N-30B-2 1 a14-7978_1n30b2.htm N-30B-2

Q1 2014

Columbia Acorn Family of Funds

Class A, B, C, I, R, R4, R5, Y and Z Shares

Managed by Columbia Wanger Asset Management, LLC

First Quarter Report

March 31, 2014

n Columbia
Acorn® Fund

n Columbia
Acorn International®

n Columbia
Acorn USA®

n Columbia
Acorn International Select^SM

n Columbia
Acorn Select^SM

n Columbia
Thermostat Fund^SM

n Columbia
Acorn Emerging Markets Fund^SM

n Columbia
Acorn European Fund^SM

Not FDIC insured • No bank guarantee • May lose value

Columbia Acorn Family of Funds

Save the date! You are invited to the 2014 Columbia Acorn Funds Shareholder Information Meeting.

Meeting Location

Offices of Drinker Biddle & Reath LLP
191 North Wacker Drive, Suite 3700
Chicago, Illinois

Meeting Date & Time

Wednesday, September 24, 2014
12:00 p.m. CST
A buffet lunch will be served beginning at 11:30 a.m.

If you plan to attend, please RSVP by September 19 by calling (800) 922-6769. You may also RSVP online at columbiamanagement.com starting in August.

Webcast Replay Available in October

For our many shareholders who are not able to attend the meeting, we will provide a webcast replay of the event that can be accessed from our website, columbiamanagement.com, throughout the month of October.

If you have any questions about this event or any of your investments in our Columbia Acorn Funds, please call (800) 922-6769 to speak to a Columbia Acorn Funds' shareholder representative.

Net Asset Value Per Share as of 3/31/14

	Columbia Acorn® Fund		Columbia Acorn International®		Columbia Acorn USA®		Columbia Acorn International Select^SM		Columbia Acorn Select^SM		Columbia Thermostat Fund^SM		Columbia Acorn Emerging Markets Fund^SM		Columbia Acorn European Fund^SM
Class A	$	35.75	$	47.16	$	34.35	$	27.70	$	25.47	$	14.85	$	13.24	$	15.92
Class B	$	32.17	$	45.67	$	30.81	$	26.23	$	22.67	$	14.94		NA		NA
Class C	$	31.56	$	45.47	$	30.46	$	26.09	$	22.32	$	14.93	$	13.17	$	15.76
Class I	$	37.37	$	47.28	$	36.24	$	28.02	$	26.72		NA	$	13.29	$	15.93
Class R		NA	$	47.09		NA		NA		NA		NA		NA		NA
Class R4	$	37.88	$	47.54	$	36.78	$	28.18	$	27.10	$	14.75	$	13.36		NA
Class R5	$	37.89	$	47.23	$	36.77	$	28.16	$	27.11	$	14.76	$	13.35	$	16.08
Class Y	$	37.94	$	47.57	$	36.84	$	28.16	$	27.18	$	14.75	$	13.24		NA
Class Z	$	37.31	$	47.25	$	36.13	$	28.02	$	26.63	$	14.68	$	13.27	$	15.93

Columbia Acorn Family of Funds

Table of Contents

Share Class Performance					1
Fund Performance vs. Benchmarks					2
Descriptions of Indexes					3
Squirrel Chatter II: Jet Engines					4
Columbia Acorn® Fund
In a Nutshell					7
At a Glance					8
Major Portfolio Changes					23
Statement of Investments					25
Columbia Acorn International®
In a Nutshell					9
At a Glance					10
Major Portfolio Changes					37
Statement of Investments					40
Portfolio Diversification					49
Columbia Acorn USA®
In a Nutshell					11
At a Glance					12
Major Portfolio Changes					50
Statement of Investments					51
Columbia Acorn International Select^SM
In a Nutshell					13
At a Glance					14
Major Portfolio Changes					58
Statement of Investments					59
Portfolio Diversification					64

Columbia Acorn Select^SM
In a Nutshell					15
At a Glance					16
Major Portfolio Changes					65
Statement of Investments					66
Columbia Thermostat Fund^SM
In a Nutshell					17
At a Glance					18
Statement of Investments					71
Columbia Acorn Emerging Markets Fund^SM
In a Nutshell					19
At a Glance					20
Major Portfolio Changes					73
Statement of Investments					75
Portfolio Diversification					80
Columbia Acorn European Fund^SM
In a Nutshell					21
At a Glance					22
Major Portfolio Changes					81
Statement of Investments					83
Portfolio Diversification					87
Columbia Acorn Family of Funds^SM
Expense Information					90

The views expressed in the "Squirrel Chatter II" and "In a Nutshell" commentaries reflect the current views of the respective authors. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective authors disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions for a Columbia Acorn Fund are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any particular Columbia Acorn Fund. References to specific company's securities should not be construed as a recommendation or investment advice and there can be no assurance that as of the date of publication of this report, the securities mentioned in each Fund's portfolio are still held or that the securities sold have not been repurchased.

Acorn®, Acorn USA® and Acorn International® are service marks owned and registered by Columbia Acorn Trust.

A Comment on Trading Volumes

Market conditions are always changing and vary by country and industry sector, and investing in international markets involves unique risks. In the wake of the 2007-2009 financial crisis, trading volumes in both emerging and developed international markets declined significantly and have stayed at generally reduced levels since then. Although it is difficult to accurately assess trends in trading volumes in foreign markets, because some amount of activity has migrated to alternative trading venues, a reduction in trading volumes poses challenges to the Funds. This is particularly so because the Funds focus on small- and mid-cap companies that usually have lower trading volumes and often take sizeable positions in portfolio companies. As a result of lower trading volumes, it may take longer to buy or sell securities, which can exacerbate a Fund's exposure to volatile markets. A Fund may also be limited in its ability to execute favorable trades in portfolio securities in response to changes in company prices and fundamentals. If a Fund is forced to sell securities to meet redemption requests or other cash needs, or in the case of an event affecting liquidity in a particular market or markets, it may be forced to dispose of those securities under disadvantageous circumstances and at a loss. As a Fund grows in size, these considerations take on increasing significance and may adversely impact performance.

Columbia Acorn Family of Funds

Share Class Performance Average Annual Total Returns through 3/31/14

	Class A						Class B						Class C						Class I			Class R			Class R4			Class R5			Class Y			Class Z
	Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge
Columbia Acorn® Fund
Year to date*		-0.08	%		-5.82	%		-0.25	%		-5.24	%		-0.25	%		-1.25	%		0.00	%		NA			0.00	%		0.00	%		0.03	%		-0.03	%
1 year		18.80	%		11.96	%		18.03	%		13.03	%		17.96	%		16.96	%		19.25	%		NA			19.17	%		19.24	%		19.29	%		19.17	%
5 years		22.98	%		21.53	%		22.25	%		22.07	%		22.05	%		22.05	%		23.39	%		NA			23.32	%		23.34	%		23.36	%		23.33	%
10 years		9.34	%		8.69	%		8.65	%		8.65	%		8.50	%		8.50	%		9.69	%		NA			9.66	%		9.67	%		9.68	%		9.66	%
Columbia Acorn International®
Year to date*		1.14	%		-4.67	%		0.95	%		-4.05	%		0.95	%		-0.05	%		1.22	%		1.05	%		1.17	%		1.22	%		1.23	%		1.22	%
1 year		15.35	%		8.72	%		14.47	%		9.47	%		14.46	%		13.46	%		15.76	%		14.89	%		15.61	%		15.74	%		15.78	%		15.70	%
5 years		20.97	%		19.54	%		20.14	%		19.95	%		20.04	%		20.04	%		21.43	%		20.59	%		21.35	%		21.38	%		21.39	%		21.37	%
10 years		11.30	%		10.65	%		10.56	%		10.56	%		10.45	%		10.45	%		11.71	%		10.98	%		11.67	%		11.68	%		11.69	%		11.68	%
Columbia Acorn USA®
Year to date*		0.59	%		-5.19	%		0.36	%		-4.64	%		0.43	%		-0.57	%		0.69	%		NA			0.63	%		0.66	%		0.68	%		0.64	%
1 year		20.59	%		13.66	%		19.56	%		14.56	%		19.82	%		18.82	%		21.15	%		NA			20.98	%		20.99	%		21.06	%		20.92	%
5 years		23.47	%		22.01	%		22.63	%		22.46	%		22.55	%		22.55	%		23.90	%		NA			23.82	%		23.83	%		23.85	%		23.81	%
10 years		8.50	%		7.86	%		7.77	%		7.77	%		7.68	%		7.68	%		8.85	%		NA			8.82	%		8.82	%		8.83	%		8.81	%
Columbia Acorn International Select^SM
Year to date*		2.94	%		-2.98	%		2.74	%		-2.26	%		2.76	%		1.76	%		3.05	%		NA			3.00	%		3.00	%		3.04	%		3.01	%
1 year		14.26	%		7.69	%		13.44	%		8.44	%		13.38	%		12.38	%		14.68	%		NA			14.55	%		14.62	%		14.69	%		14.62	%
5 years		18.31	%		16.93	%		17.55	%		17.34	%		17.39	%		17.39	%		18.77	%		NA			18.70	%		18.71	%		18.73	%		18.71	%
10 years		10.12	%		9.48	%		9.42	%		9.42	%		9.26	%		9.26	%		10.51	%		NA			10.48	%		10.48	%		10.49	%		10.48	%
Columbia Acorn Select^SM
Year to date*		-0.39	%		-6.12	%		-0.61	%		-5.58	%		-0.62	%		-1.62	%		-0.34	%		NA			-0.37	%		-0.33	%		-0.33	%		-0.34	%
1 year		20.56	%		13.62	%		19.54	%		15.03	%		19.62	%		18.72	%		20.97	%		NA			20.81	%		20.94	%		21.00	%		20.86	%
5 years		22.12	%		20.69	%		21.31	%		21.13	%		21.17	%		21.17	%		22.56	%		NA			22.45	%		22.48	%		22.49	%		22.47	%
10 years		7.99	%		7.35	%		7.27	%		7.27	%		7.14	%		7.14	%		8.35	%		NA			8.30	%		8.31	%		8.32	%		8.30	%
Columbia Thermostat Fund^SM
Year to date*		1.85	%		-4.01	%		1.77	%		-3.23	%		1.70	%		0.70	%		NA			NA			2.01	%		2.00	%		2.01	%		1.94	%
1 year		6.69	%		0.54	%		6.20	%		1.21	%		5.95	%		4.95	%		NA			NA			7.00	%		7.09	%		7.12	%		7.03	%
5 years		17.72	%		16.35	%		17.14	%		16.92	%		16.85	%		16.85	%		NA			NA			18.03	%		18.04	%		18.06	%		18.02	%
10 years		6.54	%		5.91	%		5.97	%		5.97	%		5.75	%		5.75	%		NA			NA			6.81	%		6.81	%		6.82	%		6.80	%
Columbia Acorn Emerging Markets Fund^SM
Year to date*		-0.97	%		-6.69	%		NA			NA			-1.13	%		-2.11	%		-0.89	%		NA			-0.96	%		-0.96	%		-0.90	%		-0.97	%
1 year		7.00	%		0.84	%		NA			NA			6.21	%		5.21	%		7.33	%		NA			7.34	%		7.28	%		7.42	%		7.20	%
Life of Fund		11.85	%		9.35	%		NA			NA			11.09	%		11.09	%		12.32	%		NA			12.25	%		12.25	%		12.26	%		12.17	%
Columbia Acorn European Fund^SM
Year to date*		1.53	%		-4.33	%		NA			NA			1.42	%		0.42	%		1.66	%		NA			NA			1.64	%		NA			1.59	%
1 year		30.26	%		22.75	%		NA			NA			29.32	%		28.32	%		30.72	%		NA			NA			30.66	%		NA			30.57	%
Life of Fund		20.16	%		17.48	%		NA			NA			19.31	%		19.31	%		20.53	%		NA			NA			20.49	%		NA			20.47	%

Returns for Class A shares are shown with and without the maximum initial sales charge of 5.75%. Returns for Class B shares are shown with and without the applicable contingent deferred sales charge (CDSC) of 5.00% in the first year, declining to 1.00% in the sixth year and eliminated thereafter. Returns for Class C shares are shown with and without the maximum CDSC of 1.00% for the first year after purchase. The Funds' other classes are not subject to sales charges and have limited eligibility. Please see the Funds' prospectuses for details. Performance for different share classes will vary based on differences in sales charges and certain fees associated with each class.

All results shown assume reinvestment of distributions during the period. Returns do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or on the redemption of Fund shares. Performance results may reflect the effect of any fee waivers or reimbursements of Fund expenses by the investment manager and/or any of its affiliates. Absent these fee waivers and/or expense reimbursement arrangements, performance results may have been lower. Please see Page 90 of this report for information on contractual fee waiver and expense reimbursement agreements in place for Columbia Thermostat Fund, Columbia Acorn Emerging Markets Fund and Columbia Acorn European Fund and voluntary fee waiver and expense reimbursement arrangements in place for Columbia Acorn International, Columbia Acorn International Select and Columbia Acorn Select as of March 31, 2014.

The performance information shown represents past performance and is not a guarantee of future results. The investment return and principal value of your investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data shown. You may obtain performance information current to the most recent month-end by contacting your financial intermediary, visiting columbiamanagement.com or calling 800.922.6769.

The returns shown include the returns of each Fund's Class Z shares, each Fund's oldest share class, in cases where the inception date of the Fund is earlier than the inception date of the particular share class or where a period shown dates to before the inception date of the share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/appended-performance for more information.

Continued on Page 2.

Fund Performance vs. Benchmarks Class Z Average Annual Total Returns through 3/31/14

Class Z Shares	1st quarter*			1 year			5 years			10 years			Life of Fund
Columbia Acorn® Fund (ACRNX) (6/10/70)		-0.03	%		19.17	%		23.33	%		9.66	%		14.84	%
Russell 2500 Index		2.30	%		24.01	%		25.33	%		9.43	%		NA
S&P 500® Index**		1.81	%		21.86	%		21.16	%		7.42	%		11.00	%
Russell 2000 Index		1.12	%		24.90	%		24.31	%		8.53	%		NA
Lipper Mid-Cap Growth Funds Index		1.37	%		23.98	%		22.73	%		9.22	%		NA
Columbia Acorn International® (ACINX) (9/23/92)		1.22	%		15.70	%		21.37	%		11.68	%		11.57	%
S&P Global Ex-U.S. Between $500M and $5B® Index		2.20	%		13.00	%		19.73	%		9.77	%		8.81	%
S&P Global Ex-U.S. SmallCap® Index		3.25	%		17.49	%		21.19	%		9.73	%		8.36	%
MSCI EAFE Index (Net)		0.66	%		17.56	%		16.02	%		6.53	%		6.47	%
Lipper International Small/Mid Growth Funds Index		2.22	%		21.51	%		23.38	%		10.62	%		NA
Columbia Acorn USA® (AUSAX) (9/4/96)		0.64	%		20.92	%		23.81	%		8.81	%		11.12	%
Russell 2000 Index		1.12	%		24.90	%		24.31	%		8.53	%		8.85	%
Lipper Small-Cap Growth Funds Index		-0.47	%		25.59	%		23.65	%		7.84	%		7.40	%
Columbia Acorn Int'l Select^SM (ACFFX) (11/23/98)		3.01	%		14.62	%		18.71	%		10.48	%		9.96	%
S&P Developed Ex-U.S. Between $2B and $10B® Index		2.25	%		18.05	%		18.44	%		8.24	%		8.10	%
MSCI EAFE Index (Net)		0.66	%		17.56	%		16.02	%		6.53	%		4.75	%
Lipper International Small/Mid Growth Funds Index		2.22	%		21.51	%		23.38	%		10.62	%		11.13	%
Columbia Acorn Select^SM (ACTWX) (11/23/98)		-0.34	%		20.86	%		22.47	%		8.30	%		10.61	%
S&P MidCap 400® Index		3.04	%		21.24	%		24.86	%		10.14	%		10.70	%
S&P 500® Index**		1.81	%		21.86	%		21.16	%		7.42	%		5.08	%
Lipper Mid-Cap Core Funds Index		2.86	%		23.62	%		23.11	%		8.98	%		9.28	%
Columbia Thermostat Fund^SM (COTZX) (9/25/02)		1.94	%		7.03	%		18.02	%		6.80	%		8.20	%
S&P 500® Index		1.81	%		21.86	%		21.16	%		7.42	%		9.65	%
Barclays U.S. Aggregate Bond Index		1.84	%		-0.10	%		4.80	%		4.46	%		4.63	%
Lipper Flexible Portfolio Funds Index		1.95	%		12.30	%		15.11	%		6.59	%		8.36	%
50/50 Blended Benchmark		1.88	%		10.51	%		13.01	%		6.23	%		7.42	%
Columbia Acorn Emerging Markets Fund^SM (CEFZX) (8/19/11)		-0.97	%		7.20	%		—			—			12.17	%
S&P Emerging Markets Between $500M and $5B® Index		0.71	%		-0.54	%		—			—			3.81	%
MSCI Emerging Markets Small Cap Index (Net)		3.54	%		0.40	%		—			—			2.46	%
Lipper Emerging Markets Index		-0.43	%		-1.16	%		—			—			3.71	%
Columbia Acorn European Fund^SM (CAEZX) (8/19/11)		1.59	%		30.57	%		—			—			20.47	%
S&P Europe Between $500M and $5B® Index		6.18	%		38.89	%		—			—			23.39	%
Euromoney Smaller European Companies (inc UK) Index		7.54	%		42.82	%		—			—			22.24	%
Lipper European Region Index		1.92	%		28.27	%		—			—			19.72	%

The inception dates for Class A, B and C shares (if offered) are as follows: Columbia Acorn Fund, Columbia Acorn International, Columbia Acorn USA, Columbia Acorn International Select and Columbia Acorn Select, 10/16/00; Columbia Thermostat Fund, 3/3/03; Columbia Acorn Emerging Markets Fund and Columbia Acorn European Fund, 8/19/11. The inception dates for Class I shares are as follows: Columbia Acorn Fund, Columbia Acorn International, Columbia Acorn USA, Columbia Acorn International Select and Columbia Acorn Select, 9/27/10; Columbia Acorn Emerging Markets Fund and Columbia Acorn European Fund, 8/19/11. The inception date for Class R shares for Columbia Acorn International is 8/2/11. The inception date for Class R4, R5 and Y shares (if offered) is as follows: Columbia Acorn Fund, Columbia Acorn USA, Columbia Acorn International Select, Columbia Acorn Select, Columbia Thermostat Fund, Columbia Acorn Emerging Markets Fund and Columbia Acorn European Fund, 11/8/12, except that Class Y shares of Columbia Acorn Emerging Markets Fund commenced operations on 6/13/13. The inception date for Class R5 shares of Columbia Acorn International is 8/2/11. The inception date for Class R4 and Y shares of Columbia Acorn International is 11/8/12. The inception date for Class Z shares is as follows: Columbia Acorn Fund, 6/10/70; Columbia Acorn International, 9/23/92; Columbia Acorn USA, 9/4/96; Columbia Acorn International Select and Columbia Acorn Select, 11/23/98; Columbia Thermostat Fund, 9/25/02; Columbia Acorn Emerging Markets Fund and Columbia Acorn European Fund, 8/19/11.

*Not annualized

**Although the Fund typically invests in small- and mid-sized companies, the comparison to the S&P 500® Index is presented to show performance against a widely recognized market index over the life of the Fund.

Please see Page 3 for a description of the indexes listed above.

Columbia Acorn Family of Funds

Descriptions of Indexes Included in this Report

• 50/50 Blended Benchmark, established by the Fund's investment manager, is an equally weighted custom composite of Columbia Thermostat Fund's primary equity and primary debt benchmarks, the S&P 500® Index and the Barclays U.S. Aggregate Bond Index, respectively. The percentage of the Fund's assets allocated to underlying stock and bond portfolio funds will vary, and accordingly the composition of the Fund's portfolio will not always reflect the composition of the 50/50 Blended Benchmark.

• 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.

• Euromoney Smaller European Companies (inc UK) Index is an index of smaller companies in Europe including the UK market. The Euromoney Smaller European Companies Index covers companies of small- and mid-cap market capitalization in Europe's developed markets. The index is rebalanced on a quarterly basis.

• Lipper Indexes include the largest funds tracked by Lipper, Inc. in the named category. Lipper Mid-Cap Growth Funds Index, 30 largest mid-cap growth funds, including Columbia Acorn Fund; Lipper International Small/Mid Growth Funds Index, 10 largest non-U.S. small/mid growth funds, including Columbia Acorn International; Lipper Small-Cap Growth Funds Index, 30 largest small-cap growth funds, including Columbia Acorn USA; Lipper Mid-Cap Core Funds Index, 30 largest mid-cap core funds; Lipper Flexible Portfolio Funds Index, an equal-weighted index of the 30 largest mutual funds within the Flexible Portfolio fund classification, as defined by Lipper. Lipper Emerging Markets Index, 30 largest emerging markets funds; Lipper European Region Index, 10 largest European funds.

• MSCI Europe, Australasia, Far East (EAFE) Index (Net) is a capitalization-weighted index that tracks the total return of common stocks in 22 developed-market countries within Europe, Australasia and the Far East. The returns of the MSCI EAFE Index (Net) are presented net of the withholding tax rate applicable to foreign non-resident institutional investors in the foreign companies included in the index who do not benefit from double taxation treaties.

• MSCI Emerging Markets Small Cap Index (Net), a widely recognized international benchmark, is a free float-adjusted market capitalization index that is designed to measure small-cap emerging market equity performance. The MSCI Emerging Markets Small Cap Index currently consists of the following 23 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates.

• Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 10% of the total market capitalization of the Russell 3000 Index.

• Russell 2500 Index measures the performance of the 2,500 smallest companies in the Russell 3000 Index, which represents approximately 17% of the total market capitalization of the Russell 3000 Index.

• Standard & Poor's (S&P) 500® Index tracks the performance of 500 widely held, large-capitalization U.S. stocks.

• S&P MidCap 400® Index is a market value-weighted index that tracks the performance of 400 mid-cap U.S. companies.

• S&P Developed Ex-U.S. Between $2B and $10B® Index is a subset of the broad market selected by the index sponsor representing the mid-cap developed market, excluding the United States.

• S&P Emerging Markets Between $500M and $5B® Index represents the institutionally investable capital of emerging market countries with market caps ranging between $500 million to $5 billion, as selected by S&P. The index currently consists of the following 20 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey.

• S&P Europe Between $500M and $5B® Index represents the institutionally investable capital of European countries with market caps ranging between $500 million to $5 billion, as selected by S&P. The index currently consists of the following 17 developed market country indexes: Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom.

• S&P Global Ex-U.S. SmallCap® Index consists of the bottom 20% of institutionally investable capital of developed and emerging countries, excluding the United States.

• S&P Global Ex-U.S. Between $500M and $5B® Index is a subset of the broad market selected by the index sponsor representing the mid- and small-cap developed and emerging markets, excluding the United States.

Unlike mutual funds, indexes are not managed and do not incur fees or expenses. It is not possible to invest directly in an index.

Squirrel Chatter II: Jet Engines

Initial Development

When considering innovations that have changed the world, the jet engine and its impact on flight has to be one of them. But getting the jet engine off the ground took ingenuity and persistence.

In 1923, 16-year-old Frank Whittle began training as an aircraft repairman for the British Royal Air Force (RAF) at Cranwell. The son of a mechanic, Whittle started working with machine tools at a young age. He was also a voracious reader, immersing himself in the sciences. Three years later, Whittle applied for RAF pilot training. He placed sixth out of 600 applicants for RAF College, and was singled out as a potential mathematical genius.

While at RAF College, Whittle wrote his thesis titled "Future Developments in Aircraft Design." In it, he noted that if airplanes were to fly very fast and very far, they would need to fly at high altitudes, where air was thinner and wind resistance would be reduced. However, it seemed unlikely that piston engines could create enough power at those high altitudes.

Fifteen months after writing his thesis, while a pilot at Central Flying School in Wittering, England, Whittle realized that a specialized gas turbine encased in a nacelle, or housing, could create sufficient jet propulsion for an airplane to fly 500 mph at 40,000 feet.¹ In theory, Whittle's jet engine was simple: a centrifugal compressor would blow air into a combustion chamber where fuel would be ignited and power a turbine that would spin a shaft rotating the compressor. Hot air from the combustion chamber blowing out the back of the engine would push an airplane forward. As the airplane gained speed, more air would enter the engine, increasing its power.

In 1929, at age 22, Whittle presented his idea to Britain's Air Ministry, where he was rebuffed. The Air Ministry had received a report in 1920 written by Dr. W.J. Stern that definitively dismissed internal combustion turbines for powering aircraft. Stern based his conclusion on industrial turbines of that time; he assumed a cast iron combustion chamber,² a 54 cubic foot, 2,000 pound low efficiency compressor,³ and heavy gears to drive a

propeller.⁴ Stern had not allowed for subsequent and likely improvements in technology and materials.

In practice, Whittle's idea did pose challenges. His compressor was to be an eighth the size, weigh a tenth as much, and push three times the airflow of the compressor assumed by Stern. It would need to provide 4x compression and nearly 80% efficiency⁵ at a time when the best aircraft super charger compressors provided 1.92x compression and 62% efficiency.⁶ In addition, the combustion chamber would release 24 times more heat per unit volume than had ever been achieved.⁷ Whittle later got a letter from the Air Ministry saying that no existing materials could withstand the high temperature and forces in a gas turbine of such high efficiency.⁸

Whittle believed that materials would improve significantly and he thought the Air Ministry should have kept his idea for future use. He decided to pursue commercial development, and notified the Air Ministry that he would pursue a patent. The Ministry did not express interest, had no concern for secrecy, and allowed the filing. A patent was granted in April 1931 and details of the invention were published for the world to see.

Whittle finally found some financing in early 1936, an initial investment of 2,000 British pounds. He and his partners formed Power Jets Limited as a research and development shop that would outsource fabrication. The RAF allowed Whittle to stay enlisted as long as he devoted a maximum of six hours a week to Power Jets. Power Jets' three employees began experimenting with a combustion chamber in October 1936, and proved that sufficient heat could be generated in a small space. Whittle also found a suitable aluminum alloy for the compressor. Creating the turbine was much more problematic, as turbine blades were exposed to high temperatures and centrifugal forces. Fortunately, British industry had developed Stayblade, a steel alloy containing chromium and nickel, for aircraft exhaust valves and Whittle utilized it in his turbine.⁹

In April 1937, Whittle became the first person to get a jet engine running.¹⁰ However, numerous technical problems occurred during continued bench testing. The engine was not yet ready to fly. Better high temperature metals were needed for durability. The engine also had severe

speed fluctuations and vibration due to a faulty fuel system. Whittle experimented with over 30 versions of fuel vaporizers and solved the combustion problems in July 1940. Power Jets' second generation jet engine provided 1,600 pounds of thrust, up from 1,240 pounds provided by the first generation.

Power Jets had grown to 25 employees by early 1940. The company remained on a shoestring budget, having raised just 23,000 British pounds from investors, and relied heavily on Air Ministry contracts for funding.¹¹ With Britain now at war and the company subject to the Secrets Act, it could disclose little to potential investors. Under terms of its contracts with the Air Ministry, the Crown had free use of Power Jets' patents, and Power Jets was required to disclose all technical details to two large British industrial companies, Rover and British Thomson-Houston, which were to produce the engines.

An experimental plane was created for the jet engine; short flights were achieved during April 1941 taxiing trials. In May 1941, serious flight testing began with a new engine that logged 10 hours of flying time in 17 flights. A top speed of 370 mph was achieved in level flight at 25,000 feet, exceeding the speed of the acclaimed Spitfire fighter.¹² In 1942, the plane hit 430 mph.¹³

Conventional aircraft piston engine makers Rolls Royce and de Havilland then began working on jet engines in earnest, and Power Jets was required to cooperate fully, providing any needed information. Rolls Royce acquired Rover's jet operations and ramped up testing and development. In 1941, the British government also agreed to ship a Whittle engine and grant manufacturing rights to the United States, for war purposes only. General Electric was chosen by the U.S. government to receive the engine and manufacture versions of it. After World War II, the British government allowed manufacturing for commercial purposes for a one-time license fee of $800,000.¹⁴

In August 1939, an experimental German Heinkel plane was the first anywhere to fly with a jet engine. But the plane and the engine were inadequate and were not further developed. By 1941, Germany had at least six teams and 2,000 engineers working on jet engines, and they were about to test two fighters.¹⁵ In 1944, jet-powered Messerschmitt Me 262s did attack Allied bombers, and in one case shot down 32 Flying Fortresses. However, the 262's engines were unreliable, lasted for only 25 hours of

flight time, and 200 pilots were killed in training on the airplane.¹⁶

Britain's first production jet fighter, the Meteor, was powered by a Rolls Royce version of the Whittle engine and was delivered on D-Day, June 6, 1944.¹⁷ Shortly thereafter, there were six Meteors in defense operations against Germany's V.1 flying bomb. The Meteor was the only Allied jet in operation in World War II.

Power Jets improved its engine via design modifications and utilization of new alloys. In four years, thrust tripled while weight rose just 70%.¹⁸ Power Jets finally got permission to manufacture jet engines in quantity, but its productivity was poor. Meanwhile, Rolls Royce and de Havilland ramped up production of jet engines. Power Jets was nationalized in January 1944 under duress. Whittle resigned from the company in January 1946, and most of the company's design team resigned within a few weeks of Whittle's departure.¹⁹

Whittle's obsession with developing a jet engine and the long hours he spent doing so resulted in him being hospitalized several times for exhaustion. After appearing on long lecture tours and receiving several awards, Whittle retired from the RAF and received a knighthood in 1948.²⁰ He subsequently invented a turbine drill for the oil industry and spent a few years teaching at the United States Naval Academy. He died in 1996 at age 89.

Dramatic Improvements

In the years since Whittle's genius brought jet engines to the world, they have been greatly improved. Perhaps the biggest single innovation has been the invention of the turbofan engine. This type of engine has a big fan forward of the compressor, and much of the air blown by the fan is directed around the compressor and turbine and expelled at the back end of the engine along with the engine exhaust. Whittle believed such an engine could halve fuel consumption and would be ideal for long-range bombers, but Power Jets' turbofan project was cancelled when Japan was defeated in World War II.²¹

Turbofans indeed provide much better fuel economy, as well as greater thrust. By having more air propelled by the fan and bypassing the turbine, there is a greater mass of slower, quieter air propelling an aircraft. Energy expended by the turbine to power the fan also quiets the turbine discharge. Once the ratio of air bypassing the turbine,

versus going into the turbine (bypass ratio), exceeds approximately 5x, jet engines are significantly quieter.²²

Wide-body aircraft can accommodate engines with huge fans and very high bypass ratios. Three large jet engine makers offer turbofans providing around 100,000 pounds of thrust for the Boeing 777, a large two engine wide-body airplane put in service in 1995.²³ The engine fans initially ranged from 96- to 123-inch diameters.²⁴

The latest generation of turbofan engines have bypass ratios of 11x and pressure ratios of 36x to 50x, operating at 90% efficiency.²⁵ Engines with bypass ratios of 15x and pressure ratios of 70x are on the drawing board.²⁶ These vast improvements are enabled by advances in computer technology, which optimizes engine design, and materials technology, which provides lightweight and/or heat resistant composites and metals.

One author wrote in 1994, "...in the past 30 years, big passenger and cargo aircraft have multiplied in carrying capacity by three... and in safety by roughly 30, while at the same time cutting out between 98% and 99% of the noise."²⁷ Impressive progress has clearly continued since then. Jet engines have made air travel faster, cheaper and more reliable. Miles flown by domestic air passengers increased nearly 20-fold since the dawn of the jet age in 1960. Worldwide, passengers flew over one trillion miles and airfreight ton-miles exceeded 60 billion in 2013.²⁸

Airplane and jet engine manufacturing is a large company business, far beyond the size of stocks we purchase for the Columbia Acorn Funds, but we have owned parts manufacturers and other stocks that benefit from faster, cheaper and more reliable transportation. As of the end of the first quarter of 2014, various Columbia Acorn Funds owned shares in HEICO, which produces replacement parts for engines and aircraft, and shares of MTU Aero Engines, a manufacturer and servicer of aircraft engine components.²⁹

Charles P. McQuaid

President and Chief Investment Officer*
Columbia Wanger Asset Management, LLC

The information and data provided in this analysis are derived from sources that we deem to be reliable and accurate. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict so actual outcomes and results may differ significantly from the views expressed. The views/opinions expressed here are those of the author and not of the Columbia Acorn Trust Board of Trustees, are subject to change at any time based upon economic, market or other conditions, may differ from views expressed by other Columbia Management associates and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Acorn Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Acorn Fund.

¹ Golley, John, Jet (Fulham, England, DATUM Publishing Limited, 2010), p. 35.

² Ibid., p. 257.

³ Gunston, Bill, The Development of Jet and Turbine Aero Engines (Somerset, England, Haynes Publishing, 2002), p. 123.

⁴ Golley, John, op. cit., p. 257.

⁵ Gunston, Bill, op. cit., p. 17.

⁶ Golley, John, op. cit., p. 54.

⁷ Gunston, Bill, op. cit., p. 123.

⁸ Golley, John, op. cit., p. 36.

⁹ Ibid., p. 81.

¹⁰ Ibid., p. 86, 112.

¹¹ Ibid., p.125, 135.

¹² Ibid., p.170.

¹³ Ibid., p.187.

¹⁴ Ibid., p.181.

¹⁵ Ibid., p. 176.

¹⁶ Ibid., p. 221.

¹⁷ Ibid., p. 220.

¹⁸ Ibid., p. 230.

¹⁹ Ibid., p. 229.

²⁰ Ibid., p. 231, 234.

²¹ Gunston, Bill, op. cit., p. 182.

²² Ibid., p. 58.

²³ Ibid., p. 221.

²⁴ Ibid., p. 222.

²⁵ Ibid., p. 17, 249.

²⁶ Norris, Guy, "Future Fans: Rolls-Royce highlights composites, gears and architecture changes in new engine road map," Aviation Week & Space Technology, March 3, 2014, p. 20.

²⁷ Gunston, Bill, op. cit., p. 6.

²⁸ Research and Innovative Technology Administration (RITA), Bureau of Transportation Statistics website: www.rita.dot.gov/bts/sites/rita.dot.gov.bts/files/publications/national_
transportation_statistics/html/table_01_40.html. Airfreight data also found on the RITA website: www.transtats.bts.gov/freight.asp.

²⁹ As of March 31, 2014, HEICO was held in Columbia Acorn Fund (0.8% of net assets) and Columbia Acorn USA (1.9%). MTU Aero Engines was held in Columbia Acorn Fund (0.1%), Columbia Acorn International (0.3%) and Columbia Acorn European Fund (1.0%).

* As announced on November 1, 2013, Charles McQuaid stepped down from his role as President and Chief Investment Officer of Columbia Wanger Asset Management, LLC, on March 31, 2014.

Columbia Acorn® Fund

In a Nutshell


Charles P. McQuaid Lead Portfolio Manager				Robert A. Mohn Co-Portfolio Manager

David L. Frank
Co-Portfolio Manager

Performance data shown represents past performance and is not a guarantee of future results. The investment return and principal value will fluctuate so that shares, when redeemed, may be worth more or less than the original cost. Current performance may be lower or higher than the performance data shown. Please visit columbiamanagement.com for daily and most recent month-end performance updates.

