N-Q 1 d395774dnq.htm COLUMBIA ACORN TRUST COLUMBIA ACORN TRUST

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-01829

 

 

Columbia Acorn Trust

(Exact name of registrant as specified in charter)

 

 

 

227 W. Monroe Street, Suite 3000, Chicago, IL   60606
(Address of principal executive offices)   (Address of principal executive offices)

Mary C. Moynihan

Perkins Coie LLP

700 13th Street, NW

Suite 600

Washington, DC 20005

 

 

Paul B. Goucher, Esq.

Columbia Management Investment Advisers, LLC

100 Park Avenue

New York, New York 10017

 

 

P. Zachary Egan

Columbia Acorn Trust

227 West Monroe Street, Suite 3000

Chicago, Illinois 60606

(Name and address of agent for service)

 

 

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

Date of fiscal year end: December 31

Date of reporting period: March 31, 2017

 

 

 


Item 1. Schedule of Investments.


Portfolio of Investments
Columbia Acorn® Fund, March 31, 2017 (Unaudited)
(Percentages represent value of investments compared to net assets)
Common Stocks 99.4%
Issuer Shares Value ($)
Consumer Discretionary 18.9%
Auto Components 4.2%
Cooper-Standard Holding, Inc.(a)
Auto Supplier: Sealing, Fuel/Brake Delivery, Fluid Transfer, Anti-Vibrate Systems
483,307 53,613,246
Gentex Corp.
Manufacturer of Auto Parts
3,048,901 65,033,058
LCI Industries
RV & Manufactured Home Components
338,219 33,754,256
Tenneco, Inc.
Auto Parts for Emission Control, Suspension
808,472 50,464,822
Total   202,865,382
Distributors 1.2%
LKQ Corp.(a)
Alternative Auto Parts Distribution
936,812 27,420,487
Pool Corp.
Swimming Pool Supplies & Equipment Distributor
246,353 29,397,304
Total   56,817,791
Diversified Consumer Services 1.9%
Bright Horizons Family Solutions, Inc.(a)
Child Care/Preschool Services
329,914 23,915,466
DeVry Education Group, Inc.
Post Secondary Degree Services
1,166,023 41,335,515
ServiceMaster Global Holdings, Inc.(a)
Pest & Termite Control, Home Warranty & Other Home Services
606,549 25,323,421
Total   90,574,402
Hotels, Restaurants & Leisure 3.8%
Domino’s Pizza, Inc.
Franchisor of Pizza Restaurants
235,261 43,358,602
Dunkin’ Brands Group, Inc.
Franchisor of Quick Service Restaurants
532,006 29,090,088
Papa John’s International, Inc.
Franchisor of Pizza Restaurants
416,015 33,297,841
Texas Roadhouse, Inc.
Rural-focused Full Service Steakhouse
840,400 37,423,012
Vail Resorts, Inc.
Ski Resort Operator & Developer
208,831 40,074,669
Total   183,244,212
Common Stocks (continued)
Issuer Shares Value ($)
Household Durables 3.2%
Cavco Industries, Inc.(a)
Manufactured Homes
168,370 19,598,268
iRobot Corp.(a)
Home Robots (Vacuums, Pool Cleaners)
862,519 57,047,006
Leggett & Platt, Inc.
Designs & Produces Diverse Products for Homes, Offices & Vehicles
487,775 24,544,838
NVR, Inc.(a)
Homebuilder
24,210 51,007,565
Total   152,197,677
Internet & Direct Marketing Retail 0.7%
Wayfair, Inc., Class A(a),(b)
Online Retailer of Home Furnishings
786,479 31,844,535
Leisure Products 1.2%
Brunswick Corp.
Boats, Boat Engines, Exercise & Bowling Equipment
571,078 34,949,973
Polaris Industries, Inc.(b)
Leisure Vehicles & Related Products
286,636 24,020,097
Total   58,970,070
Specialty Retail 2.2%
Five Below, Inc.(a)
Low-price Specialty Retailer Targeting Pre-Teens, Teens & Parents
649,645 28,136,125
Monro Muffler Brake, Inc.
Automotive Services
414,988 21,620,875
Tractor Supply Co.
Rural Goods Retailer
546,471 37,690,105
Ulta Beauty, Inc.(a)
Specialty Beauty Product Retailer
72,376 20,643,806
Total   108,090,911
Textiles, Apparel & Luxury Goods 0.5%
Hanesbrands, Inc.
Apparel Wholesaler
1,090,435 22,637,431
Total Consumer Discretionary 907,242,411
Consumer Staples 1.9%
Food & Staples Retailing 0.5%
US Foods Holding Corp.(a)
U.S. Food Distributor
906,896 25,374,950
 
