | $155,133 |
| Year Ended 12/31/2019 | $29.00 | 33.71% | 1.29%(d) | 1.10%(d),(e) | 0.59% | 46% | $88,922 |
| Year Ended 12/31/2018 | $23.81 | (12.28%) | 1.28% | 1.15%(e) | 0.47% | 48% | $69,413 |
| Year Ended 12/31/2017 | $29.25 | 35.70% | 1.29% | 1.15%(e) | 0.36% | 49% | $89,266 |
| Year Ended 12/31/2016 | $21.61 | 1.18% | 1.26%(g) | 1.19%(g) | 0.74% | 49% | $73,631 |
| Institutional 2 Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $35.88 | 4.48% | 1.11%(c),(d) | 0.89%(c),(d) | 0.33%(c) | 16% | $58,066 |
| Year Ended 12/31/2020 | $34.57 | 18.63% | 1.15% | 0.93% | 0.27% | 68% | $77,420 |
| Year Ended 12/31/2019 | $29.24 | 33.82% | 1.22%(d) | 1.00%(d) | 0.65% | 46% | $3,392 |
| Year Ended 12/31/2018 | $24.01 | (12.16%) | 1.21% | 1.06% | 0.36% | 48% | $1,200 |
| Year Ended 12/31/2017 | $29.44 | 35.72% | 1.22% | 1.08% | 0.41% | 49% | $614 |
| Year Ended 12/31/2016 | $21.76 | 1.25% | 1.23%(g) | 1.19%(g) | 0.76% | 49% | $440 |
The accompanying Notes to
Financial Statements are an integral part of this statement.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 65 |
Financial Highlights (continued)
Columbia Acorn International SelectSM
Columbia Acorn International SelectSM
| Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Tax return of capital | Total distributions to shareholders | |
| Institutional 3 Class | ||||||||
| Six Months Ended 6/30/2021 (Unaudited) | $34.56 | 0.08 | 1.47 | 1.55 | (0.25) | — | — | (0.25) |
| Year Ended 12/31/2020 | $29.22 | 0.07 | 5.36 | 5.43 | (0.09) | — | — | (0.09) |
| Year Ended 12/31/2019 | $24.00 | 0.20 | 7.86 | 8.06 | (0.50) | (2.34) | — | (2.84) |
| Year Ended 12/31/2018 | $29.42 | 0.17 | (3.74) | (3.57) | — | (1.85) | — | (1.85) |
| Year Ended 12/31/2017 | $21.74 | (0.07) | 7.86 | 7.79 | (0.11) | — | — | (0.11) |
| Year Ended 12/31/2016 | $21.71 | 0.16 | 0.12(f) | 0.28 | (0.23) | — | (0.02) | (0.25) |
| Notes to Financial Highlights | |
| (a) | Had the Investment Manager and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced. |
| (b) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests, if any. Such indirect expenses are not included in the Fund’s reported expense ratios. |
| (c) | Annualized. |
| (d) | Ratios include line of credit interest expense which is less than 0.01%. |
| (e) | The benefits derived from expense reductions had an impact of less than 0.01%. |
| (f) | Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statements of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio. |
| (g) | Expenses have been reduced due to a reimbursement of expenses overbilled by a third party. If the reimbursement had been excluded, the expense ratios would have been higher by the percentages shown for each class in the table below. All fee waivers and expense reimbursements by the Investment Manager and its affiliates were applied before giving effect to this third party reimbursement. |
| Year Ended | Class A | Advisor Class | Class C | Institutional Class | Institutional 2 Class | Institutional 3 Class |
| 12/31/2016 | 0.06% | 0.06% | 0.06% | 0.06% | 0.04% | 0.09% |
The accompanying Notes to
Financial Statements are an integral part of this statement.
| 66 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Financial Highlights (continued)
Columbia Acorn International SelectSM
Columbia Acorn International SelectSM
| Net asset value, end of period | Total return(a) | Total gross expense ratio to average net assets(b) | Total net expense ratio to average net assets(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
| Institutional 3 Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $35.86 | 4.48% | 1.07%(c),(d) | 0.84%(c),(d) | 0.47%(c) | 16% | $27,207 |
| Year Ended 12/31/2020 | $34.56 | 18.67% | 1.09% | 0.89% | 0.24% | 68% | $27,064 |
| Year Ended 12/31/2019 | $29.22 | 33.90% | 1.16%(d) | 0.96%(d) | 0.72% | 46% | $13,861 |
| Year Ended 12/31/2018 | $24.00 | (12.14%) | 1.14% | 1.02% | 0.58% | 48% | $8,627 |
| Year Ended 12/31/2017 | $29.42 | 35.81% | 1.17% | 1.03% | (0.24%) | 49% | $7,732 |
| Year Ended 12/31/2016 | $21.74 | 1.29% | 1.12%(g) | 1.04%(g) | 0.74% | 49% | $322 |
The accompanying Notes to Financial Statements are
an integral part of this statement.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 67 |
Financial Highlights
Columbia Thermostat FundSM
Columbia Thermostat FundSM
| Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
| Class A | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $18.31 | 0.08 | 1.00 | 1.08 | (0.01) | (0.24) | (0.25) |
| Year Ended 12/31/2020 | $15.12 | 0.26 | 4.13 | 4.39 | (0.27) | (0.93) | (1.20) |
| Year Ended 12/31/2019 | $13.85 | 0.27 | 1.79 | 2.06 | (0.26) | (0.53) | (0.79) |
| Year Ended 12/31/2018 | $14.63 | 0.24 | (0.26) | (0.02) | (0.28) | (0.48) | (0.76) |
| Year Ended 12/31/2017 | $14.60 | 0.25 | 0.50 | 0.75 | (0.50) | (0.22) | (0.72) |
| Year Ended 12/31/2016 | $14.31 | 0.20 | 0.44 | 0.64 | (0.08) | (0.27) | (0.35) |
| Advisor Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $18.12 | 0.10 | 1.00 | 1.10 | (0.01) | (0.24) | (0.25) |
| Year Ended 12/31/2020 | $14.97 | 0.36 | 4.04 | 4.40 | (0.32) | (0.93) | (1.25) |
| Year Ended 12/31/2019 | $13.72 | 0.31 | 1.77 | 2.08 | (0.30) | (0.53) | (0.83) |
| Year Ended 12/31/2018 | $14.50 | 0.28 | (0.27) | 0.01 | (0.31) | (0.48) | (0.79) |
| Year Ended 12/31/2017 | $14.47 | 0.29 | 0.50 | 0.79 | (0.54) | (0.22) | (0.76) |
| Year Ended 12/31/2016 | $14.19 | 0.24 | 0.42 | 0.66 | (0.11) | (0.27) | (0.38) |
| Class C | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $18.43 | 0.01 | 1.01 | 1.02 | (0.01) | (0.24) | (0.25) |
| Year Ended 12/31/2020 | $15.23 | 0.12 | 4.16 | 4.28 | (0.15) | (0.93) | (1.08) |
| Year Ended 12/31/2019 | $13.96 | 0.16 | 1.79 | 1.95 | (0.15) | (0.53) | (0.68) |
| Year Ended 12/31/2018 | $14.74 | 0.13 | (0.26) | (0.13) | (0.17) | (0.48) | (0.65) |
| Year Ended 12/31/2017 | $14.62 | 0.14 | 0.51 | 0.65 | (0.31) | (0.22) | (0.53) |
| Year Ended 12/31/2016 | $14.41 | 0.09 | 0.44 | 0.53 | (0.05) | (0.27) | (0.32) |
| Institutional Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $18.01 | 0.10 | 0.99 | 1.09 | (0.01) | (0.24) | (0.25) |
| Year Ended 12/31/2020 | $14.88 | 0.31 | 4.07 | 4.38 | (0.32) | (0.93) | (1.25) |
| Year Ended 12/31/2019 | $13.65 | 0.30 | 1.76 | 2.06 | (0.30) | (0.53) | (0.83) |
| Year Ended 12/31/2018 | $14.43 | 0.28 | (0.27) | 0.01 | (0.31) | (0.48) | (0.79) |
| Year Ended 12/31/2017 | $14.40 | 0.29 | 0.50 | 0.79 | (0.54) | (0.22) | (0.76) |
| Year Ended 12/31/2016 | $14.12 | 0.23 | 0.43 | 0.66 | (0.11) | (0.27) | (0.38) |
| Institutional 2 Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $18.14 | 0.11 | 1.00 | 1.11 | (0.01) | (0.24) | (0.25) |
| Year Ended 12/31/2020 | $14.99 | 0.31 | 4.09 | 4.40 | (0.32) | (0.93) | (1.25) |
| Year Ended 12/31/2019 | $13.74 | 0.32 | 1.77 | 2.09 | (0.31) | (0.53) | (0.84) |
| Year Ended 12/31/2018 | $14.52 | 0.29 | (0.27) | 0.02 | (0.32) | (0.48) | (0.80) |
| Year Ended 12/31/2017 | $14.49 | 0.29 | 0.50 | 0.79 | (0.54) | (0.22) | (0.76) |
| Year Ended 12/31/2016 | $14.20 | 0.24 | 0.43 | 0.67 | (0.11) | (0.27) | (0.38) |
The accompanying Notes to
Financial Statements are an integral part of this statement.