Columbia Acorn Fund Class Z shares were down slightly in the first quarter of 2014, falling 0.03%. This compares to a 2.30% gain for the Fund's primary benchmark, the Russell 2500 Index. Fund relative performance was dampened by below-benchmark returns from Fund consumer discretionary and information technology stocks.

Health care stocks led performance in the quarter. Ultra-orphan drug developer Ultragenyx, which the Fund purchased in a private offering in 2012, went public in an IPO this January. Investing early paid off for the Fund to the tune of a 253% gain for the quarter. Another orphan drug specialist, Synageva Biopharma, gained 29% in the quarter on encouraging results released from a study of its drug treating early onset LAL deficiency, a disease lethal to infants. Seattle Genetics, a developer of antibody-based therapies to fight cancer, gained 14% on excitement over the potential for its drug Adcetris to treat a broad range of lymphomas.

Other top performers included Acuity Brands, a provider of commercial lighting fixtures, which doubled its sales of LED-related fixtures and returned 21% for the quarter. H & E Equipment Services leases heavy construction equipment and gained 37% in the quarter on stronger rental rates and increased sales of used equipment.

Detractors in the consumer discretionary sector included retailers GNC Holdings and Pier 1 Imports. GNC, a retailer of health and wellness products, announced anticipated flat same-store sales for the first quarter, sending its stock down 24%. Down 18%, home furnishing retailer Pier 1 declined on reports of weak fourth quarter same-store sales.

Two internet-related consumer stocks also hurt performance during the first quarter. Groupon is in the process of transforming its business model away from that of a deal-of-the-day email blaster to that of an online global marketplace for both services and goods. The required marketing expenditures to effect this transition spooked investors, sending its stock down 33% for the quarter. Internet photo-centric retailer Shutterfly declined 16% in the first quarter, as its profit margin slightly disappointed some investors.

was a big winner for the Fund last year but pulled back in the first quarter, falling 21%.

Columbia Acorn Fund's foreign stocks as a group were up 0.38% for the quarter and accounted for 7% of Fund assets at quarter end. We believe the protracted underperformance of foreign stocks may be reversing and the Fund's domestic holdings with foreign exposure may also benefit from an uptick in perceptions of global growth prospects.

Federal Reserve easing drove a rush of liquidity into the stock market last year, which helped to boost the price of more speculative stocks, such as turnaround plays and aggressively priced momentum stocks. For the majority of the first quarter, these types of stocks continued to excel, but they began to wobble near the end of the quarter. We believe that any changes toward reducing quantitative easing should benefit the more sensibly priced growth stocks in which Columbia Acorn Fund invests.

As announced on November 1, 2013, after 35 years with the Acorn Fund, Charles McQuaid stepped down as lead portfolio manager of the Fund at the end of the first quarter. Effective April 1, 2014, Robert Mohn assumed the role of lead portfolio manager and, effective January 1, 2014, David Frank was named co-portfolio manager of the Fund. Chuck will continue to support the Fund as a valuable member of our analyst team.

Stocks of small- and mid-cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies. International investing involves special risks, including foreign taxation, currency risks, risks associated with possible differences in financial standards, operational and settlement risks and other risks associated with future political and economic developments.

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security. Top holdings exclude short-term holdings and cash, if applicable.

Fund Positions in Mentioned Holdings

As a percentage of net assets, as of 3/31/14

Seattle Genetics	1.1	%
Bally Technologies	1.0
Synageva Biopharma	0.9
Acuity Brands	0.9
iGate	0.6
GNC Holdings	0.5
Pier 1 Imports	0.5
H & E Equipment Services	0.4
Shutterfly	0.4
Groupon	0.4
Ultragenyx	0.4

Columbia Acorn® Fund

At a Glance

Total Net Assets of the Fund:
$20.7 billion

Performance data shown in the table and graph below represent past performance, do not guarantee future results, assume reinvestment of dividends and distributions and do not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data shown. Performance data reflect fee waivers or reimbursements of Fund expenses, if any; in their absence, performance results would have been lower. Indexes are unmanaged; their results do not reflect the effect of expenses or sales charges. Securities in the Fund may not match those in an index. Please visit columbiamanagement.com for performance data current to the most recent month-end.

The Growth of a $10,000 Investment in Columbia Acorn® Fund Class Z Shares

June 10, 1970 (Fund inception) through March 31, 2014

This chart shows the change in value of a hypothetical $10,000 investment in Class Z shares of the Fund during the stated time period. A $10,000 investment in Columbia Acorn Fund at inception appreciated to $31,777 on December 31, 1978, the inception date of the Russell 2500 Index. For comparison with the Russell 2500 Index, we assigned the index the same value as the Fund at index inception. Although the Fund typically invests in small- and mid-sized companies, the comparison to the S&P 500® Index is presented to show performance against a widely recognized market index over the life of the Fund.

Average Annual Total Returns for period ended March 31, 2014

	1st quarter			1 year			5 years			10 years			Life of Fund
Class Z (6/10/70 inception)		-0.03	%		19.17	%		23.33	%		9.66	%		14.84	%
Class A (10/16/00 inception)
without sales charge		-0.08			18.80			22.98			9.34			14.46
with sales charge		-5.82			11.96			21.53			8.69			14.31
Russell 2500 Index*		2.30			24.01			25.33			9.43			n/a

Results for other share classes can be found on Page 1.

*The Fund's primary benchmark. Please see Page 3 for index descriptions.

Returns for Class A shown with and without the maximum initial sales charge of 5.75%. As stated in the May 1, 2013, prospectus, the Fund's annual operating expense ratio is 0.82% for Class Z shares and 1.10% for Class A shares. The returns shown for periods prior to the inception of the Fund's Class A shares append the returns of the Fund's Class Z shares, the Fund's oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/
appended-performance for more information.

Portfolio Diversification

as a percentage of net assets, as of 3/31/14

Top 10 Holdings

as a percentage of net assets, as of 3/31/14

1.	Ametek Aerospace/Industrial Instruments	2.2	%
2.	Donaldson Industrial Air Filtration	1.7	%
3.	Mettler-Toledo International Laboratory Equipment	1.7	%
4.	Amphenol Electronic Connectors	1.5	%
5.	SBA Communications Communications Towers	1.5	%
6.	tw telecom Fiber Optic Telephone/Data Services	1.4	%
7.	Cepheid Molecular Diagnostics	1.4	%
8.	SEI Investments Mutual Fund Administration & Investment Management	1.2	%
9.	Nordson Dispensing Systems for Adhesives & Coatings	1.2	%
10.	Informatica Enterprise Data Integration Software	1.1	%

The Fund's top 10 holdings and portfolio diversification vary with changes in portfolio investments. See the Statement of Investments for a complete list of the Fund's holdings.

Columbia Acorn International®

In a Nutshell


P. Zachary Egan Co-Portfolio Manager				Louis J. Mendes III Co-Portfolio Manager

Columbia Acorn International Class Z shares returned 1.22% in the first quarter of 2014, below the 2.20% return of its primary benchmark, the S&P Global Ex-U.S. Between $500M and $5B® Index. For comparison, the large-cap, developed market MSCI EAFE Index rose 0.66% during the same period.

Regionally, developed continental Europe generated the strongest returns within the benchmark. Southern European markets rallied, with Portugal and Italy rising over 20% within the benchmark and Greece and Spain returning north of 10%. These strong first quarter returns extended big gains in these same markets in 2013, reflecting the efficacy of soothing language emanating from European policy makers toward the region. With the exception of Spain, the Fund was underweight in these countries versus the benchmark and this, combined with tepid stock performance within these markets, explains most of the Fund's shortfall versus its benchmark in the quarter. Fund positions overall in Europe rose nearly 4%, while the benchmark posted an 8% gain in the region.

The Fund's Russian exposure was also a detractor in the quarter. Fund holdings in three Russian securities lost an average of 32%, as risk premiums rose following Russia's takeover of the Crimean Peninsula from the Ukraine. We exited the Fund's position in QIWI, an operator of an electronic payment network serving Russia and the Commonwealth of Independent States, and the Moscow Exchange, the operator of Russia's largest stock exchange. These businesses are at risk of being negatively impacted over the medium term by Western sanctions, among other risks. It is worth noting that these stocks were strong equity performers prior to these recent developments, with QIWI, for example, more than tripling last year.

Following a strong 2013 that was fueled by hopes for Abenomics, economic reforms introduced by Prime Minister Shinzo Abe, there was little news from Japanese corporations and Fund holdings in this market gained just 1% in the quarter. Elsewhere in Asia, markets were varied as they reversed their performance of 2013. Hong Kong and Chinese equities held by the Fund were off roughly 8%, while the arguably oversold markets of Southeast Asia and India rebounded strongly. Fund holdings in India and

Indonesia jumped 10% and 23%, respectively, in the quarter after falling 17% and 15% in 2013. Indonesian consumer names that struggled in 2013 all rose sharply from downtrodden levels with both Ace Hardware Indonesia and Matahari Department Stores rising 36%. Elsewhere, South Africa-based Coronation Fund Managers continued to rally, building on a strong 2013 with a 23% gain in the first quarter. This company was the Fund's largest position at the end of the period.

As North America exits an unexpectedly cold winter—among the coldest in decades—and tensions between Russia and the West flare up over Crimea, we are reminded how every situation is inherently fluid. As always, we will continue to scour the globe in search of those companies that we believe have good growth prospects even in uncertain circumstances.

International investing involves special risks, including foreign taxation, currency risks, risks associated with possible differences in financial standards, operational and settlement risks and other risks associated with future political and economic developments. Stocks of small- and mid-cap companies pose special risks, including illiquidity and greater price volatility than stocks of larger, more established companies. Investing in emerging markets may involve greater risks than investing in more developed countries. In addition, concentration of investments in a single region may result in greater volatility. Please also see "A Comment on Trading Volumes" on the Table of Contents page of this report.

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security. Top holdings exclude short-term holdings and cash, if applicable.

Fund Positions in Mentioned Holdings

As a percentage of net assets, as of 3/31/14

Coronation Fund Managers	1.6	%
Ace Hardware Indonesia	0.3
Matahari Department Store	0.2

Columbia Acorn International®

At a Glance

Total Net Assets of the Fund:
$8.4 billion

Performance data shown in the table and graph below represents past performance, does not guarantee future results, assumes reinvestment of dividends and distributions and does not reflect the deduction of taxes that a shareholder may pay on Fund distributions or the redemption of Fund shares. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data shown. Performance data reflects fee waivers or reimbursements of Fund expenses, if any; in their absence, performance results would have been lower. Indexes are unmanaged; their results do not reflect the effect of expenses or sales charges. Securities in the Fund may not match those in an index. Please visit columbiamanagement.com for performance data current to the most recent month-end.

The Growth of a $10,000 Investment in Columbia Acorn International® Class Z Shares

September 23, 1992 (Fund inception) through March 31, 2014

This chart shows the change in value of a hypothetical $10,000 investment in Class Z shares of the Fund during the stated time period.

Average Annual Total Returns for period ended March 31, 2014

	1st quarter			1 year			5 years			10 years			Life of Fund
Class Z (9/23/92 inception)		1.22	%		15.70	%		21.37	%		11.68	%		11.57	%
Class A (10/16/00 inception)
without sales charge		1.14			15.35			20.97			11.30			11.14
with sales charge		-4.67			8.72			19.54			10.65			10.84
S&P Global Ex-U.S. Between $500M and $5B® Index*		2.20			13.00			19.73			9.77			8.81

Results for other share classes can be found on Page 1.

*The Fund's primary benchmark. Please see Page 3 for index descriptions.

Returns for Class A shown with and without the maximum initial sales charge of 5.75%. As stated in the May 1, 2013, prospectus, the Fund's annual operating expense ratio is 0.95% for Class Z shares and 1.31% for Class A shares. The returns shown for periods prior to the inception of the Fund's Class A shares append the returns of the Fund's Class Z shares, the Fund's oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/
appended-performance for more information.

Portfolio Diversification

as a percentage of net assets, as of 3/31/14

Top 10 Holdings

as a percentage of net assets, as of 3/31/14

1.	Coronation Fund Managers (South Africa) South African Fund Manager	1.6	%
2.	Neopost (France) Postage Meter Machines	1.3	%
3.	Melco Crown Entertainment - ADR (Hong Kong) Macau Casino Operator	1.1	%
4.	WuXi Pharma Tech - ADR (China) Largest Contract Research Organization Business in China	1.1	%
5.	Aalberts Industries (Netherlands) Flow Control & Heat Treatment	1.0	%
6.	Naspers (South Africa) Media in Africa, China, Russia & Other Emerging Markets	1.0	%
7.	CCL Industries (Canada) Largest Global Label Converter	1.0	%
8.	Jardine Lloyd Thompson Group (United Kingdom) International Business Insurance Broker	1.0	%
9.	Hexagon (Sweden) Design, Measurement & Visualization Software & Equipment	0.9	%
10.	Partners Group (Switzerland) Private Markets Asset Management	0.9	%

The Fund's top 10 holdings and portfolio diversification vary with changes in portfolio investments. See the Statement of Investments for a complete list of the Fund's holdings.

Columbia Acorn USA®

In a Nutshell


Robert A. Mohn Lead Portfolio Manager				William J. Doyle Co-Portfolio Manager

Columbia Acorn USA Class Z shares gained 0.64% in the first quarter of 2014. This compares to a 1.12% gain for the Fund's primary benchmark, the Russell 2000 Index. Relative performance was dampened by below-benchmark returns from the Fund's information technology stocks.

Health care stocks led performance in the quarter. Orphan drug specialist Synageva Biopharma gained 29% on encouraging results released from a study of its drug treating early onset LAL deficiency, a disease lethal to infants. Seattle Genetics, a developer of antibody-based therapies to fight cancer, gained 14% on excitement over the potential for its drug Adcetris to treat a broad range of lymphomas. Cepheid, a leader in molecular diagnostics, gained 10% in the quarter on strong revenue growth. Biotech company InterMune saw its stock gain 124% in the quarter on news of positive Phase III data for its drug treating pulmonary fibrosis.

Other top performers included SVB Financial Group, a bank for venture-backed start-up companies, which rose 23% in the quarter. SVB received a profit boost from gains in warrants it holds in tech IPOs, including Twitter. Acuity Brands, a provider of commercial lighting fixtures, doubled its sales of LED-related fixtures and returned 21% for the quarter. Up 20%, car rental company Avis Budget Group continued its gains in the new year on further sales and earnings growth. Extra Space Storage, a self-storage facility, rose 16% as the company's cash flow swelled due to record occupancy levels.

Laggards in the information technology sector included Bally Technologies, a slot machine manufacturer and gaming software developer. Bally was negatively impacted by weakness in the U.S. regional gaming industry and fell 15% over the three-month period. Simulation software developer Ansys fell 12% in the quarter as the company experienced light revenue growth year over year. Informatica, a developer of data integration software, fell 9% after guiding to a weaker than expected 2014.

IPG Photonics, a manufacturer of fiber lasers, fell 8% in the quarter on concerns over growth prospects in China, which accounts for 24% of IPG's total revenues. Encouragingly,

IPG's fourth quarter Chinese revenue grew a solid 12% year over year.

Outside the technology sector, home furnishing retailer Pier 1 Imports declined 18% on weak fourth quarter same-store sales. World Acceptance, a provider of small personal loans, fell 14% upon receiving an anticipated investigative inquiry from the Consumer Financial Protection Bureau.

Effective January 1, 2014, William Doyle was named co-portfolio manager of Columbia Acorn USA. Bill has been a member of our analyst team since 2006 and brings 23 years of industry experience to the Fund.

Stocks of small- and mid-cap companies pose special risks, including possible illiquidity and greater price volatility than stocks of larger, more established companies.

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security. Top holdings exclude short-term holdings and cash, if applicable.

Fund Positions in Mentioned Holdings

As a percentage of net assets, as of 3/31/14

Avis Budget Group	3.4	%
Extra Space Storage	2.4
IPG Photonics	1.8
Cepheid	1.7
Informatica	1.7
Ansys	1.5
Synageva Biopharma	1.5
Bally Technologies	1.4
Seattle Genetics	1.4
SVB Financial Group	1.2
Acuity Brands	1.2
World Acceptance	0.8
Pier 1 Imports	0.7
InterMune	0.3

Columbia Acorn USA®

At a Glance

Total Net Assets of the Fund:
$1.7 billion

The Growth of a $10,000 Investment in Columbia Acorn USA® Class Z Shares

September 4, 1996 (Fund inception) through March 31, 2014

This chart shows the change in value of a hypothetical $10,000 investment in Class Z shares of the Fund during the stated time period.

Average Annual Total Returns for period ended March 31, 2014

	1st quarter			1 year			5 years			10 years			Life of Fund
Class Z (9/4/96 inception)		0.64	%		20.92	%		23.81	%		8.81	%		11.12	%
Class A (10/16/00 inception)
without sales charge		0.59			20.59			23.47			8.50			10.74
with sales charge		-5.19			13.66			22.01			7.86			10.37
Russell 2000 Index*		1.12			24.90			24.31			8.53			8.85

Results for other share classes can be found on Page 1.

*The Fund's primary benchmark. Please see Page 3 for index descriptions.

Returns for Class A shown with and without the maximum initial sales charge of 5.75%. As stated in the May 1, 2013, prospectus, the Fund's annual operating expense ratio is 1.15% for Class Z shares and 1.38% for Class A shares. The returns shown for periods prior to the inception of the Fund's Class A shares append the returns of the Fund's Class Z shares, the Fund's oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/
appended-performance for more information.

Portfolio Diversification

as a percentage of net assets, as of 3/31/14

Top 10 Holdings

as a percentage of net assets, as of 3/31/14

1.	Avis Budget Group Second Largest Car Rental Company	3.4	%
2.	Ametek Aerospace/Industrial Instruments	2.6	%
3.	Nordson Dispensing Systems for Adhesives & Coatings	2.4	%
4.	Extra Space Storage Self Storage Facilities	2.4	%
5.	Mettler-Toledo International Laboratory Equipment	2.3	%
6.	tw telecom Fiber Optic Telephone/Data Services	2.2	%
7.	Donaldson Industrial Air Filtration	2.1	%
8.	HEICO FAA Approved Aircraft Replacement Parts	1.9	%
9.	IPG Photonics Fiber Lasers	1.8	%
10.	Drew Industries RV & Manufactured Home Components	1.7	%

The Fund's top 10 holdings and portfolio diversification vary with changes in portfolio investments. See the Statement of Investments for a complete list of the Fund's holdings.

Columbia Acorn International Select^SM

In a Nutshell


Christopher J. Olson Portfolio Manager

Columbia Acorn International Select Class Z shares ended the first quarter of 2014 up 3.01%, outperforming the 2.25% gain for the Fund's primary benchmark, the S&P Developed Ex-U.S. Between $2B and $10B® Index. Returns were mixed globally and were led by European holdings, which rose 6.8% within the benchmark in the quarter, while Japanese stocks gave back some recent gains, declining 3.3% within the benchmark.

The top contributors to Fund performance in the quarter came from a variety of countries and industries. Tahoe Resources, a silver project in Guatemala, was the top contributor to Fund performance, up 27% on the successful start of its new, low-cost mine. KEPCO Plant Service & Engineering, a Korean power plant operator and provider of grid maintenance services, gained 23% due to increasing contract wins and subsequent earnings upgrades. Canada's CCL Industries, a global label converter, continued to benefit from the acquisition of Avery's label and office product division. The integration of that acquisition has been smooth and CCL's revenues have continued to grow at a reasonable pace. Its stock rose 15% in the first quarter. Japan's Rinnai, a manufacturer of gas appliances for household and commercial use, gained 13% in the quarter on strong revenue growth as consumers search for more energy efficient systems. Coronation Fund Managers, a South African fund manager, ended the first quarter up 23%, benefiting from strong growth in higher-fee retail and international fund flows.

While material stocks as a group were a positive contributor to Fund gains for the quarter, two mining names were among the top detractors in the quarter. Brazilian gold miner Beadell Resources fell 21% and Australian gold miner Regis Resources declined 20% as both saw mine operations interrupted by unusually strong rains.

We added Melco Crown Entertainment, a Macau casino operator, to the portfolio in the quarter. This company is associated with Melco International, which we added to the Fund in early 2013, but trades at a greater discount to its estimated underlying asset value. Both stocks were down in the quarter as investors decided to book gains after a strong run. Operations for both continue to remain very robust. Taiwanese mobile operator Far EasTone

Telecom ended the quarter down 4%, as investor concerns about the cost of acquiring bandwidth to support new 4G networks continued to hurt mobile operators. While we continue to hold Far EasTone Telecom, we sold the Fund's position in mobile operator Taiwan Mobile in the quarter to reallocate funds to other ideas.

Over the past year, we had a strong rise in many markets and our analyst team is seeing increasingly full valuations. Given these conditions, the Fund remains cautiously invested. We will continue to seek companies with strong balance sheets, strong free cash flow and dividend yields, and less cyclical businesses.

International investing involves special risks, including foreign taxation, currency risks, risks associated with possible differences in financial standards, operational and settlement risks and other risks associated with future political and economic developments. Due to the Fund's concentration in a limited number of stocks, the Fund's portfolio will tend to diverge significantly from benchmark weightings and may therefore pose greater risk and volatility relative to its benchmark, or in comparison to other Columbia Acorn Fund portfolios. Stocks of small- and mid-cap companies pose special risks, including illiquidity and greater price volatility than stocks of larger, more established companies. Investing in emerging markets may involve greater risks than investing in more developed countries. Please also see "A Comment on Trading Volumes" on the Table of Contents page of this report.

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security. Top holdings exclude short-term holdings and cash, if applicable.

Fund Positions in Mentioned Holdings

As a percentage of net assets, as of 3/31/14

Far EasTone Telecom	4.0	%
Tahoe Resources	3.5
CCL Industries	2.9
Rinnai	2.7
KEPCO Plant Service & Engineering	2.0
Coronation Fund Managers	1.9
Beadell Resources	1.9
Melco Crown Entertainment	1.9
Regis Resources	1.0
Melco International	1.0

Columbia Acorn International Select^SM

At a Glance

Total Net Assets of the Fund:
$350.2 million

The Growth of a $10,000 Investment in Columbia Acorn International Select^SM Class Z Shares

November 23, 1998 (Fund inception) through March 31, 2014

This chart shows the change in value of a hypothetical $10,000 investment in Class Z shares of the Fund during the stated time period.

Average Annual Total Returns for period ended March 31, 2014

	1st quarter			1 year			5 years			10 years			Life of Fund
Class Z (11/23/98 inception)		3.01	%		14.62	%		18.71	%		10.48	%		9.96	%
Class A (10/16/00 inception)
without sales charge		2.94			14.26			18.31			10.12			9.60
with sales charge		-2.98			7.69			16.93			9.48			9.17
S&P Developed Ex-U.S. Between $2B and $10B® Index*		2.25			18.05			18.44			8.24			8.10

Results for other share classes can be found on Page 1.

*The Fund's primary benchmark. Please see Page 3 for index descriptions.

Returns for Class A shown with and without the maximum initial sales charge of 5.75%. As stated in the May 1, 2013, prospectus, the Fund's annual operating expense ratio is 1.26% for Class Z shares and 1.51% for Class A shares. The returns shown for periods prior to the inception of the Fund's Class A shares append the returns of the Fund's Class Z shares, the Fund's oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/
appended-performance for more information.

Portfolio Diversification

as a percentage of net assets, as of 3/31/14

Top 10 Holdings

as a percentage of net assets, as of 3/31/14

1.	Ascendas REIT (Singapore) Industrial Property Landlord	4.9	%
2.	Far EasTone Telecom (Taiwan) Taiwan's Third Largest Mobile Operator	4.0	%
3.	Neopost (France) Postage Meter Machines	3.8	%
4.	Jardine Lloyd Thompson Group (United Kingdom) International Business Insurance Broker	3.6	%
5.	Tahoe Resources (Guatemala) Silver Project in Guatemala	3.5	%
6.	Archipelago Resources (Indonesia)† Gold Mining Projects in Indonesia, Vietnam & the Philippines	3.3	%
7.	IAG (Australia) General Insurance Provider	3.2	%
8.	CCL Industries (Canada) Largest Global Label Converter	2.9	%
9.	Challenger Financial (Australia) Largest Annuity Provider	2.8	%
10.	Rinnai (Japan) Gas Appliances for Household & Commercial Use	2.7	%

The Fund's top 10 holdings and portfolio diversification vary with changes in portfolio investments. See the Statement of Investments for a complete list of the Fund's holdings.

†Includes both stock and option.

Columbia Acorn Select^SM

In a Nutshell


Robert A. Chalupnik Portfolio Manager

After topping its primary benchmark the last three quarters, Columbia Acorn Select's relative performance came up short in the first quarter of 2014. The Fund's Class Z shares fell 0.34%, while the S&P MidCap 400® Index, the Fund's primary benchmark, gained 3.04%. The underperformance spanned most sectors, leading us to believe the declines were style driven.

On the upside, Synthesis Energy Systems, an owner and operator of gasification plants, gained 227% in the quarter. Synthesis Energy converts coal to chemicals, including methanol and gasoline, and signed a new joint-venture agreement with an engineering firm to implement its technology in China. China is viewed as a growth market since it is a heavy user of coal.

F5 Networks, a provider of internet traffic management equipment, gained 17% in the quarter on earnings that beat expectations and on improved guidance. The company is benefiting from a product refresh cycle and is taking market share with its newer network security products. Quanta Services, a provider of electrical and telecommunication construction services, was also up 17% on better-than-expected earnings and raised earnings guidance. We believe Quanta has solid prospects due to the need for improvements in the U.S. electricity transmission grid and the oil and gas pipeline network.

On the downside for the quarter, consumer electronics specialty retailer Best Buy fell 33% after reporting weaker-than-expected sales. Despite the down quarter, we are encouraged by Best Buy's success in reducing costs and growing its e-commerce sales. WNS, a provider of offshore business process outsourcing services, was off 18% at the end of the quarter. This stock was the best-performing stock in Columbia Acorn Select in 2013 but its industry group cooled in the quarter due in part to a large competitor's announcement of lower-than-expected revenue growth and reduced guidance for 2014.

Kennametal, a consumable cutting tool manufacturer, was also among the laggards in the quarter, falling 15%. The company reported disappointing results and forward guidance but continues to improve its business, and we believe its dual branding strategy should enhance growth through market share gains within its distribution channel.

During the first quarter, we added one new name to the portfolio and sold out of one position. LKQ, an alternative auto parts distributor, is the largest U.S. provider of recycled and aftermarket auto replacement parts, making it a one-stop shop for collision repair shops. We've held the stock in other Columbia Acorn Funds since 2011.

We exited the Fund's position in Forward Air, a provider of freight transportation between airports. Fourth quarter

2013 earnings missed expectations as weather-related issues and some business concerns hurt the company. We exited Forward Air due to valuation and the desire to look for other ideas.

First quarter economic news was a bit mixed, but we believe the unusually harsh winter across a significant portion of the United States likely accounts for much of the weakness. For example, recently released national retail sales data for the month of March improved 1.1%, which supports the view that weakness in January and February was somewhat weather related. During the first quarter, we added to consumer-related positions in the Fund taking advantage of lower stock prices. Although we are bottom-up investors and limit our economic predictions, we believe there are encouraging signs that the U.S. economy will continue to improve.

Risks include stock market fluctuations due to economic and business developments. The Fund also has potentially greater price volatility due to the Fund's concentration in a limited number of stocks of mid-size companies. International investing involves special risks, including foreign taxation, currency risks, risks associated with possible differences in financial standards, operational and settlement risks and other risks associated with future political and economic developments.

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security. Top holdings exclude short-term holdings and cash, if applicable.

Fund Positions in Mentioned Holdings

As a percentage of net assets, as of 3/31/14

WNS	3.4	%
Quanta Services	3.1
Kennametal	2.8
F5 Networks	2.4
LKQ	1.3
Best Buy	0.6
Synthesis Energy Systems	0.5

Columbia Acorn Select^SM

At a Glance

Total Net Assets of the Fund:
$809.0 million

The Growth of a $10,000 Investment in Columbia Acorn Select^SM Class Z Shares

November 23, 1998 (Fund inception) through March 31, 2014

This chart shows the change in value of a hypothetical $10,000 investment in Class Z shares of the Fund during the stated time period.

Average Annual Total Returns for period ended March 31, 2014

	1st quarter			1 year			5 years			10 years			Life of Fund
Class Z (11/23/98 inception)		-0.34	%		20.86	%		22.47	%		8.30	%		10.61	%
Class A (10/16/00 inception)
without sales charge		-0.39			20.56			22.12			7.99			10.26
with sales charge		-6.12			13.62			20.69			7.35			9.84
S&P MidCap 400® Index*		3.04			21.24			24.86			10.14			10.70

Results for other share classes can be found on Page 1.

*The Fund's primary benchmark. Please see Page 3 for index descriptions.

Returns for Class A shown with and without the maximum initial sales charge of 5.75%. As stated in the May 1, 2013, prospectus, the Fund's annual operating expense ratio is 1.07% for Class Z shares and 1.35% for Class A shares. The returns shown for periods prior to the inception of the Fund's Class A shares append the returns of the Fund's Class Z shares, the Fund's oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/
appended-performance for more information.

Portfolio Diversification

as a percentage of net assets, as of 3/31/14

Top 10 Holdings

as a percentage of net assets, as of 3/31/14

1.	Ametek Aerospace/Industrial Instruments	5.9	%
2.	Discover Financial Services Credit Card Company	4.3	%
3.	CNO Financial Group Life, Long-term Care & Medical Supplement Insurance	4.2	%
4.	Donaldson Industrial Air Filtration	4.2	%
5.	Amphenol Electronic Connectors	3.7	%
6.	WNS - ADR (India) Offshore BPO (Business Process Outsourcing) Services	3.4	%
7.	City National Bank & Asset Manager	3.2	%
8.	Hertz Largest U.S. Rental Car Operator	3.1	%
9.	Quanta Services Electrical & Telecom Construction Services	3.1	%
10.	SBA Communications Communications Towers	3.0	%

The Fund's top 10 holdings and portfolio diversification vary with changes in portfolio investments. See the Statement of Investments for a complete list of the Fund's holdings.

Columbia Thermostat Fund^SM

In a Nutshell


Charles P. McQuaid Lead Portfolio Manager				Christopher J. Olson Co-Portfolio Manager

A "fund of fund" bears its allocable share of the costs and expenses of the underlying funds in which it invests. Such funds are thus subject to two levels of fees and potentially higher expense ratios than would be associated with a fund that invests and trades directly in financial instruments under the direction of a single manager.

*These changes were implemented with the Fund's May 1, 2014, prospectus.

Columbia Thermostat Fund Class Z shares ended the first quarter of 2014 up 1.94%. This slightly tops the 1.81% return of the Fund's primary equity benchmark, the S&P 500® Index, and the 1.84% gain of its primary debt benchmark, the Barclays U.S. Aggregate Bond Index. The Fund's 50/50 Blended Benchmark gained 1.88% in the quarter.

The weighted average gain for the Fund's equity portfolio was 0.98% for the quarter, with Columbia Dividend Income Fund offering the top equity return of 2.10%. The bond portfolio weighted average gain topped the equity component at 1.74%. Columbia Income Opportunities Fund was the strongest bond fund contributor for the period, up 3.03%. Columbia Thermostat's gain exceeded both the equity and bond portfolio averages because it benefited by going to 15% in stock funds after the stock market dropped and reverting back to 10% in stock funds after the market rose.

During the first quarter of 2014, we conducted the periodic review of underlying funds called for by Columbia Thermostat's prospectus. As a result, we expect to make the following changes in the second quarter, starting on May 1, 2014:*

• Columbia Income Opportunities Fund's weighting will be reduced from 30% to 20% of the bond portfolio.

• Columbia Intermediate Bond Fund's weighting will be reduced from 30% to 25% of the bond portfolio.

• Columbia U.S. Government Mortgage Fund will be added to the bond portfolio with a 15% weighting. This fund offers a combination of relatively short maturities and low credit risk.

• The stock/bond allocation table levels will be revised. The Fund will move to 10% stocks at an S&P 500® level over 2,020 and will move to 90% stocks at a level of 970 or less. In between, a 70 point move in the S&P 500® will trigger a 5% point change in allocation of stock and bond funds.

The changes to bond position weightings and the addition of Columbia U.S. Government Mortgage Fund are expected to somewhat reduce the bond portfolio's duration and risk. The changes to the Fund's allocation table recognize that the S&P 500® Index has broken out of its over 16-year trading range and, therefore, we can no longer assume that price-to-earnings (PE) ratios will compress. Instead, the revisions to the allocation table assume the S&P 500® will trade within

its broad historical PE ratio range on normalized (long-term moving average) earnings. It is expected that, within a range of 10% and 90%, stock percentages will rise toward maximum allocations as PE ratios fall toward historical lows, and stock percentages will fall as such PE ratios rise toward historical highs.

Christopher Olson joined the Fund as co-portfolio manager on January 1, 2014. Chris has been a portfolio manager and analyst at Columbia Wanger Asset Management, LLC, since 2001 and brings 24 years of industry experience to the Fund. His awareness of macro-economic conditions and his knowledge of historical valuation ranges should serve shareholders well.

Results of the Funds Owned in Columbia Thermostat Fund

as of March 31, 2014

Stock Funds

Fund	Weightings in category			1st quarter
Columbia Acorn International, Class I		20	%		1.22	%
Columbia Dividend Income Fund, Class I		20	%		2.10	%
Columbia Acorn Fund, Class I		15	%		0.00	%
Columbia Contrarian Core Fund, Class I		15	%		1.07	%
Columbia Acorn Select, Class I		10	%		-0.34	%
Columbia Large Cap Enhanced Core Fund, Class I		10	%		1.55	%
Columbia Select Large Cap Growth Fund, Class I		10	%		-0.05	%
Weighted Average Equity Gain		100	%		0.98	%

Bond Funds

Fund	Weightings in category			1st quarter
Columbia Short Term Bond Fund, Class I		40	%		0.39	%
Columbia Intermediate Bond Fund, Class I		30	%		2.26	%
Columbia Income Opportunities Fund, Class I		30	%		3.03	%
Weighted Average Income Gain		100	%		1.74	%

Columbia Thermostat Fund Rebalancing in the First Quarter

February 4, 2014				15% stocks, 85% bonds
March 7, 2014				10% stocks, 90% bonds

The value of an investment in the Fund is based primarily on the performance of the underlying funds in which it invests. The Fund is subject to the risk that the investment manager's decisions regarding asset classes and underlying funds will not anticipate market trends successfully, resulting in a failure to preserve capital or lower total return.

The Fund's investments in the underlying funds may also present certain risks, including the following. Investments made by underlying funds in foreign securities, particularly those in emerging markets countries, are subject to special risks, including but not limited to a greater degree of social, political and economic volatility than is associated with domestic investments, as well as the risks associated with any differences in financial standards, including foreign taxation. Investments by the underlying funds in small- and mid-cap companies, as well as in restricted securities, pose special risks, including potential illiquidity and price volatility. Underlying funds that concentrate their investments in a single industry sector, such as technology or healthcare, are subject to the risk that companies in the same sector may be similarly affected by economic or market downturns. Risks associated with investments in bond funds include credit risk, interest rate risk, and prepayment and extension risk. Debt securities with the lowest investment grade ratings and unrated securities of comparable quality are more speculative than securities with higher ratings and may experience greater price fluctuations. These securities also tend to be more sensitive to credit risk than higher-rated securities. This is not an offer of the shares of any other mutual fund mentioned herein.