 
Columbia Acorn® Fund | Quarterly Report 2017
1


Portfolio of Investments   (continued)
Columbia Acorn® Fund, March 31, 2017 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Household Products 1.4%
Spectrum Brands Holdings, Inc.
Household Product Brands
294,034 40,873,666
WD-40 Co.
Manufacturer of Industrial Lubrications
228,947 24,943,776
Total   65,817,442
Total Consumer Staples 91,192,392
Energy 2.9%
Energy Equipment & Services 1.1%
Oil States International, Inc.(a)
Oilfield Service Provider
589,504 19,542,058
RPC, Inc.(b)
North American Onshore Oil Service
1,772,171 32,448,451
Total   51,990,509
Oil, Gas & Consumable Fuels 1.8%
Carrizo Oil & Gas, Inc.(a)
Oil & Gas Producer
685,655 19,650,872
Cimarex Energy Co.
Oil & Gas Producer in Texas, New Mexico & Oklahoma
202,452 24,190,990
Diamondback Energy, Inc.(a)
Oil & Gas Producer in Texas
409,888 42,511,534
Total   86,353,396
Total Energy 138,343,905
Financials 10.4%
Banks 2.0%
Associated Banc-Corp.
Midwest Bank
1,002,773 24,467,661
BOK Financial Corp.(b)
Tulsa-based Southwest Bank
266,452 20,855,198
MB Financial, Inc.
Chicago Bank
766,519 32,822,344
SVB Financial Group(a)
Bank to Venture Capitalists
100,686 18,736,658
Total   96,881,861
Common Stocks (continued)
Issuer Shares Value ($)
Capital Markets 7.5%
Affiliated Managers Group, Inc.
Asset Manager Holding Company
140,103 22,968,486
Ares Capital Corp.
Business Development Company
2,267,080 39,401,850
CBOE Holdings, Inc.
Marketplace for Trading Options & Futures
486,752 39,460,985
Eaton Vance Corp.
Specialty Mutual Funds
839,859 37,760,061
Factset Research Systems, Inc.
Securities Data Purveyor
220,738 36,401,903
Interactive Brokers Group, Inc., Class A
Electronic Brokerage & Market Maker
525,166 18,233,763
Lazard Ltd., Class A
Corporate Advisory & Asset Management
640,918 29,475,819
MarketAxess Holdings, Inc.
Bond Exchange
127,367 23,880,039
Nasdaq, Inc.
Exchange Operator & Data/Market Technology Provider
496,689 34,495,051
Raymond James Financial, Inc.
Full Service Wealth Management
1,062,134 80,998,339
Total   363,076,296
Consumer Finance 0.4%
Credit Acceptance Corp.(a),(b)
Sub-Prime Auto Lender
99,606 19,862,432
Insurance 0.5%
CNO Financial Group, Inc.
Life, Long-term Care & Medical Supplement Insurance
1,088,275 22,309,638
Total Financials 502,130,227
Health Care 21.1%
Biotechnology 4.2%
Agios Pharmaceuticals, Inc.(a)
Biotech Focused on Cancer & Orphan Diseases
377,263 22,032,159
Bioverativ, Inc.(a)
Biotech Company Focused on Treatments for Hemophilia and Other Blood Disorders
473,000 25,759,580
Celldex Therapeutics, Inc.(a),(b),(c)
Biotech Developing Drugs for Cancer
6,019,590 21,730,720
Genomic Health, Inc.(a)
Cancer Diagnostics
1,261,176 39,714,432
Kite Pharma, Inc.(a),(b)
Biotech Company Focused on Novel Cancer Treatments Known as "CAR-T’s"
340,973 26,762,971
 