| 68 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Financial Highlights (continued)
Columbia Thermostat FundSM
Columbia Thermostat FundSM
| Net asset value, end of period | Total return(a) | Total gross expense ratio to average net assets(b) | Total net expense ratio to average net assets(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
| Class A | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $19.14 | 5.91% | 0.55%(c),(d) | 0.50%(c),(d) | 0.84%(c) | 44% | $632,208 |
| Year Ended 12/31/2020 | $18.31 | 29.27% | 0.56%(d) | 0.50%(d),(e) | 1.53% | 97% | $505,238 |
| Year Ended 12/31/2019 | $15.12 | 14.94% | 0.58%(d) | 0.50%(d),(e) | 1.81% | 158% | $225,113 |
| Year Ended 12/31/2018 | $13.85 | (0.13%) | 0.56% | 0.50%(e) | 1.66% | 122% | $193,683 |
| Year Ended 12/31/2017 | $14.63 | 5.19% | 0.54% | 0.50%(e) | 1.70% | 33% | $257,752 |
| Year Ended 12/31/2016 | $14.60 | 4.47% | 0.54% | 0.50% | 1.39% | 95% | $398,781 |
| Advisor Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $18.97 | 6.08% | 0.30%(c),(d) | 0.25%(c),(d) | 1.09%(c) | 44% | $174,264 |
| Year Ended 12/31/2020 | $18.12 | 29.58% | 0.32%(d) | 0.25%(d),(e) | 2.04% | 97% | $130,921 |
| Year Ended 12/31/2019 | $14.97 | 15.21% | 0.33%(d) | 0.25%(d),(e) | 2.08% | 158% | $16,208 |
| Year Ended 12/31/2018 | $13.72 | 0.12% | 0.31% | 0.25%(e) | 1.91% | 122% | $11,816 |
| Year Ended 12/31/2017 | $14.50 | 5.49% | 0.29% | 0.25%(e) | 1.98% | 33% | $16,227 |
| Year Ended 12/31/2016 | $14.47 | 4.69% | 0.30% | 0.25% | 1.64% | 95% | $15,664 |
| Class C | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $19.20 | 5.55% | 1.30%(c),(d) | 1.25%(c),(d) | 0.07%(c) | 44% | $189,670 |
| Year Ended 12/31/2020 | $18.43 | 28.28% | 1.31%(d) | 1.25%(d),(e) | 0.72% | 97% | $208,937 |
| Year Ended 12/31/2019 | $15.23 | 14.02% | 1.33%(d) | 1.25%(d),(e) | 1.05% | 158% | $156,027 |
| Year Ended 12/31/2018 | $13.96 | (0.88%) | 1.31% | 1.25%(e) | 0.90% | 122% | $166,292 |
| Year Ended 12/31/2017 | $14.74 | 4.48% | 1.29% | 1.25%(e) | 0.96% | 33% | $250,784 |
| Year Ended 12/31/2016 | $14.62 | 3.69% | 1.28% | 1.25% | 0.63% | 95% | $338,930 |
| Institutional Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $18.85 | 6.06% | 0.30%(c),(d) | 0.25%(c),(d) | 1.08%(c) | 44% | $874,152 |
| Year Ended 12/31/2020 | $18.01 | 29.63% | 0.31%(d) | 0.25%(d),(e) | 1.80% | 97% | $729,119 |
| Year Ended 12/31/2019 | $14.88 | 15.14% | 0.33%(d) | 0.25%(d),(e) | 2.06% | 158% | $285,444 |
| Year Ended 12/31/2018 | $13.65 | 0.12% | 0.31% | 0.25%(e) | 1.91% | 122% | $253,123 |
| Year Ended 12/31/2017 | $14.43 | 5.52% | 0.29% | 0.25%(e) | 1.97% | 33% | $320,483 |
| Year Ended 12/31/2016 | $14.40 | 4.72% | 0.28% | 0.25% | 1.64% | 95% | $341,629 |
| Institutional 2 Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $19.00 | 6.13% | 0.25%(c),(d) | 0.20%(c),(d) | 1.16%(c) | 44% | $221,216 |
| Year Ended 12/31/2020 | $18.14 | 29.59% | 0.27%(d) | 0.21%(d) | 1.82% | 97% | $129,197 |
| Year Ended 12/31/2019 | $14.99 | 15.25% | 0.28%(d) | 0.21%(d) | 2.16% | 158% | $40,759 |
| Year Ended 12/31/2018 | $13.74 | 0.16% | 0.26% | 0.21% | 1.97% | 122% | $16,478 |
| Year Ended 12/31/2017 | $14.52 | 5.51% | 0.26% | 0.23% | 1.97% | 33% | $13,464 |
| Year Ended 12/31/2016 | $14.49 | 4.77% | 0.27% | 0.24% | 1.66% | 95% | $12,024 |
The accompanying Notes to
Financial Statements are an integral part of this statement.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 69 |
Financial Highlights (continued)
Columbia Thermostat FundSM
Columbia Thermostat FundSM
| Net asset value, beginning of period | Net investment income | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Distributions from net realized gains | Total distributions to shareholders | |
| Institutional 3 Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $18.11 | 0.11 | 1.00 | 1.11 | (0.01) | (0.24) | (0.25) |
| Year Ended 12/31/2020 | $14.96 | 0.33 | 4.08 | 4.41 | (0.33) | (0.93) | (1.26) |
| Year Ended 12/31/2019 | $13.72 | 0.32 | 1.76 | 2.08 | (0.31) | (0.53) | (0.84) |
| Year Ended 12/31/2018 | $14.50 | 0.30 | (0.27) | 0.03 | (0.33) | (0.48) | (0.81) |
| Year Ended 12/31/2017 | $14.46 | 0.30 | 0.51 | 0.81 | (0.55) | (0.22) | (0.77) |
| Year Ended 12/31/2016 | $14.18 | 0.25 | 0.42 | 0.67 | (0.12) | (0.27) | (0.39) |
| Notes to Financial Highlights | |
| (a) | Had the Investment Manager and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced. |
| (b) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests, if any. Such indirect expenses are not included in the Fund’s reported expense ratios. |
| (c) | Annualized. |
| (d) | Ratios include line of credit interest expense which is less than 0.01%. |
| (e) | The benefits derived from expense reductions had an impact of less than 0.01%. |
The accompanying Notes to
Financial Statements are an integral part of this statement.
| 70 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Financial Highlights (continued)
Columbia Thermostat FundSM
Columbia Thermostat FundSM
| Net asset value, end of period | Total return(a) | Total gross expense ratio to average net assets(b) | Total net expense ratio to average net assets(b) | Net investment income ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
| Institutional 3 Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $18.97 | 6.14% | 0.22%(c),(d) | 0.17%(c),(d) | 1.18%(c) | 44% | $4,044 |
| Year Ended 12/31/2020 | $18.11 | 29.69% | 0.24%(d) | 0.17%(d) | 1.89% | 97% | $2,862 |
| Year Ended 12/31/2019 | $14.96 | 15.24% | 0.25%(d) | 0.16%(d) | 2.13% | 158% | $837 |
| Year Ended 12/31/2018 | $13.72 | 0.21% | 0.22% | 0.16% | 2.04% | 122% | $461 |
| Year Ended 12/31/2017 | $14.50 | 5.64% | 0.21% | 0.18% | 2.04% | 33% | $521 |
| Year Ended 12/31/2016 | $14.46 | 4.76% | 0.21% | 0.19% | 1.71% | 95% | $399 |
The accompanying Notes to Financial Statements are
an integral part of this statement.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 71 |
Financial Highlights
Columbia Acorn European FundSM
Columbia Acorn European FundSM
| Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Total distributions to shareholders | |
| Class A | ||||||
| Six Months Ended 6/30/2021 (Unaudited) | $27.49 | 0.02 | 3.12 | 3.14 | — | — |
| Year Ended 12/31/2020 | $22.52 | (0.12) | 5.22 | 5.10 | (0.13) | (0.13) |
| Year Ended 12/31/2019 | $15.56 | 0.06 | 7.09 | 7.15 | (0.19) | (0.19) |
| Year Ended 12/31/2018 | $19.27 | 0.11 | (3.70) | (3.59) | (0.12) | (0.12) |
| Year Ended 12/31/2017 | $14.12 | 0.06 | 5.28 | 5.34 | (0.19) | (0.19) |
| Year Ended 12/31/2016 | $14.75 | 0.16 | (0.67) | (0.51) | (0.12) | (0.12) |
| Advisor Class | ||||||
| Six Months Ended 6/30/2021 (Unaudited) | $27.78 | 0.05 | 3.16 | 3.21 | — | — |
| Year Ended 12/31/2020 | $22.70 | (0.06) | 5.27 | 5.21 | (0.13) | (0.13) |
| Year Ended 12/31/2019 | $15.68 | 0.12 | 7.13 | 7.25 | (0.23) | (0.23) |
| Year Ended 12/31/2018 | $19.36 | 0.19 | (3.75) | (3.56) | (0.12) | (0.12) |
| Year Ended 12/31/2017 | $14.18 | 0.10 | 5.32 | 5.42 | (0.24) | (0.24) |
| Year Ended 12/31/2016 | $14.82 | 0.17 | (0.65) | (0.48) | (0.16) | (0.16) |
| Class C | ||||||
| Six Months Ended 6/30/2021 (Unaudited) | $26.83 | (0.10) | 3.05 | 2.95 | — | — |
| Year Ended 12/31/2020 | $22.15 | (0.27) | 5.08 | 4.81 | (0.13) | (0.13) |
| Year Ended 12/31/2019 | $15.33 | (0.06) | 6.93 | 6.87 | (0.05) | (0.05) |
| Year Ended 12/31/2018 | $19.12 | (0.02) | (3.65) | (3.67) | (0.12) | (0.12) |
| Year Ended 12/31/2017 | $13.99 | (0.04) | 5.21 | 5.17 | (0.04) | (0.04) |
| Year Ended 12/31/2016 | $14.63 | 0.03 | (0.64) | (0.61) | (0.03) | (0.03) |
| Institutional Class | ||||||
| Six Months Ended 6/30/2021 (Unaudited) | $27.64 | 0.06 | 3.13 | 3.19 | — | — |
| Year Ended 12/31/2020 | $22.59 | (0.06) | 5.24 | 5.18 | (0.13) | (0.13) |
| Year Ended 12/31/2019 | $15.60 | 0.12 | 7.10 | 7.22 | (0.23) | (0.23) |
| Year Ended 12/31/2018 | $19.27 | 0.15 | (3.70) | (3.55) | (0.12) | (0.12) |
| Year Ended 12/31/2017 | $14.11 | 0.14 | 5.26 | 5.40 | (0.24) | (0.24) |
| Year Ended 12/31/2016 | $14.75 | 0.19 | (0.67) | (0.48) | (0.16) | (0.16) |
| Institutional 2 Class | ||||||
| Six Months Ended 6/30/2021 (Unaudited) | $27.98 | 0.09 | 3.14 | 3.23 | — | — |
| Year Ended 12/31/2020 | $22.84 | (0.05) | 5.32 | 5.27 | (0.13) | (0.13) |
| Year Ended 12/31/2019 | $15.78 | 0.14 | 7.17 | 7.31 | (0.25) | (0.25) |
| Year Ended 12/31/2018 | $19.46 | 0.19 | (3.75) | (3.56) | (0.12) | (0.12) |
| Year Ended 12/31/2017 | $14.25 | 0.20 | 5.25 | 5.45 | (0.24) | (0.24) |
| Year Ended 12/31/2016 | $14.89 | 0.18 | (0.66) | (0.48) | (0.16) | (0.16) |
The accompanying Notes to
Financial Statements are an integral part of this statement.