Columbia Thermostat Fund^SM

At a Glance

Total Net Assets of the Fund:
$1.3 billion

The Growth of a $10,000 Investment in Columbia Thermostat Fund^SM Class Z Shares

September 25, 2002 (Fund inception) through March 31, 2014

This chart shows the change in value of a hypothetical $10,000 investment in Class Z shares of the Fund during the stated time period.

Average Annual Total Returns for period ended March 31, 2014

	1st quarter			1 year			5 years			10 years			Life of Fund
Class Z (9/25/02 inception)		1.94	%		7.03	%		18.02	%		6.80	%		8.20	%
Class A (3/3/03 inception)
without sales charge		1.85			6.69			17.72			6.54			7.93
with sales charge		-4.01			0.54			16.35			5.91			7.37
S&P 500® Index*		1.81			21.86			21.16			7.42			9.65
Barclays U.S. Aggregate Bond Index*		1.84			-0.10			4.80			4.46			4.63

Results for other share classes can be found on Page 1.

*The Fund's primary benchmarks. Please see Page 3 for index descriptions.

Returns for Class A shown with and without the maximum initial sales charge of 5.75%. As stated in the May 1, 2013, prospectus, the Fund's annual operating expense ratio is 0.85% for Class Z shares and 1.10% for Class A shares. The returns shown for periods prior to the inception of the Fund's Class A shares append the returns of the Fund's Class Z shares, the Fund's oldest share class. These returns are adjusted to reflect any higher class-related operating expenses of the newer share classes, as applicable. Please visit columbiamanagement.com/mutual-funds/ appended-performance for more information.

Asset Allocation

as a percentage of net assets, as of 3/31/14

Portfolio Weightings

as a percentage of assets in each investment category, as of 3/31/14

Stock Mutual Funds

Columbia Acorn International, Class I	20	%
Columbia Dividend Income Fund, Class I	20	%
Columbia Acorn Fund, Class I	15	%
Columbia Contrarian Core Fund, Class I	15	%
Columbia Acorn Select, Class I	10	%
Columbia Large Cap Enhanced Core Fund, Class I	10	%
Columbia Select Large Cap Growth Fund, Class I	10	%

Bond Mutual Funds

Columbia Short Term Bond Fund, Class I	40	%
Columbia Income Opportunities Fund, Class I	30	%
Columbia Intermediate Bond Fund, Class I	30	%

Columbia Acorn Emerging Markets Fund^SM

In a Nutshell


Fritz G. Kaegi Lead Portfolio Manager				Stephen Kusmierczak Lead Portfolio Manager

P. Zachary Egan Co-Portfolio Manager				Louis J. Mendes III Co-Portfolio Manager

Columbia Acorn Emerging Markets Fund Class Z shares fell 0.97% in the first quarter of 2014, underperforming the 0.71% gain of the Fund's primary benchmark, the S&P Emerging Markets Between $500M and $5B® Index. Since its inception in August 2011, the Fund has had an annualized gain of 12.17%, compared to a benchmark return of 3.81%.

The Fund's largest gainer in percentage terms was Chinese generic drug maker Sihuan Pharmaceuticals, which rose 37% thanks to positive expectations for new products and wins in provincial contract tenders. Six out of the next seven largest gainers were based in Indonesia, thanks to economic stabilization (especially an improving current account deficit and an appreciating currency) and hopes of a new reform-oriented government. Strong fundamentals also helped some of these stocks. Department store operator Matahari Department Store (up 36%) reported double-digit growth in same-store sales and used strong free cash flow to reduce high-cost loans. Free to air television broadcaster Surya Citra Media (up 31%) increased group audience share significantly. Satellite pay TV operator MNC Skyvision (up 28%) reported a 34% annual gain in subscribers and refinanced a high-cost bond.

Three of the quarter's five largest percentage detractors suffered from the effects of Russia's intervention in Ukraine. Electronic payment operator QIWI (down 36%), the Moscow Exchange (down 31%), and internet search engine Yandex (down 30%) fell even more than the Russian portion of the Fund's benchmark (down 20%). This underperformance, combined with the Fund's overweight allocation to Russia, accounted for two-thirds of the Fund's underperformance versus the benchmark during the first quarter. Companies in the Russian financial sector are particularly vulnerable to potential sanctions and Russian countermeasures, so we sold out of QIWI and Moscow Exchange during the quarter. Two consumer stocks in the Greater China region accounted for most of the rest of the Fund's underperformance. Hong Kong-based cosmetics retailer Sa Sa International fell 33%, hurt by media reporting that the company had sold expired products (which the company has refuted) and concerns that margins would come under pressure. Chinese baby care product provider Biostime fell 24%, also due to concerns about pricing pressure.

With politics having played such a large role this quarter, how do we approach political risk? We first acknowledge

that substantial political risk exists in nearly every emerging market country, and this risk can create volatility and unpredictability in these markets. How do we tell if the Fund is being adequately compensated for political risk? We check by (1) using higher discount rates in valuing future earnings than we would with developed markets, (2) looking at how political risk relates to specific sectors, companies and individuals associated with them, and (3) looking at negative scenarios that may not be probable but are possible. We can tolerate political volatility if it seems like it doesn't affect a holding's long-term value. Interesting investment opportunities can emerge from volatility. But political risk is dangerous because it can permanently impair value.

We think the aftermath from the situation in Ukraine could be serious and long lasting. It is hard to imagine that Russia will be able to return to pre-crisis levels of business activity or risk. Things could clearly get worse, as Russia may perceive political gains to be worth any economic cost it incurs. The European Union and the United States are considering a wide variety of sanctions against Russia, including financial sanctions aimed at Russia's dependence on Western financial infrastructure and foreign capital inflows. These sanctions, and Russian countermeasures, would be particularly destructive to investments. Yet domestic political dynamics seem to be rewarding confrontational stances by all sides. We think all this translates into a permanent impairment of value for many businesses in Russia; we will be treading warily.

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security. Top holdings exclude short-term holdings and cash, if applicable.

Fund Positions in Mentioned Holdings

As a percentage of net assets, as of 3/31/14

MNC Skyvision	2.3	%
Sa Sa International	1.8
Yandex	1.8
Matahari Department Store	1.6
Surya Citra Media	1.2
Sihuan Pharmaceuticals	1.0
Biostime	0.9

Columbia Acorn Emerging Markets Fund^SM

At a Glance

Total Net Assets of the Fund:
$498.7 million

The Growth of a $10,000 Investment in Columbia Acorn Emerging Markets Fund^SM Class Z Shares

August 19, 2011 (Fund inception) through March 31, 2014

This chart shows the change in value of a hypothetical $10,000 investment in Class Z shares of the Fund during the stated time period.

Average Annual Total Returns for period ended March 31, 2014

	1st quarter			1 year			Life of Fund
Class Z (8/19/11 inception)		-0.97	%		7.20	%		12.17	%
Class A (8/19/11 inception)
without sales charge		-0.97			7.00			11.85
with sales charge		-6.69			0.84			9.35
S&P Emerging Markets Between $500M and $5B® Index*		0.71			-0.54			3.81

Results for other share classes can be found on Page 1.

*The Fund's primary benchmark. Please see Page 3 for index descriptions.

Returns for Class A shown with and without the maximum initial sales charge of 5.75%. As stated in the May 1, 2013, prospectus, the Fund's annual operating expense ratio is 1.60% for Class Z shares and 1.85% for Class A shares.

Portfolio Diversification

as a percentage of net assets, as of 3/31/14

Top 10 Holdings

as a percentage of net assets, as of 3/31/14

1.	Coronation Fund Managers (South Africa) South African Fund Manager	3.9	%
2.	Melco International (Hong Kong) Macau Casino Operator	2.9	%
3.	Melco Crown Resorts (Philippines) Integrated Resort Operator in Manila	2.5	%
4.	MNC Skyvision (Indonesia) Largest Satellite Pay TV Operator in Indonesia	2.3	%
5.	Halyk Savings Bank of Kazakhstan - GDR (Kazakhstan) Largest Retail Bank & Insurer in Kazakhstan	2.1	%
6.	Vacon (Finland) Leading Independent Manufacturer of Variable Speed Alternating Current Drives	2.1	%
7.	Localiza Rent A Car (Brazil) Car Rental	2.1	%
8.	Hexagon (Sweden) Design, Measurement & Visualization Software & Equipment	2.1	%
9.	WuXi PharmaTech - ADR (China) Largest Contract Research Organization Business in China	2.0	%
10.	Nagacorp (Cambodia) Casino/Entertainment Complex in Cambodia	1.9	%

The Fund's top 10 holdings and portfolio diversification vary with changes in portfolio investments. See the Statement of Investments for a complete list of the Fund's holdings.

Columbia Acorn European Fund^SM

In a Nutshell


Andreas Waldburg-Wolfegg Lead Portfolio Manager				Stephen Kusmierczak Co-Portfolio Manager

The new year started with most of the Eurozone letting out a large sigh of relief at having survived five years of the euro crisis with the system of fixed exchange rates still intact and some of the largest problem cases seemingly on the mend. With many of the highest-level politicians having tied themselves and their country's fate to the survival of the common currency, the danger of it crumbling in the immediate future seemed to greatly diminish. Additionally, in January word came from Frankfurt, the seat of the European Central Bank, that not only would it do whatever it took to save the currency, but that U.S.-style quantitative easing was on its way to the mainland. Russia's occupation and annexation of Crimea at the end of March, however, provided a damper to all those who thought the world economic recovery, together with lax monetary policies, would provide continuous support for share prices in the immediate future.

Against this backdrop, Columbia Acorn European Fund Class Z shares gained 1.59% in the first quarter, underperforming the 6.18% gain of its primary benchmark, the S&P Europe Between $500M and $5B® Index. In the last 24 months, we added three Russian stocks to the Fund, which performed well throughout 2012 and 2013. However, these stocks were strongly affected by the increased likelihood of war in the Ukraine, and the West's gradual introduction of economic sanctions against key players in both Russia and the Ukraine. We share the fear that warfare will dampen growth prospects in Russia, while economic sanctions could permanently impair the liquidity and value of our investments there. We liked electronic payments network QIWI, Russian search engine Yandex and Russia's main exchange, the Moscow Exchange, for fundamental reasons. Each offered business models with low capital intensity and strong market positions, and have benefited from a gradual modernization of the Russian economy. Alas, under the threat of war and isolation from a large part of the industrialized world, the best business models cannot thrive. All three stocks were off more than 30% and accounted for nearly half of the Fund's underperformance during the first quarter. We sold out of the Fund's position in QIWI and the Moscow Exchange.

Underperformance was also fed by an underweight in Italy where stocks, especially financials, performed very well in the benchmark. The Fund's only position in Italy, global tire supplier Pirelli, suffered from unfavorable currency movements outside of Europe and its association with a project in Russia, where it owns a joint venture with Rosneft to make and distribute tires. Pirelli was off 9% for the quarter. The Fund's underperformance in Italy accounted for about a quarter of its lag relative to the benchmark.

On the upside, the Fund enjoyed strong performance from two stocks based in France. Long-time stalwart Norbert Dentressangle, a leading European logistics and transport group with strong market positions in the United Kingdom, France and Spain, announced an improvement in operating performance in the second half of 2013 and rose 28% in the quarter. Hi-Media, an online advertiser in Europe, reported a recovery in its core operations and gained 26% on the news. Positions in the Netherlands also contributed positively to gains. The Fund's overweight position in this market provided a 6% return in the quarter versus a 2% rise in the benchmark.

Fund holdings are as of the date given, are subject to change at any time, and are not recommendations to buy or sell any security. Top holdings exclude short-term holdings and cash, if applicable.

Fund Positions in Mentioned Holdings

As a percentage of net assets, as of 3/31/14

Norbert Dentressangle	1.3	%
Hi-Media	1.0
Pirelli	0.9
Yandex	0.9

Columbia Acorn
European Fund^SM

At a Glance

Total Net Assets of the Fund:
$50.3 million

The Growth of a $10,000 Investment in Columbia Acorn European Fund^SM Class Z Shares

August 19, 2011 (Fund inception) through March 31, 2014

This chart shows the change in value of a hypothetical $10,000 investment in Class Z shares of the Fund during the stated time period.

Average Annual Total Returns for period ended March 31, 2014

	1st quarter			1 year			Life of Fund
Class Z (8/19/11 inception)		1.59	%		30.57	%		20.47	%
Class A (8/19/11 inception)
without sales charge		1.53			30.26			20.16
with sales charge		-4.33			22.75			17.48
S&P Europe Between $500M and $5B® Index*		6.18			38.89			23.39

Results for other share classes can be found on Page 1.

*The Fund's primary benchmark. Please see Page 3 for index descriptions.

Returns for Class A shown with and without the maximum initial sales charge of 5.75%. As stated in the May 1, 2013, prospectus, the Fund's annual operating expense ratio is 1.50% for Class Z shares and 1.75% for Class A shares.

Portfolio Diversification

as a percentage of net assets, as of 3/31/14

Top 10 Holdings

as a percentage of net assets, as of 3/31/14

1.	Jardine Lloyd Thompson Group (United Kingdom) International Business Insurance Broker	2.8	%
2.	Neopost (France) Postage Meter Machines	2.7	%
3.	Assura (United Kingdom) UK Primary Health Care Property Developer	2.6	%
4.	Vacon (Finland) Leading Independent Manufacturer of Variable Speed Alternating Current Drives	2.4	%
5.	Spirax Sarco (United Kingdom) Steam Systems for Manufacturing & Process Industries	2.4	%
6.	DIA (Spain) Leading Hard Discounter in Spain, Latin America & the Eastern Mediterranean	2.2	%
7.	Gemalto (Netherlands) Digital Security Solutions	2.1	%
8.	Geberit (Switzerland) Plumbing Supplies	2.0	%
9.	Partners Group (Switzerland) Private Markets Asset Management	2.0	%
10.	Aurelius (Germany) European Turnaround Investor	2.0	%

The Fund's top 10 holdings and portfolio diversification vary with changes in portfolio investments. See the Statement of Investments for a complete list of the Fund's holdings.

Columbia Acorn® Fund

Major Portfolio Changes in the First Quarter

	Number of Shares
	12/31/13		3/31/14
Purchases
Information
Amber Road		0		190,000
Ansys		2,350,000		2,500,000
Audience		0		419,212
Bankrate		200,000		650,000
Belden		370,000		507,000
Commvault Systems		0		550,000
Covisint		0		298,920
Criteo		0		100,000
Ellie Mae		764,495		900,000
FLIR Systems		0		582,000
Globalstar		25,500,000		27,650,000
Measurement Specialties		0		107,593
Pandora Media		2,855,000		3,390,000
Rogers		570,000		624,000
Telefonica Deutschland (Germany)		0		2,500,000
Vonage		0		3,464,625
Yandex		727,000		972,000
Zee Entertainment Enterprises (India)		0		4,031,557
Industrial Goods & Services
Airgas		535,000		930,000
LKQ		2,405,000		2,500,000
MTU Aero Engines (Germany)		0		255,000
Neopost (France)		604,000		664,400
PGT		738,564		1,453,516
Sociedad Quimica y Minera de Chile - ADR (Chile)		673,000		776,221
WABCO Holdings		1,109,000		1,210,000
WESCO International		1,620,000		1,870,000
Consumer Goods & Services
Boulder Brands		2,886,552		4,386,552
Casey's General Stores		1,439,000		1,759,000
DIA (Spain)		0		2,557,000
Groupon		7,000,000		9,700,000
HomeAway		1,600,000		1,815,000
ITT Educational Services		500,000		550,000
Kate Spade & Company		1,000,000		1,660,000
The Chefs' Warehouse		0		900,000
The Fresh Market		0		1,189,000
United Natural Foods		427,770		556,000
Zulily		146,000		300,000
Finance
Coronation Fund Managers		387,130		1,648,030
WEX		500,000		620,000

	Number of Shares
	12/31/13		3/31/14
Health Care
Castlight Health		0		76,000
Celldex Therapeutics		1,240,000		1,994,000
Intercept Pharmaceuticals		0		112,000
Medidata Solutions		350,000		525,000
Revance Therapeutics		0		416,118
Energy & Minerals
Alamos Gold (Canada)		2,100,000		2,900,000
Argonaut Gold (Canada)		0		2,000,000
Chart Industries		698,000		784,959
Energen Corporation		0		717,000
Hornbeck Offshore		1,208,000		1,613,000
Kirkland Lake Gold (Canada)		4,900,000		5,000,000
Petromanas (Canada)		51,359,500		62,000,000
RGS Energy		2,600,000		3,693,611
Rice Energy		0		570,000
Rosetta Resources		1,153,600		2,322,600
Other Industries
AMERCO		45,000		110,000
Ascendas REIT (Singapore)		17,000,000		24,000,000
DCT Industrial Trust		3,750,000		5,175,000
Terreno Realty		2,020,931		2,150,000

	Number of Shares
	12/31/13		3/31/14
Sales
Information
Bally Technologies		3,105,000		3,028,000
CalAmp		910,000		573,000
Concur Technologies		630,000		450,000
Crown Castle International		1,700,000		1,400,000
Demandware		1,000,000		954,700
Genpact		3,419,000		2,558,000
Hexagon (Sweden)		3,727,001		2,924,000
II-VI		3,640,000		2,339,000
Ixia		2,030,000		1,040,000
Micros Systems		2,530,000		1,810,000
Netgear		900,000		660,000
Red Hat		700,000		500,000
SPS Commerce		900,000		750,000
Tyler Technologies		800,000		500,000
Virtusa		1,985,000		1,835,000
Industrial Goods & Services
Acorn Energy		1,161,957		440,822
Acuity Brands		1,765,000		1,415,000
Ametek		9,270,000		8,860,000
Chicago Bridge & Iron		2,400,000		2,010,000
Clarcor		1,570,000		1,015,000
Echo Global Logistics		700,000		0
Insperity		1,400,000		1,144,000
Kansai Paint		2,218,700		0
Oshkosh Corporation		2,185,000		2,000,000
Polypore International		1,000,000		0
Titan Machinery		965,000		103,164
Consumer Goods & Services
Chegg		765,000		0
Choice Hotels		1,840,000		1,412,000
GameStop		865,000		0
Helen of Troy		800,000		0
Lifestyle International (Hong Kong)		15,354,000		14,500,000
Melco Crown Entertainment - ADR (Hong Kong)		2,350,000		1,300,000
Melco International		20,000,000		14,000,000
Nagacorp (Cambodia)		40,000,000		30,000,000
Penn National Gaming		850,000		0
Pier 1 Imports		7,185,000		4,960,000
PVH		1,231,000		932,000
Ryman Hospitality Properties		1,120,000		0
Finance
Alliance Data Systems		530,000		490,000
City National		1,153,000		1,013,000
First Commonwealth		943,049		0
H & E Equipment Services		2,508,816		2,280,000

	Number of Shares
	12/31/13		3/31/14
OFG Bancorp		900,000		300,000
Onex Capital		450,000		350,000
SVB Financial Group		935,000		885,000
World Acceptance		850,000		808,343
Heath Care
Akorn		5,417,981		5,290,000
Alnylam Pharmaceuticals		1,404,000		690,134
BioMarin Pharmaceutical		1,725,000		1,150,000
Henry Schein		950,000		772,000
Mednax		406,551		0
NPS Pharmaceuticals		2,635,000		2,108,000
Patterson Companies		1,676,000		1,153,000
Sirona Dental Systems		1,550,000		1,240,000
Synageva Biopharma		2,392,000		2,312,309
Energy & Minerals
Athabasca Oil Sands		3,095,000		0
Atwood Oceanics		2,180,000		900,000
Canacol		511,600		0
Denbury Resources		1,477,000		1,021,000
Dresser-Rand Group		400,000		0
Duluth Metals (Canada)		7,025,500		5,979,000
Fugro		402,555		0
Gulfmark Offshore		88,000		0
Northam Platinum (South Africa)		6,044,000		3,477,459
Pan Orient		741,089		0
PDC Energy		340,000		262,000
Rowan		1,008,000		480,000
ShawCor (Canada)		1,334,000		1,314,579
SM Energy		1,120,000		1,007,000
Tullow Oil		735,000		0
Other Industries
Associated Estates Realty		2,075,000		0
DuPont Fabros Technology		3,625,000		3,225,000
Gaming & Leisure Properties		407,000		0
JB Hunt Transport Services		1,155,000		1,085,000
Mapletree Logistics Trust		24,284,000		0

Columbia Acorn® Fund

Statement of Investments, March 31, 2014

Number of Shares			Value
			Equities: 97.7%
Information 26.6%
		> Business Software 5.9%
	6,050,000	Informatica (a)(b)	$	228,569,000
		Enterprise Data Integration Software
	2,500,000	Ansys (a)		192,550,000
		Simulation Software for Engineers & Designers
	2,924,000	Hexagon (Sweden)		99,344,530
		Design, Measurement & Visualization Software & Equipment
	1,810,000	Micros Systems (a)		95,803,300
		Information Systems for Hotels, Restaurants & Retailers
	954,700	Demandware (a)		61,158,082
		eCommerce Website Platform for Retailers & Apparel Manufacturers
	860,000	Solera Holdings		54,472,400
		Software for Automotive Insurance Claims Processing
	550,000	NetSuite (a)		52,156,500
		End-to-end IT Systems Solution Delivered Over the Web
	750,000	SPS Commerce (a)		46,087,500
		Supply Chain Management Software Delivered via the Web
	450,000	Concur Technologies (a)		44,581,500
		Web-enabled Cost & Expense Management Software
	500,000	Tyler Technologies (a)		41,840,000
		Financial, Tax, Court & Document Management Systems for Local Governments
	750,000	Jack Henry & Associates		41,820,000
		IT Systems & Outsourced IT Solutions for Financial Institutions
	2,100,000	Tangoe (a)(b)		39,039,000
		Software Solution for Managing Communication Expense & Devices
	3,740,934	InContact (a)(b)		35,912,966
		Call Center Systems Delivered via the Web & Telecommunication Services
	550,000	Commvault Systems (a)		35,722,500
		Data Storage Management
	1,550,000	RealPage (a)		28,148,000
		Software for Managing Rental Properties Delivered via the Web
	500,000	Red Hat (a)		26,490,000
		Maintenance & Support for Opensource Operating System & Middleware
	900,000	Ellie Mae (a)		25,956,000
		Software for Managing & Network for Facilitating Mortgage Origination
	610,000	Envestnet (a)		24,509,800
		Technology Platform for Investment Advisors
	700,000	Blackbaud		21,910,000
		Software & Services for Non-profits
	610,000	E2open (a)		14,377,700
		Supply Chain Management Software & Supplier/Partner Network

Number of Shares			Value
	1,000,000	Exa (a)(b)	$	13,260,000
		Simulation Software
	190,000	Amber Road (a)		2,926,000
		Global Trade Management Software Delivered via the Web
	298,920	Covisint (a)(c)		2,191,084
		Collaboration Software Platform Provider
				1,228,825,862
		> Instrumentation 3.1%
	1,475,000	Mettler-Toledo International (a)(b)		347,628,000
		Laboratory Equipment
	4,070,000	Trimble Navigation (a)		158,200,900
		GPS-based Instruments
	1,620,000	IPG Photonics (a)		115,149,600
		Fiber Lasers
	582,000	FLIR Systems		20,952,000
		Infrared Cameras
	107,593	Measurement Specialties (a)		7,300,185
		Sensors
				649,230,685
		> Computer Hardware & Related Equipment 2.8%
	3,415,000	Amphenol		312,984,750
		Electronic Connectors
	1,105,000	Zebra Technologies (a)		76,698,050
		Bar Code Printers
	624,000	Rogers (a)		38,950,080
		Printed Circuit Materials & High-performance Foams
	2,339,000	II-VI (a)		36,090,770
		Laser Optics & Specialty Materials
	507,000	Belden		35,287,200
		Specialty Cable
	280,000	Gemalto (Netherlands)		32,610,618
		Digital Security Solutions
	267,000	Stratasys (a)		28,326,030
		Rapid Prototyping & Direct Digital Manufacturing Systems
	660,000	Netgear (a)		22,261,800
		Networking Products for Small Business & Home
				583,209,298
		> Mobile Communications 2.4%
	3,400,000	SBA Communications (a)		309,264,000
		Communications Towers
	1,400,000	Crown Castle International		103,292,000
		Communications Towers
	27,650,000	Globalstar (a)(c)		73,272,500
		Satellite Mobile Voice & Data Carrier
	419,212	Audience (a)		5,240,150
		Improving Voice Quality for Mobile Devices
				491,068,650
		> Telephone & Data Services 2.2%
	9,500,000	tw telecom (a)(b)		296,970,000
		Fiber Optic Telephone/Data Services

Number of Shares			Value
		> Telephone & Data Services—continued
	2,200,000	Cogent Communications	$	78,166,000
		Internet Data Pipelines
	2,500,000	Telefonica Deutschland (Germany)		19,927,701
		Mobile & Fixed-line Communications in Germany
	1,500,000	General Communications (a)		17,115,000
		Commercial Communication & Consumer Cable TV, Web & Phone in Alaska
	2,500,000	Boingo Wireless (a)(b)		16,950,000
		Wholesale & Retail WiFi Networks
	1,500,000	Windstream (c)		12,360,000
		Business & Rural Telecom Services
	4,000,000	Towerstream (a)(b)(c)		9,400,000
		High Speed Wireless, Rooftop Antenna Space & WiFi Offload
				450,888,701
		> Computer Services 1.8%
	4,150,000	iGATE (a)(b)		130,891,000
		IT & Business Process Outsourcing Services
	1,835,000	Virtusa (a)(b)		61,490,850
		Offshore IT Outsourcing
	1,618,000	ExlService Holdings (a)		50,012,380
		Business Process Outsourcing
	2,558,000	Genpact (a)		44,560,360
		Business Process Outsourcing
	2,000,000	WNS - ADR (India) (a)		36,000,000
		Offshore BPO (Business Process Outsourcing) Services
	373,000	Syntel (a)		33,532,700
		Offshore IT Services
	3,274,000	Hackett Group (b)		19,578,520
		IT Integration & Best Practice Research
				376,065,810
		> Internet Related 1.6%
	1,150,000	TripAdvisor (a)		104,178,500
		Online Travel Research
	3,390,000	Pandora Media (a)		102,784,800
		Streaming Music
	1,344,707	RetailMeNot (a)		43,030,624
		Digital Coupon Marketplace
	175,000	Equinix (a)		32,347,000
		Network Neutral Data Centers
	972,000	Yandex (Russia) (a)		29,344,680
		Search Engine for Russian & Turkish Languages
	3,464,625	Vonage (a)		14,793,949
		Business & Consumer Internet Telephony
				326,479,553
		> Business Information & Marketing Services 1.2%
	1,900,000	Verisk Analytics (a)		113,924,000
		Risk & Decision Analytics
	4,025,000	Navigant Consulting (a)(b)		75,106,500
		Financial Consulting Firm

Number of Shares			Value
	2,570,000	RPX (a)	$	41,839,600
		Patent Aggregation & Defensive Patent Consulting
	650,000	Bankrate (a)		11,011,000
		Internet Advertising for the Insurance, Credit Card & Banking Markets
				241,881,100
		> Gaming Equipment & Services 1.0%
	3,028,000	Bally Technologies (a)(b)		200,665,560
		Slot Machines & Software
		> Semiconductors & Related Equipment 0.9%
	5,390,000	Atmel (a)		45,060,400
		Microcontrollers, Radio Frequency & Memory Semiconductors
	420,000	Littelfuse		39,328,800
		Little Fuses
	820,000	Monolithic Power Systems (a)		31,791,400
		High Performance Analog & Mixed Signal Integrated Circuits
	469,000	Cree (a)		26,526,640
		LED Lighting, Components & Chips
	400,000	Hittite Microwave		25,216,000
		Radio Frequency, Microwave & Millimeterwave Semiconductors
	615,000	Ultratech (a)		17,951,850
		Semiconductor Equipment
	560,000	Semtech (a)		14,190,400
		Analog Semiconductors
				200,065,490
		> Financial Processors 0.8%
	1,700,000	Global Payments		120,887,000
		Credit Card Processor
	5,000,000	Singapore Exchange (Singapore)		27,631,020
		Singapore Equity & Derivatives Market Operator
	900,000	Liquidity Services (a)(c)		23,445,000
		E-Auctions for Surplus & Salvage Goods
				171,963,020
		> Telecommunications Equipment 0.8%
	640,000	F5 Networks (a)		68,243,200
		Internet Traffic Management Equipment
	1,538,000	Finisar (a)		40,772,380
		Optical Subsystems & Components
	2,365,000	Infinera (a)		21,474,200
		Optical Networking Equipment
	573,000	CalAmp (a)		15,969,510
		Machine to Machine Communications
	1,040,000	Ixia (a)		13,000,000
		Telecom Network Test Equipment
				159,459,290
		> Electronics Distribution 0.7%
	3,125,000	Avnet		145,406,250
		Electronic Components Distribution

Columbia Acorn® Fund

Statement of Investments, continued

Number of Shares			Value
		> Contract Manufacturing 0.5%
	3,800,000	Sanmina-SCI (a)	$	66,310,000
		Electronic Manufacturing Services
	960,000	Plexus (a)		38,467,200
		Electronic Manufacturing Services
				104,777,200
		> Cable TV 0.5%
	800,000	Liberty Global Series A (a)		33,280,000
	800,000	Liberty Global Series C (a)		32,568,000
		Cable TV Franchises Outside the USA
	400,000	Discovery Series C (a)		30,824,000
		Cable TV Programming
				96,672,000
		> Advertising 0.2%
	1,000,000	Lamar Advertising (a)		50,990,000
		Outdoor Advertising
	100,000	Criteo (a)(c)		4,055,000
		Digital Performance Marketing
				55,045,000
		> Entertainment Programming 0.2%
	800,000	IMAX (Canada) (a)		21,864,000
		IMAX Movies, Theatre Equipment & Theatre Joint Ventures
	4,031,557	Zee Entertainment Enterprises (India)		18,336,499
		India's Leading Programmer of Pay Television Content
				40,200,499
Information: Total				5,521,903,968
Industrial Goods & Services 22.2%
		> Machinery 13.1%
	8,860,000	Ametek		456,201,400
		Aerospace/Industrial Instruments
	8,400,000	Donaldson (b)		356,160,000
		Industrial Air Filtration
	3,400,000	Nordson (b)		239,666,000
		Dispensing Systems for Adhesives & Coatings
	3,230,000	Moog (a)(b)		211,597,300
		Motion Control Products for Aerospace, Defense & Industrial Markets
	3,113,000	Generac		183,573,610
		Standby Power Generators
	3,828,750	HEICO (b)		166,206,038
		FAA Approved Aircraft Replacement Parts
	3,725,000	Kennametal		165,017,500
		Consumable Cutting Tools
	1,210,000	WABCO Holdings (a)		127,727,600
		Truck & Bus Component Supplier
	1,405,000	Pall		125,705,350
		Life Science, Water & Industrial Filtration
	2,000,000	Oshkosh Corporation		117,740,000
		Specialty Truck Manufacturer
	1,610,000	Toro		101,735,900
		Turf Maintenance Equipment

Number of Shares			Value
	1,200,000	Wabtec	$	93,000,000
		Freight & Transit Component Supplier
	2,300,000	ESCO Technologies (b)		80,937,000
		Automatic Electric Meter Readers
	281,400	Middleby (a)		74,348,694
		Manufacturer of Cooking Equipment
	435,000	Valmont Industries		64,745,400
		Center Pivot Irrigation Systems & Utility Poles
	1,015,000	Clarcor		58,210,250
		Mobile Equipment & Industrial Filters
	664,400	Neopost (France) (c)		52,465,590
		Postage Meter Machines
	550,000	Dorman Products (a)		32,483,000
		Aftermarket Auto Parts Distributor
	10,000,000	Marel (Iceland) (a)		9,270,348
		Largest Manufacturer of Poultry & Fish Processing Equipment
				2,716,790,980
		> Other Industrial Services 1.8%
	1,800,000	Expeditors International of Washington		71,334,000
		International Freight Forwarder
	1,500,000	Forward Air		69,165,000
		Freight Transportation Between Airports
	2,500,000	LKQ (a)		65,875,000
		Alternative Auto Parts Distribution
	1,400,000	Mobile Mini		60,704,000
		Portable Storage Units Leasing
	1,375,000	KAR Auction Services		41,731,250
		Auto Auctions
	2,400,000	CAE (Canada)		31,587,517
		Flight Simulator Equipment & Training Centers
	255,000	MTU Aero Engines (Germany)		23,698,741
		Airplane Engine Components & Services
	440,822	Acorn Energy (a)(c)		1,494,387
		Fiber Optic Oil Well Monitoring & Evaluation
				365,589,895
		> Industrial Distribution 1.7%
	1,870,000	WESCO International (a)		155,621,400
		Industrial Distributor
	930,000	Airgas		99,054,300
		Industrial Gas Distributor
	2,320,000	MRC Global (a)		62,547,200
		Industrial Distributor
	930,000	Boise Cascade (a)		26,635,200
		Wood Products Manufacturer & Distributor
	103,164	Titan Machinery (a)		1,616,580
		Agriculture & Construction Dealerships
				345,474,680
		> Construction 1.6%
	2,010,000	Chicago Bridge & Iron		175,171,500
		Engineering & Construction for Liquefied Natural Gas & Petrochemicals

Number of Shares			Value
		> Construction—continued
	99,000	NVR (a)	$	113,553,000
		Homebuilder
	930,000	Fortune Brands Home & Security		39,134,400
		Home Building Supplies & Small Locks
	1,453,516	PGT (a)		16,729,969
		Wind Resistant Windows & Doors
				344,588,869
		> Industrial Materials & Specialty Chemicals 1.5%
	1,780,000	Drew Industries (b)		96,476,000
		RV & Manufactured Home Components
	1,000,000	FMC Corporation		76,560,000
		Niche Specialty Chemicals
	1,288,000	Novozymes (Denmark)		56,636,017
		Industrial Enzymes
	1,200,000	PolyOne		43,992,000
		Intermediate Stage Chemicals Producer
	776,221	Sociedad Quimica y Minera de Chile - ADR (Chile)		24,637,255
		Producer of Specialty Fertilizers, Lithium & Iodine
	400,000	Owens-Illinois (a)		13,532,000
		Glass Packaging for Food & Beverages
				311,833,272
		> Electrical Components 1.1%
	1,415,000	Acuity Brands		187,586,550
		Commercial Lighting Fixtures
	1,065,000	Thermon (a)		24,686,700
		Global Engineered Thermal Solutions
	1,500,000	Ushio (Japan)		19,377,193
		Industrial Light Sources
				231,650,443
		> Outsourcing Services 0.7%
	3,000,000	Quanta Services (a)		110,700,000
		Electrical & Telecom Construction Services
	1,144,000	Insperity		35,441,120
		Professional Employer Organization
				146,141,120
		> Conglomerates 0.4%
	2,500,000	Aalberts Industries (Netherlands)		87,136,335
		Flow Control & Heat Treatment
		> Waste Management 0.3%
	1,500,000	Waste Connections		65,790,000
		Solid Waste Management
Industrial Goods & Services: Total				4,614,995,594
Consumer Goods & Services 15.0%
		> Retail 4.4%
	1,759,000	Casey's General Stores		118,890,810
		Owner/Operator of Convenience Stores
	1,160,000	ULTA (a)		113,076,800
		Specialty Beauty Product Retailer
	1,675,000	Williams-Sonoma		111,622,000
		Home Goods & Furnishing Retailer