 
2 Columbia Acorn® Fund | Quarterly Report 2017


Portfolio of Investments   (continued)
Columbia Acorn® Fund, March 31, 2017 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Seattle Genetics, Inc.(a)
Antibody-based Therapies for Cancer
592,582 37,249,705
Ultragenyx Pharmaceutical, Inc.(a)
Biotech Focused on "Ultra-Orphan" Drugs
429,022 29,079,111
Total   202,328,678
Health Care Equipment & Supplies 9.5%
Align Technology, Inc.(a)
Invisalign System to Correct Malocclusion (Crooked Teeth)
990,200 113,585,842
Dentsply Sirona, Inc.
Dental Supplies Manufacturer
458,186 28,609,134
Endologix, Inc.(a),(c)
Minimally Invasive Treatment of Abdominal Aortic Aneurysm
4,398,852 31,847,688
Haemonetics Corp.(a)
Blood and Plasma Collection Equipment
436,842 17,722,680
IDEXX Laboratories, Inc.(a)
Diagnostic Equipment & Services for Veterinarians
164,261 25,396,393
LivaNova PLC(a)
Neuromodulation & Cardiac Devices
705,680 34,585,377
Masimo Corp.(a)
Pulse Oximetry Monitors (Blood Oxygen Levels)
405,711 37,836,608
Natus Medical, Inc.(a)
Neuro-diagnostic & Newborn Care Products
981,781 38,534,904
ResMed, Inc.
Medical Devices for Sleep Apnea Treatment
640,313 46,083,327
Varex Imaging Corp.(a)
X-Ray Tubes, Flat Panel Detectors and Other Components for Medical and Industrial Imaging Equipment
645,850 21,700,560
Varian Medical Systems, Inc.(a)
Radiation Therapy Systems, Software & Services to Treat Cancer
304,513 27,750,270
West Pharmaceutical Services, Inc.
Components & Systems for Injectable Drug Delivery
411,064 33,546,933
Total   457,199,716
Health Care Providers & Services 2.6%
Centene Corp.(a)
Managed Care Organization
421,956 30,068,585
HealthSouth Corp.
Inpatient Rehabilitation Facilities & Home Health Care
1,766,815 75,637,350
Mednax, Inc.(a)
Physician Management for Pediatric & Anesthesia Practices
292,137 20,268,465
Total   125,974,400
Common Stocks (continued)
Issuer Shares Value ($)
Health Care Technology 0.6%
Medidata Solutions, Inc.(a)
Cloud-based Software for Drug Studies
485,632 28,016,110
Life Sciences Tools & Services 3.2%
Agilent Technologies, Inc.
Provider of Systems, Consumables & Services for Life Science Labs
621,835 32,876,416
Mettler-Toledo International, Inc.(a)
Laboratory Equipment
42,245 20,231,553
Pra Health Sciences, Inc.(a)
Contract Research Organization
1,111,754 72,519,713
VWR Corp.(a)
Distributor of Lab Supplies
1,061,463 29,933,257
Total   155,560,939
Pharmaceuticals 1.0%
Akorn, Inc.(a)
Developer, Manufacturer & Distributor of Specialty Generic Drugs
1,953,090 47,030,407
Total Health Care 1,016,110,250
Industrials 19.0%
Aerospace & Defense 0.8%
HEICO Corp., Class A
FAA-Approved Aircraft Replacement Parts
548,770 41,157,750
Air Freight & Logistics 0.5%
Expeditors International of Washington, Inc.
International Freight Forwarder
421,370 23,803,191
Commercial Services & Supplies 3.6%
Cintas Corp.
Provider of Rental Uniforms & Floor Mats
413,964 52,383,005
Copart, Inc.(a)
Auto Salvage Services
564,104 34,934,961
Knoll, Inc.
Office & Residential Furniture
852,877 20,307,001
Ritchie Bros. Auctioneers, Inc.
Heavy Equipment Auctioneer
726,689 23,908,068
Unifirst Corp.
Uniform Rental
283,644 40,121,444
Total   171,654,479
Electrical Equipment 0.4%
Acuity Brands, Inc.
Commercial Lighting Fixtures
92,916 18,954,864
 