| 72 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Financial Highlights (continued)
Columbia Acorn European FundSM
Columbia Acorn European FundSM
| Net asset value, end of period | Total return(a) | Total gross expense ratio to average net assets(b) | Total net expense ratio to average net assets(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
| Class A | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $30.63 | 11.42% | 1.69%(c) | 1.44%(c) | 0.11%(c) | 9% | $53,690 |
| Year Ended 12/31/2020 | $27.49 | 22.80% | 1.86%(d) | 1.45%(d) | (0.54%) | 45% | $42,059 |
| Year Ended 12/31/2019 | $22.52 | 45.96% | 1.88% | 1.44% | 0.33% | 30% | $33,361 |
| Year Ended 12/31/2018 | $15.56 | (18.78%) | 1.81%(d) | 1.45%(d) | 0.57% | 39% | $22,870 |
| Year Ended 12/31/2017 | $19.27 | 37.89% | 1.94% | 1.58%(e) | 0.33% | 34% | $32,487 |
| Year Ended 12/31/2016 | $14.12 | (3.47%) | 2.00% | 1.75% | 1.07% | 40% | $26,269 |
| Advisor Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $30.99 | 11.56% | 1.44%(c) | 1.19%(c) | 0.37%(c) | 9% | $2,057 |
| Year Ended 12/31/2020 | $27.78 | 23.10% | 1.61%(d) | 1.20%(d) | (0.29%) | 45% | $1,781 |
| Year Ended 12/31/2019 | $22.70 | 46.30% | 1.63% | 1.19% | 0.60% | 30% | $1,906 |
| Year Ended 12/31/2018 | $15.68 | (18.53%) | 1.55%(d) | 1.19%(d) | 0.97% | 39% | $1,496 |
| Year Ended 12/31/2017 | $19.36 | 38.29% | 1.71% | 1.28%(e) | 0.55% | 34% | $2,942 |
| Year Ended 12/31/2016 | $14.18 | (3.27%) | 1.79% | 1.50% | 1.15% | 40% | $362 |
| Class C | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $29.78 | 11.00% | 2.44%(c) | 2.19%(c) | (0.72%)(c) | 9% | $5,394 |
| Year Ended 12/31/2020 | $26.83 | 21.87% | 2.61%(d) | 2.20%(d) | (1.27%) | 45% | $5,705 |
| Year Ended 12/31/2019 | $22.15 | 44.79% | 2.64% | 2.19% | (0.30%) | 30% | $6,186 |
| Year Ended 12/31/2018 | $15.33 | (19.34%) | 2.56%(d) | 2.20%(d) | (0.12%) | 39% | $8,770 |
| Year Ended 12/31/2017 | $19.12 | 36.95% | 2.69% | 2.31%(e) | (0.25%) | 34% | $13,965 |
| Year Ended 12/31/2016 | $13.99 | (4.21%) | 2.75% | 2.50% | 0.18% | 40% | $7,112 |
| Institutional Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $30.83 | 11.54% | 1.44%(c) | 1.19%(c) | 0.41%(c) | 9% | $81,375 |
| Year Ended 12/31/2020 | $27.64 | 23.08% | 1.61%(d) | 1.20%(d) | (0.29%) | 45% | $55,171 |
| Year Ended 12/31/2019 | $22.59 | 46.35% | 1.63% | 1.19% | 0.64% | 30% | $49,616 |
| Year Ended 12/31/2018 | $15.60 | (18.57%) | 1.56%(d) | 1.20%(d) | 0.80% | 39% | $32,813 |
| Year Ended 12/31/2017 | $19.27 | 38.35% | 1.69% | 1.29%(e) | 0.77% | 34% | $48,965 |
| Year Ended 12/31/2016 | $14.11 | (3.29%) | 1.73% | 1.50% | 1.29% | 40% | $11,345 |
| Institutional 2 Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $31.21 | 11.54% | 1.40%(c) | 1.14%(c) | 0.61%(c) | 9% | $12,153 |
| Year Ended 12/31/2020 | $27.98 | 23.23% | 1.58%(d) | 1.14%(d) | (0.24%) | 45% | $3,855 |
| Year Ended 12/31/2019 | $22.84 | 46.33% | 1.60% | 1.13% | 0.73% | 30% | $2,175 |
| Year Ended 12/31/2018 | $15.78 | (18.44%) | 1.50%(d) | 1.13%(d) | 0.96% | 39% | $2,554 |
| Year Ended 12/31/2017 | $19.46 | 38.32% | 1.64% | 1.28% | 1.14% | 34% | $3,988 |
| Year Ended 12/31/2016 | $14.25 | (3.23%) | 1.68% | 1.47% | 1.26% | 40% | $1,262 |
The accompanying Notes to
Financial Statements are an integral part of this statement.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 73 |
Financial Highlights (continued)
Columbia Acorn European FundSM
Columbia Acorn European FundSM
| Net asset value, beginning of period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Distributions from net investment income | Total distributions to shareholders | |
| Institutional 3 Class | ||||||
| Six Months Ended 6/30/2021 (Unaudited) | $27.54 | 0.04 | 3.15 | 3.19 | — | — |
| Year Ended 12/31/2020 | $22.48 | (0.02) | 5.21 | 5.19 | (0.13) | (0.13) |
| Year Ended 12/31/2019 | $15.53 | 0.14 | 7.06 | 7.20 | (0.25) | (0.25) |
| Year Ended 12/31/2018 | $19.17 | (0.04) | (3.48) | (3.52) | (0.12) | (0.12) |
| Year Ended 12/31/2017(f) | $15.02 | 0.03 | 4.40 | 4.43 | (0.28) | (0.28) |
| Notes to Financial Highlights | |
| (a) | Had the Investment Manager and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced. |
| (b) | In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests, if any. Such indirect expenses are not included in the Fund’s reported expense ratios. |
| (c) | Annualized. |
| (d) | Ratios include line of credit interest expense which is less than 0.01%. |
| (e) | The benefits derived from expense reductions had an impact of less than 0.01%. |
| (f) | Institutional 3 Class shares commenced operations on March 1, 2017. Per share data and total return reflect activity from that date. |
The accompanying Notes to
Financial Statements are an integral part of this statement.
| 74 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Financial Highlights (continued)
Columbia Acorn European FundSM
Columbia Acorn European FundSM
| Net asset value, end of period | Total return(a) | Total gross expense ratio to average net assets(b) | Total net expense ratio to average net assets(b) | Net investment income (loss) ratio to average net assets | Portfolio turnover | Net assets, end of period (000’s) | |
| Institutional 3 Class | |||||||
| Six Months Ended 6/30/2021 (Unaudited) | $30.73 | 11.58% | 1.37%(c) | 1.10%(c) | 0.26%(c) | 9% | $67 |
| Year Ended 12/31/2020 | $27.54 | 23.24% | 1.52%(d) | 1.10%(d) | (0.08%) | 45% | $69 |
| Year Ended 12/31/2019 | $22.48 | 46.42% | 1.54% | 1.09% | 0.74% | 30% | $19 |
| Year Ended 12/31/2018 | $15.53 | (18.51%) | 1.41%(d) | 1.08%(d) | (0.21%) | 39% | $3 |
| Year Ended 12/31/2017(f) | $19.17 | 29.55% | 1.58%(c) | 1.09%(c) | 0.17%(c) | 34% | $210 |
The accompanying Notes to Financial Statements are
an integral part of this statement.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 75 |
Notes to Financial Statements
June 30, 2021 (Unaudited)
June 30, 2021 (Unaudited)
Note 1. Organization
Columbia Acorn® Fund,
Columbia Acorn International®, Columbia Acorn USA®, Columbia Acorn International SelectSM, Columbia Thermostat FundSM and Columbia Acorn European FundSM (each a Fund and collectively, the Funds) are each a series of Columbia Acorn Trust (the Trust). The Trust is registered
under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The investment objective of each Fund is to seek long-term
capital appreciation.
Columbia Thermostat FundSM pursues its investment objective by investing in shares of other mutual funds and exchange-traded funds (ETFs). As a
“fund of funds”, under normal circumstances, the Fund allocates at least 95% of its net assets among a selected group of affiliated funds (underlying funds) according to the current level of the Standard
& Poor’s (S&P) 500 Index in relation to predetermined ranges set by Columbia Wanger Asset Management, LLC (the Investment Manager or CWAM). The Fund may invest up to 5% of its net assets plus any cash
received that day in cash, repurchase agreements, high quality short-term paper and government securities. For information on the investment strategies, operations and risks of the underlying funds, please refer to
the Fund’s current prospectus as well as the prospectuses and shareholder reports of the underlying funds, which are available from the Securities and Exchange Commission website at www.sec.gov or on the
Funds’ website at www.columbiathreadneedleus.com/resources/literature.
The Funds’ Board of Trustees
approved reverse stock splits of the issued and outstanding Class C shares of Columbia Acorn® Fund and Columbia Acorn USA® (the Reverse Stock Split). The Reverse Stock Split was completed after the close of
business on September 11, 2020. The impact of the Reverse Stock Split was to decrease the number of Class C shares outstanding and increase the net asset value per share by the ratio of 4 to 1, resulting in no effect
on the net assets or the value of each affected shareholder’s investment in Class C shares. Capital stock share activity reflected in the Statement of Changes in Net Assets and per share data in the Financial
Highlights have been adjusted on a retroactive basis to reflect the impact of the Reverse Stock Split.
Fund shares
The Trust and each Fund may issue
an unlimited number of shares (without par value). Each Fund currently offers each of the share classes listed in the Statement of Assets and Liabilities.
Although all share classes
generally have identical voting, dividend and liquidation rights, each share class votes separately when required by the Trust’s organizational documents or by law. Different share classes pay shareholders
different distribution amounts to the extent the expenses of the share classes differ, and the amount of distributions in the event of a Fund’s liquidation will be proportional to the net asset value of each
share class of the Fund. Each share class has its own fees (sales charges), expenses and other features. These, together with information about certain conflicts of interest associated with the fees and expenses paid
by certain share classes, are discussed fully in each Fund’s prospectus and Statement of Additional Information (SAI).
As described in each Fund’s
prospectus, Class A and Class C shares are available to all investors. Effective April 1, 2021, Class C shares generally automatically convert to Class A shares of the same Fund 8 years after the Class C shares’
purchase date. Prior to April 1, 2021, Class C shares generally automatically converted to Class A shares of the same Fund 10 years after the Class C shares’ purchase date. Advisor Class, Institutional Class,
Institutional 2 Class and Institutional 3 Class are available through authorized investment professionals to retirement plans and to certain other institutional investors described in each Fund’s prospectus.
Class R shares are available to retirement and health savings plans and other institutional investors.
Investment income, realized and
unrealized gains and losses, and certain fund-level expenses are allocated pro rata on the basis of the relative net assets of all classes, except that each class bears certain expenses specific to that class such as
distribution services, transfer agent fees, and certain other class specific expenses. Differences in class expenses may result in payment of different dividend distributions for each class. All of the Funds’
share classes have equal rights with respect to voting, subject to Fund or class-specific matters.
| 76 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Notes to Financial Statements (continued)
June 30, 2021 (Unaudited)
June 30, 2021 (Unaudited)
Note 2. Summary of
significant accounting policies
Basis of preparation
Each Fund is an investment company
that applies the accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services - Investment Companies (ASC 946). The financial statements are prepared in accordance with U.S. generally accepted accounting principles (GAAP), which requires
management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the
reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
The following is a summary of
significant accounting policies followed by the Funds in the preparation of their financial statements.
Security valuation
Securities of the Funds are valued
at market value or, if a market quotation for a security is not readily available or is deemed not to be reliable because of events or circumstances that have occurred between the market quotation and the time as of
which the security is to be valued, the security is valued at a fair value determined in good faith under consistently applied procedures established by the Board of Trustees. Equity securities listed on an exchange
are valued at the closing price or last trade on their primary exchange at the close of business of the New York Stock Exchange. Securities with a closing price not readily available or not listed on any exchange are
valued at the mean between the closing bid and asked prices. Listed preferred stocks convertible into common stocks are valued using an evaluated price from a pricing service.
Foreign equity securities are
valued based on the closing price or last trade on their primary exchange at the close of business of the New York Stock Exchange. Foreign currency exchange rates are determined at the scheduled closing time of the
New York Stock Exchange. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange; therefore, the closing prices for securities in such markets or on such
exchanges may not fully reflect events that occur after such close but before the close of the New York Stock Exchange. In situations where foreign markets are closed, where a significant event has occurred after the
foreign exchange closes but before the time at which the Fund’s share price is calculated, and in the event of significant movement in the trigger index for the statistical fair valuation process established by
the Board of Trustees, foreign securities will be fair valued pursuant to a policy adopted by the Board of Trustees. Under the policy, the Fund may use an independent statistical fair value pricing service that
employs a systematic methodology to assist in the fair valuation process for securities principally traded in a foreign market in order to adjust for possible changes in value that may occur between the close of the
foreign market and the time as of which the securities are to be valued. If a security is valued at a fair value, that value may be different from the last quoted market price for the security.
Investments in open-end investment
companies (other than exchange-traded funds (ETFs)), are valued at the latest net asset value reported by those companies as of the valuation time.
Futures contracts are valued based
upon the settlement price at the close of regular trading on their principal exchanges or, in the absence of a settlement price, at the mean of the latest quoted bid and ask prices.
Foreign currency transactions and
translations
Values of investments denominated
in foreign currencies are converted into U.S. dollars using the New York spot market rate of exchange at the time of valuation. Purchases and sales of investments and dividend and interest income are translated into
U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such transactions. The gain or loss resulting from changes in foreign exchange rates is included with net realized and
unrealized gain or loss from investments, as appropriate.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 77 |
Notes to Financial Statements (continued)
June 30, 2021 (Unaudited)
June 30, 2021 (Unaudited)
Derivative instruments
Derivatives may involve various
risks, including the potential inability of the counterparty to fulfill its obligation under the terms of the contract, the potential for an illiquid secondary market (making it difficult for the Fund to sell,
including at favorable prices) and the potential for market movements which may expose the Fund to gains or losses in excess of the amount shown in the Statements of Assets and Liabilities.
For financial reporting purposes,
the Funds do not offset derivative assets and derivative liabilities that are subject to contractual netting arrangements in the Statements of Assets and Liabilities.