Number of Shares			Value
	822,845	Fossil (a)	$	95,951,955
		Watch Designer & Retailer
	4,960,000	Pier 1 Imports		93,644,800
		Home Furnishing Retailer
	1,845,498	Shutterfly (a)		78,765,855
		Internet Photo-centric Retailer
	1,660,000	Kate Spade & Company (a)		61,569,400
		Global Lifestyle Brand
	1,189,000	The Fresh Market (a)		39,950,400
		Specialty Food Retailer
	1,050,000	DSW		37,653,000
		Branded Footwear Retailer
	1,000,000	Urban Outfitters (a)		36,470,000
		Multi-channel Apparel & Accessory Retailer
	1,205,000	Burlington Stores (a)		35,571,600
		Off-Price Apparel Retailer
	2,557,000	DIA (Spain)		23,362,214
		Leading Hard Discounter in Spain, Latin America & the Eastern Mediterranean
	314,000	Restoration Hardware Holdings (a)		23,107,260
		Specialty Home Furnishing Retailer
	300,000	Zulily (a)(c)		15,057,000
		eCommerce Retailer Offering Flash Sale Events
	852,000	Massmart Holdings (South Africa)		11,127,470
		General Merchandise, Food & Home Improvement Stores; Wal-Mart Subsidiary
	1,500,000	Gaiam (a)(b)		10,875,000
		Healthy Living Catalogs & eCommerce, Non-theatrical Media
				906,695,564
		> Travel 3.3%
	4,400,000	Avis Budget Group (a)		214,280,000
		Second Largest Car Rental Company
	4,700,000	Hertz (a)		125,208,000
		Largest U.S. Rental Car Operator
	1,430,000	Vail Resorts		99,671,000
		Ski Resort Operator & Developer
	1,100,000	Expedia		79,750,000
		Online Travel Services Company
	1,815,000	HomeAway (a)		68,371,050
		Vacation Rental Online Marketplace
	1,412,000	Choice Hotels		64,952,000
		Franchisor of Budget Hotel Brands
	2,100,000	Localiza Rent A Car (Brazil)		30,486,558
		Car Rental
				682,718,608
		> Consumer Goods Distribution 1.7%
	2,015,000	Pool		123,559,800
		Swimming Pool Supplies & Equipment Distributor
	2,305,000	GNC		101,466,100
		Specialty Retailer of Health & Wellness Products
	9,700,000	Groupon (a)		76,048,000
		Global Marketplace for Deals

Columbia Acorn® Fund

Statement of Investments, continued

Number of Shares			Value
		> Consumer Goods Distribution—continued
	556,000	United Natural Foods (a)	$	39,431,520
		Distributor of Natural/Organic Foods to Grocery Stores
	900,000	The Chefs' Warehouse (a)		19,260,000
		Distributor of Specialty Foods to Fine Dining Restaurants
				359,765,420
		> Furniture & Textiles 1.0%
	3,669,000	Knoll (b)		66,739,110
		Office Furniture
	1,765,000	Herman Miller		56,709,450
		Office Furniture
	2,325,000	Interface		47,778,750
		Modular Carpet
	812,360	Caesarstone (Israel)		44,176,137
		Quartz Countertops
				215,403,447
		> Restaurants 0.9%
	2,000,000	Popeye's Louisiana Kitchen (a)(b)		81,280,000
		Popeye's Restaurants
	968,000	Domino's Pizza		74,506,960
		Franchisor of Pizza Restaurants
	765,000	Fiesta Restaurant Group (a)		34,876,350
		Owns/Operates Two Restaurant Chains: Pollo Tropical & Taco Cabana
				190,663,310
		> Casinos & Gaming 0.8%
	1,300,000	Melco Crown Entertainment - ADR (Hong Kong)		50,245,000
		Macau Casino Operator
	14,000,000	Melco International (Hong Kong)		47,070,168
		Macau Casino Operator
	12,000,000	MGM China Holdings (Hong Kong)		42,396,547
		Macau Casino Operator
	30,000,000	Nagacorp (Cambodia)		31,319,176
		Casino/Entertainment Complex in Cambodia
				171,030,891
		> Other Consumer Services 0.7%
	1,969,000	Lifetime Fitness (a)		94,708,900
		Sport & Fitness Club Operator
	14,500,000	Lifestyle International (Hong Kong)		29,499,130
		Mid- to High-end Department Store Operator in Hong Kong & China
	900,000	Blackhawk Network (a)(b)		21,951,000
		Third Party Distributer of Prepaid Content, Mostly Gift Cards
	450,000	IFM Investments (Century 21 China RE) - ADR (China) (a)		715,500
		Provide Real Estate Services in China
				146,874,530

Number of Shares			Value
		> Apparel 0.7%
	932,000	PVH	$	116,285,640
		Apparel Wholesaler & Retailer
	2,620,000	Quiksilver (a)		19,676,200
		Action Sports Lifestyle Branded Apparel & Footwear
				135,961,840
		> Food & Beverage 0.6%
	4,386,552	Boulder Brands (a)(b)		77,291,046
		Healthy Food Products
	1,624,000	B&G Foods		48,898,640
		Acquirer of Small Food Brands
	1,665,270	GLG Life Tech (Canada) (a)(b)		753,175
		Produces an All-natural Sweetener Extracted from the Stevia Plant
				126,942,861
		> Educational Services 0.4%
	1,300,000	DeVry		55,107,000
		Post-secondary Degree Services
	550,000	ITT Educational Services (a)(c)		15,774,000
		Post-secondary Degree Services
				70,881,000
		> Other Durable Goods 0.3%
	460,000	Cavco Industries (a)(b)		36,087,000
		Manufactured Homes
	1,400,000	Select Comfort (a)		25,312,000
		Specialty Mattresses
				61,399,000
		> Nondurables 0.2%
	1,288,000	Prestige Brands Holdings (a)		35,098,000
		Household & Personal Care Products
Consumer Goods & Services: Total				3,103,434,471
Finance 11.6%
		> Banks 4.2%
	2,470,000	BOK Financial		170,553,500
		Tulsa-based Southwest Bank
	9,000,000	Associated Banc-Corp (b)		162,540,000
		Midwest Bank
	885,000	SVB Financial Group (a)		113,970,300
		Bank to Venture Capitalists
	2,860,000	MB Financial (b)		88,545,600
		Chicago Bank
	1,013,000	City National		79,743,360
		Bank & Asset Manager
	1,900,000	Hancock Holding		69,635,000
		Gulf Coast Bank
	5,323,500	Valley National Bancorp (c)		55,417,635
		New Jersey/New York Bank
	2,200,000	TCF Financial		36,652,000
		Great Lakes Bank
	1,162,000	Sandy Spring Bancorp		29,026,760
		Baltimore & Washington, D.C. Bank
	4,841,882	First Busey (b)		28,082,916
		Illinois Bank
	843,000	Hudson Valley		16,059,150
		Metro New York City Bank

Number of Shares			Value
		> Banks—continued
	2,136,500	TrustCo Bank	$	15,040,960
		New York State Bank
	300,000	OFG Bancorp		5,157,000
		Puerto Rican Bank
				870,424,181
		> Insurance 2.8%
	8,900,000	CNO Financial Group		161,090,000
		Life, Long-term Care & Medical Supplement Insurance
	833,000	Allied World Holdings		85,957,270
		Commercial Lines Insurance/Reinsurance
	2,625,000	Selective Insurance Group		61,215,000
		Commercial & Personal Lines Insurance
	1,650,000	Brown & Brown		50,754,000
		Insurance Broker
	1,100,000	HCC Insurance Holdings		50,039,000
		Specialty Insurance
	675,000	Protective Life		35,498,250
		Life Insurance
	800,000	RLI		35,392,000
		Specialty Insurance
	250,000	Enstar Group (a)		34,077,500
		Insurance/Reinsurance & Related Services
	500,000	The Hanover Insurance Group		30,720,000
		Commercial & Personal Lines Insurance
	10,837,000	Rand Merchant Insurance (South Africa)		29,645,289
		Directly Sold Property & Casualty Insurance; Holdings in Other Insurers
				574,388,309
		> Brokerage & Money Management 1.8%
	7,275,000	SEI Investments		244,512,750
		Mutual Fund Administration & Investment Management
	3,052,000	Eaton Vance		116,464,320
		Specialty Mutual Funds
	1,648,030	Coronation Fund Managers (South Africa)		15,497,242
		South African Fund Manager
				376,474,312
		> Finance Companies 1.5%
	2,280,000	H & E Equipment Services (a)(b)		92,226,000
		Heavy Equipment Leasing
	2,150,000	McGrath Rentcorp (b)		75,164,000
		Temporary Space & IT Rentals
	808,343	World Acceptance (a)(b)(c)		60,690,392
		Personal Loans
	1,500,000	CAI International (a)(b)		37,005,000
		International Container Leasing
	1,091,000	Marlin Business Services (b)		22,703,710
		Small Equipment Leasing
	350,000	Onex Capital (Canada)		19,432,836
		Private Equity
				307,221,938

Number of Shares			Value
		> Credit Cards 0.9%
	490,000	Alliance Data Systems (a)	$	133,500,500
		Diversified Credit Card Provider
	620,000	WEX (a)		58,931,000
		Pay Card Processor
				192,431,500
		> Diversified Financial Companies 0.4%
	2,820,000	Leucadia National		78,960,000
		Holding Company
		> Savings & Loans —%
	443,742	Simplicity Bancorp (b)		7,809,859
		Los Angeles Savings & Loan
Finance: Total				2,407,710,099
Health Care 9.2%
		> Biotechnology & Drug Delivery 4.0%
	4,972,000	Seattle Genetics (a)		226,524,320
		Antibody-based Therapies for Cancer
	2,312,309	Synageva Biopharma (a)(b)		191,852,278
		Biotech Focused on Orphan Diseases
	1,150,000	BioMarin Pharmaceutical (a)		78,441,500
		Biotech Focused on Orphan Diseases
	1,151,982	Ultragenyx (a)(d)(e)		50,406,758
	472,707	Ultragenyx (a)		23,110,645
		Biotech Focused on "Ultra-Orphan" Drugs
	2,108,000	NPS Pharmaceuticals (a)		63,092,440
		Orphan Drugs & Healthy Royalties
	2,050,000	Sarepta Therapeutics (a)(b)		49,261,500
		Biotech Focused on Rare Diseases
	690,134	Alnylam Pharmaceuticals (a)		46,335,597
		Biotech Developing Drugs for Rare Diseases
	112,000	Intercept Pharmaceuticals (a)		36,936,480
		Biotech Developing Drugs for Several Diseases
	1,994,000	Celldex Therapeutics (a)		35,233,980
		Biotech Developing Drugs for Cancer
	869,000	InterMune (a)		29,085,430
		Drugs for Pulmonary Fibrosis & Hepatitis C
	359,944	MicroDose Therapeutx Contingent Value Rights (a)(d)(e)		907,059
		Drug Inhaler Development
				831,187,987
		> Medical Supplies 2.3%
	5,590,000	Cepheid (a)(b)		288,332,200
		Molecular Diagnostics
	772,000	Henry Schein (a)		92,153,640
		Largest Distributor of Healthcare Products
	580,000	Bio-Techne		49,514,600
		Cytokines, Antibodies & Other Reagents for Life Science
	1,153,000	Patterson Companies		48,149,280
		Dental/Vet/Med Distributor
				478,149,720

Columbia Acorn® Fund

Statement of Investments, continued

Number of Shares			Value
		> Health Care Services 1.5%
	9,905,000	Allscripts Healthcare Solutions (a)(b)	$	178,587,150
		Health Care IT
	2,100,000	HealthSouth		75,453,000
		Inpatient Rehabilitation Facilities
	1,004,000	Envision Healthcare Holdings (a)		33,965,320
		Provider of Health Care Outsourcing Services
	525,000	Medidata Solutions (a)		28,528,500
		Cloud-based Software for Drug Studies
	76,000	Castlight Health (a)		1,612,720
		Provider of Cloud-based Software for Managing Health Care Costs
				318,146,690
		> Pharmaceuticals 0.7%
	5,290,000	Akorn (a)(b)		116,380,000
		Develops, Manufactures & Sells Specialty Generic Drugs
	2,040,000	Alimera Sciences (a)(b)(c)		16,095,600
		Ophthalmology-focused Pharmaceutical Company
	416,118	Revance Therapeutics (a)		13,107,717
		Drug Developer Focused on Aesthetics
				145,583,317
		> Medical Equipment & Devices 0.7%
	1,240,000	Sirona Dental Systems (a)		92,590,800
		Manufacturer of Dental Equipment
	925,000	PerkinElmer		41,680,500
		Analytical Instruments for Life Sciences
				134,271,300
Health Care: Total				1,907,339,014
Energy & Minerals 6.6%
		> Oil & Gas Producers 3.3%
	2,322,600	Rosetta Resources (a)		108,186,708
		Oil & Gas Producer Exploring in Texas
	1,007,000	SM Energy		71,789,030
		Oil & Gas Producer
	717,000	Energen Corporation		57,940,770
		Oil & Gas Producer with Natural Gas Utility
	695,000	Range Resources		57,664,150
		Oil & Gas Producer
	2,868,000	WPX Energy (a)		51,710,040
		Oil & Gas Produced in U.S. & Argentina
	1,861,000	Bill Barrett Corporation (a)		47,641,600
		Oil & Gas Producer in U.S. Rockies
	2,200,000	Pacific Rubiales Energy (Colombia)		39,621,891
		Oil Production & Exploration in Colombia
	743,000	Baytex (Canada)		30,593,722
		Oil & Gas Producer in Canada
	886,000	Cabot Oil and Gas		30,017,680
		Large Natural Gas Producer in Appalachia & Gulf Coast

Number of Shares			Value
	1,159,000	Laredo Petroleum (a)	$	29,971,740
		Permian Basin Oil Producer
	550,000	Carrizo Oil & Gas (a)		29,403,000
		Oil & Gas Producer
	1,021,000	Denbury Resources		16,744,400
		Oil Producer Using Co2 Injection
	530,000	Forum Energy Technology (a)		16,419,400
		Oil Field Capital Equipment & Consumables
	262,000	PDC Energy (a)		16,312,120
		Oil & Gas Producer in U.S.
	141,000	Clayton Williams (a)		15,934,410
		Oil & Gas Producer
	570,000	Rice Energy (a)		15,042,300
		Natural Gas Producer
	1,400,000	DeeThree Exploration (Canada) (a)		12,005,427
		Canadian Oil & Gas Producer
	62,000,000	Petromanas (Canada) (a)(b)		11,497,060
		Exploring for Oil in Albania
	27,000,000	Shamaran Petroleum (Iraq) (a)		10,990,502
		Oil Exploration & Production in Kurdistan
	35,000,000	Petroamerica Oil (Colombia) (a)(b)		9,497,965
		Oil Exploration & Production in Colombia
	12,052,000	Canadian Overseas Petroleum (United Kingdom) (a)(b)		3,161,538
	8,400,000	Canadian Overseas Petroleum (United Kingdom) (a)(b)(e)		2,093,351
		Oil & Gas Exploration/Production in the North Sea
	61,091	Matador Resources (a)		1,496,119
		Oil & Gas Producer in Texas & Louisiana
	26,000,000	Petrodorado Energy (Colombia) (a)(b)		940,751
		Oil & Gas Exploration & Production in Colombia, Peru & Paraguay
				686,675,674
		> Oil Services 2.3%
	3,858,000	FMC Technologies (a)		201,734,820
		Oil & Gas Well Head Manufacturer
	1,613,000	Hornbeck Offshore (a)		67,439,530
		Supply Vessel Operator in U.S. Gulf of Mexico
	784,959	Chart Industries (a)		62,443,488
		Manufacturer of Natural Gas Processing/Storage Equipment
	1,314,579	ShawCor (Canada)		54,818,717
		Oil & Gas Pipeline Products
	900,000	Atwood Oceanics (a)		45,351,000
		Offshore Drilling Contractor
	2,601,900	Horizon North Logistics (Canada)		19,676,060
		Provides Diversified Oil Service Offering in Northern Canada
	596,600	Black Diamond Group (Canada)		18,483,537
		Provides Accommodations/Equipment for Oil Sands Development

Number of Shares			Value
		> Oil Services—continued
	480,000	Rowan (a)	$	16,166,400
		Contract Offshore Driller
				486,113,552
		> Mining 0.8%
	387,000	Core Labs (Netherlands)		76,796,280
		Oil & Gas Reservoir Consulting
	2,400,000	Alamos Gold (Canada)		21,687,924
	500,000	Alamos Gold (Canada) (f)		4,510,000
		Gold Mining
	5,000,000	Kirkland Lake Gold (Canada) (a)(b)(c)		15,241,972
		Gold Mining
	3,477,459	Northam Platinum (South Africa) (a)		12,858,803
		Platinum Mining in South Africa
	2,000,000	Argonaut Gold (Canada) (a)		8,720,036
		Gold & Silver Mining
	2,000,000	Allied Nevada Gold (a)(c)		8,620,000
		Gold & Silver Mining
	5,979,000	Duluth Metals (Canada) (a)		3,515,468
		Copper & Nickel Miner
	2,050,000	Alexco Resource (a)		3,075,000
		Mining, Exploration & Environmental Services
	3,000,000	Kaminak Gold (a)(c)		2,170,963
		Exploration Stage Canadian Gold Miner
	2,300	Silvercrest Mines (a)		4,203
		Gold & Silver Mining
				157,200,649
		> Alternative Energy 0.1%
	3,693,611	RGS Energy (a)(b)(c)		15,032,997
		Residential & Commercial Solar Systems Installer
	1,210,300	Synthesis Energy Systems (China) (a)		2,372,188
		Owner/Operator of Gasification Plants/Technology Licenses
				17,405,185
		> Agricultural Commodities 0.1%
	1,306,818	Union Agriculture Group (Uruguay) (a)(d)(e)		13,421,021
		Farmland Operator in Uruguay
Energy & Minerals: Total				1,360,816,081
Other Industries 6.5%
		> Real Estate 4.4%
	2,100,000	Extra Space Storage		101,871,000
		Self Storage Facilities
	1,760,000	Post Properties		86,416,000
		Multifamily Properties
	750,000	Federal Realty		86,040,000
		Shopping Centers
	3,225,000	DuPont Fabros Technology		77,625,750
		Data Centers

Number of Shares			Value
	7,350,000	EdR (b)	$	72,544,500
		Student Housing
	24,000,000	Ascendas REIT (Singapore)		43,199,943
		Industrial Property Landlord
	5,175,000	DCT Industrial Trust		40,779,000
		Industrial Properties
	2,150,000	Terreno Realty (b)		40,656,500
		Industrial Properties
	1,900,000	Biomed Realty Trust		38,931,000
		Life Science-focused Office Buildings
	325,000	Jones Lang LaSalle		38,512,500
		Real Estate Services
	6,250,000	Kite Realty Group		37,500,000
		Community Shopping Centers
	1,170,000	Coresite Realty (b)		36,270,000
		Data Centers
	1,800,000	St. Joe (a)		34,650,000
		Florida Panhandle Landowner
	1,300,000	Hudson Pacific Properties		29,991,000
		West Coast Office Buildings & Production Studios
	2,850,000	Summit Hotel Properties		26,448,000
		Owner of Select Service Hotels
	110,000	AMERCO		25,533,200
		North American Moving & Storage King
	20,000,000	Mapletree Commercial Trust (Singapore)		19,441,895
		Retail & Office Property Landlord
	14,000	Orix JREIT (Japan)		17,478,750
		Diversified REIT
	950,000	American Residential Properties (a)		17,081,000
		Single-family Rental Properties
	24,664,000	Mapletree Greater China Commercial Trust (Hong Kong)		16,001,130
		Retail & Office Property Landlord
	12,000,000	CDL Hospitality Trust (Singapore)		15,819,022
		Hotel Owner/Operator
	400,000	RE/MAX		11,532,000
		Residential Real Estate Broker
				914,322,190
		> Transportation 1.5%
	3,100,000	Rush Enterprises, Class A (a)(b)		100,688,000
	550,000	Rush Enterprises, Class B (a)(b)		15,521,000
		Truck Sales & Service
	846,000	Kirby (a)		85,657,500
		Largest Operator of U.S. (Jones Act) Liquid Tank Barges
	1,085,000	JB Hunt Transport Services		78,033,200
		Truck & Intermodal Carrier
	300,000	Genesee & Wyoming (a)		29,196,000
		Short-line Operator
				309,095,700

Columbia Acorn® Fund

Statement of Investments, continued

Number of Shares			Value
		> Regulated Utilities 0.6%
	2,000,000	Northeast Utilities	$	91,000,000
		Regulated Electric Utility
	700,000	Wisconsin Energy		32,585,000
		Wisconsin Utility
				123,585,000
Other Industries: Total				1,347,002,890
Total Equities: 97.7% (Cost: $10,543,491,152)				20,263,202,117	(g)
Short-Term Investments 2.5%
	280,000,000	JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.01%)		280,000,000
	246,037,979	JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%)		246,037,979
Total Short-Term Investments: 2.5% (Cost: $526,037,979)				526,037,979

Number of Shares			Value
Securities Lending Collateral 0.4%
	88,536,596	Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (h)	$	88,536,596
Total Securities Lending Collateral: 0.4% (Cost: $88,536,596)				88,536,596
Total Investments: 100.6% (Cost: $11,158,065,727) (i)				20,877,776,692	(j)
Obligation to Return Collateral for Securities Loaned: (0.4)%				(88,536,596	)
Cash and Other Assets Less Liabilities: (0.2)%				(42,968,107	)
Net Assets: 100.0%			$	20,746,271,989

ADR - American Depositary Receipts

REIT - Real Estate Investment Trust

> Notes to Statement of Investments

(a) Non-income producing security.

(b) An affiliated person of the Fund, as defined in the Investment Company Act of 1940, may include any company in which the Fund owns five percent or more of its outstanding voting shares. Holdings and transactions in these affiliated companies during the period ended March 31, 2014, are as follows:

Security	Balance of Shares Held 12/31/13		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 3/31/14		Value		Dividend
Donaldson		8,400,000		-		-		8,400,000	$	356,160,000	$	1,176,000
Mettler-Toledo International		1,475,000		-		-		1,475,000		347,628,000		-
tw telecom		9,500,000		-		-		9,500,000		296,970,000		-
Cepheid		6,170,000		-		580,000		5,590,000		288,332,200		-
Nordson		3,400,000		-		-		3,400,000		239,666,000		612,000
Informatica		5,500,000		550,000		-		6,050,000		228,569,000		-
Moog		3,230,000		-		-		3,230,000		211,597,300		-
Bally Technologies		3,105,000		-		77,000		3,028,000		200,665,560		-
Synageva Biopharma		2,392,000		-		79,691		2,312,309		191,852,278		-
Allscripts Healthcare Solutions		9,905,000		-		-		9,905,000		178,587,150		-
HEICO		3,828,750		-		-		3,828,750		166,206,038		-
Associated Banc-Corp		9,000,000		-		-		9,000,000		162,540,000		810,000
iGATE		4,150,000		-		-		4,150,000		130,891,000		-
Akorn		5,417,981		-		127,981		5,290,000		116,380,000		-
Rush Enterprises		3,650,000		-		-		3,650,000		116,209,000		-
Drew Industries		1,780,000		-		-		1,780,000		96,476,000		-
Pier 1 Imports (1)		7,185,000		-		2,225,000		4,960,000		93,644,800		431,100
H & E Equipment Services		2,508,816		-		228,816		2,280,000		92,226,000		-
MB Financial		2,860,000		-		-		2,860,000		88,545,600		343,200
Popeye's Louisiana Kitchen		2,000,000		-		-		2,000,000		81,280,000		-
ESCO Technologies		2,300,000		-		-		2,300,000		80,937,000		-
DuPont Fabros Technology (1)		3,625,000		-		400,000		3,225,000		77,625,750		-
Boulder Brands		2,886,552		1,500,000				4,386,552		77,291,046		-
McGrath Rentcorp		2,150,000		-		-		2,150,000		75,164,000		516,000
Navigant Consulting		4,025,000		-		-		4,025,000		75,106,500		-
Globalstar (1)		25,500,000		2,150,000		-		27,650,000		73,272,500		-
EdR		7,350,000		-		-		7,350,000		72,544,500		808,500
Knoll		3,669,000		-		-		3,669,000		66,739,110		440,280
Virtusa		1,985,000		-		150,000		1,835,000		61,490,850		-

> Notes to Statement of Investments

Security	Balance of Shares Held 12/31/13		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 3/31/14		Value		Dividend
World Acceptance		850,000		-		41,657		808,343	$	60,690,392	$	-
Sarepta Therapeutics		2,050,000		-		-		2,050,000		49,261,500		-
SPS Commerce (1)		900,000		-		150,000		750,000		46,087,500		-
Terreno Realty		2,020,931		129,069		-		2,150,000		40,656,500		-
Tangoe		2,100,000		-		-		2,100,000		39,039,000		-
CAI International		1,500,000		-		-		1,500,000		37,005,000		-
Coresite Realty		1,170,000		-		-		1,170,000		36,270,000		409,500
II-VI (1)		3,640,000		-		1,301,000		2,339,000		36,090,770		-
Cavco Industries		460,000		-		-		460,000		36,087,000		-
InContact		3,740,596		338		-		3,740,934		35,912,966		-
Insperity (1)		1,400,000		-		256,000		1,144,000		35,441,120		194,480
First Busey		4,841,882		-		-		4,841,882		28,082,916		193,675
Marlin Business Services		1,091,000		-		-		1,091,000		22,703,710		120,010
Blackhawk Network		900,000		-		-		900,000		21,951,000		-
Hackett Group		3,274,000		-		-		3,274,000		19,578,520		-
Boingo Wireless		2,500,000		-		-		2,500,000		16,950,000		-
Alimera Sciences		2,040,000		-		-		2,040,000		16,095,600		-
Kirkland Lake Gold		4,900,000		100,000		-		5,000,000		15,241,972		-
RGS Energy		2,600,000		1,093,611		-		3,693,611		15,032,997		-
Exa		1,000,000		-		-		1,000,000		13,260,000		-
Petromanas		51,359,500		10,640,500		-		62,000,000		11,497,060		-
Gaiam		1,500,000		-		-		1,500,000		10,875,000		-
Petroamerica Oil		35,000,000		-		-		35,000,000		9,497,965		-
Towerstream		3,319,900		680,100		-		4,000,000		9,400,000		-
Simplicity Bancorp		452,146		-		8,404		443,742		7,809,859		36,172
Canadian Overseas Petroleum		19,471,000		981,000		-		20,452,000		5,254,889		-
Duluth Metals (1)		7,025,500		-		1,046,500		5,979,000		3,515,468		-
Acorn Energy (1)		1,161,957		-		721,135		440,822		1,494,387		-
Petrodorado Energy		26,000,000		-		-		26,000,000		940,751		-
GLG Life Tech		1,665,270		-		-		1,665,270		753,175		-
Total of Affiliated Transactions		338,881,781		17,824,618		7,393,184		349,313,215	$	5,027,074,199	$	6,090,917

(1) At March 31, 2014, the Fund owned less than five percent of the company's outstanding voting shares.

The aggregate cost and value of these companies at March 31, 2014, was $2,372,691,304 and $4,659,901,904, respectively. Investments in affiliated companies represented 22.46% of the Fund's total net assets at March 31, 2014.

(c) All or a portion of this security was on loan at March 31, 2014. The total market value of securities on loan at March 31, 2014 was $86,548,043.

(d) Illiquid security.

(e) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities are valued at fair value determined in good faith under consistently applied procedures established by the Fund's Board of Trustees. At March 31, 2014, the market value of these securities amounted to $66,828,189, which represented 0.32% of total net assets. Additional information on these securities is as follows:

Security	Acquisition Dates	Shares/Units		Cost		Value
Ultragenyx	12/19/12		1,151,982	$	9,999,999	$	50,406,758
Union Agriculture Group	12/8/10-6/27/12		1,306,818		15,000,000		13,421,021
Canadian Overseas Petroleum	11/24/10		8,400,000		3,591,152		2,093,351
MicroDose Therapeutx Contingent Value Rights	8/14/13		359,944		-		907,059
				$	28,591,151	$	66,828,189

(f) Security is traded on a U.S. exchange.

Columbia Acorn® Fund

Statement of Investments, continued

> Notes to Statement of Investments

(g) On March 31, 2014, the market value of foreign securities represented 6.99% of total net assets. The Fund's foreign portfolio was diversified as follows:

Country	Value		Percentage of Net Assets
Canada	$	274,387,451		1.32
Netherlands		196,543,233		0.95
Hong Kong		185,211,975		0.89
Singapore		106,091,880		0.51
Sweden		99,344,530		0.48
South Africa		69,128,804		0.34
Denmark		56,636,017		0.27
India		54,336,499		0.26
France		52,465,590		0.25
Colombia		50,060,607		0.24
Israel		44,176,137		0.21
Germany		43,626,442		0.21
Japan		36,855,943		0.18
Cambodia		31,319,176		0.15
Brazil		30,486,558		0.15
Russia		29,344,680		0.14
Chile		24,637,255		0.12
Spain		23,362,214		0.11
Uruguay		13,421,021		0.06
Iraq		10,990,502		0.05
Iceland		9,270,348		0.05
United Kingdom		5,254,889		0.03
China		3,087,688		0.02
Total Foreign Portfolio	$	1,450,039,439		6.99

(h) Investment made with cash collateral received from securities lending activity.

(i) At March 31, 2014, for federal income tax purposes, the cost of investments was $11,158,065,727 and net unrealized appreciation was $9,719,710,965 consisting of gross unrealized appreciation of $10,013,739,561 and gross unrealized depreciation of $294,028,596.

(j) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2013.

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 NAVs are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by the Valuation Committee (the Committee) of the Fund's Board of Trustees (the Board) 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.

Under the direction of the Board, the Committee is responsible for overseeing the valuation procedures approved by the Board.

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 the investment manager believes that available market quotations are unreliable, to review the appropriateness of the Trust's Portfolio Pricing Policy and the pricing procedures of the investment manager (the Policies), and to review the continuing appropriateness of the current value of any security subject to the Policies. 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.

> Notes to Statement of Investments

For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Funds' securities may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. Significant changes in any of these factors could result in lower or higher fair value measurements. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.

The following table summarizes the inputs used, as of March 31, 2014, in valuing the Fund's assets:

Investment Type	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equities
Information	$	5,324,053,600	$	197,850,368	$	-	$	5,521,903,968
Industrial Goods & Services		4,366,411,370		248,584,224		-		4,614,995,594
Consumer Goods & Services		2,918,659,766		184,774,705		-		3,103,434,471
Finance		2,362,567,568		45,142,531		-		2,407,710,099
Health Care		1,856,025,197		50,406,758		907,059		1,907,339,014
Energy & Minerals		1,332,442,906		14,952,154		13,421,021		1,360,816,081
Other Industries		1,235,062,150		111,940,740		-		1,347,002,890
Total Equities		19,395,222,557		853,651,480		14,328,080		20,263,202,117
Total Short-Term Investments		526,037,979		-		-		526,037,979
Total Securities Lending Collateral		88,536,596		-		-		88,536,596
Total Investments	$	20,009,797,132	$	853,651,480	$	14,328,080	$	20,877,776,692

The Fund's assets assigned to the Level 2 input category are generally valued using a market approach, in which a security's value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Foreign equities are generally valued at the last sale price on the foreign exchange or market on which they trade. The Fund may use a statistical fair valuation model, in accordance with the policy adopted by the Board, provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. These models take into account available market data including intraday index, ADR, and ETF movements. Securities acquired via private placement that have a holding period or an extended settlement period are valued at a discount to the same shares that are trading freely on the market. These discounts are determined by the investment manager's experience with similar securities or situations. Factors may include, but are not limited to, trade volume, shares outstanding and stock price.

There were no transfers of financial assets between levels during the period.

The Fund does not hold any significant investments categorized as Level 3.

Certain securities classified as Level 3 are valued at fair value, using a market approach, as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. To determine fair value for these securities, for which no market exists, the Committee utilizes the valuation technique it deems most appropriate in the circumstances, using some unobservable inputs, which may include, but are not limited to estimated earnings of the company and the position of the security within the company's capital structure. The Committee also may use some observable inputs, which may include, but are not limited to, trades of similar securities and market multiples derived from a set of comparable companies. Significant increases or decreases to any of these inputs could result in a significantly lower or higher fair value measurement.