 
Columbia Acorn® Fund | Quarterly Report 2017
3


Portfolio of Investments   (continued)
Columbia Acorn® Fund, March 31, 2017 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Industrial Conglomerates 1.0%
Carlisle Companies, Inc.
industrial Conglomerate
446,203 47,480,461
Machinery 6.3%
Graco, Inc.
Manufacturer of Dispensing Equipment
208,865 19,662,551
Middleby Corp. (The)(a)
Manufacturer of Cooking Equipment
164,839 22,492,282
Nordson Corp.
Dispensing Systems for Adhesives & Coatings
244,369 30,018,288
Oshkosh Corp.
Specialty Truck Manufacturer
641,245 43,982,995
REV Group, Inc.(a)
Manufacturer of Specialty Vehicles
735,627 20,281,236
Snap-On, Inc.
Tools
285,940 48,229,500
Toro Co. (The)
Turf Maintenance Equipment
948,571 59,247,745
WABCO Holdings, Inc.(a)
Truck & Bus Component Supplier
205,439 24,122,647
Wabtec Corp.
Freight & Transit Component Supplier
436,682 34,061,196
Total   302,098,440
Professional Services 4.0%
ManpowerGroup, Inc.
Global Temporary Staffing Provider
433,934 44,508,610
Navigant Consulting, Inc.(a)
Financial Consulting Firm
783,377 17,907,998
Robert Half International, Inc.
Temporary & Permanent Staffing in Finance, Accounting & Other Professions
657,096 32,085,998
TransUnion (a)
Global Credit Rating Agency
1,300,000 49,855,000
Wageworks, Inc.(a)
Healthcare Consumer Directed Benefits & Commuter Account Management
640,878 46,335,480
Total   190,693,086
Road & Rail 1.8%
AMERCO
Parent of UHAUL
78,247 29,826,974
JB Hunt Transport Services, Inc.
Truck & Intermodal Carrier
225,554 20,692,324
Old Dominion Freight Line, Inc.
LTL Trucker
404,571 34,619,140
Total   85,138,438
Common Stocks (continued)
Issuer Shares Value ($)
Trading Companies & Distributors 0.6%
Watsco, Inc.
HVAC Distribution
218,541 31,290,700
Total Industrials 912,271,409
Information Technology 19.3%
Electronic Equipment, Instruments & Components 2.6%
CDW Corp.
Value Added Reseller of IT Products & Services
1,153,334 66,558,905
IPG Photonics Corp.(a)
Fiber Lasers
469,098 56,620,129
Total   123,179,034
Internet Software & Services 4.6%
CoStar Group, Inc.(a)
Commercial Real Estate Data Aggregator & Web Marketing for Retail Landlords
138,500 28,699,970
GoDaddy, Inc., Class A(a)
Website Management for Small- & Medium-sized Companies
1,295,153 49,086,299
NIC, Inc.
Government Web Portal Development & Management Outsourcing
1,151,586 23,262,037
Nutanix, Inc., Class A(a),(b),(c)
Software Company Selling Hyper-converged Infrastructure Appliances
898,090 16,857,149
Q2 Holdings, Inc.(a)
Online & Mobile Banking Software
691,604 24,102,399
Quotient Technology, Inc.(a)
Allows CPGs to Digitally Distribute Coupons, Advertising & Trade Promotion
2,662,221 25,424,211
SPS Commerce, Inc.(a)
Supply Chain Management Software Delivered via the Web
350,581 20,505,483
VeriSign, Inc.(a)
Internet Domain Registry for .COM/.NET
384,556 33,498,673
Total   221,436,221
 