Futures contracts
Futures contracts are
exchange-traded and represent commitments for the future purchase or sale of an asset at a specified price on a specified date. Columbia Acorn® Fund, Columbia Acorn International® and Columbia Acorn
USA® bought and sold futures contracts during the six months ended June 30, 2021 to maintain appropriate equity market exposure while keeping sufficient cash to accommodate daily operations. These instruments may
be used for other purposes in future periods. Upon entering into futures contracts, a Fund bears risks that it may not achieve the anticipated benefits of the futures contracts and may realize a loss. Additional risks
include counterparty credit risk, the possibility of an illiquid market, and that a change in the value of the contract or option may not correlate with changes in the value of the underlying asset.
Upon entering into a futures
contract, the Fund deposits cash or securities with the broker, known as a futures commission merchant (FCM), in an amount sufficient to meet the initial margin requirement. The initial margin deposit must be
maintained at an established level over the life of the contract. Cash deposited as initial margin is recorded in the Statement of Assets and Liabilities as margin deposits. Securities deposited as initial margin are
designated in the Portfolio of Investments. Subsequent payments (variation margin) are made or received by the Fund each day. The variation margin payments are equal to the daily change in the contract value and are
recorded as variation margin receivable or payable and are offset in unrealized gains or losses. The Fund generally expects to earn interest income on its margin deposits. The Fund recognizes a realized gain or loss
when the contract is closed or expires. Futures contracts involve, to varying degrees, risk of loss in excess of the variation margin disclosed in the Statement of Assets and Liabilities.
Effects of derivative transactions in
the financial statements
The following tables are intended
to provide additional information about the effect of derivatives on the financial statements of Columbia Acorn® Fund, Columbia Acorn International® and Columbia Acorn USA® including: the fair value of
derivatives by risk category and the location of those fair values in the Statements of Assets and Liabilities; and the impact of derivative transactions over the period in the Statements of Operations, including
realized gains or losses and unrealized gains or losses. The derivative schedules following the Portfolio of Investments present additional information regarding derivative instruments outstanding at the end of the
period, if any.
Columbia Acorn® Fund
At June 30, 2021, the Fund had no
outstanding derivatives.
The following table indicates the
effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended June 30, 2021:
| Amount of realized gain (loss) on derivatives recognized in income | |
| Risk exposure category | Futures contracts ($) |
| Equity risk | (2,338,271) |
| 78 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Notes to Financial Statements (continued)
June 30, 2021 (Unaudited)
June 30, 2021 (Unaudited)
The following table is a summary
of the average outstanding volume by derivative instrument for the six months ended June 30, 2021:
| Derivative instrument | Average notional amounts ($)* |
| Futures contracts — long | 4,658,512 |
| * | Based on the ending daily outstanding amounts for the six months ended June 30, 2021. |
Columbia Acorn
International®
The following table is a summary of
the fair value of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) at June 30, 2021:
| Liability derivatives | ||
| Risk exposure category | Statement of assets and liabilities location | Fair value ($) |
| Equity risk | Component of total distributable earnings (loss) — unrealized depreciation on futures contracts | 508,939* |
| * | Includes cumulative appreciation (depreciation) as reported in the tables following the Portfolio of Investments. Only the current day’s variation margin is reported in receivables or payables in the Statement of Assets and Liabilities. |
The following table indicates the
effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended June 30, 2021:
| Amount of realized gain (loss) on derivatives recognized in income | |
| Risk exposure category | Futures contracts ($) |
| Equity risk | 3,560,128 |
| Change in unrealized appreciation (depreciation) on derivatives recognized in income | |
| Risk exposure category | Futures contracts ($) |
| Equity risk | (1,651,448) |
The following table is a summary
of the average outstanding volume by derivative instrument for the six months ended June 30, 2021:
| Derivative instrument | Average notional amounts ($)* |
| Futures contracts — long | 56,192,195 |
| * | Based on the ending quarterly outstanding amounts for the six months ended June 30, 2021. |
Columbia Acorn USA®
At June 30, 2021, the Fund had no
outstanding derivatives.
The following table indicates the
effect of derivative instruments (not considered to be hedging instruments for accounting disclosure purposes) in the Statement of Operations for the six months ended June 30, 2021:
| Amount of realized gain (loss) on derivatives recognized in income | |
| Risk exposure category | Futures contracts ($) |
| Equity risk | 142,295 |
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 79 |
Notes to Financial Statements (continued)
June 30, 2021 (Unaudited)
June 30, 2021 (Unaudited)
The following table is a summary
of the average outstanding volume by derivative instrument for the six months ended June 30, 2021:
| Derivative instrument | Average notional amounts ($)* |
| Futures contracts — long | 2,055,813 |
| * | Based on the ending quarterly outstanding amounts for the six months ended June 30, 2021. |
Delayed delivery securities
Ceritan Funds may trade securities
on other than normal settlement terms, including securities purchased or sold on a “when-issued” or "forward commitment" basis. This may increase risk to the Fund since the other party to the transaction
may fail to deliver, which could cause the Fund to subsequently invest at less advantageous prices. The Fund designates cash or liquid securities in an amount equal to the delayed delivery commitment.
Security transactions and investment
income
Security transactions, investment
income and shareholder fund transactions are accounted for on the trade date (date the order to buy or sell is executed) and dividend income and realized gain distributions from other funds are recorded on the
ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the information is available to the Funds. Interest income is recorded on the accrual basis and includes amortization of
discounts on debt obligations when required for federal income tax purposes. Realized gains and losses from security transactions are recorded on an identified cost basis.
Awards, if any, from class action
litigation related to securities owned may be recorded as a reduction of cost of those securities. If the applicable securities are no longer owned, the proceeds are recorded as realized gains.
The Funds may receive distributions
from holdings in exchange-traded funds (ETFs), limited partnerships (LPs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information as to the character of their
distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. To the extent actual information has not yet been reported by the
REITs, estimates for return of capital may be made by the Funds’ management. Return of capital is recorded as a reduction of the cost basis of securities held. If the Funds no longer own the applicable
securities, return of capital is recorded as a realized gain. Management’s estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a
proportionate change in return of capital to shareholders. No estimates are made for ETFs and RICs.
Fund share valuation
Fund shares are sold and redeemed
on a daily basis at net asset value, subject to any applicable sales charge. Net asset value per share is determined daily as of the close of trading on the New York Stock Exchange (NYSE) on each day the NYSE is open
for trading. Generally, income, expenses and realized and unrealized gain/(losses) of a Fund are allocated to each class proportionately on a daily basis for purposes of determining the net asset value of each class.
The distribution and service fees and transfer agent fees are charged to each specific class as expenses are incurred. Redemption fees are accounted for as an addition to paid in capital for purposes of determining
the net asset value of each class.
Securities lending
Each Fund, except Columbia
Thermostat FundSM, may lend securities up to one-third of the value of its total assets to certain approved brokers, dealers, banks and or
other institutional borrowers of securities that the Funds’ securities lending agent has determined are credit worthy under guidelines established by the Board of Trustees, to earn additional income. The Funds
retain the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. The Funds also receive a fee for the loan. The Funds have the ability to recall the
loans at any time and could do so in order to vote proxies or to sell the loaned securities. Each loan is collateralized by cash that exceeds the value of the securities on loan. The market value of the loaned
securities is determined daily at the close of business of a Fund and any additional required collateral is delivered to the Fund on the next business day. The Funds have elected to invest the cash
| 80 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Notes to Financial Statements (continued)
June 30, 2021 (Unaudited)
June 30, 2021 (Unaudited)
collateral in the Dreyfus Government Cash
Management Fund, a third-party institutional government money market fund in accordance with investment guidelines contained in the securities lending agreement and approved by the Board of Trustees. The income earned
from the securities lending program is paid to each Fund, net of any fees remitted to Goldman Sachs Agency Lending, the Funds’ lending agent, and net of any borrower rebates. The Investment Manager does not
retain any fees earned by the lending program. Generally, in the event of borrower default, a Fund has the right to use the collateral to offset any losses incurred. In the event a Fund is delayed or prevented from
exercising its right to dispose of the collateral, there may be a potential loss to the Fund. Some of these losses may be indemnified by the lending agent. The Funds bear the risk of loss with respect to the
investment of collateral. The net securities lending income earned as of June 30, 2021 by each Fund is included in the Statements of Operations.
Offsetting of assets and
liabilities
The following table presents the
Funds’ gross and net amount of assets and liabilities available for offset under netting agreements and under a securities lending agreement as well as the related collateral received by each Fund with
securities on loan as of June 30, 2021:
| Columbia Acorn® Fund | Columbia Acorn International® | Columbia Acorn USA® | |
| Goldman Sachs ($) | Goldman Sachs ($) | Goldman Sachs ($) | |
| Liabilities | |||
| Collateral on Securities Loaned | 87,787,390 | 6,100,000 | 14,249,600 |
| Total Liabilities | 87,787,390 | 6,100,000 | 14,249,600 |
| Total Financial and Derivative Net Assets | (87,787,390) | (6,100,000) | (14,249,600) |
| Financial Instruments | 86,628,898 | 5,721,970 | 14,192,253 |
| Net Amount (a) | (1,158,492) | (378,030) | (57,347) |
| (a) | Represents the net amount due from/(to) counterparties in the event of default. |
Securities lending transactions
The following table indicates the
total amount of securities loaned by type, reconciled to gross liability payable upon return of the securities loaned by the Funds as of June 30, 2021:
| Overnight and continuous | Up to 30 days | 30-90 days | Greater than 90 days | Total | |
| Columbia Acorn® Fund | |||||
| Securities lending transactions | |||||
| Equity securities | $86,628,898 | $— | $— | $— | $86,628,898 |
| Gross amount of recognized liabilities for securities lending (collateral received) | 87,787,390 | ||||
| Amounts due to counterparty in the event of default | $1,158,492 | ||||
| Columbia Acorn International® | |||||
| Securities lending transactions | |||||
| Equity securities | $5,721,970 | $— | $— | $— | $5,721,970 |
| Gross amount of recognized liabilities for securities lending (collateral received) | 6,100,000 | ||||
| Amounts due to counterparty in the event of default | $378,030 | ||||
| Columbia Acorn USA® | |||||
| Securities lending transactions | |||||
| Equity securities | $14,192,253 | $— | $— | $— | $14,192,253 |
| Gross amount of recognized liabilities for securities lending (collateral received) | 14,249,600 | ||||
| Amounts due to counterparty in the event of default | $57,347 |
Federal income tax status
It is each Fund’s policy to
comply with the provisions of the Internal Revenue Code available to regulated investment companies and, in the manner provided therein, distribute substantially all their taxable income, as well as any net realized
gain on sales of investments and foreign currency transactions reportable for federal income tax purposes. Columbia
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 81 |
Notes to Financial Statements (continued)
June 30, 2021 (Unaudited)
June 30, 2021 (Unaudited)
Thermostat FundSM distributes all of its taxable income, as well as any net realized gain on sales of portfolio fund shares and any
distributions of net realized gains received by the Fund from its portfolio funds, reportable for federal income tax purposes. Accordingly, the Funds paid no federal income taxes and no federal income tax provision
was required.
Foreign taxes
Realized gains in certain countries
may be subject to foreign taxes at the fund level. The Funds accrue for such foreign taxes on realized and unrealized gains at the appropriate rate for each jurisdiction. The amount, if any, is disclosed as a
liability on the Statements of Assets and Liabilities.
Distributions to shareholders
Distributions to shareholders are
recorded on the ex-dividend date.
Guarantees and indemnification
In the normal course of business,
the Trust on behalf of the Funds enters into contracts that contain a variety of representations and warranties and that provide general indemnities. A Fund’s maximum exposure under these arrangements is
unknown, as this would involve future claims against the Fund. Also, under the Trust’s organizational documents, the trustees and officers of the Trust are indemnified against certain liabilities that may arise
out of their duties to the Trust. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.