Columbia Acorn International®

Major Portfolio Changes in the First Quarter

	Number of Shares
	12/31/13		3/31/14
Purchases
Asia
> Japan
Aeon Mall		0		960,000
Benesse		959,800		1,105,800
Glory		1,400,000		1,521,900
Makita		500,000		630,000
Misumi Group		808,200		1,050,000
MonotaRO		800,000		1,000,000
Nabtesco		1,443,000		1,600,000
NGK Insulators		1,295,000		1,567,000
Nippon Kayaku		2,329,000		2,709,000
Nippon Paint		1,297,000		1,658,000
NOF		3,409,000		4,407,000
Rohto Pharmaceutical		0		518,100
Sanrio		539,000		744,000
Santen Pharmaceutical		581,600		661,600
Suruga Bank		1,530,000		1,638,000
Tamron		573,700		1,132,000
Wacom		3,388,000		3,948,000
> Taiwan
Hermes Microvision		0		223,000
Novatek Microelectronics		0		4,305,000
> Hong Kong
Mapletree Greater China Commercial Trust		25,000,000		40,000,000
Sa Sa International		30,000,000		38,000,000
> Korea
Samsung Securities		545,000		815,000
Soulbrain		0		359,000
> China
BitAuto - ADR		0		606,476
NewOcean Energy		0		17,994,000
Sihuan Pharmaceuticals		4,864,000		18,460,000
SouFun - ADR		241,797		308,030
WuXi PharmaTech - ADR		2,357,000		2,500,000
> Singapore
Petra Foods		6,220,000		9,300,000
> India
Zee Entertainment Enterprises		0		9,885,176
> Indonesia
Arwana Citramulia		97,713,000		149,672,000
> Philippines
Universal Robina		0		1,486,250

	Number of Shares
	12/31/13		3/31/14
Europe
> United Kingdom
Cable and Wireless		34,752,000		35,245,747
Ocado		1,864,319		2,971,319
RPS Group		3,676,860		4,365,000
Shaftesbury		3,565,000		3,921,500
> Germany
MTU Aero Engines		0		300,000
> Sweden
Mekonomen		0		1,044,000
Swedish Match		0		1,580,000
> France
Neopost		1,107,000		1,350,000
> Spain
Bolsas y Mercados Españoles		700,745		720,000
DIA		6,064,000		7,055,000
Prosegur		3,116,681		4,050,000
> Russia
Yandex		1,548,874		1,980,874
Other Countries
> Canada
Baytex		263,857		690,857
> Australia
Amcor		3,816,000		6,520,000
IAG		11,200,000		13,800,000
> United States
Hornbeck Offshore		576,500		634,500
> New Zealand
Sky City Entertainment		7,000,000		8,000,000
Latin America
> Mexico
Qualitas		14,432,000		15,876,000
> Chile
Sociedad Quimica y Minera de Chile - ADR		814,000		840,872

	Number of Shares
	12/31/13		3/31/14
Sales
Asia
> Japan
Ain Pharmaciez		473,292		429,492
FP Corporation		629,600		0
Hamamatsu Photonics		709,500		602,500
Hoshizaki Electric		950,000		780,000
Kuraray		2,378,100		0
Miraca Holdings		535,706		59,106
NGK Spark Plug		1,584,000		1,350,000
Nihon Parkerizing		1,122,080		1,065,780
Omron		1,071,000		709,000
Park24		2,300,000		2,100,000
Seven Bank		7,648,000		7,165,000
Sintokogio		278,300		0
Start Today		1,270,000		864,200
Toyo Suisan Kaisha		958,900		749,900
> Taiwan
CTCI Corp		15,370,000		11,600,000
Flexium Interconnect		3,230,262		0
Ginko International		2,100,000		1,750,000
Lite-On Technology		20,116,253		11,716,253
Radiant Opto-Electronics		2,064,000		0
St. Shine Optical		2,350,000		1,747,000
Taiwan Mobile		7,320,000		0
> Hong Kong
AAC Technologies		4,687,000		0
ASM Pacific		537,900		0
Kingboard Chemicals		11,287,000		6,287,000
Lifestyle International		12,625,500		10,000,000
Melco Crown Entertainment - ADR		3,000,000		2,500,000
> Korea
Coway		497,580		402,580
Nexen Tire		704,000		0
> China
58.com		239,400		0
Biostime		4,600,000		3,850,000
> Singapore
Mapletree Industrial Trust		15,000,000		11,663,000
> India
TTK Prestige		95,500		0
> Philippines
Int'l Container Terminal		3,336,920		0
SM Prime Holdings		50,000,000		21,994,200

	Number of Shares
	12/31/13		3/31/14
Europe
> United Kingdom
Abcam		3,850,000		3,740,000
Babcock International		2,515,000		2,450,000
Domino's Pizza UK & Ireland		3,583,000		2,660,000
Foxtons		1,364,000		0
Intertek Group		160,000		0
Rightmove		646,000		564,000
Smiths News		10,944,000		10,026,000
Tullow Oil		283,581		0
WH Smith		2,789,621		2,430,000
> Netherlands
Fugro		214,891		0
> Germany
Bertrandt		90,000		0
Deutsche Beteiligungs		234,621		72,393
> Sweden
Hexagon		2,655,522		2,308,522
Unibet		843,196		784,000
> Switzerland
Partners Group		286,300		263,500
Zehnder		380,000		283,306
> France
Eurofins Scientific		314,000		146,000
Norbert Dentressangle		308,400		163,400
Saft		820,000		708,000
> Finland
Konecranes		761,000		711,000
> Norway
Atea		3,281,864		2,814,434
> Russia
Moscow Exchange		12,636,000		0
QIWI - ADR		498,947		0
> Italy
Pirelli		2,984,000		1,959,000
Other Countries
> Canada
AG Growth		609,828		507,064
Athabasca Oil Sands		450,000		0
Pan Orient		1,151,238		0
ShawCor		1,084,597		1,067,730
> Australia
Orora		3,816,000		0
> United States
Atwood Oceanics		772,080		592,080
Rowan		1,052,900		685,900

Columbia Acorn International®

Major Portfolio Changes in the First Quarter, continued

	Number of Shares
	12/31/13		3/31/14
Sales (continued)
Latin America
> Mexico
Genomma Lab Internacional		15,972,815		15,347,000
> Chile
Empresas Hites		23,162,664		0

Columbia Acorn International®

Statement of Investments, March 31, 2014

Number of Shares			Value
			Equities: 95.3%
Asia 41.9%
		> Japan 19.3%
	4,784,600	Kansai Paint	$	68,116,492
		Paint Producer in Japan, India, China & Southeast Asia
	501,000	Rinnai		44,068,982
		Gas Appliances for Household & Commercial Use
	1,105,800	Benesse		42,295,037
		Education Service Provider
	1,521,900	Glory		41,733,156
		Currency Handling Systems & Related Equipment
	33,000	Orix JREIT		41,199,910
		Diversified REIT
	2,100,000	Park24		39,902,421
		Parking Lot Operator
	1,450,000	Japan Airport Terminal		37,605,794
		Airport Terminal Operator at Haneda
	1,658,000	Aica Kogyo		36,968,904
		Laminated Sheets, Building Materials & Chemical Adhesives
	1,600,000	Nabtesco		36,931,139
		Machinery Components
	816,000	Kintetsu World Express		36,256,792
		Airfreight Logistics
	630,000	Makita		34,683,781
		Power Tools
	1,456,000	Ariake Japan		33,792,951
		Manufacturer of Soup/Sauce Extracts
	1,567,000	NGK Insulators		32,690,295
		Ceramic Products for Auto, Power & Electronics
	4,407,000	NOF		31,875,277
		Specialty Chemicals, Life Science & Rocket Fuels
	11,000,000	Aozora Bank		31,319,292
		Commercial Bank
	975,000	Nakanishi		31,203,106
		Dental Tools & Machinery
	2,709,000	Nippon Kayaku		30,453,125
		Functional Chemicals, Pharmaceuticals & Auto Safety Systems
	2,350,000	Ushio		30,357,602
		Industrial Light Sources
	1,350,000	NGK Spark Plug		30,337,223
		Automobile Parts
	5,950	Kenedix Office Investment (a)		29,506,123
		Tokyo Mid-size Office REIT
	293,000	Shimano		29,471,912
		Manufacturer of Bicycle Components & Fishing Tackle
	780,000	Hoshizaki Electric		29,457,208
		Commercial Kitchen Equipment
	709,000	Omron		29,336,100
		Electric Components for Factory Automation
	661,600	Santen Pharmaceutical		29,273,902
		Specialty Pharma (Ophthalmic Medicine)

Number of Shares			Value
	1,050,000	Misumi Group	$	29,094,058
		Industrial Components Distributor
	1,638,000	Suruga Bank		28,854,301
		Regional Bank
	7,165,000	Seven Bank		28,118,315
		ATM Processing Services
	203,400	Hirose Electric		27,964,108
		Electrical Connectors
	930,000	JIN (a)		27,760,368
		Eyeglasses Retailer
	1,600,000	OSG		27,717,218
		Consumable Cutting Tools
	3,948,000	Wacom		27,665,977
		Computer Graphic Illustration Devices
	1,580,000	Daiseki		27,323,591
		Waste Disposal & Recycling
	602,500	Hamamatsu Photonics		27,180,355
		Optical Sensors for Medical & Industrial Applications
	1,132,000	Tamron (a)		26,743,772
		Camera Lens Maker
	2,100,000	Asahi Diamond Industrial		26,715,473
		Consumable Diamond Tools
	12,800	Nippon Prologis REIT		25,837,667
		Logistics REIT in Japan
	1,000,000	MonotaRO (a)		25,364,237
		Online MRO (Maintenance, Repair, Operations) Goods Distributor in Japan
	744,000	Sanrio		25,113,606
		Character Goods & Licensing
	1,658,000	Nippon Paint		25,104,598
		Paints for Automotive, Decorative & Industrial Usage
	749,900	Toyo Suisan Kaisha		25,057,109
		Instant Noodle Manufacturer
	3,000	Industrial & Infrastructure Fund (a)		24,688,619
		Industrial REIT in Japan
	1,600,000	Doshisha		24,654,403
		Wholesaler of Household Products
	1,065,780	Nihon Parkerizing		24,604,626
		Metal Surface Treatment Agents & Processing Service
	960,000	Aeon Mall		24,594,724
		Suburban Shopping Mall Developer, Owner & Operator
	388,400	Disco		24,172,915
		Semiconductor Dicing & Grinding Equipment
	566,700	Itochu Techno-Science		23,933,593
		IT Network Equipment Sales & Services
	755,000	OBIC		23,824,981
		Computer Software
	532,000	FamilyMart		23,395,257
		Convenience Store Operator
	864,200	Start Today		22,108,181
		Online Japanese Apparel Retailer
	255,800	Hikari Tsushin		21,603,593
		Distribution of Office IT/Mobiles/Insurance

Columbia Acorn International®

Statement of Investments, continued

Number of Shares			Value
		> Japan—continued
	429,492	Ain Pharmaciez	$	19,856,845
		Dispensing Pharmacy/Drugstore Operator
	835,000	Icom (b)		19,142,567
		Two Way Radio Communication Equipment
	571,080	Milbon		18,986,446
		Manufacturer of Hair Products
	3,918	Global One Real Estate		11,520,103
		Office REIT
	518,100	Rohto Pharmaceutical		9,148,728
		Pharmaceutical, Health & Beauty Products
	5,430	Mori Hills REIT Investment		7,179,672
		Tokyo-centric Diversified REIT
	1,575,000	Lifenet Insurance (c)		6,486,057
		Online Life Insurance Company in Japan
	59,106	Miraca Holdings		2,589,229
		Outsourced Lab Testing, Diagnostic Equipment & Reagents
				1,622,941,816
		> Taiwan 3.8%
	29,700,000	Far EasTone Telecom		62,868,843
		Taiwan's Third Largest Mobile Operator
	7,306,000	Delta Electronics		45,247,803
		Industrial Automation, Switching Power Supplies & Passive Components
	1,747,000	St. Shine Optical		39,049,735
		World's Leading Disposable Contact Lens OEM (Original Equipment Manufacturer)
	1,750,000	Ginko International		30,236,697
		Largest Contact Lens Maker in China
	4,499,000	Advantech		29,225,066
		Industrial PC & Components
	2,930,000	President Chain Store		20,671,588
		Convenience Chain Store Operator
	4,305,000	Novatek Microelectronics		19,787,695
		Display-related Integrated Circuit Designer
	11,716,253	Lite-On Technology		17,516,169
		Mobile Device, LED & PC Server Component Supplier
	11,600,000	CTCI Corp		17,416,031
		International Engineering Firm
	6,413,000	Chroma Ate		15,318,440
		Automatic Test Systems, Testing & Measurement Instruments
	2,027,000	PC Home		15,210,709
		Taiwanese Internet Retail Company
	223,000	Hermes Microvision		8,952,985
		E-beam Inspection Systems for Semiconductor Integrated Circuits
				321,501,761
		> Hong Kong 3.8%
	2,500,000	Melco Crown Entertainment - ADR (c)		96,625,000
		Macau Casino Operator

Number of Shares			Value
	20,000,000	Melco International	$	67,243,097
		Macau Casino Operator
	10,000,000	MGM China Holdings		35,330,456
		Macau Casino Operator
	38,000,000	Sa Sa International (a)		30,537,327
		Cosmetics Retailer
	20,000,000	Vitasoy International		29,068,619
		Hong Kong Soy Food Brand
	40,000,000	Mapletree Greater China Commercial Trust		25,950,584
		Retail & Office Property Landlord
	10,000,000	Lifestyle International		20,344,227
		Mid- to High-end Department Store Operator in Hong Kong & China
	6,287,000	Kingboard Chemicals		12,293,645
		Paper & Glass Laminates, PCB, Specialty Chemicals & Properties
				317,392,955
		> Korea 3.0%
	1,424,261	Paradise		43,538,822
		Korean 'Foreigner Only' Casino Operator
	74,400	KCC		38,192,780
		Paint & Housing Material Manufacturer
	519,217	LS Industrial Systems		32,835,785
		Manufacturer of Electrical & Automation Equipment
	246,300	CJ Corp		31,548,538
		Holding Company of Korean Consumer Conglomerate
	815,000	Samsung Securities		29,979,815
		Brokerage & Wealth Management
	465,540	KEPCO Plant Service & Engineering		29,684,343
		Power Plant & Grid Maintenance
	402,580	Coway		28,215,079
		Household Appliance Rental Service Provider
	359,000	Soulbrain		12,959,988
		Electronic Chemical Producer
	17,583	AmorePacific Group		8,465,544
		Holding Company of Korea's Leading Cosmetics Manufacturer
				255,420,694
		> China 2.7%
	2,500,000	WuXi PharmaTech - ADR (c)		92,150,000
		Largest Contract Research Organization Business in China
	3,850,000	Biostime		26,452,963
		Pediatric Nutrition & Baby Care Products Provider
	18,460,000	Sihuan Pharmaceuticals		22,300,753
		Leading Chinese Generic Drug Manufacturer
	606,476	BitAuto - ADR (c)		21,736,100
		Auto Vertical Website
	308,030	SouFun - ADR (a)		21,075,413
		Chinese Real Estate Internet Portal
	11,020,000	Want Want		16,487,275
		Chinese Branded Consumer Food Company

Number of Shares			Value
		> China—continued
	17,994,000	NewOcean Energy (a)	$	13,966,362
		Southern China Liquefied Petroleum Gas Distributor
	35,119,000	AMVIG Holdings		13,443,371
		Chinese Tobacco Packaging Material Supplier
				227,612,237
		> Singapore 2.3%
	40,000,000	Mapletree Commercial Trust		38,883,790
		Retail & Office Property Landlord
	9,300,000	Petra Foods		27,281,183
		Cocoa Processor & Chocolate Manufacturer
	9,780,000	Super Group		27,103,553
		Instant Food & Beverages in Southeast Asia
	20,000,000	CDL Hospitality Trust		26,365,037
		Hotel Owner/Operator
	13,500,000	Ascendas REIT		24,299,968
		Industrial Property Landlord
	3,800,000	Singapore Exchange		20,999,575
		Singapore Equity & Derivatives Market Operator
	19,032,000	Mapletree Logistics Trust		15,822,599
		Industrial Property Landlord
	11,663,000	Mapletree Industrial Trust		12,679,060
		Industrial Property Landlord
				193,434,765
		> India 2.1%
	9,885,176	Zee Entertainment Enterprises		44,960,179
		India's Leading Programmer of Pay Television Content
	3,423,265	Asian Paints		31,435,688
		India's Largest Paint Company
	7,500,000	Adani Ports & Special Economic Zone		23,588,962
		Indian West Coast Shipping Port
	1,655,000	United Breweries		22,863,542
		India's Largest Brewer
	920,000	Colgate Palmolive India		21,147,633
		Consumer Products in Oral Care
	12,909,000	Redington India		17,067,884
		Supply Chain Solutions for IT & Mobile Handsets in Emerging Markets
	90,000	Bosch		16,440,167
		Automotive Parts
	1,390,871	SKIL Ports and Logistics (c)		1,704,311
		Indian Container Port Project
				179,208,366
		> Indonesia 1.8%
	31,764,600	Archipelago Resources (b)(d)(e)(f)		28,596,433
		Gold Mining Projects in Indonesia, Vietnam & the Philippines
	400,000,000	Ace Indonesia		26,511,119
		Home Improvement Retailer
	48,000,000	Tower Bersama Infrastructure (c)		25,449,168
		Communications Towers

Number of Shares			Value
	14,292,500	Matahari Department Store (c)	$	17,570,525
		Largest Department Store Chain in Indonesia
	58,000,000	Surya Citra Media		16,405,380
		Free to Air TV Station in Indonesia
	5,600,000	Mayora Indah		14,885,291
		Consumer Branded Food Manufacturer
	149,672,000	Arwana Citramulia		12,491,520
		Ceramic Tiles for Home Decoration
	49,000,000	MNC Skyvision		10,340,631
		Largest Satellite Pay TV Operator in Indonesia
				152,250,067
		> Thailand 1.1%
	116,666,667	Home Product Center		35,110,668
		Home Improvement Retailer
	4,500,000	Airports of Thailand		26,983,276
		Airport Operator of Thailand
	16,000,000	Robinson's Department Store		26,090,462
		Department Store Operator in Thailand
	10,000,000	Samui Airport Property Fund		4,940,651
		Thai Airport Operator
				93,125,057
		> Philippines 1.0%
	19,000,000	Puregold Price Club		18,665,545
		Supermarket Operator in the Philippines
	12,138,840	Robinsons Retail Holdings (c)		18,406,203
		Multi-format Retailer in the Philippines
	60,000,000	Melco Crown Philippines Resorts (c)		17,424,590
		Integrated Resort Operator in Manila
	6,960,000	Security Bank		16,451,219
		Commercial Bank in the Philippines
	21,994,200	SM Prime Holdings		7,185,619
		Shopping Mall Operator & Property Developer
	1,486,250	Universal Robina		4,716,222
		Branded Consumer Food Manufacturer in the Philippines
				82,849,398
		> Cambodia 0.7%
	60,000,000	Nagacorp		62,638,352
		Casino/Entertainment Complex in Cambodia
		> Malaysia 0.3%
	5,000,000	Aeon		22,018,068
		Shopping Center & Department Store Operator
Asia: Total				3,530,393,536
Europe 33.5%
		> United Kingdom 9.9%
	4,560,000	Jardine Lloyd Thompson Group		80,887,457
		International Business Insurance Broker
	1,500,000	Spirax Sarco		72,270,959
		Steam Systems for Manufacturing & Process Industries

Columbia Acorn International®

Statement of Investments, continued

Number of Shares			Value
		> United Kingdom—continued
	2,450,000	Babcock International	$	55,018,455
		Public Sector Outsourcer
	3,240,000	Smith & Nephew		49,100,239
		Medical Equipment & Supplies
	2,430,000	WH Smith		48,735,633
		Newsprint, Books & General Stationery Retailer
	3,937,000	Telecity		45,813,719
		European Data Center Provider
	3,921,500	Shaftesbury		43,018,259
		London Prime Retail REIT
	960,100	Croda		40,752,061
		Oleochemicals & Industrial Chemicals
	958,646	Fidessa Group		40,546,507
		Software for Financial Trading Systems
	7,250,000	Elementis		34,628,792
		Specialty Chemicals
	3,234,993	PureCircle (c)		33,006,501
		Natural Sweeteners
	466,940	Whitbread		32,399,467
		The UK's Leading Hotelier & Coffee Shop
	908,500	AVEVA		31,715,848
		Engineering Software
	35,245,747	Cable and Wireless		30,907,735
		Leading Telecoms Service Provider in the Caribbean
	1,025,000	Aggreko		25,649,522
		Temporary Power & Temperature Control Services
	10,026,000	Smiths News (b)		25,364,781
		Newspaper & Magazine Distributor
	564,000	Rightmove		24,804,393
		Internet Real Estate Listings
	3,218,000	Halford's		24,775,058
		The UK's Leading Retailer of Leisure Goods & Auto Parts
	2,660,000	Domino's Pizza UK & Ireland		24,456,926
		Pizza Delivery in UK, Ireland & Germany
	3,740,000	Abcam		24,254,701
		Online Sales of Antibodies
	2,971,319	Ocado (c)		22,816,442
		Leading Online Grocery Retailer
	4,365,000	RPS Group		22,748,247
		Consultant Specializing in Energy, Water, Urban Planning, Health & Safety
				833,671,702
		> Netherlands 3.3%
	2,491,770	Aalberts Industries		86,849,482
		Flow Control & Heat Treatment
	531,700	Gemalto		61,925,235
		Digital Security Solutions
	1,178,288	TKH Group		41,149,842
		Dutch Industrial Conglomerate
	1,068,478	Arcadis		41,090,552
		Engineering Consultants

Number of Shares			Value
	143,395	Core Labs	$	28,455,304
		Oil & Gas Reservoir Consulting
	404,124	Vopak		22,564,723
		World's Largest Operator of Petroleum & Chemical Storage Terminals
				282,035,138
		> Germany 3.3%
	1,663,000	Wirecard		69,005,861
		Online Payment Processing & Risk Management
	148,295	Rational		52,811,173
		Commercial Ovens
	795,000	NORMA Group		42,128,076
		Clamps for Automotive & Industrial Applications
	795,000	Aurelius		30,239,339
		European Turnaround Investor
	2,350,000	TAG Immobilien		29,137,288
		Owner of Residential Properties in Germany
	300,000	MTU Aero Engines		27,880,872
		Airplane Engine Components & Services
	595,000	Elringklinger		23,451,660
		Automobile Components
	72,393	Deutsche Beteiligungs (a)		2,012,595
		Private Equity Investment Management
				276,666,864
		> Sweden 3.0%
	2,308,522	Hexagon		78,433,321
		Design, Measurement & Visualization Software & Equipment
	3,255,024	Sweco		54,440,670
		Engineering Consultants
	1,580,000	Swedish Match		51,630,796
		Market Leader in Swedish Snus
	784,000	Unibet		39,367,767
		European Online Gaming Operator
	1,044,000	Mekonomen		28,792,547
		Leading Nordic Integrated Wholesaler/ Retailer of Automotive Parts & Service
				252,665,101
		> Switzerland 2.8%
	263,500	Partners Group		74,038,120
		Private Markets Asset Management
	16,300	Sika		66,671,342
		Chemicals for Construction & Industrial Applications
	179,000	Geberit		58,617,160
		Plumbing Supplies
	72,500	INFICON		26,857,927
		Gas Detection Instruments
	283,306	Zehnder		12,433,994
		Radiators & Heat Recovery Ventilation Systems
				238,618,543

Number of Shares			Value
		> France 2.5%
	1,350,000	Neopost (a)	$	106,605,278
		Postage Meter Machines
	146,000	Eurofins Scientific		43,696,978
		Food, Pharmaceuticals & Materials Screening & Testing
	163,400	Norbert Dentressangle		26,765,334
		Leading European Logistics & Transport Group
	708,000	Saft		24,745,286
		Niche Battery Manufacturer
	1,831,204	Hi-Media (c)		5,878,025
		Online Advertiser in Europe
				207,690,901
		> Denmark 2.0%
	1,702,063	SimCorp		69,095,714
		Software for Investment Managers
	1,315,800	Novozymes		57,858,441
		Industrial Enzymes
	709,000	Jyske Bank (c)		38,960,429
		Danish Bank
				165,914,584
		> Spain 1.9%
	7,055,000	DIA		64,458,515
		Leading Hard Discounter in Spain, Latin America & the Eastern Mediterranean
	700,000	Viscofan		36,611,726
		Sausage Casings Maker
	720,000	Bolsas y Mercados Españoles		29,295,993
		Spanish Stock Markets
	4,050,000	Prosegur		26,056,175
		Security Guards
				156,422,409
		> Finland 1.3%
	1,226,866	Vacon (a)		51,719,857
		Leading Independent Manufacturer of Variable Speed Alternating Current Drives
	1,669,000	Tikkurila (a)		39,317,981
		Decorative & Industrial Paint in Scandinavia & Central & Eastern Europe
	711,000	Konecranes (a)		22,656,040
		Manufacture & Service of Industrial Cranes & Port Handling Equipment
				113,693,878
		> Norway 1.1%
	4,154,000	Orkla		35,415,629
		Food & Brands, Aluminum, Chemicals Conglomerate
	2,814,434	Atea		30,904,345
		Nordic IT Hardware/Software Reseller & Installation Company
	1,321,000	Subsea 7		24,554,477
		Offshore Subsea Contractor
				90,874,451
		> Russia 0.7%
	1,980,874	Yandex (c)		59,802,586
		Search Engine for Russian & Turkish Languages

Number of Shares			Value
		> Kazakhstan 0.5%
	5,143,000	Halyk Savings Bank of Kazakhstan - GDR	$	42,686,900
		Largest Retail Bank & Insurer in Kazakhstan
		> Italy 0.4%
	1,959,000	Pirelli		30,766,497
		Global Tire Supplier
		> Belgium 0.3%
	437,465	EVS Broadcast Equipment		28,343,733
		Digital Live Mobile Production Software & Systems
		> Iceland 0.3%
	28,312,499	Marel (g)		19,891,497
	7,670,000	Marel (g)		7,110,357
		Largest Manufacturer of Poultry & Fish Processing Equipment
				27,001,854
		> Turkey 0.2%
	1,785,000	Bizim Toptan		17,101,697
		Cash & Carry Stores in Turkey
Europe: Total				2,823,956,838
Other Countries 15.4%
		> South Africa 4.4%
	14,231,161	Coronation Fund Managers		133,822,657
		South African Fund Manager
	777,188	Naspers		85,731,337
		Media in Africa, China, Russia & Other Emerging Markets
	19,098,300	Rand Merchant Insurance		52,244,590
		Directly Sold Property & Casualty Insurance; Holdings in Other Insurers
	2,644,083	Mr. Price		39,533,160
		South African Retailer of Apparel, Household & Sporting Goods
	8,679,940	Northam Platinum (c)		32,096,321
		Platinum Mining in South Africa
	2,230,504	Massmart Holdings		29,131,297
		General Merchandise, Food & Home Improvement Stores; Wal-Mart Subsidiary
				372,559,362
		> Canada 4.0%
	961,772	CCL Industries		82,405,286
		Largest Global Label Converter
	1,067,730	ShawCor		44,524,969
		Oil & Gas Pipeline Products
	3,188,000	CAE		41,958,752
		Flight Simulator Equipment & Training Centers
	653,200	Onex Capital		36,267,224
		Private Equity
	690,857	Baytex		28,446,685
		Oil & Gas Producer in Canada
	2,168,377	DeeThree Exploration (c)		18,594,495
	1,130,000	DeeThree Exploration (c)(e)		9,496,293
		Canadian Oil & Gas Producer

Columbia Acorn International®

Statement of Investments, continued

Number of Shares			Value
		> Canada—continued
	709,576	Black Diamond Group	$	21,983,698
		Provides Accommodations/Equipment for Oil Sands Development
	507,064	AG Growth		21,465,939
		Leading Manufacturer of Augers & Grain Handling Equipment
	766,000	Trilogy Energy		18,784,496
		Oil & Gas Producer in Canada
	1,901,514	Horizon North Logistics		14,379,608
		Provides Diversified Oil Service Offering in Northern Canada
				338,307,445
		> Australia 3.8%
	13,800,000	IAG		71,374,551
		General Insurance Provider
	3,500,000	Domino's Pizza Enterprises		64,954,442
		Domino's Pizza Operator in Australia/New Zealand & France/Benelux
	10,653,000	Challenger Financial		63,381,755
		Largest Annuity Provider
	6,520,000	Amcor		62,996,050
		Global Leader in Flexible & Rigid Packaging
	10,000,000	SAI Global		38,087,070
		Publishing, Certification, Compliance Services
	1,670,000	Austbrokers		15,952,213
		Local Australian Small Business Insurance Broker
				316,746,081
		> United States 1.9%
	1,272,297	Textainer Group Holdings		48,690,806
		Top International Container Leasor
	601,213	FMC Technologies (c)		31,437,428
		Oil & Gas Well Head Manufacturer
	592,080	Atwood Oceanics (c)		29,834,911
		Offshore Drilling Contractor
	634,500	Hornbeck Offshore (c)		26,528,445
		Supply Vessel Operator in U.S. Gulf of Mexico
	685,900	Rowan (c)		23,101,112
		Contract Offshore Driller
				159,592,702
		> New Zealand 0.8%
	12,000,000	Auckland International Airport		39,701,362
		Auckland Airport Operator
	8,000,000	Sky City Entertainment		27,304,120
		Casino/Entertainment Complex
				67,005,482
		> Israel 0.5%
	791,000	Caesarstone		43,014,580
		Quartz Countertops
Other Countries: Total				1,297,225,652

Number of Shares			Value
Latin America 4.5%
		> Brazil 1.7%
	4,000,000	Localiza Rent A Car	$	58,069,634
		Car Rental
	58,937,078	Beadell Resources (b)(c)		33,031,903
		Gold Mining in Brazil
	1,500,000	Linx		29,623,182
		Retail Management Software in Brazil
	6,000,000	Odontoprev		24,089,907
		Dental Insurance
				144,814,626
		> Mexico 1.6%
	15,876,000	Qualitas		43,193,713
		Leading Auto Insurer in Mexico & Central America
	15,347,000	Genomma Lab Internacional (c)		39,485,713
		Develops, Markets & Distributes Consumer Products
	3,466,000	Gruma (c)		28,672,054
		Tortilla Producer & Distributor
	200,000	Grupo Aeroportuario del Sureste - ADR		24,528,000
		Mexican Airport Operator
				135,879,480
		> Guatemala 0.4%
	1,626,600	Tahoe Resources (c)		34,385,927
		Silver Project in Guatemala
		> Chile 0.3%
	840,872	Sociedad Quimica y Minera de Chile - ADR		26,689,278
		Producer of Specialty Fertilizers, Lithium & Iodine
		> Colombia 0.3%
	14,729,000	Isagen		24,125,820
		Leading Colombian Electricity Provider
		> Uruguay 0.2%
	1,306,818	Union Agriculture Group (c)(e)(f)		13,421,021
		Farmland Operator in Uruguay
Latin America: Total				379,316,152
Total Equities: 95.3% (Cost: $5,675,061,834)				8,030,892,178	(h)
Short-Term Investments 4.1%
	220,000,000	JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.01%)		220,000,000
	127,891,288	JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%)		127,891,288
Total Short-Term Investments: 4.1% (Cost: $347,891,288)				347,891,288

Number of Shares			Value
Securities Lending Collateral 1.1%
	93,082,112	Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (i)	$	93,082,112
Total Securities Lending Collateral: 1.1% (Cost: $93,082,112)				93,082,112
Total Investments: 100.5% (Cost: $6,116,035,234)(j)				8,471,865,578	(k)
Obligation to Return Collateral for Securities Loaned: (1.1)%				(93,082,112	)
Cash and Other Assets Less Liabilities: 0.6%				53,448,128
Net Assets: 100.0%			$	8,432,231,594

ADR - American Depositary Receipts

GDR - Global Depositary Receipts

REIT - Real Estate Investment Trust

> Notes to Statement of Investments

(a) All or a portion of this security was on loan at March 31, 2014. The total market value of securities on loan at March 31, 2014 was $86,858,504.

Security	Balance of Shares Held 12/31/13		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 3/31/14		Value		Dividend
Beadell Resources		58,937,078		-		-		58,937,078	$	33,031,903	$	-
Archipelago Resources		31,764,600		-		-		31,764,600		28,596,433		-
Smiths News		10,944,000		321		918,321		10,026,000		25,364,781		1,260,317
Icom		835,000		-		-		835,000		19,142,567		122,596
Empresas Hites (1)		23,162,664		-		23,162,664		-		-		-
Total of Affiliated Transactions		125,643,342		321		24,080,985		101,562,678	$	106,135,684	$	1,382,913

(1) At March 31, 2014, the Fund owned less than five percent of the company's outstanding voting shares.

The aggregate cost and value of these companies at March 31, 2014, was $119,971,259 and $106,135,684, respectively. Investments in affiliated companies represented 1.26% of the Fund's total net assets at March 31, 2014.

(d) The Fund also received put options through a transaction related to a proposed company restructuring of Archipelago Resources. Additional information on the put options received is as follows:

Security

Option Shares

Exercise Price

Expiration Date

Value

Option (1)

31,764,600

GBP

0.58

August 13, 2014

2,118,254

GBP - British Pound

(1) Archipelago Resources is expected to restructure into a new company during 2014. From January 31, 2014, the option is exercisable until the earlier of (i) the date the company is restructured and prices the shares for its initial public offering or (ii) August 13, 2014, subject to extension until the date the company is restructured and prices the shares for its initial public offering (but not later than September 26, 2016). After August 13, 2014, the valuation of the option will fluctuate based upon its fair market value as determined in accordance with the put option agreement. These put options are valued at fair value determined in good faith under consistently applied procedures established by the Fund's Board of Trustees.

Columbia Acorn International®

Statement of Investments, continued

> Notes to Statement of Investments

(e) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities are valued at fair value determined in good faith under consistently applied procedures established by the Fund's Board of Trustees. At March 31, 2014, the market value of these securities amounted to $51,513,747, which represented 0.61% of total net assets. Additional information on these securities is as follows:

Security	Acquisition Dates	Shares/Units		Cost		Value
Archipelago Resources	2/23/10-9/26/13		31,764,600	$	18,376,857	$	28,596,433
Union Agriculture Group	12/8/10-6/27/12		1,306,818		15,000,000		13,421,021
DeeThree Exploration	9/7/10		1,130,000		2,950,812		9,496,293
				$	36,327,669	$	51,513,747

(f) Illiquid security.

(g) The common stock equity holdings of Marel are stated separately on the Statement of Investments due to the application of the onshore or offshore foreign currency exchange rate. The appropriate exchange rate is applied to each purchased security lot based on the applicable registration obtained from Marel's regulatory governing body, the Icelandic Central Bank.

(h) On March 31, 2014, the Fund's total equity investments were denominated in currencies as follows:

Currency	Value		Percentage of Net Assets
Japanese Yen	$	1,622,941,816		19.3
Euro		1,067,164,117		12.7
British Pound		863,972,446		10.2
United States Dollar		629,776,883		7.5
Other currencies less than 5% of total net assets		3,847,036,916		45.6
Total Equities	$	8,030,892,178		95.3

(i) Investment made with cash collateral received from securities lending activity.

(j) At March 31, 2014, for federal income tax purposes, the cost of investments was $6,116,035,234 and net unrealized appreciation was $2,355,830,344 consisting of gross unrealized appreciation of $2,585,801,439 and gross unrealized depreciation of $229,971,095.

(k) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2013.

Fair Value Measurements

• 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 inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Under the direction of the Board, the Committee is responsible for overseeing the valuation procedures approved by the Board.

> Notes to Statement of Investments

considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. Significant changes in any of these factors could result in lower or higher fair value measurements. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.

The following table summarizes the inputs used, as of March 31, 2014, in valuing the Fund's assets:

Investment Type	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equities
Asia	$	231,586,513	$	3,270,210,590	$	28,596,433	$	3,530,393,536
Europe		88,257,890		2,735,698,948		-		2,823,956,838
Other Countries		531,418,434		765,807,218		-		1,297,225,652
Latin America		332,863,228		33,031,903		13,421,021		379,316,152
Total Equities		1,184,126,065		6,804,748,659		42,017,454		8,030,892,178
Total Short-Term Investments		347,891,288		-		-		347,891,288
Total Securities Lending Collateral		93,082,112		-		-		93,082,112
Total Investments	$	1,625,099,465	$	6,804,748,659	$	42,017,454	$	8,471,865,578
Unrealized Appreciation on Options		-		-		2,118,254		2,118,254
Total	$	1,625,099,465	$	6,804,748,659	$	44,135,708	$	8,473,983,832

There were no transfers of financial assets between levels during the period.

The Fund does not hold any significant investments categorized as Level 3.

Columbia Acorn International®

Portfolio Diversification

At March 31, 2014, the Fund's portfolio investments as a percentage of net assets were diversified as follows:

	Value		Percentage of Net Assets
> Industrial Goods & Services
Industrial Materials & Specialty Chemicals	$	690,305,619		8.2
Machinery		585,475,388		7.0
Other Industrial Services		453,422,798		5.4
Electrical Components		229,649,035		2.7
Conglomerates		193,654,292		2.3
Outsourcing Services		110,758,973		1.3
Construction		76,033,191		0.9
Industrial Distribution		25,364,237		0.3
		2,364,663,533		28.1
> Consumer Goods & Services
Retail		624,370,820		7.4
Casinos & Gaming		389,472,203		4.6
Food & Beverage		377,629,784		4.5
Nondurables		158,491,717		1.9
Other Durable Goods		147,078,608		1.7
Restaurants		121,810,835		1.4
Consumer Goods Distribution		109,838,294		1.3
Other Consumer Services		80,107,845		1.0
Travel		58,069,634		0.7
Furniture & Textiles		43,014,580		0.5
Educational Services		42,295,037		0.5
Consumer Electronics		26,743,772		0.3
		2,178,923,129		25.8
> Information
Business Software		273,239,554		3.2
Internet Related		213,149,828		2.5
Computer Hardware & Related Equipment		209,923,983		2.5
Mobile Communications		107,460,578		1.3
Computer Services		100,651,657		1.2
Financial Processors		90,005,436		1.1
Semiconductors & Related Equipment		52,913,595		0.6
Entertainment Programming		44,960,179		0.5
Instrumentation		42,498,795		0.5
Telephone & Data Services		30,907,735		0.4
TV Broadcasting		16,405,380		0.2
Satellite Broadcasting & Services		10,340,631		0.1
Advertising		5,878,025		0.1
		1,198,335,376		14.2

	Value			Percentage of Net Assets
> Finance
Insurance	$	357,610,244			4.2
Brokerage & Money Management		209,873,373			2.5
Banks		186,390,455			2.2
Finance Companies		114,937,845			1.4
Specialized Finance		29,295,994			0.4
		898,107,911			10.7
> Other Industries
Real Estate		387,869,021			4.6
Transportation		160,524,417			1.9
Regulated Utilities		24,125,820			0.3
		572,519,258			6.8
> Energy & Minerals
Oil Services		216,344,648			2.6
Mining		156,565,887			1.8
Oil & Gas Producers		75,321,969			0.9
Oil Refining, Marketing & Distribution		36,531,085			0.4
Agricultural Commodities		13,421,021			0.2
		498,184,610			5.9
> Health Care
Pharmaceuticals		143,724,655			1.7
Medical Supplies		93,541,132			1.1
Medical Equipment & Devices		80,303,345			1.0
Health Care Services		2,589,229			0.0	*
		320,158,361			3.8
Total Equities:		8,030,892,178			95.3
Short-Term Investments:		347,891,288			4.1
Securities Lending Collateral:		93,082,112			1.1
Total Investments:		8,471,865,578			100.5
Obligation to Return Collateral for Securities Loaned:		(93,082,112	)		(1.1	)
Cash and Other Assets Less Liabilities:		53,448,128			0.6
Net Assets:	$	8,432,231,594			100.0

* Rounds to zero.