 
4 Columbia Acorn® Fund | Quarterly Report 2017


Portfolio of Investments   (continued)
Columbia Acorn® Fund, March 31, 2017 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
IT Services 5.6%
Black Knight Financial Services, Inc., Class A(a)
Provides Software and Data to Manage Mortgage Servicing and Originations
667,285 25,557,016
Booz Allen Hamilton Holdings Corp.
IT Consulting for US Government
1,313,973 46,501,504
Broadridge Financial Solutions, Inc.
Proxy & Mutual Fund Interim Processing & Distribution & Trade Processing
454,604 30,890,342
CoreLogic, Inc.(a)
Data Processing Services for Real Estate, Insurance & Mortgages
487,663 19,857,637
ExlService Holdings, Inc.(a)
Business Process Outsourcing
505,036 23,918,505
Gartner, Inc.(a)
IT Research & Consulting Services
447,217 48,294,964
MAXIMUS, Inc.
Outsourcer for Government Program Administration
398,589 24,792,236
Vantiv, Inc., Class A(a)
Credit Card Processor
764,001 48,987,744
Total   268,799,948
Semiconductors & Semiconductor Equipment 0.4%
Monolithic Power Systems, Inc.
High Performance Analog & Mixed Signal Integrated Circuits
214,720 19,775,712
Software 6.1%
ANSYS, Inc.(a)
Simulation Software for Engineers & Designers
580,461 62,033,867
Blackline, Inc.(a)
Accounting Software
403,269 12,001,286
Cadence Design Systems, Inc.(a)
Electronic Design Automation Software
1,156,313 36,308,228
CyberArk Software Ltd.(a)
Security Software
430,829 21,916,271
Manhattan Associates, Inc.(a)
Supply Chain Management Software & Services
727,028 37,841,807
Qualys, Inc.(a)
Security Software Delivered Via the Cloud
1,049,208 39,764,983
Synopsys, Inc.(a)
Software for Designing Semiconductor Chips
555,394 40,060,569
Ultimate Software Group, Inc. (The)(a)
Human Capital Management Systems
218,556 42,664,317
Total   292,591,328
Total Information Technology 925,782,243
Common Stocks (continued)
Issuer Shares Value ($)
Materials 0.9%
Chemicals 0.9%
Celanese Corp., Class A
Commodity & Specialty Chemicals Provider
474,466 42,630,770
Total Materials 42,630,770
Real Estate 4.0%
Equity Real Estate Investment Trusts (REITS) 3.3%
CoreCivic, Inc.
Prison Owner & Operator
926,513 29,111,038
Education Realty Trust, Inc.
Student Housing
628,085 25,657,272
Equity LifeStyle Properties, Inc.
Manufactured Home & RV Communities
256,244 19,746,163
Federal Realty Investment Trust
Shopping Centers & Mixed Use Projects
152,204 20,319,234
Lamar Advertising Co., Class A
Outdoor Advertising
554,123 41,415,153
SBA Communications Corp(a)
Communications Towers
161,787 19,474,301
Total   155,723,161
Real Estate Management & Development 0.7%
Jones Lang LaSalle, Inc.
Real Estate Services
319,048 35,557,900
Total Real Estate 191,281,061
Telecommunication Services 1.0%
Diversified Telecommunication Services 0.4%
Zayo Group Holdings, Inc.(a)
Fiber Optic Data Communications
620,864 20,426,426
Wireless Telecommunication Services 0.6%
Boingo Wireless, Inc.(a),(c)
Wi-Fi & Cellular Communications Networks
2,024,142 26,293,604
Total Telecommunication Services 46,720,030
Total Common Stocks
(Cost: $3,443,704,181)
4,773,704,698
Securities Lending Collateral 2.4%
  Shares Value ($)
Dreyfus Government Cash Management Fund, Institutional Shares, 0.670%(d),(e)
113,266,618 113,266,618
Total Securities Lending Collateral
(Cost: $113,266,618)
113,266,618
 
 
Columbia Acorn® Fund | Quarterly Report 2017
5


Portfolio of Investments   (continued)
Columbia Acorn® Fund, March 31, 2017 (Unaudited)
Money Market Funds 0.9%
  Shares Value ($)
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.635%(d) 44,385,374 44,385,373
Total Money Market Funds
(Cost: $44,385,373)
44,385,373
Total Investments
(Cost $3,601,356,172)
4,931,356,689
Obligation to Return Collateral for Securities Loaned   (113,266,618)
Other Assets & Liabilities, Net   (18,201,040)
Net Assets $4,799,889,031
Notes to Portfolio of Investments
(a) Non-income producing security.
(b) All or a portion of this security was on loan at March 31, 2017. The total market value of securities on loan at March 31, 2017 was $111,361,957.
(c) An affiliated person of the Fund, as defined in the Investment Company Act of 1940, may include any company in which the Fund owns five percent or more of its outstanding voting shares. Holdings and transactions in these affiliated companies during the period ended ended March 31, 2017, are as follows. The aggregate cost and value of these companies at March 31, 2017, was $93,157,001 and $96,729,161, respectively. Investments in affiliated companies represented 2.02% of the Fund’s total net assets at March 31, 2017.
    