Note 3. Fees and other
transactions with affiliates
Investment management fees
CWAM is a wholly-owned subsidiary
of Columbia Management Investment Advisers, LLC (Columbia Management), which is a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). CWAM furnishes continuing investment supervision to the
Funds and is responsible for the overall management of the Funds’ business affairs.
CWAM receives a monthly advisory
fee based on each Fund’s daily net assets at the following annual rates:
| Columbia Acorn® Fund | |
| Average daily net assets | Annual fee rate |
| Up to $700 million | 0.74% |
| $700 million to $2 billion | 0.69% |
| $2 billion to $6 billion | 0.64% |
| $6 billion and over | 0.63% |
| Columbia Acorn International® | |
| Average daily net assets | Annual fee rate |
| Up to $100 million | 1.19% |
| $100 million to $500 million | 0.94% |
| $500 million and over | 0.74% |
| Columbia Acorn USA® | |
| Average daily net assets | Annual fee rate |
| Up to $200 million | 0.94% |
| $200 million to $500 million | 0.89% |
| $500 million to $2 billion | 0.84% |
| $2 billion to $3 billion | 0.80% |
| $3 billion and over | 0.70% |
| 82 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Notes to Financial Statements (continued)
June 30, 2021 (Unaudited)
June 30, 2021 (Unaudited)
| Columbia Acorn International SelectSM | |
| Average daily net assets | Annual fee rate |
| Up to $500 million | 0.89% |
| $500 million and over | 0.85% |
| Columbia Thermostat FundSM | |
| Annual fee rate | |
| All average daily net assets | 0.10% |
| Columbia Acorn European FundSM | |
| Average daily net assets | Annual fee rate |
| Up to $100 million | 1.19% |
| $100 million to $500 million | 0.94% |
| $500 million and over | 0.74% |
For the six months ended June 30,
2021, the annualized effective investment advisory fee rates were as follows:
| Fund | Effective investment advisory fee rate (%) |
| Columbia Acorn® Fund | 0.67 |
| Columbia Acorn International® | 0.79 |
| Columbia Acorn USA® | 0.92 |
| Columbia Acorn International SelectSM | 0.89 |
| Columbia Thermostat FundSM | 0.10 |
| Columbia Acorn European FundSM | 1.13 |
Advisory Affiliates
The Investment Manager and its
investment advisory affiliates, including Columbia Management (Affiliates), may coordinate in providing services to their clients. These Affiliates, like the Investment Manager, are direct or indirect subsidiaries of
Ameriprise Financial and are registered with the appropriate respective regulators and, where required, the Securities and Exchange Commission and the Commodity Futures Trading Commission in the United States. From
time to time, the Investment Manager may engage employees of Affiliates to provide portfolio management services to certain accounts managed by the Investment Manager. These employees provide services to the
Investment Manager pursuant to personnel-sharing agreements or other inter-company arrangements and the Funds pay no additional fees and expenses as a result of any such arrangements.
Pursuant to such arrangements,
employees of Affiliates, including Columbia Management, may serve as “associated persons” of the Investment Manager and, in this capacity, may provide portfolio management services to a Fund on behalf of
the Investment Manager subject to the oversight and supervision of the Investment Manager and the Funds’ Chief Compliance Officer, consistent with the investment objectives, policies and limitations set forth in
the Fund’s prospectus and SAI, and the Investment Manager’s and the Funds’ compliance policies and procedures.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 83 |
Notes to Financial Statements (continued)
June 30, 2021 (Unaudited)
June 30, 2021 (Unaudited)
Administration fees
CWAM provides administrative
services and receives an administration fee from the Funds at the following annual rates:
| Columbia Acorn Trust | |
| Aggregate average daily net assets of the trust | Annual fee rate |
| Up to $8 billion | 0.050% |
| $8 billion to $16 billion | 0.040% |
| $16 billion to $35 billion | 0.030% |
| $35 billion to $45 billion | 0.025% |
| $45 billion and over | 0.015% |
For the six months ended June 30,
2021, the annualized effective administration fee rate was 0.048% of each Fund’s average daily net assets. CWAM has contractually delegated to Columbia Management responsibility to provide certain
sub-administrative services to the Funds.
Compensation of board members
Certain officers and trustees of
the Trust are also officers of CWAM and/or Columbia Management. The Trust makes no direct payments to its officers and trustees who are affiliated with CWAM or Columbia Management. The Trust offers a Deferred
Compensation Plan (the Deferred Plan) for its independent trustees. Under the Deferred Plan, a trustee may elect to defer all or a portion of his or her compensation. Amounts deferred are retained by the Trust and may
represent an unfunded obligation of the Trust. The value of amounts deferred is determined by reference to the change in value of Institutional Class shares of one or more series of Columbia Acorn Trust or a money
market fund as specified by the trustee. Benefits under the Deferred Plan are payable in accordance with the Deferred Plan.
Compensation of Chief Compliance
Officer
The Board of Trustees has appointed
a Chief Compliance Officer for the Funds in accordance with federal securities regulations. As disclosed in the Statement of Operations, a portion of the Chief Compliance Officer’s total compensation is
allocated to the Funds, along with other allocations to affiliated registered investment companies managed by the Investment Manager and its affiliates, based on relative net assets.
Transfer agency fees
Under a Transfer, Dividend
Disbursing and Shareholders’ Servicing Agent Agreement, Columbia Management Investment Services Corp. (the Transfer Agent), an affiliate of the Investment Manager and a wholly-owned subsidiary of Ameriprise
Financial, is responsible for providing transfer agency, dividend disbursing and shareholder services to the Funds for which the Funds pay transfer agency fees. The Transfer Agent has contracted with DST Asset Manager
Solutions, Inc. (DST) to provide certain services and assist the Transfer Agent carrying out its duties. The Transfer Agent pays the fees of DST for its services and DST is not entitled to reimbursement for such fees
from the Fund (with the exception of out-of-pocket fees). In addition, the Transfer Agent enters into agreements with various financial intermediaries through which investors may hold Fund shares, including Ameriprise
Financial and its affiliates. These intermediaries also may provide shareholder services (Additional Shareholder Services) for which they are compensated by the Transfer Agent, which is in turn compensated by the
Funds. Additional Shareholder Services may include sub-accounting, sub-transfer agency, participant recordkeeping, shareholder or participant reporting, shareholder or participant transaction processing, shareholder
or participant tax monitoring and reporting and/or the provision of call center support and other customer services.
The Funds pay the Transfer Agent a
monthly transfer agency fee that varies by account type (on a per account or asset-based basis) based on the cost of servicing the Funds. In addition, subject to certain limitations described in the Funds’
prospectuses and except with respect to Institutional 3 Class shares, the Funds pay a fee to the Transfer Agent for the Additional Shareholder Services provided by financial intermediaries who maintain shares through
omnibus or networked accounts in amounts that vary by share class and with the distribution channel, type of intermediary and type of services provided.
| 84 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Notes to Financial Statements (continued)
June 30, 2021 (Unaudited)
June 30, 2021 (Unaudited)
The Funds compensate the Transfer
Agent for certain out-of-pocket expenses as approved by the Board of Trustees from time to time. Such out-of-pocket expenses may include networking account fees paid to dealer firms by the Transfer Agent with respect
to shareholder accounts established or maintained pursuant to the National Securities Clearing Corporation’s (NSCC) networking system. A significant portion of such networking account fees are paid by the
Transfer Agent to dealer firms affiliated with Ameriprise Financial and its affiliates.
The Transfer Agent also receives
compensation from the Funds for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agency fees for Institutional 2 Class and Institutional 3 Class shares are subject to an
annual limitation of not more than 0.07% and 0.02%, respectively, of the average daily net assets attributable to each share class.
Please see Expenses waived/reimbursed by the Investment Manager and its affiliates below for information about the Transfer Agent’s contractual agreements to limit the fees payable to it
by certain share classes of the Funds.
For the six months ended June 30,
2021, the Funds’ annualized effective transfer agency fee rates, which reflect the contractual limitations described below in Expenses waived/reimbursed by the Investment Manager, as a percentage of average daily net assets of each class were as follows:
| Fund | Class A (%) | Advisor Class (%) | Class C (%) | Institutional Class (%) | Institutional 2 Class (%) | Institutional 3 Class (%) | Class R (%) |
| Columbia Acorn® Fund | 0.08 | 0.08 | 0.08 | 0.08 | 0.05 | 0.01 | — |
| Columbia Acorn International® | 0.10 | 0.10 | 0.10 | 0.10 | 0.04 | 0.00 | 0.10 |
| Columbia Acorn USA® | 0.10 | 0.10 | 0.10 | 0.10 | 0.04 | 0.00 | — |
| Columbia Acorn International SelectSM | 0.15 | 0.15 | 0.15 | 0.15 | 0.06 | 0.01 | — |
| Columbia Thermostat FundSM | 0.10 | 0.10 | 0.10 | 0.10 | 0.05 | 0.02 | — |
| Columbia Acorn European FundSM | 0.09 | 0.09 | 0.09 | 0.09 | 0.04 | 0.00 | — |
An annual minimum account balance
fee of $20 may apply to certain accounts with a value below the applicable share class’s initial minimum investment requirements to reduce the impact of small accounts on transfer agency fees. These minimum
account balance fees are remitted to the Funds and recorded as part of expense reductions in the Statement of Operations. For the six months ended June 30, 2021, no minimum account balance fees were charged by the
Funds.
Distribution and service fees
Columbia Management Investment
Distributors, Inc. (CMID), a wholly owned subsidiary of Ameriprise Financial, is the distributor of the Funds. Each Fund has adopted a distribution and service plan which requires it to pay CMID a monthly service fee
equal to 0.25% annually of the average daily net assets attributable to Class A and Class C shares and a monthly distribution fee equal to 0.75% and 0.50%, annually, of the average daily net assets attributable to
Class C and Class R shares, respectively. CMID receives no compensation with respect to Advisor Class, Institutional Class, Institutional 2 Class and Institutional 3 Class shares.
Sales charges
Sales charges, including front-end
charges and contingent deferred sales charges (CDSCs), received by the Distributor for distributing Fund shares for the six months ended June 30, 2021, if any, are listed below:
| Front End (%) | CDSC (%) | Amount ($) | ||||
| Fund | Class A | Class C | Class A | Class C | Class A | Class C |
| Columbia Acorn® Fund | 5.75 | — | 0.50 - 1.00(a) | 1.00(b) | 97,758 | 739 |
| Columbia Acorn International® | 5.75 | — | 0.50 - 1.00(a) | 1.00(b) | 28,456 | 229 |
| Columbia Acorn USA® | 5.75 | — | 0.50 - 1.00(a) | 1.00(b) | 8,755 | 6 |
| Columbia Acorn International SelectSM | 5.75 | — | 0.50 - 1.00(a) | 1.00(b) | 19,585 | 29 |
| Columbia Thermostat FundSM | 5.75 | — | 0.50 - 1.00(a) | 1.00(b) | 694,941 | 11,241 |
| Columbia Acorn European FundSM | 5.75 | — | 0.50 - 1.00(a) | 1.00(b) | 42,424 | 161 |
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 85 |
Notes to Financial Statements (continued)
June 30, 2021 (Unaudited)
June 30, 2021 (Unaudited)
| (a) | This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. |
| (b) | This charge applies to redemptions within 12 months after purchase, with certain limited exceptions. |
The Fund’s other share
classes are not subject to sales charges.
Expenses waived/reimbursed by the
Investment Manager and its affiliates
Columbia Acorn® Fund
Effective May 1, 2021 through April
30, 2022, CWAM has contractually agreed to waive fees and/or reimburse expenses so that ordinary operating expenses (excluding transaction costs and certain other investment-related expenses, interest and fees on
borrowing, expenses associated with the Fund’s investment in other investment companies, if any) paid by Columbia Acorn® Fund do not exceed the following annual rates as a percentage of each class’
average daily net assets:
| Fund | Class A | Advisor | Class C | Institutional Class | Institutional 2 Class | Institutional 3 Class |
| Columbia Acorn®Fund | 1.11% | 0.86% | 1.86% | 0.86% | 0.83% | 0.79% |
This agreement may not be modified
or terminated, without approval from the Fund’s Board of Trustees and CWAM. There is no guarantee that the agreement will continue after April 30, 2022.