Columbia Acorn USA®

Major Portfolio Changes in the First Quarter

	Number of Shares
	12/31/13		3/31/14
Purchases
Information
Belden		0		53,000
Commvault Systems		0		50,000
Measurement Specialties		0		19,118
Rogers		83,000		101,000
Industrial Goods & Services
PGT		0		263,039
Consumer Goods & Services
Boulder Brands		269,723		372,705
Casey's General Stores		184,000		238,000
The Chefs' Warehouse		198,000		353,000
The Fresh Market		0		201,000
Health Care
Celldex Therapeutics		172,000		294,000
Ultragenyx		0		61,185
Energy & Minerals
Bill Barrett Corporation		157,000		205,000
Rice Energy		0		45,000
Rosetta Resources		180,000		237,000

	Number of Shares
	12/31/13		3/31/14
Sales
Information
Bally Technologies		383,000		370,110
Concur Technologies		112,000		85,000
II-VI		1,036,000		128,000
Ixia		740,000		369,000
Micros Systems		310,000		0
SBA Communications		273,000		197,000
SPS Commerce		290,000		265,000
Industrial Goods & Services
Forward Air		188,000		109,000
Consumer Goods & Services
Choice Hotels		172,666		100,666
Helen of Troy		152,000		0
Pier 1 Imports		805,000		620,000
Ryman Hospitality Properties		236,000		0
Finance
H & E Equipment Services		264,072		39,641
Heath Care
Alnylam Pharmaceuticals		203,000		88,795
BioMarin Pharmaceutical		146,000		97,000
NPS Pharmaceuticals		477,500		295,500
Sirona Dental Systems		183,000		120,000
Synageva Biopharma		321,100		300,380
Other Industries
Associated Estates Realty		491,000		0
Energy & Minerals
Atwood Oceanics		247,000		113,000
Gulfmark Offshore		68,000		0
Hornbeck Offshore		251,000		224,000
Quicksilver Resources		464,000		0
SM Energy		116,000		103,000

Columbia Acorn USA®

Statement of Investments, March 31, 2014

Number of Shares			Value
			Equities: 98.6%
Information 24.8%
		> Business Software 7.4%
	745,000	Informatica (a)	$	28,146,100
		Enterprise Data Integration Software
	343,000	Ansys (a)		26,417,860
		Simulation Software for Engineers & Designers
	265,000	SPS Commerce (a)		16,284,250
		Supply Chain Management Software Delivered via the Web
	170,000	NetSuite (a)		16,121,100
		End-to-end IT Systems Solution Delivered Over the Web
	85,000	Concur Technologies (a)		8,420,950
		Web-enabled Cost & Expense Management Software
	275,000	RealPage (a)		4,994,000
		Software for Managing Rental Properties Delivered via the Web
	310,000	Exa (a)		4,110,600
		Simulation Software
	60,000	Demandware (a)		3,843,600
		eCommerce Website Platform for Retailers & Apparel Manufacturers
	394,187	InContact (a)		3,784,195
		Call Center Systems Delivered via the Web & Telecommunication Services
	125,000	Ellie Mae (a)		3,605,000
		Software for Managing & Network for Facilitating Mortgage Origination
	82,000	Envestnet (a)		3,294,760
		Technology Platform for Investment Advisors
	50,000	Commvault Systems (a)		3,247,500
		Data Storage Management
	126,000	E2open (a)		2,969,820
		Supply Chain Management Software & Supplier/Partner Network
	53,380	Covisint (a)(b)		391,276
		Collaboration Software Platform Provider
				125,631,011
		> Instrumentation 4.8%
	164,000	Mettler-Toledo International (a)		38,651,520
		Laboratory Equipment
	427,000	IPG Photonics (a)		30,351,160
		Fiber Lasers
	274,000	Trimble Navigation (a)		10,650,380
		GPS-based Instruments
	19,118	Measurement Specialties (a)		1,297,156
		Sensors
				80,950,216
		> Telephone & Data Services 2.4%
	1,200,000	tw telecom (a)		37,512,000
		Fiber Optic Telephone/Data Services

Number of Shares			Value
	364,000	Boingo Wireless (a)	$	2,467,920
		Wholesale & Retail WiFi Networks
				39,979,920
		> Computer Services 2.0%
	506,000	ExlService Holdings (a)		15,640,460
		Business Process Outsourcing
	327,000	WNS - ADR (India) (a)		5,886,000
		Offshore BPO (Business Process Outsourcing) Services
	175,000	Virtusa (a)		5,864,250
		Offshore IT Outsourcing
	582,000	RCM Technologies (a)		3,916,860
		Technology & Engineering Services
	591,000	Hackett Group		3,534,180
		IT Integration & Best Practice Research
				34,841,750
		> Telecommunications Equipment 1.6%
	426,000	Finisar (a)		11,293,260
		Optical Subsystems & Components
	281,000	CalAmp (a)		7,831,470
		Machine to Machine Communications
	369,000	Ixia (a)		4,612,500
		Telecom Network Test Equipment
	464,278	Infinera (a)		4,215,644
		Optical Networking Equipment
				27,952,874
		> Semiconductors & Related Equipment 1.6%
	255,000	Monolithic Power Systems (a)		9,886,350
		High Performance Analog & Mixed Signal Integrated Circuits
	970,000	Atmel (a)		8,109,200
		Microcontrollers, Radio Frequency & Memory Semiconductors
	238,000	Ultratech (a)		6,947,220
		Semiconductor Equipment
	45,000	Hittite Microwave		2,836,800
		Radio Frequency, Microwave & Millimeterwave Semiconductors
				27,779,570
		> Gaming Equipment & Services 1.4%
	370,110	Bally Technologies (a)		24,527,190
		Slot Machines & Software
		> Mobile Communications 1.1%
	197,000	SBA Communications (a)		17,919,120
		Communications Towers
		> Financial Processors 0.8%
	139,000	Global Payments		9,884,290
		Credit Card Processor
	153,000	Liquidity Services (a)(b)		3,985,650
		E-Auctions for Surplus & Salvage Goods
				13,869,940

Number of Shares			Value
		> Computer Hardware & Related Equipment 0.7%
	101,000	Rogers (a)	$	6,304,420
		Printed Circuit Materials & High-performance Foams
	53,000	Belden		3,688,800
		Specialty Cable
	128,000	II-VI (a)		1,975,040
		Laser Optics & Specialty Materials
				11,968,260
		> Contract Manufacturing 0.5%
	215,000	Plexus (a)		8,615,050
		Electronic Manufacturing Services
		> Internet Related 0.3%
	141,831	RetailMeNot (a)		4,538,592
		Digital Coupon Marketplace
		> Business Information & Marketing Services 0.2%
	230,000	RPX (a)		3,744,400
		Patent Aggregation & Defensive Patent Consulting
Information: Total				422,317,893
Industrial Goods & Services 21.0%
		> Machinery 15.1%
	871,000	Ametek		44,847,790
		Aerospace/Industrial Instruments
	590,000	Nordson		41,589,100
		Dispensing Systems for Adhesives & Coatings
	855,000	Donaldson		36,252,000
		Industrial Air Filtration
	757,500	HEICO		32,883,075
		FAA Approved Aircraft Replacement Parts
	436,000	Moog (a)		28,562,360
		Motion Control Products for Aerospace, Defense & Industrial Markets
	237,000	Toro		14,976,030
		Turf Maintenance Equipment
	245,000	Generac		14,447,650
		Standby Power Generators
	360,000	ESCO Technologies		12,668,400
		Automatic Electric Meter Readers
	46,000	Middleby (a)		12,153,660
		Manufacturer of Cooking Equipment
	264,000	Kennametal		11,695,200
		Consumable Cutting Tools
	134,000	Dorman Products (a)		7,914,040
		Aftermarket Auto Parts Distributor
				257,989,305
		> Industrial Materials & Specialty Chemicals 2.4%
	539,000	Drew Industries		29,213,800
		RV & Manufactured Home Components

Number of Shares			Value
	290,000	PolyOne	$	10,631,400
		Intermediate Stage Chemicals Producer
				39,845,200
		> Electrical Components 1.5%
	152,000	Acuity Brands		20,150,640
		Commercial Lighting Fixtures
	239,000	Thermon (a)		5,540,020
		Global Engineered Thermal Solutions
				25,690,660
		> Industrial Distribution 0.8%
	90,000	WESCO International (a)		7,489,800
		Industrial Distributor
	217,000	MRC Global (a)		5,850,320
		Industrial Distributor
				13,340,120
		> Other Industrial Services 0.6%
	109,000	Forward Air		5,025,990
		Freight Transportation Between Airports
	151,000	KAR Auction Services		4,582,850
		Auto Auctions
	132,274	Acorn Energy (a)(b)		448,409
		Fiber Optic Oil Well Monitoring & Evaluation
				10,057,249
		> Construction 0.4%
	86,000	Fortune Brands Home & Security		3,618,880
		Home Building Supplies & Small Locks
	263,039	PGT (a)		3,027,579
		Wind Resistant Windows & Doors
				6,646,459
		> Waste Management 0.2%
	82,000	Waste Connections		3,596,520
		Solid Waste Management
Industrial Goods & Services: Total				357,165,513
Consumer Goods & Services 16.6%
		> Travel 5.0%
	1,183,950	Avis Budget Group (a)		57,658,365
		Second Largest Car Rental Company
	614,000	Hertz (a)		16,356,960
		Largest U.S. Rental Car Operator
	135,000	HomeAway (a)		5,085,450
		Vacation Rental Online Marketplace
	100,666	Choice Hotels		4,630,636
		Franchisor of Budget Hotel Brands
	29,000	Vail Resorts		2,021,300
		Ski Resort Operator & Developer
				85,752,711
		> Retail 3.1%
	238,000	Casey's General Stores		16,086,420
		Owner/Operator of Convenience Stores

Columbia Acorn USA®

Statement of Investments, continued

Number of Shares			Value
		> Retail—continued
	620,000	Pier 1 Imports	$	11,705,600
		Home Furnishing Retailer
	185,991	Shutterfly (a)		7,938,096
		Internet Photo-centric Retailer
	201,000	The Fresh Market (a)		6,753,600
		Specialty Food Retailer
	135,000	Kate Spade & Company (a)		5,007,150
		Global Lifestyle Brand
	46,400	Restoration Hardware Holdings (a)		3,414,576
		Specialty Home Furnishing Retailer
	101,500	Burlington Stores (a)		2,996,280
		Off-Price Apparel Retailer
				53,901,722
		> Furniture & Textiles 2.6%
	333,814	Caesarstone (Israel)		18,152,805
		Quartz Countertops
	688,000	Interface		14,138,400
		Modular Carpet
	640,000	Knoll		11,641,600
		Office Furniture
				43,932,805
		> Consumer Goods Distribution 2.0%
	358,000	Pool		21,952,560
		Swimming Pool Supplies & Equipment Distributor
	353,000	The Chefs' Warehouse (a)		7,554,200
		Distributor of Specialty Foods to Fine Dining Restaurants
	79,000	United Natural Foods (a)		5,602,680
		Distributor of Natural/Organic Foods to Grocery Stores
				35,109,440
		> Other Consumer Services 1.2%
	293,000	Lifetime Fitness (a)		14,093,300
		Sport & Fitness Club Operator
	252,000	Blackhawk Network (a)		6,146,280
		Third Party Distributer of Prepaid Content, Mostly Gift Cards
				20,239,580
		> Other Durable Goods 1.2%
	187,000	Cavco Industries (a)		14,670,150
		Manufactured Homes
	297,000	Select Comfort (a)		5,369,760
		Specialty Mattresses
				20,039,910
		> Food & Beverage 0.6%
	372,705	Boulder Brands (a)		6,567,062
		Healthy Food Products
	100,000	B&G Foods		3,011,000
		Acquirer of Small Food Brands
				9,578,062
		> Restaurants 0.3%
	112,000	Fiesta Restaurant Group (a)		5,106,080
		Owns/Operates Two Restaurant Chains: Pollo Tropical & Taco Cabana

Number of Shares			Value
		> Nondurables 0.3%
	166,000	Prestige Brands Holdings (a)	$	4,523,500
		Household & Personal Care Products
		> Apparel 0.2%
	475,000	Quiksilver (a)		3,567,250
		Action Sports Lifestyle Branded Apparel & Footwear
		> Educational Services 0.1%
	34,350	ITT Educational Services (a)(b)		985,158
		Post-secondary Degree Services
Consumer Goods & Services: Total				282,736,218
Finance 14.0%
		> Banks 8.4%
	801,000	MB Financial		24,798,960
		Chicago Bank
	164,000	SVB Financial Group (a)		21,119,920
		Bank to Venture Capitalists
	993,000	Associated Banc-Corp		17,933,580
		Midwest Bank
	392,597	Lakeland Financial		15,790,251
		Indiana Bank
	173,000	City National		13,618,560
		Bank & Asset Manager
	1,615,986	First Busey		9,372,719
		Illinois Bank
	228,000	Hancock Holding		8,356,200
		Gulf Coast Bank
	487,000	TCF Financial		8,113,420
		Great Lakes Bank
	566,750	Valley National Bancorp (b)		5,899,868
		New Jersey/New York Bank
	571,000	First Commonwealth		5,161,840
		Western Pennsylvania Bank
	695,000	TrustCo Bank		4,892,800
		New York State Bank
	171,826	Sandy Spring Bancorp		4,292,213
		Baltimore & Washington, D.C. Bank
	154,849	Guaranty Bancorp		2,206,598
		Colorado Bank
	89,700	Hudson Valley		1,708,785
		Metro New York City Bank
				143,265,714
		> Finance Companies 3.5%
	673,208	CAI International (a)		16,608,041
		International Container Leasing
	389,000	Textainer Group Holdings		14,887,030
		Top International Container Leasor
	180,689	World Acceptance (a)(b)		13,566,130
		Personal Loans
	315,000	McGrath Rentcorp		11,012,400
		Temporary Space & IT Rentals
	91,000	Marlin Business Services		1,893,710
		Small Equipment Leasing
	39,641	H & E Equipment Services (a)		1,603,479
		Heavy Equipment Leasing
				59,570,790

Number of Shares			Value
		> Savings & Loans 1.0%
	393,487	ViewPoint Financial	$	11,352,100
		Texas Thrift
	128,000	Berkshire Hills Bancorp		3,312,640
		Northeast Thrift
	154,268	Simplicity Bancorp		2,715,117
		Los Angeles Savings & Loan
				17,379,857
		> Insurance 0.6%
	35,000	Enstar Group (a)		4,770,850
		Insurance/Reinsurance & Related Services
	45,000	Allied World Holdings		4,643,550
		Commercial Lines Insurance/Reinsurance
				9,414,400
		> Brokerage & Money Management 0.5%
	139,000	SEI Investments		4,671,790
		Mutual Fund Administration & Investment Management
	200,000	Kennedy-Wilson Holdings		4,502,000
		Global Distressed Real Estate
				9,173,790
Finance: Total				238,804,551
Health Care 10.9%
		> Biotechnology & Drug Delivery 5.4%
	300,380	Synageva Biopharma (a)		24,922,528
		Biotech Focused on Orphan Diseases
	516,000	Seattle Genetics (a)		23,508,960
		Antibody-based Therapies for Cancer
	295,500	NPS Pharmaceuticals (a)		8,844,315
		Orphan Drugs & Healthy Royalties
	97,000	BioMarin Pharmaceutical (a)		6,616,370
		Biotech Focused on Orphan Diseases
	265,000	Sarepta Therapeutics (a)		6,367,950
		Biotech Focused on Rare Diseases
	88,795	Alnylam Pharmaceuticals (a)		5,961,696
		Biotech Developing Drugs for Rare Diseases
	156,200	InterMune (a)		5,228,014
		Drugs for Pulmonary Fibrosis & Hepatitis C
	294,000	Celldex Therapeutics (a)		5,194,980
		Biotech Developing Drugs for Cancer
	61,185	Ultragenyx (a)		2,991,335
		Biotech Focused on "Ultra-Orphan" Drugs
	9,000	Intercept Pharmaceuticals (a)		2,968,110
		Biotech Developing Drugs for Several Diseases
	228	CymaBay Therapeutics (a)		1,710
		Diabetes Drug Development
				92,605,968

Number of Shares			Value
		> Medical Supplies 2.1%
	552,600	Cepheid (a)	$	28,503,108
		Molecular Diagnostics
	87,000	Bio-Techne		7,427,190
		Cytokines, Antibodies & Other Reagents for Life Science
				35,930,298
		> Health Care Services 1.8%
	960,000	Allscripts Healthcare Solutions (a)		17,308,800
		Health Care IT
	150,000	HealthSouth		5,389,500
		Inpatient Rehabilitation Facilities
	112,000	Envision Healthcare Holdings (a)		3,788,960
		Provider of Health Care Outsourcing Services
	62,000	Medidata Solutions (a)		3,369,080
		Cloud-based Software for Drug Studies
	6,000	Castlight Health (a)		127,320
		Provider of Cloud-based Software for Managing Health Care Costs
				29,983,660
		> Pharmaceuticals 1.1%
	699,200	Akorn (a)		15,382,400
		Develops, Manufactures & Sells Specialty Generic Drugs
	331,180	Alimera Sciences (a)(b)		2,613,010
		Ophthalmology-focused Pharmaceutical Company
	31,509	Revance Therapeutics (a)		992,534
		Drug Developer Focused on Aesthetics
				18,987,944
		> Medical Equipment & Devices 0.5%
	120,000	Sirona Dental Systems (a)		8,960,400
		Manufacturer of Dental Equipment
Health Care: Total				186,468,270
Other Industries 6.2%
		> Real Estate 5.2%
	832,000	Extra Space Storage		40,360,320
		Self Storage Facilities
	986,800	EdR		9,739,716
		Student Housing
	1,255,000	Kite Realty Group		7,530,000
		Community Shopping Centers
	223,000	Coresite Realty		6,913,000
		Data Centers
	871,000	DCT Industrial Trust		6,863,480
		Industrial Properties
	356,000	St. Joe (a)		6,853,000
		Florida Panhandle Landowner
	91,000	Post Properties		4,468,100
		Multifamily Properties
	196,200	Biomed Realty Trust		4,020,138
		Life Science-focused Office Buildings

Columbia Acorn USA®

Statement of Investments, continued

Number of Shares			Value
		> Real Estate—continued
	90,000	American Residential Properties (a)(b)	$	1,618,200
		Single-family Rental Properties
				88,365,954
		> Transportation 1.0%
	468,091	Rush Enterprises, Class A (a)		15,203,596
	105,000	Rush Enterprises, Class B (a)		2,963,100
		Truck Sales & Service
				18,166,696
Other Industries: Total				106,532,650
Energy & Minerals 5.1%
		> Oil & Gas Producers 3.1%
	237,000	Rosetta Resources (a)		11,039,460
		Oil & Gas Producer Exploring in Texas
	134,000	PDC Energy (a)		8,342,840
		Oil & Gas Producer in U.S.
	103,000	SM Energy		7,342,870
		Oil & Gas Producer
	205,000	Bill Barrett Corporation (a)		5,248,000
		Oil & Gas Producer in U.S. Rockies
	46,000	Clayton Williams (a)		5,198,460
		Oil & Gas Producer
	95,000	Carrizo Oil & Gas (a)		5,078,700
		Oil & Gas Producer
	240,000	WPX Energy (a)		4,327,200
		Oil & Gas Produced in U.S. & Argentina
	159,000	Laredo Petroleum (a)		4,111,740
		Permian Basin Oil Producer
	45,000	Rice Energy (a)		1,187,550
		Natural Gas Producer
	19,548	Matador Resources (a)		478,731
		Oil & Gas Producer in Texas & Louisiana
				52,355,551
		> Oil Services 1.1%
	224,000	Hornbeck Offshore (a)		9,365,440
		Supply Vessel Operator in U.S. Gulf of Mexico
	113,000	Atwood Oceanics (a)		5,694,070
		Offshore Drilling Contractor
	54,384	Chart Industries (a)		4,326,247
		Manufacturer of Natural Gas Processing/Storage Equipment
				19,385,757

Number of Shares			Value
		> Mining 0.9%
	70,000	Core Labs (Netherlands)	$	13,890,800
		Oil & Gas Reservoir Consulting
	546,000	Alexco Resource (a)(b)		819,000
		Mining, Exploration & Environmental Services
				14,709,800
Energy & Minerals: Total				86,451,108
Total Equities: 98.6% (Cost: $878,358,451)				1,680,476,203	(c)
Short-Term Investments 1.5%
	25,379,582	JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%)		25,379,582
Total Short-Term Investments: 1.5% (Cost: $25,379,582)				25,379,582
Securities Lending Collateral 1.0%
	17,021,662	Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (d)		17,021,662
Total Securities Lending Collateral: 1.0% (Cost: $17,021,662)				17,021,662
Total Investments: 101.1% (Cost: $920,759,695)(e)				1,722,877,447	(f)
Obligation to Return Collateral for Securities Loaned: (1.0)%				(17,021,662	)
Cash and Other Assets Less Liabilities: (0.1)%				(965,552	)
Net Assets: 100.0%			$	1,704,890,233

ADR - American Depositary Receipts

> Notes to Statement of Investments

(a) Non-income producing security.

(b) All or a portion of this security was on loan at March 31, 2014. The total market value of securities on loan at March 31, 2014 was $16,882,366.

> Notes to Statement of Investments

(c) On March 31, 2014, the market value of foreign securities represented 2.22% of total net assets. The Fund's foreign portfolio was diversified as follows:

Country	Value		Percentage of Net Assets
Israel	$	18,152,805		1.06
Netherlands		13,890,800		0.81
India		5,886,000		0.35
Total Foreign Portfolio	$	37,929,605		2.22

(d) Investment made with cash collateral received from securities lending activity.

(e) At March 31, 2014, for federal income tax purposes, the cost of investments was $920,759,695 and net unrealized appreciation was $802,117,752 consisting of gross unrealized appreciation of $825,391,301 and gross unrealized depreciation of $23,273,549.

(f) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2013.

Fair Value Measurements

• 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 inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Under the direction of the Board, the Committee is responsible for overseeing the valuation procedures approved by the Board.

Columbia Acorn USA®

Statement of Investments, continued

> Notes to Statement of Investments

The following table summarizes the inputs used, as of March 31, 2014, in valuing the Fund's assets:

Investment Type	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equities
Information	$	422,317,893	$	-	$	-	$	422,317,893
Industrial Goods & Services		357,165,513		-		-		357,165,513
Consumer Goods & Services		282,736,218		-		-		282,736,218
Finance		238,804,551		-		-		238,804,551
Health Care		186,468,270		-		-		186,468,270
Other Industries		106,532,650		-		-		106,532,650
Energy & Minerals		86,451,108		-		-		86,451,108
Total Equities		1,680,476,203		-		-		1,680,476,203
Total Short-Term Investments		25,379,582		-		-		25,379,582
Total Securities Lending Collateral		17,021,662		-		-		17,021,662
Total Investments	$	1,722,877,447	$	-	$	-	$	1,722,877,447

There were no transfers of financial assets between levels 1 and 2 during the period.

The following table shows transfers between Level 1 and Level 3 of the fair value hierarchy:

Transfers In				Transfers Out
Level 1		Level 3		Level 1		Level 3
$	970	$	-	$	-	$	970

Financial assets were transferred from Level 3 to Level 1 as stock commenced trading on an exchange.

Columbia Acorn International Select^SM

Major Portfolio Changes in the First Quarter

	Number of Shares
	12/31/13		3/31/14
Purchases
Asia
> Korea
KT&G		0		97,400
> Taiwan
Hermes Microvision		0		34,000
> Hong Kong
Melco Crown Entertainment - ADR		0		170,000
Europe
> France
Neopost		153,900		169,300
> Germany
Telefonica Deutschland		0		630,000
> Sweden
Swedish Match		0		169,000
Other Countries
> Australia
Amcor		370,000		790,000
Crown Resorts		250,000		465,000
IAG		2,000,000		2,200,000

	Number of Shares
	12/31/13		3/31/14
Sales
Asia
> Japan
Dentsu		188,000		172,000
NGK Spark Plug		614,000		350,000
Rinnai		166,500		108,700
Seven Bank		2,253,000		1,726,000
Start Today		143,700		0
Wacom		414,000		0
> Korea
AmorePacific Group		2,631		0
CJ Corp		52,400		47,500
Coway		66,800		0
KEPCO Plant Service & Engineering		174,900		108,700
> Taiwan
Taiwan Mobile		550,000		0
> Hong Kong
Melco International		2,391,000		1,000,000
Europe
> United Kingdom
Babcock International		476,000		310,000
Jardine Lloyd Thompson Group		900,000		720,000
Smith & Nephew		580,000		440,000
> Norway
Subsea 7		257,000		180,000
> Sweden
Hexagon		115,000		99,000
> Switzerland
Partners Group		30,500		26,100
Other Countries
> Canada
CCL Industries		151,000		119,000
> United States
Atwood Oceanics		67,000		0
SM Energy		66,000		0

Columbia Acorn International Select^SM

Statement of Investments, March 31, 2014

Number of Shares			Value
			Equities: 92.9%
Asia 38.3%
		> Japan 15.3%
	108,700	Rinnai	$	9,561,474
		Gas Appliances for Household & Commercial Use
	350,000	NGK Spark Plug		7,865,206
		Automobile Parts
	1,726,000	Seven Bank		6,773,512
		ATM Processing Services
	172,000	Dentsu		6,513,301
		Advertising Agency
	2,750	Nippon Prologis REIT		5,551,061
		Logistics REIT in Japan
	4,205	Orix JREIT		5,249,867
		Diversified REIT
	74,000	Makita		4,073,968
		Power Tools
	91,000	FamilyMart		4,001,820
		Convenience Store Operator
	206,000	Park24		3,914,237
		Parking Lot Operator
				53,504,446
		> Singapore 6.9%
	9,513,999	Ascendas REIT		17,125,177
		Industrial Property Landlord
	8,571,000	Mapletree Logistics Trust		7,125,657
		Industrial Property Landlord
				24,250,834
		> Korea 5.8%
	97,400	KT&G		7,335,891
		Leading Producer of Tobacco & Ginseng
	108,700	KEPCO Plant Service & Engineering		6,931,065
		Power Plant & Grid Maintenance
	47,500	CJ Corp		6,084,269
		Holding Company of Korean Consumer Conglomerate
				20,351,225
		> Taiwan 4.4%
	6,700,000	Far EasTone Telecom		14,182,534
		Taiwan's Third Largest Mobile Operator
	34,000	Hermes Microvision		1,365,029
		E-beam Inspection Systems for Semiconductor Integrated Circuits
				15,547,563
		> Indonesia 3.1%
	11,903,000	Archipelago Resources (a)(b)(c)		10,715,808
		Gold Mining Projects in Indonesia, Vietnam & the Philippines
		> Hong Kong 2.8%
	170,000	Melco Crown Entertainment - ADR		6,570,500
		Macau Casino Operator

Number of Shares			Value
	1,000,000	Melco International	$	3,362,155
		Macau Casino Operator
				9,932,655
Asia: Total				134,302,531
Europe 29.7%
		> United Kingdom 9.8%
	720,000	Jardine Lloyd Thompson Group		12,771,704
		International Business Insurance Broker
	310,000	Babcock International		6,961,519
		Public Sector Outsourcer
	440,000	Smith & Nephew		6,667,934
		Medical Equipment & Supplies
	70,442	Whitbread		4,887,744
		The UK's Leading Hotelier & Coffee Shop
	270,000	Telecity		3,141,911
		European Data Center Provider
				34,430,812
		> Denmark 3.9%
	131,474	SimCorp		5,337,223
		Software for Investment Managers
	104,500	Novozymes		4,595,081
		Industrial Enzymes
	67,300	Jyske Bank (d)		3,698,218
		Danish Bank
				13,630,522
		> France 3.8%
	169,300	Neopost (e)		13,369,091
		Postage Meter Machines
		> Norway 2.7%
	724,000	Orkla		6,172,584
		Food & Brands, Aluminum, Chemicals Conglomerate
	180,000	Subsea 7		3,345,803
		Offshore Subsea Contractor
				9,518,387
		> Germany 2.7%
	630,000	Telefonica Deutschland		5,021,781
		Mobile & Fixed-line Communications in Germany
	107,400	Wirecard		4,456,542
		Online Payment Processing & Risk Management
				9,478,323
		> Sweden 2.6%
	169,000	Swedish Match		5,522,535
		Market Leader in Swedish Snus
	99,000	Hexagon		3,363,580
		Design, Measurement & Visualization Software & Equipment
				8,886,115

Number of Shares			Value
		> Switzerland 2.1%
	26,100	Partners Group	$	7,333,567
		Private Markets Asset Management
		> Netherlands 1.1%
	33,000	Gemalto		3,843,394
		Digital Security Solutions
		> Spain 1.0%
	66,000	Viscofan		3,451,963
		Sausage Casings Maker
Europe: Total				103,942,174
Other Countries 18.9%
		> Australia 11.4%
	2,200,000	IAG		11,378,552
		General Insurance Provider
	1,674,000	Challenger Financial		9,959,735
		Largest Annuity Provider
	790,000	Amcor		7,632,957
		Global Leader in Flexible & Rigid Packaging
	465,000	Crown Resorts		7,191,772
		Australian Casino Operator
	1,700,000	Regis Resources		3,579,320
		Gold Mining in Australia
				39,742,336
		> Canada 4.0%
	119,000	CCL Industries		10,196,002
		Largest Global Label Converter
	159,000	Goldcorp		3,892,320
		Gold Mining
				14,088,322
		> South Africa 3.5%
	710,000	Coronation Fund Managers		6,676,482
		South African Fund Manager
	50,000	Naspers		5,515,482
		Media in Africa, China, Russia & Other Emerging Markets
				12,191,964
Other Countries: Total				66,022,622
Latin America 6.0%
		> Guatemala 3.5%
	588,000	Tahoe Resources (d)		12,430,176
		Silver Project in Guatemala

Number of Shares			Value
		> Brazil 1.9%
	12,057,582	Beadell Resources (d)	$	6,757,798
		Gold Mining in Brazil
		> Uruguay 0.6%
	191,666	Union Agriculture Group (a)(c)(d)		1,968,410
		Farmland Operator in Uruguay
Latin America: Total				21,156,384
Total Equities: 92.9% (Cost: $262,562,152)				325,423,711	(f)
Short-Term Investments 6.6%
	20,000,000	JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.01%)		20,000,000
	3,144,049	JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%)		3,144,049
Total Short-Term Investments: 6.6% (Cost: $23,144,049)				23,144,049
Securities Lending Collateral —%
	124,396	Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (g)		124,396
Total Securities Lending Collateral: —% (Cost: $124,396)				124,396
Total Investments: 99.5% (Cost: $285,830,597)(h)				348,692,156	(i)
Obligation to Return Collateral for Securities Loaned: (—)%				(124,396	)
Cash and Other Assets Less Liabilities: 0.5%				1,729,096
Net Assets: 100.0%			$	350,296,856

ADR - American Depositary Receipts

REIT - Real Estate Investment Trust

> Notes to Statement of Investments

(a) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities are valued at fair value determined in good faith under consistently applied procedures established by the Fund's Board of Trustees. At March 31, 2014, the market value of these securities amounted to $12,684,218, which represented 3.62% of total net assets. Additional information on these securities is as follows:

Security	Acquisition Dates	Shares/Units		Cost		Value
Archipelago Resources	12/20/10-9/26/13		11,903,000	$	12,066,977	$	10,715,808
Union Agriculture Group	12/8/10-6/27/12		191,666		2,200,000		1,968,410
				$	14,266,977	$	12,684,218

Columbia Acorn International Select^SM

Statement of Investments, continued

> Notes to Statement of Investments

(b) The Fund also received put options through a transaction related to a proposed company restructuring of Archipelago Resources. Additional information on the put options received is as follows:

Security

Option Shares

Exercise Price

Expiration Date

Value

Option (1)

11,903,000

GBP

0.58

August 13, 2014

793,764

GBP - British Pound

(d) Non-income producing security.

(e) All or a portion of this security was on loan at March 31, 2014. The total market value of securities on loan at March 31, 2014 was $118,976.

(f) On March 31, 2014, the Fund's total equity investments were denominated in currencies as follows:

Currency	Value		Percentage of Net Assets
Japanese Yen	$	53,504,446		15.3
Australian Dollar		46,500,134		13.3
British Pound		45,146,619		12.9
Euro		30,142,772		8.6
Singapore Dollar		24,250,834		6.9
Canadian Dollar		22,626,178		6.4
South Korean Won		20,351,225		5.8
Other currencies less than 5% of total net assets		82,901,503		23.7
Total Equities	$	325,423,711		92.9

(g) Investment made with cash collateral received from securities lending activity.

(h) At March 31, 2014, for federal income tax purposes, the cost of investments was $285,830,597 and net unrealized appreciation was $62,861,559 consisting of gross unrealized appreciation of $76,031,590 and gross unrealized depreciation of $13,170,031.

(i) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2013.

At March 31, 2014, the Fund had entered into the following forward foreign currency exchange contract:

Forward Foreign Currency Exchange Contracts to Buy				Forward Foreign Currency Exchange Contracts to Sell				Principal Amount in Foreign Currency				Principal Amount in U.S. Dollar				Settlement Date				Unrealized Appreciation (Depreciation)
USD				ZAR					97,024,500			$	9,000,000			4/15/14				$	(197,540	)

The counterparty for all forward foreign currency exchange contracts is Morgan Stanley.

USD - United States Dollar

ZAR - South African Rand

Fair Value Measurements

• 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 inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

> Notes to Statement of Investments

amortized cost. Additionally, securities fair valued by the Valuation Committee (the Committee) of the Fund's Board of Trustees (the Board) 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.

Under the direction of the Board, the Committee is responsible for overseeing the valuation procedures approved by the Board.

For investments and derivatives categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Funds' securities may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. Significant changes in any of these factors could result in lower or higher fair value measurements. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.