Prior to May 1, 2021, CWAM
contractually waived fees and/or reimbursed expenses so that ordinary operating expenses (excluding transaction costs and certain other investment-related expenses, interest and fees on borrowings, if any) paid by
Columbia Acorn® Fund did not exceed the annual rates of 1.11% for Class A shares, 0.86% for Advisor Class shares, 1.86% for Class C shares, 0.86% for Institutional Class shares, 0.82% for Institutional 2 Class
shares and 0.78% for Institutional 3 Class shares.
With respect to Columbia
Acorn® Fund, the Transfer Agent contractually agreed to waive a portion of the fees payable by the Fund such that through April 30, 2021, fees paid by the Fund to the Transfer Agent did not exceed the annual rate
of 0.05% of the average daily net assets of Institutional 2 Class shares of the Fund. The Transfer Agent has contractually agreed to extend this arrangement through April 30, 2022, unless sooner terminated at the sole
discretion of Fund’s Board of Trustees.
Columbia Acorn International®
Through April 30, 2022, CWAM has
contractually agreed to waive fees and/or reimburse expenses so that ordinary operating expenses (excluding transaction costs and certain other investment-related expenses, interest and fees on borrowing, expenses
associated with the Fund’s investment in other investment companies, if any) paid by Columbia Acorn International® do not exceed the following annual rates as a percentage of each class’ average daily
net assets:
| Fund | Class A | Advisor | Class C | Institutional Class | Institutional 2 Class | Institutional 3 Class | Class R |
| Columbia Acorn International® | 1.24% | 0.99% | 1.99% | 0.99% | 0.92% | 0.88% | 1.49% |
This agreement extends the prior
contractual arrangement that was in place through April 30, 2021. This agreement may not be modified or terminated, without approval from the Fund’s Board of Trustees and CWAM. There is no guarantee that the
agreement will continue after April 30, 2022.
With respect to Columbia Acorn
International®, the Transfer Agent contractually agreed to waive a portion of the fees payable by the Fund such that through April 30, 2021, fees paid by the Fund to the Transfer Agent did not exceed the annual
rate of (i) 0.04% of the average daily net assets of Institutional 2 Class shares of the Fund and (ii) 0.00% of the average daily net assets of Institutional 3 Class shares of the Fund. The Transfer Agent has
contractually agreed to extend this arrangement through April 30, 2022, unless sooner terminated at the sole discretion of Fund’s Board of Trustees.
| 86 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Notes to Financial Statements (continued)
June 30, 2021 (Unaudited)
June 30, 2021 (Unaudited)
Columbia Acorn USA®
Effective May 1, 2021 through April
30, 2022, CWAM has contractually agreed to waive fees and/or reimburse expenses 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 investments in other investment companies, if any) paid by Columbia Acorn USA®do not exceed the following annual rates as a percentage of each class’
average daily net assets:
| Fund | Class A | Advisor | Class C | Institutional Class | Institutional 2 Class | Institutional 3 Class |
| Columbia Acorn USA® | 1.40% | 1.15% | 2.15% | 1.15% | 1.08% | 1.04% |
This agreement may not be modified
or terminated, without approval from the Fund’s Board of Trustees and CWAM. There is no guarantee that the agreement will continue after April 30, 2022.
Prior to May 1, 2021, CWAM
contractually waived fees and/or reimbursed expenses so that ordinary operating expenses (excluding transaction costs and certain other investment-related expenses, interest and fees on borrowing and expenses
associated with the Fund’s investment in other investment companies, if any) paid by Columbia Acorn USA® did not exceed the annual rates of 1.41% for Class A shares, 1.16% for Advisor Class shares, 2.16%
for Class C shares, 1.16% for Institutional Class shares, 1.08% for Institutional 2 Class shares and 1.04% for Institutional 3 Class shares.
With respect to Columbia Acorn
USA®, the Transfer Agent contractually agreed to waive a portion of the fees payable by the Fund such that through April 30, 2021, fees paid by the Fund to the Transfer Agent did not exceed the annual rate of (i)
0.04% of the average daily net assets of Institutional 2 Class shares of the Fund and (ii) 0.00% of the average daily net assets of Institutional 3 Class shares of the Fund. The Transfer Agent has contractually agreed
to extend this arrangement through April 30, 2022, unless sooner terminated at the sole discretion of Fund’s Board of Trustees.
Columbia Acorn International
SelectSM
Effective May 1, 2021 through April
30, 2022, CWAM contractually agreed to waive fees and/or reimburse expenses so that ordinary operating expenses (excluding any transaction costs and certain other investment-related expenses, interest and fees on
borrowings and expenses associated with each Fund’s investments in other investment companies, if any) paid by Columbia Acorn International SelectSM do not exceed the following annual rates as a percentage of each class’ average daily net assets:
| Fund | Class A | Advisor | Class C | Institutional Class | Institutional 2 Class | Institutional 3 Class |
| Columbia Acorn International SelectSM | 1.24% | 0.99% | 1.99% | 0.99% | 0.89% | 0.84% |
This agreement may not be modified
or terminated, without approval from the Fund’s Board of Trustees and CWAM. There is no guarantee that the agreement will continue after April 30, 2022.
Prior to May 1, 2021, CWAM
contractually waived fees and/or reimbursed expenses 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 investments in other investment companies, if any) paid by Columbia Acorn International SelectSM did not exceed the annual rates of 1.28% for Class A shares, 1.03% for Advisor Class shares, 2.03% for Class C shares,
1.03% for Institutional Class shares, 0.90% for Institutional Class 2 shares and 0.85% for Institutional Class 3 shares.
Columbia Thermostat FundSM
Through April 30, 2022, CWAM has
contractually agreed to waive fees and/or reimburse expenses 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 investments in its underlying portfolio funds) paid by Columbia Thermostat FundSM do not exceed the following annual rates as a percentage of each class’ average daily net assets:
| Fund | Class A | Advisor | Class C | Institutional Class | Institutional 2 Class | Institutional 3 Class |
| Columbia Thermostat FundSM | 0.50% | 0.25% | 1.25% | 0.25% | 0.21% | 0.17% |
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 87 |
Notes to Financial Statements (continued)
June 30, 2021 (Unaudited)
June 30, 2021 (Unaudited)
This agreement extends the prior
contractual arrangement that was in place through April 30, 2021. This agreement may not be modified or terminated, without approval from the Fund’s Board of Trustees and CWAM. There is no guarantee that the
agreement will continue after April 30, 2022.
Columbia Acorn European FundSM
Through April 30, 2022, CWAM has
contractually agreed to waive fees and/or reimburse expenses 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 investments in other investment companies, if any) paid by Columbia Acorn European FundSM do not exceed the following annual rates as a percentage of each class’ average daily net assets:
| Fund | Class A | Advisor | Class C | Institutional Class | Institutional 2 Class | Institutional 3 Class |
| Columbia Acorn European FundSM | 1.45% | 1.20% | 2.20% | 1.20% | 1.14% | 1.10% |
This agreement extends the prior
contractual arrangement that was in place through April 30, 2021. This agreement may not be modified or terminated, without approval from the Fund’s Board of Trustees and CWAM. There is no guarantee that the
agreement will continue after April 30, 2022.
With respect to Columbia Acorn
European FundSM, the Transfer Agent contractually agreed to waive a portion of the fees payable by the Fund such that through April 30,
2021, fees paid by the Fund to the Transfer Agent did not exceed the annual rate of (i) 0.04% of the average daily net assets of Institutional 2 Class shares of the Fund and (ii) 0.00% of the average daily net assets
of Institutional 3 Class shares of the Fund. The Transfer Agent has contractually agreed to extend this arrangement through April 30, 2022, unless sooner terminated at the sole discretion of Fund’s Board of
Trustees.
Voluntary waivers and
reimbursements
In addition to these contractual
agreements, CWAM has voluntarily agreed to waive fees and/or reimburse Fund expenses (excluding transaction costs and certain other investment-related expenses, interest and fees on borrowings and expenses associated
with the Fund’s investments in other investment companies, if any) so that Columbia Acorn International®, Columbia Acorn USA® and Columbia Acorn European FundSM Fund level expenses (expenses directly attributable to the Fund and not to a specific share class) are waived
proportionately across all share classes.
Any fees waived and/or expenses
reimbursed under the contractual and voluntary fee waiver/expense reimbursement arrangements described above are not recoverable by the Investment Manager or its affiliates in future periods.
Note 4. Federal tax
information
The timing and character of
income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP because of temporary or permanent book to tax differences.
At June 30, 2021, the approximate
cost of all investments for federal income tax purposes and the aggregate gross approximate unrealized appreciation and depreciation based on that cost was:
| Fund | Tax cost ($) | Gross unrealized appreciation ($) | Gross unrealized (depreciation) ($) | Net unrealized appreciation ($) |
| Columbia Acorn® Fund | 3,686,216,000 | 1,418,423,000 | (83,884,000) | 1,334,539,000 |
| Columbia Acorn International® | 1,540,359,000 | 913,243,000 | (20,675,000) | 892,568,000 |
| Columbia Acorn USA® | 250,362,000 | 96,072,000 | (7,082,000) | 88,990,000 |
| Columbia Acorn International SelectSM | 349,243,000 | 135,704,000 | (5,685,000) | 130,019,000 |
| Columbia Thermostat FundSM | 2,026,740,000 | 74,667,000 | (8,866,000) | 65,801,000 |
| Columbia Acorn European FundSM | 100,503,000 | 54,249,000 | (869,000) | 53,380,000 |
Tax cost of investments and
unrealized appreciation/(depreciation) may also include timing differences that do not constitute adjustments to tax basis.
| 88 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Notes to Financial Statements (continued)
June 30, 2021 (Unaudited)
June 30, 2021 (Unaudited)
The following capital loss
carryforwards, determined at December 31, 2020, may be available to reduce future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code.
| Fund | No expiration short-term ($) | No expiration long-term ($) | Total ($) |
| Columbia Acorn International® | (47,764,662) | (26,269,099) | (74,033,761) |
| Columbia Acorn International SelectSM | (3,759,384) | — | (3,759,384) |
| Columbia Acorn European FundSM | (2,973,064) | — | (2,973,064) |
Management of the Funds has
concluded that there are no significant uncertain tax positions in the Funds that would require recognition in the financial statements. However, management’s conclusion may be subject to review and adjustment
at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Funds’ federal tax returns for
the prior three fiscal years remain subject to examination by the Internal Revenue Service.