The following table summarizes the inputs used, as of March 31, 2014, in valuing the Fund's assets:

Investment Type	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)			Significant Unobservable Inputs (Level 3)		Total
Equities
Asia	$	6,570,500	$	117,016,223		$	10,715,808	$	134,302,531
Europe		-		103,942,174			-		103,942,174
Other Countries		14,088,322		51,934,300			-		66,022,622
Latin America		12,430,176		6,757,798			1,968,410		21,156,384
Total Equities		33,088,998		279,650,495			12,684,218		325,423,711
Total Short-Term Investments		23,144,049		-			-		23,144,049
Total Securities Lending Collateral		124,396		-			-		124,396
Total Investments	$	56,357,443	$	279,650,495		$	12,684,218	$	348,692,156
Unrealized Appreciation (Depreciation) on:
Forward Foreign Currency Exchange Contracts		-		(197,540	)		-		(197,540	)
Options		-		-			793,764		793,764
Total	$	56,357,443	$	279,452,955		$	13,477,982	$	349,288,380

The Fund's assets assigned to the Level 2 input category are generally valued using a market approach, in which a security's value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Foreign equities are generally valued at the last sale price on the foreign exchange or market on which they trade. The Fund may use a statistical fair valuation model, in accordance with the policy adopted by the Board, provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. These models take into account available market data including intraday index, ADR, and ETF movements. Forward foreign currency exchange contracts are valued at the prevailing forward exchange rate of the underlying currencies.

There were no transfers of financial assets between levels during the period.

Columbia Acorn International Select^SM

Statement of Investments, continued

> Notes to Statement of Investments

The following table reconciles asset balances for the period ending March 31, 2014, in which significant observable and/or unobservable inputs (Level 3) were used in determining value:

Investments in Securities	Balance as of December 31, 2013		Realized Gain/ (Loss)		Change in Unrealized Appreciation (Depreciation)			Purchases		Sales		Transfers into Level 3		Transfers out of Level 3		Balance as of March 31, 2014
Equities
Asia	$	10,249,601	$	-	$	466,207		$	-	$	-	$	-	$	-	$	10,715,808
Latin America		2,048,910		-		(80,500	)		-		-		-		-		1,968,410
Options
Asia		985,539		-		(191,775	)		-		-		-		-		793,764
	$	13,284,050	$	-	$	193,932		$	-	$	-	$	-	$	-	$	13,477,982

The information in the above reconciliation table represents fiscal year to date activity for any securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period.

The change in unrealized appreciation attributed to securities owned at March 31, 2014, which were valued using significant unobservable inputs (Level 3), amounted to $193,932.

Quantitative information pertaining to Level 3 unobservable fair value measurements

Fair Value
at 3/31/14

Valuation Technique(s)

Unobservable Input(s)

Range (Weighted Average)

Equities

Asia

10,715,808

Discounted cash flow

Enterprise valuation and illiquid discount

14.6

% to 19.5%

Latin America

1,968,410

Market comparable companies

Discount for lack of marketability

% to 13%

Options

Asia

793,764

Income approach

Illiquid discount

0.6

Columbia Acorn International Select^SM

Portfolio Diversification

At March 31, 2014, the Fund's portfolio investments as a percentage of net assets were diversified as follows:

	Value		Percentage of Net Assets
> Consumer Goods & Services
Nondurables	$	17,531,893		5.0
Other Durable Goods		17,426,680		5.0
Casinos & Gaming		17,124,427		4.9
Food & Beverage		8,974,497		2.6
Other Consumer Services		6,084,269		1.7
Restaurants		4,887,744		1.4
Retail		4,001,820		1.1
		76,031,330		21.7
> Finance
Insurance		34,109,991		9.7
Brokerage & Money Management		14,010,049		4.0
Banks		10,471,730		3.0
		58,591,770		16.7
> Industrial Goods & Services
Machinery		17,443,060		5.0
Outsourcing Services		13,892,584		4.0
Industrial Materials & Specialty Chemicals		12,228,038		3.5
Conglomerates		6,172,584		1.7
Other Industrial Services		3,914,237		1.1
		53,650,503		15.3
> Information
Mobile Communications		14,182,534		4.0
Business Software		8,700,803		2.5
Advertising		6,513,301		1.9
Internet Related		5,515,482		1.6
Telephone & Data Services		5,021,781		1.4
Financial Processors		4,456,542		1.3
Computer Hardware & Related Equipment		3,843,394		1.1
Computer Services		3,141,911		0.9
Semiconductors & Related Equipment		1,365,029		0.4
		52,740,777		15.1

	Value			Percentage of Net Assets
> Energy & Minerals
Mining	$	37,375,422			10.7
Oil Services		3,345,803			1.0
Agricultural Commodities		1,968,410			0.5
		42,689,635			12.2
> Other Industries
Real Estate		35,051,762			10.0
		35,051,762			10.0
> Health Care
Medical Equipment & Devices		6,667,934			1.9
		6,667,934			1.9
Total Equities:		325,423,711			92.9
Short-Term Investments:		23,144,049			6.6
Securities Lending Collateral:		124,396			0.0	*
Total Investments:		348,692,156			99.5
Obligation to Return Collateral for Securities Loaned:		(124,396	)		(0.0	)*
Cash and Other Assets Less Liabilities:		1,729,096			0.5
Net Assets:	$	350,296,856			100.0

* Rounds to zero.

Columbia Acorn Select^SM

Major Portfolio Changes in the First Quarter

	Number of Shares
	12/31/13		3/31/14
Purchases
Industrial Goods & Services
Airgas		117,000		190,000
LKQ		0		400,000
Information
Trimble Navigation		490,000		550,000
Consumer Goods & Services
Lifetime Fitness		250,000		340,000

	Number of Shares
	12/31/13		3/31/14
Sales
Industrial Goods & Services
Ametek		990,000		925,000
Donaldson		830,000		800,000
FMC Corporation		220,000		190,000
Forward Air		107,000		0
Nordson		288,000		270,000
Pall		265,000		220,000
Information
Amphenol		370,000		325,000
SBA Communications		325,000		270,000
WNS - ADR (India)		1,589,000		1,510,000
Finance
CNO Financial Group		2,085,000		1,875,000
Discover Financial Services		678,000		604,000
SEI Investments		725,000		665,000
Consumer Goods & Services
Blackhawk Network		435,000		400,000
Choice Hotels		200,000		130,000
Hertz		1,415,000		950,000
Vail Resorts		238,000		220,000
Energy & Minerals
Canacol (Colombia)		3,600,000		3,025,000
Rowan		260,000		173,000
Heath Care
Cepheid		435,000		330,000
Henry Schein		163,000		142,000

Columbia Acorn Select^SM

Statement of Investments, March 31, 2014

Number of Shares			Value
			Equities: 98.6%
Industrial Goods & Services 26.3%
		> Machinery 17.6%
	925,000	Ametek	$	47,628,250
		Aerospace/Industrial Instruments
	800,000	Donaldson		33,920,000
		Industrial Air Filtration
	505,000	Kennametal		22,371,500
		Consumable Cutting Tools
	220,000	Pall		19,683,400
		Life Science, Water & Industrial Filtration
	270,000	Nordson		19,032,300
		Dispensing Systems for Adhesives & Coatings
				142,635,450
		> Outsourcing Services 3.1%
	670,000	Quanta Services (a)		24,723,000
		Electrical & Telecom Construction Services
		> Industrial Distribution 2.5%
	190,000	Airgas		20,236,900
		Industrial Gas Distributor
		> Industrial Materials & Specialty Chemicals 1.8%
	190,000	FMC Corporation		14,546,400
		Niche Specialty Chemicals
		> Other Industrial Services 1.3%
	400,000	LKQ (a)		10,540,000
		Alternative Auto Parts Distribution
Industrial Goods & Services: Total				212,681,750
Information 22.0%
		> Instrumentation 5.4%
	95,000	Mettler-Toledo International (a)		22,389,600
		Laboratory Equipment
	550,000	Trimble Navigation (a)		21,378,500
		GPS-based Instruments
				43,768,100
		> Computer Hardware & Related Equipment 3.7%
	325,000	Amphenol		29,786,250
		Electronic Connectors
		> Computer Services 3.4%
	1,510,000	WNS - ADR (India) (a)		27,180,000
		Offshore BPO (Business Process Outsourcing) Services
		> Mobile Communications 3.0%
	270,000	SBA Communications (a)		24,559,200
		Communications Towers
		> Business Software 2.8%
	180,000	Ansys (a)		13,863,600
		Simulation Software for Engineers & Designers
	234,000	Informatica (a)		8,840,520
		Enterprise Data Integration Software
				22,704,120

Number of Shares			Value
		> Telecommunications Equipment 2.4%
	180,000	F5 Networks (a)	$	19,193,400
		Internet Traffic Management Equipment
		> Contract Manufacturing 0.9%
	440,000	Sanmina-SCI (a)		7,678,000
		Electronic Manufacturing Services
		> Semiconductors & Related Equipment 0.4%
	360,000	Atmel (a)		3,009,600
		Microcontrollers, Radio Frequency & Memory Semiconductors
Information: Total				177,878,670
Finance 16.3%
		> Banks 5.0%
	333,000	City National		26,213,760
		Bank & Asset Manager
	800,000	Associated Banc-Corp		14,448,000
		Midwest Bank
				40,661,760
		> Credit Cards 4.3%
	604,000	Discover Financial Services		35,146,760
		Credit Card Company
		> Insurance 4.2%
	1,875,000	CNO Financial Group		33,937,500
		Life, Long-term Care & Medical Supplement Insurance
		> Brokerage & Money Management 2.8%
	665,000	SEI Investments		22,350,650
		Mutual Fund Administration & Investment Management
Finance: Total				132,096,670
Consumer Goods & Services 14.7%
		> Travel 5.8%
	950,000	Hertz (a)		25,308,000
		Largest U.S. Rental Car Operator
	220,000	Vail Resorts		15,334,000
		Ski Resort Operator & Developer
	130,000	Choice Hotels		5,980,000
		Franchisor of Budget Hotel Brands
				46,622,000
		> Retail 3.7%
	205,000	Casey's General Stores		13,855,950
		Owner/Operator of Convenience Stores
	115,000	ULTA (a)		11,210,200
		Specialty Beauty Product Retailer
	195,000	Best Buy		5,149,950
		Consumer Electronic Specialty Retailer
				30,216,100
		> Other Consumer Services 3.3%
	340,000	Lifetime Fitness (a)		16,354,000
		Sport & Fitness Club Operator
	400,000	Blackhawk Network (a)		9,756,000
		Third Party Distributer of Prepaid Content, Mostly Gift Cards

Columbia Acorn Select^SM

Statement of Investments, continued

Number of Shares			Value
		> Other Consumer Services—continued
	647,938	IFM Investments (Century 21 China RE) - ADR (China) (a)	$	1,030,221
		Provide Real Estate Services in China
				27,140,221
		> Apparel 1.4%
	89,000	PVH		11,104,530
		Apparel Wholesaler & Retailer
		> Educational Services 0.4%
	120,000	ITT Educational Services (a)		3,441,600
		Post-secondary Degree Services
		> Food & Beverage 0.1%
	1,500,000	GLG Life Tech (Canada) (a)		678,426
		Produces an All-natural Sweetener Extracted from the Stevia Plant
Consumer Goods & Services: Total				119,202,877
Energy & Minerals 9.3%
		> Oil & Gas Producers 5.9%
	3,025,000	Canacol (Colombia) (a)		19,099,503
		Oil Producer in South America
	20,600,000	Shamaran Petroleum (Iraq) (a)		8,385,346
		Oil Exploration & Production in Kurdistan
	410,000	Pacific Rubiales Energy (Colombia)		7,384,080
		Oil Production & Exploration in Colombia
	22,500,000	Canadian Overseas Petroleum (United Kingdom) (a)(b)(c)		5,607,191
		Oil & Gas Exploration/Production in the North Sea
	58,300	Antero Resources (a)		3,649,580
		Utica & Marcellus Shale
	12,000,000	Petromanas (Canada) (a)		2,225,237
		Exploring for Oil in Albania
	33,700,000	Petrodorado Energy (Colombia) (a)(b)		1,219,358
		Oil & Gas Exploration & Production in Colombia, Peru & Paraguay
				47,570,295
		> Agricultural Commodities 2.2%
	1,742,424	Union Agriculture Group (Uruguay) (a)(c)(d)		17,894,694
		Farmland Operator in Uruguay
		> Oil Services 0.7%
	173,000	Rowan (a)		5,826,640
		Contract Offshore Driller
		> Alternative Energy 0.5%
	2,000,000	Synthesis Energy Systems (China) (a)		3,920,000
		Owner/Operator of Gasification Plants/Technology Licenses
Energy & Minerals: Total				75,211,629

Number of Shares			Value
Health Care 6.0%
		> Medical Supplies 4.2%
	330,000	Cepheid (a)	$	17,021,400
		Molecular Diagnostics
	142,000	Henry Schein (a)		16,950,540
		Largest Distributor of Healthcare Products
				33,971,940
		> Biotechnology & Drug Delivery 1.8%
	310,000	Seattle Genetics (a)		14,123,600
		Antibody-based Therapies for Cancer
Health Care: Total				48,095,540
Other Industries 4.0%
		> Real Estate 4.0%
	430,000	Post Properties		21,113,000
		Multifamily Properties
	230,000	Extra Space Storage		11,157,300
		Self Storage Facilities
				32,270,300
Other Industries: Total				32,270,300
Total Equities: 98.6% (Cost: $497,437,515)				797,437,436	(e)
Short-Term Investments 1.5%
	12,193,976	JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%)		12,193,976
Total Short-Term Investments: 1.5% (Cost: $12,193,976)				12,193,976
Total Investments: 100.1% (Cost: $509,631,491) (f)				809,631,412	(g)
Cash and Other Assets Less Liabilities: (0.1)%				(593,287	)
Net Assets: 100.0%			$	809,038,125

ADR - American Depositary Receipts

> Notes to Statement of Investments

(a) Non-income producing security.

Security	Balance of Shares Held 12/31/13		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 3/31/14		Value		Dividend
Canadian Overseas Petroleum		24,000,000		-		1,500,000		22,500,000	$	5,607,191	$	-
IFM Investments (Century 21 China RE) - ADR (1)		898,852		-		250,914		647,938		1,030,221		-
Petrodorado Energy		33,700,000		-		-		33,700,000		1,219,358		-
Total of Affiliated Transactions		58,598,852		-		1,750,914		56,847,938	$	7,856,770	$	-

(1) At March 31, 2014, the Fund owned less than five percent of the company's outstanding voting shares.

The aggregate cost and value of these companies at March 31, 2014, was $23,207,419 and $6,826,549, respectively. Investments in affiliated companies represented 0.84% of the Fund's total net assets at March 31, 2014.

(c) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities are valued at fair value determined in good faith under consistently applied procedures established by the Fund's Board of Trustees. At March 31, 2014, the market value of these securities amounted to $23,501,885, which represented 2.90% of total net assets. Additional information on these securities is as follows:

Security	Acquisition Dates	Shares/Units		Cost		Value
Union Agriculture Group	12/8/10-6/27/12		1,742,424	$	20,000,000	$	17,894,694
Canadian Overseas Petroleum	11/24/10		22,500,000		9,596,330		5,607,191
				$	29,596,330	$	23,501,885

(d) Illiquid security.

(e) On March 31, 2014, the market value of foreign securities represented 11.70% of total net assets. The Fund's foreign portfolio was diversified as follows:

Country	Value		Percentage of Net Assets
Colombia	$	27,702,940		3.43
India		27,180,000		3.36
Uruguay		17,894,694		2.21
Iraq		8,385,346		1.04
United Kingdom		5,607,191		0.69
China		4,950,221		0.61
Canada		2,903,664		0.36
Total Foreign Portfolio	$	94,624,056		11.70

(f) At March 31, 2014, for federal income tax purposes, the cost of investments was $509,631,491 and net unrealized appreciation was $299,999,921 consisting of gross unrealized appreciation of $335,154,064 and gross unrealized depreciation of $35,154,143.

(g) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2013.

Fair Value Measurements

• 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 inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Columbia Acorn Select^SM

Statement of Investments, continued

> Notes to Statement of Investments

Under the direction of the Board, the Committee is responsible for overseeing the valuation procedures approved by the Board.

The following table summarizes the inputs used, as of March 31, 2014, in valuing the Fund's assets:

Investment Type	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equities
Industrial Goods & Services	$	212,681,750	$	-	$	-	$	212,681,750
Information		177,878,670		-		-		177,878,670
Finance		132,096,670		-		-		132,096,670
Consumer Goods & Services		119,202,877		-		-		119,202,877
Energy & Minerals		51,709,744		5,607,191		17,894,694		75,211,629
Health Care		48,095,540		-		-		48,095,540
Other Industries		32,270,300		-		-		32,270,300
Total Equities		773,935,551		5,607,191		17,894,694		797,437,436
Total Short-Term Investments		12,193,976		-		-		12,193,976
Total Investments	$	786,129,527	$	5,607,191	$	17,894,694	$	809,631,412

There were no transfers of financial assets between levels during the period.

The following table reconciles asset balances for the period ending March 31, 2014, in which significant observable and/or unobservable inputs (Level 3) were used in determining value:

Investments in Securities				Balance as of December 31, 2013				Realized Gain/ (Loss)				Change in Unrealized Appreciation (Depreciation)				Purchases				Sales				Transfers into Level 3				Transfers out of Level 3				Balance as of March 31, 2014
Equities Energy & Minerals				$	18,626,513			$	-			$	(731,819	)		$	-			$	-			$	-			$	-			$	17,894,694

The change in unrealized depreciation attributed to securities owned at March 31, 2014, which were valued using significant unobservable inputs (Level 3), amounted to $731,819.

> Notes to Statement of Investments

Quantitative information pertaining to Level 3 unobservable fair value measurements

Fair Value
at 3/31/14

Valuation Technique(s)

Unobservable Input(s)

Range (Weighted
Average)

Equities
Energy & Minerals

17,894,694

Market comparable companies

Discount for lack of marketability

% to 13%

Columbia Thermostat Fund^SM

Statement of Investments, March 31, 2014

Number of Shares			Value
		> Affiliated Bond Funds 89.8%
	46,966,537	Columbia Short Term Bond Fund, Class I (a)	$	468,256,374
	34,541,806	Columbia Income Opportunities Fund, Class I (a)		352,326,427
	38,597,441	Columbia Intermediate Bond Fund, Class I (a)		351,236,711
Total Affiliated Bond Funds: (Cost: $1,165,582,728)				1,171,819,512
		> Affiliated Stock Funds 9.9%
	1,426,823	Columbia Dividend Income Fund, Class I (a)		26,553,180
	548,713	Columbia Acorn International, Class I (a)		25,943,147
	941,537	Columbia Contrarian Core Fund, Class I (a)		19,593,387
	512,490	Columbia Acorn Fund, Class I (a)		19,151,739
	692,164	Columbia Large Cap Enhanced Core Fund, Class I (a)		13,158,035

Number of Shares			Value
	482,291	Columbia Acorn Select, Class I (a)	$	12,886,800
	623,635	Columbia Select Large Cap Growth Fund, Class I (a)(b)		12,079,815
Total Affiliated Stock Funds: (Cost: $90,822,786)				129,366,103
		> Short-Term Investments 0.1%
	1,031,762	JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%)		1,031,762
Total Short-Term Investments: (Cost: $1,031,762)				1,031,762
Total Investments: 99.8% (Cost: $1,257,437,276)(c)				1,302,217,377	(d)
Cash and Other Assets Less Liabilities: 0.2%				3,129,047
Net Assets: 100.0%			$	1,305,346,424

> Notes to Statement of Investments

(a) An affiliated person of the Fund, as defined in the Investment Company Act of 1940, may include any company in which the Fund owns five percent or more of its outstanding voting shares. Holdings and transactions in these affiliated companies during the period ended March 31, 2014, are as follows:

Security	Balance of Shares Held 12/31/13		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 3/31/14		Value		Dividend
Columbia Short Term Bond Fund, Class I		47,811,438		2,981,942		3,826,843		46,966,537	$	468,256,374	$	1,337,459
Columbia Income Opportunities Fund, Class I		35,741,824		1,808,227		3,008,245		34,541,806		352,326,427		4,549,299
Columbia Intermediate Bond Fund, Class I		39,903,530		2,536,789		3,842,878		38,597,441		351,236,711		2,400,058
Columbia Dividend Income Fund, Class I		1,469,969		828,716		871,862		1,426,823		26,553,180		161,926
Columbia Acorn International, Class I		583,352		315,675		350,314		548,713		25,943,147		-
Columbia Contrarian Core Fund, Class I		984,664		548,011		591,138		941,537		19,593,387		-
Columbia Acorn Fund, Class I		545,386		306,100		338,996		512,490		19,151,739		-
Columbia Large Cap Enhanced Core Fund, Class I		720,935		404,479		433,250		692,164		13,158,035		-
Columbia Acorn Select, Class I		509,430		284,250		311,389		482,291		12,886,800		-
Columbia Select Large Cap Growth Fund, Class I		700,545		375,125		452,035		623,635		12,079,815		-
Total of Affiliated Transactions		128,971,073		10,389,314		14,026,950		125,333,437	$	1,301,185,615	$	8,448,742

The aggregate cost and value of these companies at March 31, 2014, was $1,256,405,514 and $1,301,185,615, respectively. Investments in affiliated companies represented 99.68% of the Fund's total net assets at March 31, 2014.

(b) Non-income producing security.

(c) At March 31, 2014, for federal income tax purposes, the cost of investments was $1,257,437,276 and net unrealized appreciation was $44,780,101 consisting of gross unrealized appreciation of $49,514,685 and gross unrealized depreciation of $4,734,584.

(d) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2013.

> Notes to Statement of Investments

Fair Value Measurements

• 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 inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Under the direction of the Board, the Committee is responsible for overseeing the valuation procedures approved by the Board.

The following table summarizes the inputs used, as of March 31, 2014, in valuing the Fund's assets:

Investment Type	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Total Affiliated Bond Funds	$	1,171,819,512	$	-	$	-	$	1,171,819,512
Total Affiliated Stock Funds		129,366,103		-		-		129,366,103
Total Short-Term Investments		1,031,762		-		-		1,031,762
Total Investments	$	1,302,217,377	$	-	$	-	$	1,302,217,377

There were no transfers of financial assets between levels during the period.

Columbia Acorn Emerging Markets Fund^SM

Major Portfolio Changes in the First Quarter

	Number of Shares
	12/31/13		3/31/14
Purchases
Asia
> Indonesia
Arwana Citramulia		57,233,000		66,827,700
Mayora Indah		1,889,000		2,039,100
MNC Skyvision		49,308,500		54,833,000
Surya Citra Media		20,432,079		21,295,479
Tower Bersama Infrastructure		8,986,109		9,323,409
> Taiwan
Advantech		729,169		967,169
Delta Electronics		0		848,000
Far EasTone Telecom		2,732,000		3,561,000
Ginko International		270,000		280,000
> China
AMVIG Holdings		8,370,000		13,122,000
Biostime		557,500		668,000
BitAuto - ADR		0		134,948
NewOcean Energy		0		5,774,000
Sihuan Pharmaceuticals		788,000		4,090,000
SouFun - ADR		38,215		70,809
WuXi PharmaTech - ADR		116,546		276,445
> India
Bosch		34,000		37,774
Colgate Palmolive India		183,768		220,390
Redington India		3,819,510		4,166,996
United Breweries		328,926		359,450
Zee Entertainment Enterprises		0		1,518,065
> Philippines
Melco Crown Philippines Resorts		34,866,900		43,342,000
Puregold Price Club		4,684,900		5,094,500
RFM Corporation		31,314,400		42,417,600
Robinsons Retail Holdings		3,319,330		3,491,580
Security Bank		1,860,468		2,435,328
> Hong Kong
Melco International		3,398,000		4,336,000
Sa Sa International		6,801,799		11,307,799
Vitasoy International		2,642,000		3,418,000
> Thailand
Home Product Center		19,830,683		24,525,383
Robinson's Department Store		3,788,300		4,672,400
Samui Airport Property Fund		7,888,100		10,055,200
> Singapore
Petra Foods		1,567,000		1,798,000
Super Group		2,112,000		2,701,000
> Korea
Koh Young Technology		0		259,889
Paradise		158,025		172,818
> Cambodia
Nagacorp		7,464,000		9,228,000

	Number of Shares
	12/31/13		3/31/14
> Japan
Kansai Paint		323,760		447,760
> Malaysia
Aeon		930,800		1,135,300
Europe
> Finland
Tikkurila		217,257		290,000
> Kazakhstan
Halyk Savings Bank of Kazakhstan - GDR		876,046		1,268,483
> Sweden
Hexagon		236,490		303,638
> Russia
Yandex		196,239		295,239
> United Kingdom
Cable and Wireless		7,303,837		8,957,839
> Turkey
Bizim Toptan		344,552		569,979
> Spain
Prosegur		468,656		840,828
Other Countries
> South Africa
Coronation Fund Managers		1,444,590		2,081,394
Massmart Holdings		417,276		446,313
Mr. Price		279,765		399,378
Rand Merchant Insurance		2,672,291		3,469,702
> United States
Atwood Oceanics		97,261		111,249
Textainer Group Holdings		161,393		215,040
> Canada
CAE		400,003		486,425
Latin America
> Brazil
Beadell Resources		7,058,587		9,580,580
Linx		200,000		255,000
Localiza Rent A Car		504,570		718,970
Odontoprev		969,400		1,275,100
> Mexico
Genomma Lab Internacional		1,979,300		2,050,000
Grupo Aeroportuario del Sureste - ADR		31,754		42,927
Qualitas		2,539,500		2,687,000
> Colombia
Isagen		2,900,000		3,344,904
> Chile
Forus		0		1,117,409

	Number of Shares
	12/31/13		3/31/14
Sales
Asia
> Taiwan
CTCI Corp		2,538,000		0
Flexium Interconnect		501,144		0
Radiant Opto-Electronics		525,000		0
St. Shine Optical		210,000		196,000
> China
58.com - ADR		66,229		0
> India
TTK Prestige		71,593		0
> Hong Kong
ASM Pacific		124,400		0
Europe
> Russia
QIWI - ADR		127,500		0
Moscow Exchange		2,986,454		0
> Italy
Pirelli		390,418		324,156
Latin America
> Chile
Empresas Hites		4,342,954		0

Columbia Acorn Emerging Markets Fund^SM

Statement of Investments, March 31, 2014

Number of Shares			Value
			Equities: 97.1%
Asia 58.6%
		> Indonesia 9.8%
	54,833,000	MNC Skyvision	$	11,571,588
		Largest Satellite Pay TV Operator in Indonesia
	6,677,000	Matahari Department Store (a)		8,208,389
		Largest Department Store Chain in Indonesia
	21,295,479	Surya Citra Media		6,023,456
		Free to Air TV Station in Indonesia
	66,827,700	Arwana Citramulia		5,577,393
		Ceramic Tiles for Home Decoration
	82,889,190	Ace Indonesia		5,493,713
		Home Improvement Retailer
	2,039,100	Mayora Indah		5,420,106
		Consumer Branded Food Manufacturer
	9,323,409	Tower Bersama Infrastructure (a)		4,943,187
		Communications Towers
	1,591,929	Archipelago Resources (b)(c)(d)(e)		1,433,152
		Gold Mining Projects in Indonesia, Vietnam & the Philippines
				48,670,984
		> Taiwan 8.6%
	3,561,000	Far EasTone Telecom		7,537,911
		Taiwan's Third Largest Mobile Operator
	967,169	Advantech		6,282,636
		Industrial PC & Components
	3,529,631	Lite-On Technology		5,276,910
		Mobile Device, LED & PC Server Component Supplier
	848,000	Delta Electronics		5,251,866
		Industrial Automation, Switching Power Supplies & Passive Components
	653,000	PC Home		4,900,145
		Taiwanese Internet Retail Company
	280,000	Ginko International		4,837,871
		Largest Contact Lens Maker in China
	196,000	St. Shine Optical		4,381,081
		World's Leading Disposable Contact Lens OEM (Original Equipment Manufacturer)
	1,797,990	Chroma Ate		4,294,776
		Automatic Test Systems, Testing & Measurement Instruments
				42,763,196
		> China 7.8%
	276,445	WuXi PharmaTech - ADR (a)		10,189,763
		Largest Contract Research Organization Business in China
	13,122,000	AMVIG Holdings		5,023,033
		Chinese Tobacco Packaging Material Supplier
	4,090,000	Sihuan Pharmaceuticals		4,940,958
		Leading Chinese Generic Drug Manufacturer
	70,809	SouFun - ADR		4,844,752
		Chinese Real Estate Internet Portal

Number of Shares			Value
	134,948	BitAuto - ADR (a)	$	4,836,536
		Auto Vertical Website
	668,000	Biostime		4,589,761
		Pediatric Nutrition & Baby Care Products Provider
	5,774,000	NewOcean Energy		4,481,593
		Southern China Liquefied Petroleum Gas Distributor
				38,906,396
		> India 7.0%
	1,518,065	Zee Entertainment Enterprises		6,904,528
		India's Leading Programmer of Pay Television Content
	37,774	Bosch		6,900,121
		Automotive Parts
	1,808,593	Adani Ports & Special Economic Zone		5,688,377
		Indian West Coast Shipping Port
	4,166,996	Redington India		5,509,474
		Supply Chain Solutions for IT & Mobile Handsets in Emerging Markets
	220,390	Colgate Palmolive India		5,066,008
		Consumer Products in Oral Care
	359,450	United Breweries		4,965,740
		India's Largest Brewer
				35,034,248
		> Philippines 6.8%
	43,342,000	Melco Crown Philippines Resorts (a)		12,586,943
		Integrated Resort Operator in Manila
	2,435,328	Security Bank		5,756,338
		Commercial Bank in the Philippines
	42,417,600	RFM Corporation		5,518,203
		Flour, Bread, Pasta & Ice Cream Manufacturer/Distributor in the Philippines
	3,491,580	Robinsons Retail Holdings (a)		5,294,306
		Multi-format Retailer in the Philippines
	5,094,500	Puregold Price Club		5,004,822
		Supermarket Operator in the Philippines
				34,160,612
		> Hong Kong 5.7%
	4,336,000	Melco International		14,578,303
		Macau Casino Operator
	11,307,799	Sa Sa International		9,087,104
		Cosmetics Retailer
	3,418,000	Vitasoy International		4,967,827
		Hong Kong Soy Food Brand
				28,633,234
		> Thailand 4.0%
	4,672,400	Robinson's Department Store		7,619,067
		Department Store Operator in Thailand
	24,525,383	Home Product Center		7,380,879
		Home Improvement Retailer
	10,055,200	Samui Airport Property Fund		4,967,924
		Thai Airport Operator
				19,967,870

Number of Shares			Value
		> Singapore 2.6%
	2,701,000	Super Group (b)	$	7,485,347
		Instant Food & Beverages in Southeast Asia
	1,798,000	Petra Foods		5,274,362
		Cocoa Processor & Chocolate Manufacturer
				12,759,709
		> Korea 2.1%
	172,818	Paradise		5,282,945
		Korean 'Foreigner Only' Casino Operator
	259,889	Koh Young Technology		5,238,342
		Inspection Systems for Printed Circuit Boards
				10,521,287
		> Cambodia 1.9%
	9,228,000	Nagacorp		9,633,779
		Casino/Entertainment Complex in Cambodia
		> Japan 1.3%
	447,760	Kansai Paint		6,374,585
		Paint Producer in Japan, India, China & Southeast Asia
		> Malaysia 1.0%
	1,135,300	Aeon		4,999,423
		Shopping Center & Department Store Operator
Asia: Total				292,425,323
Europe 14.2%
		> Finland 3.4%
	247,840	Vacon (b)		10,447,962
		Leading Independent Manufacturer of Variable Speed Alternating Current Drives
	290,000	Tikkurila		6,831,764
		Decorative & Industrial Paint in Scandinavia & Central & Eastern Europe
				17,279,726
		> Kazakhstan 2.1%
	1,268,483	Halyk Savings Bank of Kazakhstan - GDR		10,528,409
		Largest Retail Bank & Insurer in Kazakhstan
		> Sweden 2.1%
	303,638	Hexagon		10,316,270
		Design, Measurement & Visualization Software & Equipment
		> Russia 1.8%
	295,239	Yandex (a)		8,913,265
		Search Engine for Russian & Turkish Languages
		> United Kingdom 1.6%
	8,957,839	Cable and Wireless		7,855,317
		Leading Telecoms Service Provider in the Caribbean

Number of Shares			Value
		> Turkey 1.1%
	569,979	Bizim Toptan	$	5,460,845
		Cash & Carry Stores in Turkey
		> Spain 1.1%
	840,828	Prosegur		5,409,571
		Security Guards
		> Italy 1.0%
	324,156	Pirelli		5,090,937
		Global Tire Supplier
Europe: Total				70,854,340
Other Countries 12.3%
		> South Africa 8.2%
	2,081,394	Coronation Fund Managers		19,572,379
		South African Fund Manager
	3,469,702	Rand Merchant Insurance		9,491,586
		Directly Sold Property & Casualty Insurance; Holdings in Other Insurers
	399,378	Mr. Price		5,971,323
		South African Retailer of Apparel, Household & Sporting Goods
	446,313	Massmart Holdings		5,829,031
		General Merchandise, Food & Home Improvement Stores; Wal-Mart Subsidiary
				40,864,319
		> United States 2.8%
	215,040	Textainer Group Holdings		8,229,581
		Top International Container Leasor
	111,249	Atwood Oceanics (a)		5,605,837
		Offshore Drilling Contractor
				13,835,418
		> Canada 1.3%
	486,425	CAE		6,402,066
		Flight Simulator Equipment & Training Centers
Other Countries: Total				61,101,803
Latin America 12.0%
		> Brazil 5.2%
	718,970	Localiza Rent A Car		10,437,581
		Car Rental
	9,580,580	Beadell Resources (a)		5,369,537
		Gold Mining in Brazil
	1,275,100	Odontoprev		5,119,507
		Dental Insurance
	255,000	Linx		5,035,941
		Retail Management Software in Brazil
				25,962,566
		> Mexico 4.7%
	2,687,000	Qualitas		7,310,501
		Leading Auto Insurer in Mexico & Central America
	652,200	Gruma (a)		5,395,243
		Tortilla Producer & Distributor
	2,050,000	Genomma Lab Internacional (a)		5,274,367
		Develops, Markets & Distributes Consumer Products

Columbia Acorn Emerging Markets Fund^SM

Statement of Investments, continued

Number of Shares			Value
		> Mexico—continued
	42,927	Grupo Aeroportuario del Sureste - ADR	$	5,264,567
		Mexican Airport Operator
				23,244,678
		> Colombia 1.1%
	3,344,904	Isagen		5,478,889
		Leading Colombian Electricity Provider
		> Chile 1.0%
	1,117,409	Forus		4,992,095
		Multi-brand Latin American Wholesaler & Retailer
Latin America: Total				59,678,228
Total Equities: 97.1% (Cost: $451,478,314)				484,059,694	(f)
Short-Term Investments 3.0%
	15,128,245	JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.01%)		15,128,245
Total Short-Term Investments: 3.0% (Cost: $15,128,245)				15,128,245

Number of Shares			Value
Securities Lending Collateral 0.1%
	381,970	Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (g)	$	381,970
Total Securities Lending Collateral: 0.1% (Cost: $381,970)				381,970
Total Investments: 100.2% (Cost: $466,988,529) (h)				499,569,909	(i)
Obligation to Return Collateral for Securities Loaned: (0.1)%				(381,970	)
Cash and Other Assets Less Liabilities: (0.1)%				(441,677	)
Net Assets: 100.0%			$	498,746,262

ADR - American Depositary Receipts

GDR - Global Depositary Receipts

> Notes to Statement of Investments

(a) Non-income producing security.

(b) All or a portion of this security was on loan at March 31, 2014. The total market value of securities on loan at March 31, 2014 was $361,767.

(c) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. This security is valued at fair value determined in good faith under consistently applied procedures established by the Fund's Board of Trustees. At March 31, 2014, the market value of this security amounted to $1,433,152, which represented 0.29% of total net assets. Additional information on this security is as follows:

Security				Acquisition Dates				Shares/Units				Cost				Value
Archipelago Resources				8/19/11-9/26/13					1,591,929			$	1,316,810			$	1,433,152

(d) Illiquid security.

(e) The Fund also received put options through a transaction related to a proposed company restructuring of Archipelago Resources. Additional information on the put options received is as follows:

Security

Option Shares

Exercise Price

Expiration Date

Value

Option (1)

1,591,929

GBP

0.58

August 13, 2014

106,159

GBP - British Pound

> Notes to Statement of Investments

(f) On March 31, 2014, the Fund's total investments were denominated in currencies as follows:

Currency	Value		Percentage of Net Assets
United States Dollar	$	58,412,710		11.7
Hong Kong Dollar		57,302,358		11.5
Indonesian Rupiah		47,237,833		9.5
Taiwan Dollar		42,763,197		8.6
South African Rand		40,864,319		8.2
Indian Rupee		35,034,248		7.0
Philippine Peso		34,160,612		6.8
Euro		27,780,233		5.6
Other currencies less than 5% of total net assets		140,504,184		28.2
Total Equities	$	484,059,694		97.1

(g) Investment made with cash collateral received from securities lending activity.

(h) At March 31, 2014, for federal income tax purposes, the cost of investments was $466,988,529 and net unrealized appreciation was $32,581,380 consisting of gross unrealized appreciation of $48,440,682 and gross unrealized depreciation of $15,859,302.

(i) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2013.

Fair Value Measurements

• 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 inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Under the direction of the Board, the Committee is responsible for overseeing the valuation procedures approved by the Board.

Columbia Acorn Emerging Markets Fund^SM

Statement of Investments, continued

> Notes to Statement of Investments

The following table summarizes the inputs used, as of March 31, 2014, in valuing the Fund's assets:

Investment Type	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equities
Asia	$	19,871,051	$	271,121,120	$	1,433,152	$	292,425,323
Europe		8,913,265		61,941,075		-		70,854,340
Other Countries		20,237,484		40,864,319		-		61,101,803
Latin America		54,308,691		5,369,537		-		59,678,228
Total Equities		103,330,491		379,296,051		1,433,152		484,059,694
Total Short-Term Investments		15,128,245		-		-		15,128,245
Total Securities Lending Collateral		381,970		-		-		381,970
Total Investments	$	118,840,706	$	379,296,051	$	1,433,152	$	499,569,909
Unrealized Appreciation on Options		-		-		106,159		106,159
Total	$	118,840,706	$	379,296,051	$	1,539,311	$	499,676,068

There were no transfers of financial assets between levels during the period.

The Fund does not hold any significant investments categorized as Level 3.

Columbia Acorn Emerging Markets Fund^SM

Portfolio Diversification

At March 31, 2014, the Fund's portfolio investments as a percentage of net assets were diversified as follows:

	Value		Percentage of Net Assets
> Consumer Goods & Services
Retail	$	80,241,142		16.1
Food & Beverage		43,616,590		8.7
Casinos & Gaming		42,081,970		8.4
Consumer Goods Distribution		10,575,482		2.1
Travel		10,437,581		2.1
Nondurables		5,274,367		1.1
Other Durable Goods		5,090,936		1.0
		197,318,068		39.5
> Information
Internet Related		18,594,554		3.7
Computer Hardware & Related Equipment		16,811,412		3.4
Business Software		15,352,211		3.1
Mobile Communications		12,481,098		2.5
Satellite Broadcasting & Services		11,571,588		2.3
Instrumentation		9,533,119		1.9
Telephone & Data Services		7,855,317		1.6
Entertainment Programming		6,904,528		1.4
TV Broadcasting		6,023,456		1.2
		105,127,283		21.1
> Finance
Insurance		21,921,593		4.4
Brokerage & Money Management		19,572,379		3.9
Banks		16,284,747		3.3
Finance Companies		8,229,581		1.6
		66,008,300		13.2
> Industrial Goods & Services
Industrial Materials & Specialty Chemicals		23,806,776		4.8
Other Industrial Services		12,090,443		2.4
Electrical Components		10,447,962		2.1
Machinery		6,900,121		1.4
Outsourcing Services		5,409,571		1.1
		58,654,873		11.8

	Value			Percentage of Net Assets
> Health Care
Pharmaceuticals	$	15,130,721			3.1
Medical Supplies		9,218,952			1.8
		24,349,673			4.9
> Energy & Minerals
Mining		6,802,688			1.4
Oil Services		5,605,837			1.1
Oil Refining, Marketing & Distribution		4,481,593			0.9
		16,890,118			3.4
> Other Industries
Transportation		10,232,490			2.1
Regulated Utilities		5,478,889			1.1
		15,711,379			3.2
Total Equities:		484,059,694			97.1
Short-Term Investments:		15,128,245			3.0
Securities Lending Collateral:		381,970			0.1
Total Investments:		499,569,909			100.2
Obligation to Return Collateral for Securities Loaned:		(381,970	)		(0.1	)
Cash and Other Assets Less Liabilities:		(441,677	)		(0.1	)
Net Assets:	$	498,746,262			100.0

Columbia Acorn European Fund^SM

Major Portfolio Changes in the First Quarter

	Number of Shares
	12/31/13		3/31/14
Purchases
Europe
> United Kingdom
Abcam		45,700		110,450
Aggreko		9,900		19,060
Assura		891,300		1,809,310
AVEVA		6,700		15,870
Babcock International		12,100		35,030
Cable and Wireless		332,300		569,003
Charles Taylor		65,540		195,540
Croda		6,700		12,230
Dialight		0		33,000
Domino's Pizza UK & Ireland		37,900		50,140
Elementis		62,300		104,990
Fidessa Group		7,300		12,070
Halford's		33,000		65,820
Jardine Lloyd Thompson Group		36,700		78,940
Rightmove		6,200		11,380
RPS Group		50,700		87,630
Shaftesbury		31,700		64,730
Smiths News		84,100		178,590
Spirax Sarco		12,900		24,770
Telecity		35,000		68,350
WH Smith		24,900		39,380
Whitbread		4,900		6,965
> France
1000 mercis		4,600		8,780
AKKA Technologies		8,200		14,380
Bonduelle		10,000		17,330
Cegedim		9,400		13,340
Hi-Media		100,500		155,350
Neopost		7,700		17,230
Norbert Dentressangle		3,000		4,050
Saft		8,900		13,730
> Germany
Aurelius		13,200		26,000
Elringklinger		6,100		13,430
MTU Aero Engines		0		5,500
NORMA Group		9,600		17,730
Rational		770		1,470
TAG Immobilien		21,700		40,480
Telefonica Deutschland		0		60,230
Wirecard		8,700		14,130
> Netherlands
Aalberts Industries		14,300		25,230
Arcadis		9,800		16,970
Core Labs		1,400		2,520
Gemalto		5,900		9,110
TKH Group		8,200		15,220

	Number of Shares
	12/31/13		3/31/14
> Sweden
Hexagon		10,070		24,100
Mekonomen		0		19,560
Sweco		22,400		39,560
Swedish Match		0		28,110
Unibet		6,400		12,450
> Switzerland
Geberit		1,500		3,120
INFICON		750		1,340
Partners Group		2,000		3,620
> Finland
Konecranes		8,800		14,130
Munksjo		0		83,680
Tikkurila		11,131		24,981
Vacon		13,400		28,980
> Spain
Bolsas y Mercados Españoles		4,500		10,500
DIA		40,100		120,310
Prosegur		27,703		87,060
Viscofan		5,700		14,560
> Norway
Atea		25,440		46,970
Orkla		42,600		80,730
Subsea 7		18,600		41,610
> Denmark
Jyske Bank		5,000		9,200
SimCorp		7,600		13,310
> Turkey
Bizim Toptan		22,900		54,270
> Belgium
EVS Broadcast Equipment		4,500		7,900
> Italy
Pirelli		17,300		29,040
> Russia
Yandex		10,500		14,500

	Number of Shares
	12/31/13		3/31/14
Sales
Europe
> United Kingdom
Ocado		84,300		55,180
> France
Eurofins Scientific		2,700		2,560
> Germany
Bertrandt		2,900		0
> Russia
Moscow Exchange		190,000		0
QIWI - ADR		8,500		0

Columbia Acorn European Fund^SM

Statement of Investments, March 31, 2014

Number of Shares			Value
			Equities: 94.4%
Europe 93.9%
		> United Kingdom 30.5%
	78,940	Jardine Lloyd Thompson Group	$	1,400,275
		International Business Insurance Broker
	1,809,310	Assura		1,289,507
		UK Primary Health Care Property Developer
	24,770	Spirax Sarco		1,193,434
		Steam Systems for Manufacturing & Process Industries
	195,540	Charles Taylor		847,586
		Insurance Services
	68,350	Telecity		795,369
		European Data Center Provider
	39,380	WH Smith		789,798
		Newsprint, Books & General Stationery Retailer
	35,030	Babcock International		786,652
		Public Sector Outsourcer
	110,450	Abcam		716,292
		Online Sales of Antibodies
	64,730	Shaftesbury		710,078
		London Prime Retail REIT
	15,870	AVEVA		554,024
		Engineering Software
	12,230	Croda		519,110
		Oleochemicals & Industrial Chemicals
	12,070	Fidessa Group		510,508
		Software for Financial Trading Systems
	65,820	Halford's		506,741
		The UK's Leading Retailer of Leisure Goods & Auto Parts
	104,990	Elementis		501,473
		Specialty Chemicals
	11,380	Rightmove		500,486
		Internet Real Estate Listings
	33,000	Dialight		499,270
		LED Products for Hazardous & Industrial Environments
	569,003	Cable and Wireless		498,971
		Leading Telecoms Service Provider in the Caribbean
	6,965	Whitbread		483,279
		The UK's Leading Hotelier & Coffee Shop
	19,060	Aggreko		476,956
		Temporary Power & Temperature Control Services
	50,140	Domino's Pizza UK & Ireland		461,004
		Pizza Delivery in UK, Ireland & Germany
	87,630	RPS Group		456,685
		Consultant Specializing in Energy, Water, Urban Planning, Health & Safety
	178,590	Smiths News		451,815
		Newspaper & Magazine Distributor
	55,180	Ocado (a)		423,721
		Leading Online Grocery Retailer
				15,373,034

Number of Shares			Value
		> France 11.7%
	17,230	Neopost	$	1,360,599
		Postage Meter Machines
	2,560	Eurofins Scientific		766,194
		Food, Pharmaceuticals & Materials Screening & Testing
	4,050	Norbert Dentressangle		663,400
		Leading European Logistics & Transport Group
	8,780	1000 mercis		596,079
		Interactive Advertising & Marketing
	14,380	AKKA Technologies		515,868
		Engineering Consultancy
	17,330	Bonduelle		512,828
		Producer of Canned, Deep-Frozen & Fresh Vegetables
	13,340	Cegedim (a)		510,904
		Medical Market Research/IT Services
	155,350	Hi-Media (a)		498,662
		Online Advertiser in Europe
	13,730	Saft		479,877
		Niche Battery Manufacturer
				5,904,411
		> Germany 10.0%
	26,000	Aurelius		988,960
		European Turnaround Investor
	17,730	NORMA Group		939,536
		Clamps for Automotive & Industrial Applications
	14,130	Wirecard		586,322
		Online Payment Processing & Risk Management
	13,430	Elringklinger		529,337
		Automobile Components
	1,470	Rational		523,500
		Commercial Ovens
	5,500	MTU Aero Engines		511,149
		Airplane Engine Components & Services
	40,480	TAG Immobilien		501,905
		Owner of Residential Properties in Germany
	60,230	Telefonica Deutschland		480,098
		Mobile & Fixed-line Communications in Germany
				5,060,807
		> Netherlands 7.2%
	9,110	Gemalto		1,061,010
		Digital Security Solutions
	25,230	Aalberts Industries		879,380
		Flow Control & Heat Treatment
	16,970	Arcadis		652,617
		Engineering Consultants
	15,220	TKH Group		531,534
		Dutch Industrial Conglomerate
	2,520	Core Labs		500,069
		Oil & Gas Reservoir Consulting
				3,624,610

Number of Shares			Value
		> Sweden 7.1%
	28,110	Swedish Match	$	918,571
		Market Leader in Swedish Snus
	24,100	Hexagon		818,811
		Design, Measurement & Visualization Software & Equipment
	39,560	Sweco		661,646
		Engineering Consultants
	12,450	Unibet		625,164
		European Online Gaming Operator
	19,560	Mekonomen		539,446
		Leading Nordic Integrated Wholesaler/Retailer of Automotive Parts & Service
				3,563,638
		> Switzerland 6.0%
	3,120	Geberit		1,021,707
		Plumbing Supplies
	3,620	Partners Group		1,017,146
		Private Markets Asset Management
	1,340	INFICON		496,409
		Gas Detection Instruments
	120	Sika		490,832
		Chemicals for Construction & Industrial Applications
				3,026,094
		> Finland 5.9%
	28,980	Vacon		1,221,683
		Leading Independent Manufacturer of Variable Speed Alternating Current Drives
	83,680	Munksjo (a)		698,607
		Specialty Paper Maker
	24,981	Tikkurila		588,498
		Decorative & Industrial Paint in Scandinavia & Central & Eastern Europe
	14,130	Konecranes (b)		450,253
		Manufacture & Service of Industrial Cranes & Port Handling Equipment
				2,959,041
		> Spain 5.7%
	120,310	DIA		1,099,221
		Leading Hard Discounter in Spain, Latin America & the Eastern Mediterranean
	14,560	Viscofan		761,524
		Sausage Casings Maker
	87,060	Prosegur		560,111
		Security Guards
	10,500	Bolsas y Mercados Españoles		427,233
		Spanish Stock Markets
				2,848,089

Number of Shares			Value
		> Norway 3.9%
	41,610	Subsea 7	$	773,438
		Offshore Subsea Contractor
	80,730	Orkla		688,277
		Food & Brands, Aluminum, Chemicals Conglomerate
	46,970	Atea		515,762
		Nordic IT Hardware/Software Reseller & Installation Company
				1,977,477
		> Denmark 2.1%
	13,310	SimCorp		540,323
		Software for Investment Managers
	9,200	Jyske Bank (a)		505,551
		Danish Bank
				1,045,874
		> Turkey 1.0%
	54,270	Bizim Toptan		519,949
		Cash & Carry Stores in Turkey
		> Belgium 1.0%
	7,900	EVS Broadcast Equipment		511,848
		Digital Live Mobile Production Software & Systems
		> Italy 0.9%
	29,040	Pirelli		456,079
		Global Tire Supplier
		> Russia 0.9%
	14,500	Yandex (a)		437,755
		Search Engine for Russian & Turkish Languages
Europe: Total				47,308,706
Other Countries 0.5%
		> United States 0.5%
	5,277	Gulfmark Offshore		237,148
		Operator of Offshore Supply Vessels
Other Countries: Total				237,148
Total Equities: 94.4% (Cost: $43,424,157)				47,545,854	(c)
Short-Term Investments 4.9%
	2,492,228	JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.01%)		2,492,228
Total Short-Term Investments: 4.9% (Cost: $2,492,228)				2,492,228

Columbia Acorn European Fund^SM

Statement of Investments, continued

Number of Shares			Value
Securities Lending Collateral 0.6%
	280,540	Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (d)	$	280,540
Total Securities Lending Collateral: 0.6% (Cost: $280,540)				280,540
Total Investments: 99.9% (Cost: $46,196,925)(e)				50,318,622	(f)
Obligation to Return Collateral for Securities Loaned: (0.6)%				(280,540	)
Cash and Other Assets Less Liabilities: 0.7%				328,661
Net Assets: 100.0%			$	50,366,743

REIT - Real Estate Investment Trust

> Notes to Statement of Investments

(a) Non-income producing security.

(b) All or a portion of this security was on loan at March 31, 2014. The total market value of securities on loan at March 31, 2014 was $264,594.

Currency	Value		Percentage of Net Assets
Euro	$	20,864,815		41.4
British Pound		15,373,034		30.5
Swedish Krona		3,563,638		7.1
Swiss Franc		3,026,094		6.0
Other currencies less than 5% of total net assets		4,718,273		9.4
Total Equities	$	47,545,854		94.4

(d) Investment made with cash collateral received from securities lending activity.

(e) At March 31, 2014, for federal income tax purposes, the cost of investments was $46,196,925 and net unrealized appreciation was $4,121,697 consisting of gross unrealized appreciation of $4,835,371 and gross unrealized depreciation of $713,674.

(f) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated December 31, 2013.

Fair Value Measurements

• 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.

> Notes to Statement of Investments

Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by the Valuation Committee (the Committee) of the Fund's Board of Trustees (the Board) 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.

Under the direction of the Board, the Committee is responsible for overseeing the valuation procedures approved by the Board.

The following table summarizes the inputs used, as of March 31, 2014, in valuing the Fund's assets:

Investment Type	Quoted Prices (Level 1)		Other Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Equities
Europe	$	937,824	$	46,370,882	$	-	$	47,308,706
Other Countries		237,148		-		-		237,148
Total Equities		1,174,972		46,370,882		-		47,545,854
Total Short-Term Investments		2,492,228		-		-		2,492,228
Total Securities Lending Collateral		280,540		-		-		280,540
Total Investments	$	3,947,740	$	46,370,882	$	-	$	50,318,622

There were no transfers of financial assets between levels during the period.

Columbia Acorn European Fund^SM

Portfolio Diversification

At March 31, 2014, the Fund's portfolio investments as a percentage of net assets were diversified as follows:

	Value		Percentage of Net Assets
> Industrial Goods & Services
Machinery	$	4,963,731		9.9
Other Industrial Services		3,525,246		7.0
Industrial Materials & Specialty Chemicals		3,327,857		6.6
Conglomerates		3,088,151		6.1
Electrical Components		2,200,830		4.4
Outsourcing Services		1,862,631		3.7
Construction		1,021,707		2.0
		19,990,153		39.7
> Information
Business Software		2,423,665		4.8
Computer Services		1,822,035		3.6
Computer Hardware & Related Equipment		1,572,857		3.1
Telephone & Data Services		979,069		1.9
Internet Related		938,241		1.9
Business Information & Marketing Services		596,079		1.2
Financial Processors		586,322		1.2
Advertising		498,662		1.0
		9,416,930		18.7
> Consumer Goods & Services
Retail		3,878,878		7.7
Food & Beverage		2,192,922		4.4
Restaurants		944,283		1.9
Casinos & Gaming		625,164		1.2
Other Durable Goods		456,079		0.9
Consumer Goods Distribution		451,815		0.9
		8,549,141		17.0
> Finance
Insurance		2,247,862		4.5
Brokerage & Money Management		1,017,146		2.0
Banks		505,551		1.0
Specialized Finance		427,233		0.8
		4,197,792		8.3
> Other Industries
Real Estate		2,501,491		5.0
Transportation		663,400		1.3
		3,164,891		6.3
> Energy & Minerals
Oil Services		1,010,586		2.0
Mining		500,069		1.0
		1,510,655		3.0

	Value			Percentage of Net Assets
> Health Care
Medical Supplies	$	716,292			1.4
		716,292			1.4
Total Equities:		47,545,854			94.4
Short-Term Investments:		2,492,228			4.9
Securities Lending Collateral:		280,540			0.6
Total Investments:		50,318,622			99.9
Obligation to Return Collateral for Securities Loaned:		(280,540	)		(0.6	)
Cash and Other Assets Less Liabilities:		328,661			0.7
Net Assets:	$	50,366,743			100.0

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Columbia Acorn Family of Funds Expense Information

as of 3/31/14

Columbia Acorn® Fund	Class A			Class B*			Class C			Class I			Class R			Class R4			Class R5			Class Y			Class Z
Management Fees		0.64	%		0.64	%		0.64	%		0.64	%					0.64	%		0.64	%		0.64	%		0.64	%
Distribution and Service (12b-1) Fees		0.25	%		0.75	%		1.00	%		0.00	%					0.00	%		0.00	%		0.00	%		0.00	%
Other Expenses		0.18	%		0.33	%		0.13	%		0.05	%					0.15	%		0.11	%		0.06	%		0.14	%
Net Expense Ratio		1.07	%		1.72	%		1.77	%		0.69	%					0.79	%		0.75	%		0.70	%		0.78	%
Columbia Acorn International®
Management Fees		0.76	%		0.76	%		0.76	%		0.76	%		0.76	%		0.76	%		0.76	%		0.76	%		0.76	%
Distribution and Service (12b-1) Fees		0.25	%		0.75	%		1.00	%		0.00	%		0.50	%		0.00	%		0.00	%		0.00	%		0.00	%
Other Expenses		0.20	%		0.45	%		0.20	%		0.08	%		0.36	%		0.27	%		0.14	%		0.09	%		0.16	%
Net Expense Ratio		1.21	%		1.96	%		1.96	%		0.84	%		1.62	%		1.03	%		0.90	%		0.85	%		0.92	%
Columbia Acorn USA®
Management Fees		0.86	%		0.86	%		0.86	%		0.86	%					0.86	%		0.86	%		0.86	%		0.86	%
Distribution and Service (12b-1) Fees		0.25	%		0.75	%		1.00	%		0.00	%					0.00	%		0.00	%		0.00	%		0.00	%
Other Expenses		0.21	%		0.58	%		0.13	%		0.03	%					0.19	%		0.13	%		0.04	%		0.21	%
Net Expense Ratio		1.32	%		2.19	%		1.99	%		0.89	%					1.05	%		0.99	%		0.90	%		1.07	%
Columbia Acorn International Select^SM
Management Fees		0.94	%		0.94	%		0.94	%		0.94	%					0.94	%		0.94	%		0.94	%		0.94	%
Distribution and Service (12b-1) Fees		0.25	%		0.75	%		1.00	%		0.00	%					0.00	%		0.00	%		0.00	%		0.00	%
Other Expenses		0.28	%		0.41	%		0.30	%		0.17	%					0.30	%		0.21	%		0.16	%		0.24	%
Net Expense Ratio		1.47	%		2.10	%		2.24	%		1.11	%					1.24	%		1.15	%		1.10	%		1.18	%
Columbia Acorn Select^SM
Management Fees		0.84	%		0.84	%		0.84	%		0.84	%					0.84	%		0.84	%		0.84	%		0.84	%
Distribution and Service (12b-1) Fees		0.25	%		0.75	%		1.00	%		0.00	%					0.00	%		0.00	%		0.00	%		0.00	%
Other Expenses		0.23	%		0.50	%		0.20	%		0.10	%					0.25	%		0.16	%		0.11	%		0.22	%
Net Expense Ratio		1.32	%		2.09	%		2.04	%		0.94	%					1.09	%		1.00	%		0.95	%		1.06	%
Columbia Thermostat Fund^SM
Management Fees		0.10	%		0.10	%		0.10	%								0.10	%		0.10	%		0.10	%		0.10	%
Distribution and Service (12b-1) Fees		0.25	%		0.75	%		1.00	%								0.00	%		0.00	%		0.00	%		0.00	%
Other Expenses		0.15	%		0.15	%		0.15	%								0.15	%		0.13	%		0.08	%		0.15	%
Net Expense Ratio**		0.50	%		1.00	%		1.25	%								0.25	%		0.23	%		0.18	%		0.25	%
Columbia Acorn Emerging Markets Fund^SM
Management Fees		1.06	%					1.06	%		1.06	%					1.06	%		1.06	%		1.06	%		1.06	%
Distribution and Service (12b-1) Fees		0.25	%					1.00	%		0.00	%					0.00	%		0.00	%		0.00	%		0.00	%
Other Expenses		0.26	%					0.26	%		0.14	%					0.21	%		0.20	%		0.18	%		0.28	%
Net Expense Ratio		1.57	%					2.32	%		1.20	%					1.27	%		1.26	%		1.24	%		1.34	%
Columbia Acorn European Fund^SM
Management Fees		1.19	%					1.19	%		1.19	%								1.19	%					1.19	%
Distribution and Service (12b-1) Fees		0.25	%					1.00	%		0.00	%								0.00	%					0.00	%
Other Expenses		0.31	%					0.31	%		0.27	%								0.32	%					0.30	%
Net Expense Ratio		1.75	%					2.50	%		1.46	%								1.51	%					1.49	%

See the Funds' prospectuses for information on minimum initial investment amounts and other details of buying, selling and exchanging shares of the Funds.

Fees and expenses are for the three months ended March 31, 2014. The fees and expenses of Columbia Acorn International Select and Columbia Acorn Select include the effect of the voluntary undertaking by Columbia Wanger Asset Management, LLC (CWAM) to reimburse each Fund for the ordinary operating expenses (exclusive of transaction costs and certain other investment-related expenses, interest and fees on borrowings and expenses associated with the Fund's investment in other investment companies, if any), after giving effect to any balance credits or overdraft charges from the Fund's custodian, do not exceed annually each class' average daily net assets as follows:

Fund	Class A			Class B			Class C			Class I			Class R4			Class R5			Class Y			Class Z
Columbia Acorn International Select		1.70	%		2.20	%		2.45	%		1.31	%		1.45	%		1.36	%		1.31	%		1.45	%
Columbia Acorn Select		1.60	%		2.10	%		2.35	%		1.23	%		1.35	%		1.28	%		1.23	%		1.35	%

These arrangements may be modified or terminated by either the Funds or CWAM on 30 days notice.

The fees and expenses of Columbia Thermostat Fund include the effect of CWAM's contractual undertaking to waive fees and/or reimburse expenses of the Fund so that the ordinary operating expenses (exclusive of transaction costs and certain other investment-related expenses, interest and fees on borrowings and expenses associated with the Fund's investment in underlying portfolio funds), do not exceed annually the rates of 0.50%, 1.00%, 1.25%, 0.25%, 0.23%, 0.18% and 0.25% of the Fund's average daily net assets attributable to Class A, Class B, Class C, Class R4, Class R5, Class Y and Class Z shares, respectively, through April 30, 2014. There is no guarantee that this agreement will continue thereafter.

The fees and expenses of Columbia Acorn Emerging Markets Fund and Columbia Acorn European Fund include the effect of CWAM's contractual undertaking to waive fees and/or reimburse expenses of each Fund so that the ordinary operating expenses (exclusive of transaction costs and certain other investment-related expenses, interest and fees on borrowings and expenses associated with the Fund's investment in other investment companies, if any), of each Fund's Class A, Class C, Class I, Class R4 (if offered), Class R5, Class Y (if offered) and Class Z shares through April 30, 2014, do not exceed annually each class' average daily net assets as follows:

Fund	Class A			Class C			Class I			Class R4			Class R5			Class Y			Class Z
Columbia Acorn Emerging Markets Fund		1.85	%		2.60	%		1.54	%		1.60	%		1.59	%		1.54	%		1.60	%
Columbia Acorn European Fund		1.75	%		2.50	%		1.46	%		—	%		1.51	%		—	%		1.50	%

There is no guarantee that this agreement will continue thereafter.

The fees and expenses of Columbia Acorn International include the effect of the voluntary undertaking by CWAM and its affiliates to waive a portion of total annual Fund operating expenses incurred by Class A, Class B and Class C shares of Columbia Acorn International such that the Fund's total annual Fund operating expenses will be reduced by 0.04%, 0.03% and 0.02% for Class A, Class B and Class C shares of the Fund, respectively.

* The Funds generally no longer accept investments by new or existing investors in Class B shares, except in connection with the reinvestment of any dividend and/or capital gain distributions in Class B shares of the Funds and exchanges by existing Class B shareholders of certain other funds within the Columbia Family of Funds.

** Does not include estimated fees and expenses of 0.53% incurred by the Fund from the underlying portfolio funds in which it invests.

Columbia Acorn Family of Funds

Trustees

Laura M. Born

Chair of the Board

Steven N. Kaplan

Vice Chair of the Board

Michelle L. Collins

Maureen M. Culhane

Margaret M. Eisen

John C. Heaton

Charles P. McQuaid

David J. Rudis

David B. Small

Ralph Wanger (Trustee Emeritus)

Officers

Charles P. McQuaid*

President

Robert A. Chalupnik

Vice President

Michael G. Clarke

Assistant Treasurer

Joseph F. DiMaria

Assistant Treasurer

P. Zachary Egan*

Vice President

Fritz Kaegi

Vice President

John M. Kunka

Assistant Treasurer

Stephen Kusmierczak

Vice President

Joseph C. LaPalm

Vice President

Bruce H. Lauer

Vice President, Secretary and Treasurer

Louis J. Mendes III

Vice President

Robert A. Mohn

Vice President

Christopher J. Olson

Vice President

Christopher O. Petersen

Assistant Secretary

Scott R. Plummer

Assistant Secretary

Robert P. Scales

Chief Compliance Officer, Chief Legal Officer,
Senior Vice President and General Counsel

Andreas Waldburg-Wolfegg

Vice President

Linda K. Roth-Wiszowaty

Assistant Secretary

Investment Manager

Columbia Wanger Asset Management, LLC
227 West Monroe Street, Suite 3000
Chicago, Illinois 60606

1-800-922-6769

Distributor

Columbia Management Investment Distributors, Inc.
225 Franklin Street
Boston, Massachusetts 02110

Transfer Agent, Dividend Disbursing Agent

Columbia Management Investment Services Corp.
P. O. Box 8081
Boston, Massachusetts 02266-8081

1-800-345-6611

Legal Counsel to the Funds

Perkins Coie LLP
Washington, DC

Legal Counsel to the Independent Trustees

Drinker Biddle & Reath LLP
Philadelphia, Pennsylvania

Independent Registered Public Accounting Firm

PricewaterhouseCoopers LLP
Chicago, Illinois

This report, including the schedules of investments, is submitted for the general information of the shareholders of Columbia Acorn Trust.

A description of the policies and procedures that the Funds use to determine how to vote proxies and a copy of the Funds' voting record are available (i) without charge, upon request, by calling 800-922-6769 and (ii) on the Securities and Exchange Commission's website at www.sec.gov. Information regarding how the Funds voted proxies relating to portfolio securities during the 12-month period ended June 30, is available from the SEC's website. Information regarding how the Funds voted proxies relating to portfolio securities is also available at www.columbiamanagement.com under "About Us." From there, click on "Disclosures."

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-Q. The Funds' Form N-Q is available on the SEC's website at www.sec.gov and may be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330. The Funds' complete portfolio holdings are disclosed at www.columbiamanagement.com approximately 30 to 40 days after each month-end.

Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus and, if available, a summary prospectus, which contains this and other important information about the funds, visit www.columbiamanagement.com. Read the prospectus carefully before investing.

Columbia Acorn Family of Funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA and managed by Columbia Wanger Asset Management, LLC.

Find out what's new – visit our web site at:

www.columbiamanagement.com

Our e-mail address is:

ServiceInquiries@ColumbiaManagement.com

Shareholders should not include personal information such as account numbers, Social Security numbers or taxpayer identification numbers in e-mail. We are unable to accept account transactions sent via e-mail.

*Effective March 31, 2014, Mr. McQuaid stepped down from his role as President of Columbia Acorn Trust but will remain a Vice President of the Trust. Effective April 1, 2014, Mr. Egan became President of the Trust.

This document contains Global Industry Classification Standard data. The Global Industry Classification Standard ("GICS") was developed by and is the exclusive property and a service mark of MSCI Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P") and is licensed for use by Columbia Wanger Asset Management, LLC. Neither MSCI, S&P, nor any other party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

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Columbia Management^®

Columbia Acorn Family of Funds
Class A, B, C, I, R, R4, R5, Y and Z Shares

First Quarter Report, March 31, 2014

For More Information

You'll find more information about the Columbia Acorn Family of Funds in the documents described below. Contact Columbia Funds as follows to obtain these documents free of charge:

By Mail: Columbia Funds
c/o Columbia Management Investment Services Corp.
P.O. Box 8081
Boston, MA 02266-8081

By Telephone: 800.345.6611

Online: www.columbiamanagement.com

Shareholder Communications with the Board

The Funds' Board of Trustees has adopted procedures by which shareholders may communicate with the Board. Shareholders who wish to communicate with the Board should send their written communications to the Board by mail, c/o Columbia Wanger Asset Management, LLC, 227 West Monroe Street, Suite 3000, Chicago, Illinois 60606, Attention: Secretary. Shareholder communications must (i) be in writing, (ii) identify the Columbia Acorn Fund to which the communication relates and (iii) state the particular class of shares and number of shares held by the communicating shareholder.

Prospectuses and the Statement of Additional Information (SAI)

The prospectuses and the SAI provide more detailed information about the Funds and their policies. The SAI is legally part of each prospectus (it's incorporated by reference). A copy of each has been filed with the SEC.

Information Provided by the SEC

You can review and copy information about the Funds (including their prospectuses, the SAI and shareholder reports) at the SEC's Public Reference Room in Washington, DC. To find out more about the operation of the Public Reference Room, call the SEC at 202.551.8090. Reports and other information about the Fund are also available in the EDGAR Database on the SEC's website at http://www.sec.gov, or you can receive copies of this information, for a fee, by electronic request at the following e-mail address: publicinfo@sec.gov. You can also obtain copies of this information by writing the Public Reference Section, Securities and Exchange Commission, Washington, DC 20549-0102.

The investment company registration number of Columbia Acorn Trust, of which each of these Funds is a series, is 811-01829.

225 Franklin Street, Boston, MA 02110

800.345.6611 www.columbiamanagement.com

QTR110_12_D01_(05/14) 925987

Columbia Management^®

Columbia Acorn Family of Funds
Class A, B, C, I, R, R4, R5, Y and Z Shares

First Quarter Report, March 31, 2014

For More Information

You'll find more information about the Columbia Acorn Family of Funds in the documents described below. Contact Columbia Funds as follows to obtain these documents free of charge:

By Mail: Columbia Funds
c/o Columbia Management Investment Services Corp.
P.O. Box 8081
Boston, MA 02266-8081

By Telephone: 800.345.6611

Online: www.columbiamanagement.com

Shareholder Communications with the Board

Prospectuses and the Statement of Additional Information (SAI)

Information Provided by the SEC

The investment company registration number of Columbia Acorn Trust, of which each of these Funds is a series, is 811-01829.

225 Franklin Street, Boston, MA 02110

800.345.6611 www.columbiamanagement.com

QTR110_12_D01_(05/14) 925987

Columbia Management^®

Columbia Acorn Family of Funds
Class A, B, C, I, R, R4, R5, Y and Z Shares

First Quarter Report, March 31, 2014

For More Information

You'll find more information about the Columbia Acorn Family of Funds in the documents described below. Contact Columbia Funds as follows to obtain these documents free of charge:

By Mail: Columbia Funds
c/o Columbia Management Investment Services Corp.
P.O. Box 8081
Boston, MA 02266-8081

By Telephone: 800.345.6611

Online: www.columbiamanagement.com

Shareholder Communications with the Board

Prospectuses and the Statement of Additional Information (SAI)

Information Provided by the SEC

The investment company registration number of Columbia Acorn Trust, of which each of these Funds is a series, is 811-01829.

QTR110_12_D01_(05/14) 925987