Note 5. Portfolio
information
The aggregate cost of purchases
and proceeds from sales, other than short-term obligations, for the six months ended June 30, 2021, were:
| Purchases ($) | Proceeds from sales ($) | |
| Columbia Acorn® Fund | 2,212,573,606 | 2,612,460,955 |
| Columbia Acorn International® | 417,036,781 | 669,887,276 |
| Columbia Acorn USA® | 130,411,617 | 177,419,062 |
| Columbia Acorn International SelectSM | 75,920,094 | 118,254,359 |
| Columbia Thermostat FundSM | 1,128,712,945 | 831,629,154 |
| Columbia Acorn European FundSM | 44,745,425 | 11,749,132 |
Note 6. Line of credit
Each Fund has access to a
revolving credit facility with a syndicate of banks led by Citibank, N.A., Wells Fargo Bank, N.A. and JPMorgan Chase Bank, N.A. whereby the Funds may borrow for the temporary funding of shareholder redemptions or for
other temporary or emergency purposes. Pursuant to a December 1, 2020 amendment, the credit facility, which is a collective agreement between the Fund and certain other funds managed by the Investment Manager or an
affiliated investment manager, severally and not jointly, permits collective borrowings up to $950 million. Interest is currently charged to each participating fund based on its borrowings at a rate equal to the
higher of (i) the federal funds effective rate, (ii) the one-month London Interbank Offered Rate (LIBOR) rate and (iii) the overnight bank funding rate, plus in each case, 1.25%. Each borrowing under the credit
facility matures no later than 60 days after the date of borrowing. Most LIBOR settings will no longer be published after December 31, 2021, and a majority of U.S. dollar LIBOR settings will cease publication after
June 30, 2023. The Fund also pays a commitment fee equal to its pro rata share of the unused amount of the credit facility at a rate of 0.15% per annum. The commitment fee is included in other expenses in the
Statement of Operations. This agreement expires annually in December unless extended or renewed. Prior to the December 1, 2020 amendment, the Funds had access to a revolving credit facility with a syndicate of banks
led by Citibank, N.A., HSBC Bank USA, N.A. and JPMorgan Chase Bank, N.A. which permitted collective borrowings up to $1 billion. Interest was charged to each participating fund based on its borrowings at a rate equal
to the higher of (i) the federal funds effective rate, (ii) the one-month LIBOR rate and (iii) the overnight bank funding rate, plus in each case, 1.00%.
During the six months ended June
30, 2021, the following fund(s) had borrowings:
| Fund | Average loan balance ($) | Weighted average interest rate (%) | Days outstanding |
| Columbia Acorn USA® | 19,150,000 | 1.37 | 2 |
| Columbia Acorn International SelectSM | 2,550,000 | 1.36 | 2 |
| Columbia Thermostat FundSM | 4,100,000 | 1.37 | 1 |
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 89 |
Notes to Financial Statements (continued)
June 30, 2021 (Unaudited)
June 30, 2021 (Unaudited)
Interest expense incurred by the
Funds is recorded as a line of credit interest expense in the Statement of Operations. The Funds had no outstanding borrowings at June 30, 2021.
Note 7. Significant
risks
Foreign securities and emerging
market countries risk
Investing in foreign securities may
involve certain risks not typically associated with investing in U.S. securities, such as increased currency volatility and risks associated with political, regulatory, economic, social, diplomatic and other
conditions or events (Including, for example, military confrontations, war, terrorism, natural disasters and disease pandemics) occurring in the country or region, which may result in significant market volatility. In
addition, certain foreign securities may not be as liquid as U.S. securities. Investing in emerging markets may increase these risks and expose the Funds to elevated risks associated with increased inflation,
deflation or currency devaluation. To the extent that Columbia Acorn International®, Columbia Acorn International SelectSM and Columbia Acorn European FundSM concentrate their investment exposure to any one or a few specific countries, the Funds will be particularly susceptible to
the risks associated with the conditions, events or other factors impacting those countries or regions and may, therefore, have a greater risk than that of a fund that is more geographically diversified. The financial
information and disclosure made available by issuers of emerging market securities may be considerably less reliable than publicly available information about other foreign securities. The Public Company Accounting
Oversight Board, which regulates auditors of U.S. public companies, is unable to inspect audit work papers in certain foreign companies. Investors in foreign countries often have limited rights and few practical
remedies to pursue shareholder claims, including class actions or fraud claims, and the ability of the U.S. Securities and Exchange Commission, the U.S. Department of Justice and other authorities to bring and enforce
actions against foreign issuers or foreign persons is limited.
Geographic focus risk
Columbia Acorn International®,
Columbia Acorn International SelectSM and Columbia Acorn European FundSM may be particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and
countries within the specific geographic regions in which the Funds invests. The Funds’ NAV may be more volatile than the NAV of a more geographically diversified fund.
Asia Pacific Region. Columbia Acorn International® and Columbia Acorn International SelectSM are particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and
countries in the Asia Pacific region. Many of the countries in the region are considered underdeveloped or developing, including from a political, economic and/or social perspective, and may have relatively unstable
governments and economies based on limited business, industries and/or natural resources or commodities. Events in any one country within the region may impact other countries in the region or the region as a whole.
As a result, events in the region will generally have a greater effect on the Funds than if the Funds were more geographically diversified. This could result in increased volatility in the value of the Funds’
investments and losses for the Funds. Also, securities of some companies in the region can be less liquid than U.S. or other foreign securities, potentially making it difficult for the Funds to sell such securities at
a desirable time and price.
Europe. Columbia Acorn International®, Columbia Acorn International SelectSM and Columbia Acorn European FundSM are particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and
countries in Europe. In addition, the private and public sectors’ debt problems of a single European Union (EU) country can pose significant economic risks to the EU as a whole. As a result, the Funds’ NAV
may be more volatile than the NAV of a more geographically diversified fund. If securities of issuers in Europe fall out of favor, it may cause the Funds to underperform other funds that do not focus their investments
in this region of the world. The UK’s departure from the EU single market became effective January 1, 2021 with the end of the Brexit transition period and the post-Brexit trade deal between the UK and EU taking
effect on December 31, 2020. The impact of Brexit on the UK and European economies and the broader global economy could be significant, resulting in negative impacts on currency and financial markets generally, such
as increased volatility and illiquidity, and potentially lower economic growth in markets in Europe, which may adversely affect the value of your investments in the Funds.
| 90 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Notes to Financial Statements (continued)
June 30, 2021 (Unaudited)
June 30, 2021 (Unaudited)
Health care sector risk
Columbia Acorn® Fund and
Columbia Acorn USA® are more susceptible to the particular risks that may affect companies in the health care sector than if they were invested in a wider variety of companies in unrelated sectors. Companies in
the health care sector are subject to certain risks, including restrictions on government reimbursement for medical expenses, government approval of medical products and services, competitive pricing pressures, and
the rising cost of medical products and services (especially for companies dependent upon a relatively limited number of products or services). Performance of such companies may be affected by factors including
government regulation, obtaining and protecting patents (or the failure to do so), product liability and other similar litigation as well as product obsolescence.
Industrial sector risk
Columbia Acorn International
SelectSM and Columbia Acorn European FundSM are more susceptible to the particular risks that may affect companies in the industrials sector than if they were invested
in a wider variety of companies in unrelated sectors. Companies in the industrials sector are subject to certain risks, including changes in supply and demand for their specific product or service and for industrial
sector products in general, including decline in demand for such products due to rapid technological developments and frequent new product introduction. Performance of such companies may be affected by factors
including government regulation, world events and economic conditions and risks for environmental damage and product liability claims.
Information technology sector
risk
Columbia Acorn® Fund, Columbia
Acorn International®, Columbia Acorn USA®, Columbia Acorn International SelectSM and Columbia Acorn European FundSM are more susceptible to the particular risks that may affect companies in the information technology sector than if they
were invested in a wider variety of companies in unrelated sectors. Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not
be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant
competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments.
Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies
have limited operating histories and prices of these companies’ securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology
sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.
Market and environment risk
The Funds may incur losses due to
declines in the value of one or more securities in which they invest. These declines may be due to factors affecting a particular issuer, or the result of, among other things, political, regulatory, market, economic
or social developments affecting the relevant market(s) more generally. In addition, turbulence in financial markets and reduced liquidity in equity, credit and/or fixed income markets may negatively affect many
issuers, which could adversely affect the Funds, including causing difficulty in assigning prices to hard-to-value assets in thinly traded and closed markets, significant redemptions and operational challenges. Global
economies and financial markets are increasingly interconnected, and conditions and events in one country, region or financial market may adversely impact issuers in a different country, region or financial market.
These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide. As a result, local, regional
or global events such as terrorism, war, natural disasters, disease/virus outbreaks and epidemics or other public health issues, recessions, depressions or other events – or the potential for such events –
could have a significant negative impact on global economic and market conditions.
The Funds performance may also be
significantly negatively impacted by the economic impact of the coronavirus disease 2019 (COVID-19) pandemic. The COVID-19 pandemic has resulted in, and may continue to result in, significant global economic and
societal disruption and market volatility due to disruptions in market access, resource availability, facilities operations, imposition of tariffs, export controls and supply chain disruption, among others. Such
disruptions may be caused, or exacerbated by, quarantines and travel restrictions, workforce displacement and loss in human and other resources. The
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 91 |
Notes to Financial Statements (continued)
June 30, 2021 (Unaudited)
June 30, 2021 (Unaudited)
uncertainty surrounding the magnitude, duration,
reach, costs and effects of the global pandemic, as well as actions that have been or could be taken by governmental authorities or other third parties, present unknowns that are yet to unfold. The impacts, as well as
the uncertainty over impacts to come, of COVID-19 – and any other infectious illness outbreaks, epidemics and pandemics that may arise in the future – could negatively affect global economies and markets
in ways that cannot necessarily be foreseen. In addition, the impact of infectious illness outbreaks and epidemics in emerging market countries may be greater due to generally less established healthcare systems,
governments and financial markets. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The disruptions caused
by COVID-19 could prevent the Funds from executing advantageous investment decisions in a timely manner and negatively impact the Funds’ ability to achieve their investment objectives. Any such event(s) could
have a significant adverse impact on the value and risk profile of the Funds.
Shareholder concentration risk
At June 30, 2021, the table below
details the affiliated and significant unaffiliated shareholder account ownership of outstanding shares of each Fund. The Funds have no knowledge about whether any portion of these unaffiliated shares were owned
beneficially. Subscription and redemption activity of these accounts may have a significant effect on the operations of the Funds.
| Fund | Number of unaffiliated accounts | Percentage of shares outstanding held — unaffiliated (%) | Percentage of shares outstanding held — affiliated (%) |
| Columbia Acorn® Fund | — | — | — |
| Columbia Acorn International® | 1 | 11.1 | — |
| Columbia Acorn USA® | 1 | 19.2 | — |
| Columbia Acorn International SelectSM | 1 | 17.2 | 24.6 |
| Columbia Thermostat FundSM | 1 | 15.3 | 19.3 |
| Columbia Acorn European FundSM | 3 | 42.3 | 22.9 |
Small- and mid-cap company risk
Columbia Acorn® Fund, Columbia
Acorn International®, Columbia Acorn USA®, Columbia Acorn International SelectSM and Columbia Acorn European FundSM investments in small- and mid-capitalization companies (small- and mid-cap companies) often involve greater risks than
investments in larger, more established companies (larger companies) because small- and mid-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product
diversification and competitive strengths of larger companies. Securities of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies.
Note 8. Subsequent
events
Management has evaluated the
events and transactions that have occurred through the date the financial statements were issued and noted no items requiring adjustment of the financial statements or additional disclosure.
Note 9. Information
regarding pending and settled legal proceedings
Ameriprise Financial and certain
of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in
connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject
of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts
with the Funds. Ameriprise Financial is required to make quarterly (10-Q), annual (10-K) and, as necessary, 8-K filings with the Securities and Exchange Commission (SEC) on legal and regulatory matters that relate to
Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
| 92 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Notes to Financial Statements (continued)
June 30, 2021 (Unaudited)
June 30, 2021 (Unaudited)
There can be no assurance that
these matters, or the adverse publicity associated with them, will not result in increased Fund redemptions, reduced sale of Fund shares or other adverse consequences to the Funds. Further, although we believe
proceedings are not likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds, these proceedings are subject to
uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements, fines,
penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial or one or more of its affiliates that provides services to
the Funds.
Note 10. Fund
reorganization for Columbia Acorn® Fund
At the close of business on July
10, 2020, Columbia Acorn® Fund acquired the assets and assumed the identified liabilities of Columbia Acorn SelectSM (the Acquired Fund), a series of Columbia Acorn Trust. The reorganization was completed after the Board of Trustees of the
Acquired Fund approved a plan of reorganization at a meeting held in February 2020. The purpose of the transaction was to combine two funds managed by the Investment Manager with comparable investment objectives and
strategies.
The aggregate net assets of
Columbia Acorn® Fund immediately before the reorganization were $3,945,929,243 and the combined net assets immediately after the reorganization were $4,162,559,888.
The reorganization was accomplished
by a tax-free exchange of 17,982,620 shares of the Acquired Fund valued at $216,630,645 (including $45,240,007 of unrealized appreciation/(depreciation)).
In exchange for the Acquired
Fund’s shares, Columbia Acorn® Fund issued the following number of shares:
| Shares | |
| Class A | 7,633,122 |
| Advisor Class | 86,140 |
| Class C | 139,092(a) |
| Institutional Class | 8,169,626 |
| Institutional 2 Class | 204,341 |
| Institutional 3 Class | 367,453 |
| (a) | Share activity for Class C has been adjusted on a retroactive basis to reflect a 4 to 1 reverse stock split completed after the close of business on September 11, 2020. |
For financial reporting purposes,
net assets received and shares issued by Columbia Acorn® Fund were recorded at fair value; however, the Acquired Fund’s cost of investments was carried forward.
Columbia Acorn® Fund’s
financial statements reflect both the operations of the Fund for the period prior to the reorganization and the combined Fund for the period subsequent to the reorganization. Because the combined investment portfolios
have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the
combined Fund’s Statement of Operations since the reorganization was completed.
Assuming the reorganization had
been completed on January 1, 2020, Columbia Acorn® Fund’s pro-forma results of operations for the year ended December 31, 2020 would have been approximately:
| ($) | |
| Net investment loss | (13,866,000) |
| Net realized gain | 692,024,000 |
| Net change in unrealized appreciation | 463,288,000 |
| Net increase in net assets from operations | 1,141,446,000 |
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 93 |
Notes to Financial Statements (continued)
June 30, 2021 (Unaudited)
June 30, 2021 (Unaudited)
Note 11. Fund
reorganization for Columbia Acorn International®
At the close of business on July
10, 2020, Columbia Acorn International® acquired the assets and assumed the identified liabilities of Columbia Acorn Emerging Markets FundSM (the Acquired Fund), a series of Columbia Acorn Trust. The reorganization was completed after the Board of Trustees of the
Acquired Fund approved a plan of reorganization at a meeting held in February 2020. The purpose of the transaction was to combine two funds managed by the Investment Manager with comparable investment objectives and
strategies.
The aggregate net assets of
Columbia Acorn International® immediately before the reorganization were $2,289,446,759 and the combined net assets immediately after the reorganization were $2,321,819,727.
The reorganization was accomplished
by a tax-free exchange of 2,827,715 shares of the Acquired Fund valued at $32,372,968 (including $3,368,388 of unrealized appreciation/(depreciation)).
In exchange for the Acquired
Fund’s shares, Columbia Acorn International® issued the following number of shares:
| Shares | |
| Class A | 401,457 |
| Advisor Class | 10,583 |
| Class C | 206,250 |
| Institutional Class | 435,556 |
| Institutional 2 Class | 8,252 |
| Institutional 3 Class | 20,109 |
For financial reporting purposes,
net assets received and shares issued by Columbia Acorn International® were recorded at fair value; however, the Acquired Fund’s cost of investments was carried forward.
Columbia Acorn
International®’s financial statements reflect both the operations of the Fund for the period prior to the reorganization and the combined Fund for the period subsequent to the reorganization. Because the
combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not practicable to separate the amounts of revenue and earnings of the Acquired Fund that
have been included in the combined Fund’s Statement of Operations since the reorganization was completed.
Assuming the reorganization had
been completed on January 1, 2020, Columbia Acorn International®’s pro-forma results of operations for the year ended December 31, 2020 would have been approximately:
| ($) | |
| Net investment income | 10,398,000 |
| Net realized gain | 271,863,000 |
| Net change in unrealized appreciation | 13,902,000 |
| Net increase in net assets from operations | 296,163,000 |
Note 12. Fund
reorganization for Columbia Acorn International SelectSM
At the close of business on
August 7, 2020, Columbia Acorn International SelectSM acquired the assets and assumed the identified liabilities of Columbia Select International Equity Fund (the Acquired
Fund), a series of Columbia Funds Series Trust. The reorganization was completed after the Board of Trustees of the Acquired Fund approved a plan of reorganization at a meeting held in June 2020. The purpose of the
transaction was to combine two funds managed by the Investment Manager and its affiliates with comparable investment objectives and strategies.
The aggregate net assets of
Columbia Acorn International SelectSM immediately before the reorganization were $221,813,610 and the combined net assets immediately after the reorganization
were $464,940,748.
The reorganization was accomplished
by a tax-free exchange of 18,460,726 shares of the Acquired Fund valued at $243,127,138 (including $9,281,109 of unrealized appreciation/(depreciation)).
| 94 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Notes to Financial Statements (continued)
June 30, 2021 (Unaudited)
June 30, 2021 (Unaudited)
In exchange for the Acquired
Fund’s shares, Columbia Acorn International SelectSM issued the following number of shares:
| Shares | |
| Class A | 5,674,674(a) |
| Advisor Class | 13,886 |
| Class C | 51,121 |
| Institutional Class | 2,384,285 |
| Institutional 2 Class | 27,450 |
| Institutional 3 Class | 152,649 |
| (a) | 20,130 shares of Class A were issued in exchange of Class R shares of the Acquired fund. |
For financial reporting purposes,
net assets received and shares issued by Columbia Acorn International SelectSM were recorded at fair value; however, the Acquired Fund’s cost of investments was carried forward.
Columbia Acorn International
SelectSM’s financial statements reflect both the operations of the Fund for the period prior to the reorganization and the
combined Fund for the period subsequent to the reorganization. Because the combined investment portfolios have been managed as a single integrated portfolio since the reorganization was completed, it is not
practicable to separate the amounts of revenue and earnings of the Acquired Fund that have been included in the combined Fund’s Statement of Operations since the reorganization was completed.
Assuming the reorganization had
been completed on January 1, 2020, Columbia Acorn International SelectSM’s pro-forma results of operations for the year ended December 31, 2020 would have been approximately:
| ($) | |
| Net investment income | 1,375,000 |
| Net realized gain | 35,106,000 |
| Net change in unrealized appreciation | 38,903,000 |
| Net increase in net assets from operations | 75,384,000 |
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 95 |
Board Approval of the Advisory Agreement
Columbia Acorn Trust (the
“Trust”) has an investment advisory agreement (the “Advisory Agreement”) with Columbia Wanger Asset Management, LLC (“CWAM”) under which CWAM manages the Columbia Acorn Funds (each,
a “Fund,” and together, the “Funds”). All of the voting trustees of the Trust are persons who have no direct or indirect interest in the Advisory Agreement and are not “interested
persons” (as defined in the Investment Company Act of 1940) of the Trust (the “Independent Trustees”). The Independent Trustees oversee the management of each Fund and, as required by law, determine
at least annually whether to continue the Advisory Agreement for each Fund.
The Contract Committee (the
“Contract Committee”) of the Board of Trustees of the Trust (the “Board”), which is comprised solely of Independent Trustees, makes recommendations to the Board regarding any proposed
continuation of the Advisory Agreement. After the Contract Committee has made its recommendations, the full Board determines whether to approve continuation of the Advisory Agreement.
The Board determines whether to
renew the Advisory Agreement each year by July 31. A discussion of the Board’s considerations in renewing the Advisory Agreement will be provided in the Funds’ annual report to shareholders for the period
ended December 31, 2021.
| 96 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Liquidity Risk Management Program
Pursuant to Rule 22e-4 under the
1940 Act, the Funds have adopted a liquidity risk management program (Program). The Program’s principal objectives include assessing, managing and periodically reviewing each Fund’s liquidity risk.
Liquidity risk is defined as the risk that the Fund could not meet redemption requests without significant dilution of remaining investors’ interests in the Fund.
The Board of Trustees has appointed
the Investment Manager as the program administrator for the Program. The Investment Manager has delegated oversight of the Program to its Liquidity Risk Management Committee (the Committee). At a Board meeting during
the fiscal period, the Committee provided the Board with a report addressing the operations of the Program and assessing its adequacy and effectiveness of implementation for the period January 1, 2020, through
December 31, 2020. Among other things, the report indicated that:
| • | each Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of shareholders; |
| • | there were no material changes to the Program during the period; |
| • | each Fund’s strategy continued to be effective for an open-end mutual fund; |
| • | the implementation of the Program was effective to manage each Fund’s liquidity risk; |
| • | each Fund did not require a highly liquid investment minimum; and |
| • | the Program operated adequately during the period. |
There can be no assurance that the
Program will achieve its objectives in the future. Please refer to each Fund’s prospectus for more information regarding the Fund’s exposure to liquidity risk and other principal risks to which an
investment in the Fund may be subject.
| Columbia Acorn Family of Funds | Semiannual Report 2021 | 97 |
Additional information
If you elect to receive the
shareholder report for the Funds in paper, mailed to you, the Funds mail one shareholder report to each shareholder address, unless such shareholder elects to receive shareholder reports from the Fund electronically
via e-mail or by having a paper notice mailed to you (Postcard Notice) that your Fund’s shareholder report is available at the Funds’ website (columbiathreadneedleus.com/investor/). If you would like more
than one report in paper to be mailed to you, or would like to elect to receive reports via e-mail or access them through Postcard Notice, please call shareholder services at 800.345.6611 and additional reports will
be sent to you.
Proxy voting policies and
procedures
The policy of the Board of
Trustees is to vote the proxies of the companies in which the Funds hold investments consistent with the procedures as stated in the Statement of Additional Information (SAI). You may obtain a copy of the SAI without
charge by calling 800.345.6611; contacting your financial intermediary; visiting columbiathreadneedleus.com/investor/; or searching the website of the Securities and Exchange Commission (SEC) at sec.gov. Information
regarding how the Funds voted proxies relating to portfolio securities is filed with the SEC by August 31st for the most recent 12-month period ending June 30th of that year, and is available without charge by
visiting columbiathreadneedleus.com/investor/, or searching the website of the SEC at sec.gov.
Quarterly schedule of
investments
The Funds file a complete
schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. The Funds’ Form N-PORT filings are available on the SEC’s website at sec.gov. The
Funds’ complete schedule of portfolio holdings, as filed on Form N-PORT, can also be obtained without charge, upon request, by calling 800.345.6611.
Additional Fund information
For more information about the
Funds, please visit columbiathreadneedleus.com/investor/ or call 800.345.6611. Customer Service Representatives are available to answer your questions Monday through Friday from 8 a.m. to 7 p.m. Eastern time.
Fund investment manager
Columbia Wanger Asset Management, LLC
71 S. Wacker Drive, Suite 2500
Chicago, IL 60606
888.4.WANGER
(888.492.6437)
Fund distributor
Columbia Management Investment Distributors,
Inc.
290 Congress Street
Boston, MA 02210
Fund transfer agent
Columbia Management Investment Services Corp.
P.O. Box 219104
Kansas City, MO 64121-9104
| 98 | Columbia Acorn Family of Funds | Semiannual Report 2021 |
Please read and consider the
investment objectives, risks, charges and expenses for any fund carefully before investing. For a prospectus and summary prospectus, which contains this and other important information about the Funds, go to
columbiathreadneedleus.com/investor/. The Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Wanger Asset Management, LLC.
Columbia Threadneedle Investments
(Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. All rights reserved. Columbia Management Investment Distributors, Inc., 290 Congress Street, Boston, MA 02210.
© 2021 Columbia Management Investment
Advisers, LLC.
columbiathreadneedleus.com/investor/
SAR110_12_L01_(08/21)