Issuer Beginning
shares
Shares
purchased
Shares
sold
Ending
shares
Value ($) Dividend —
affiliated issuers
($)
Realized
Gain (Loss)
Boingo Wireless, Inc. 2,180,974 (156,832) 2,024,142 26,293,604 448,844
Celldex Therapeutics, Inc. 1 6,019,590 6,019,590 21,730,720
Endologix, Inc. 4,661,700 (262,848) 4,398,852 31,847,688 (367,809)
Nutanix, Inc., Class A 1 898,090 898,090 16,857,149
Total of Affiliated Transactions 13,760,354 (419,680) 13,340,674 96,729,161 81,035
    
1 At March 31, 2017, the Fund owned less than five percent of the company’s outstanding voting shares.
    
(d) The rate shown is the seven-day current annualized yield at March 31, 2017.
(e) Investment made with cash collateral received from securities lending activity.
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
At March 31, 2017, the approximate cost of securities for federal income tax purposes and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($)
Gross unrealized
appreciation ($)
Gross unrealized
(depreciation) ($)
Net unrealized
appreciation ($)
3,601,356,000 1,375,015,000 (45,014,000) 1,330,001,000
Fair value measurements
Various inputs are used in determining the value of the Fund’s investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (GAAP). These inputs are summarized in the three broad levels listed below:
Level 1 – quoted prices in active markets for identical securities
Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)
Level 3 – prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management’s own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose net asset values are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by Columbia Wanger Asset Management’s Valuation Committee (the Committee) that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Committee that relies on significant unobservable inputs.
6 Columbia Acorn® Fund | Quarterly Report 2017


Portfolio of Investments   (continued)
Columbia Acorn® Fund, March 31, 2017 (Unaudited)
Fair value measurements  (continued)
The Committee is responsible for applying the Columbia Acorn Trust Portfolio Pricing Policy and the Columbia Wanger Asset Management pricing procedures (the Policies), which are approved by and subject to the oversight of the Board of Trustees.
The Committee meets as necessary, and no less frequently than quarterly, to determine fair values for securities for which market quotations are not readily available or for which Columbia Wanger Asset Management believes that available market quotations are unreliable. The Committee also reviews the continuing appropriateness of the Policies. In circumstances where a security has been fair valued, the Committee will also review the continuing appropriateness of the current value of the security. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Fund’s investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Fund’s securities may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. Significant changes in any of these factors could result in lower or higher fair value measurements. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.
The following table is a summary of the inputs used to value the Fund’s investments at March 31, 2017:
  Level 1
quoted prices in active
markets for identical
assets ($)
Level 2
other significant
observable inputs ($)
Level 3
significant
unobservable inputs ($)
Total ($)
Investments        
Common Stocks        
Consumer Discretionary 907,242,411 907,242,411
Consumer Staples 91,192,392 91,192,392
Energy 138,343,905 138,343,905
Financials 502,130,227 502,130,227
Health Care 1,016,110,250 1,016,110,250
Industrials 912,271,409 912,271,409
Information Technology 925,782,243 925,782,243
Materials 42,630,770 42,630,770
Real Estate 191,281,061 191,281,061
Telecommunication Services 46,720,030 46,720,030
Total Common Stocks 4,773,704,698 4,773,704,698
Securities Lending Collateral 113,266,618 113,266,618
Money Market Funds 44,385,373 44,385,373
Total Investments 4,931,356,689 4,931,356,689
There were no transfers of financial assets between levels during the period.
Columbia Acorn® Fund | Quarterly Report 2017
7


Portfolio of Investments
Columbia Acorn International®, March 31, 2017 (Unaudited)
(Percentages represent value of investments compared to net assets)
Common Stocks 96.8%
Issuer Shares Value ($)
Australia 1.8%
Amcor Ltd.
Flexible & Rigid Packaging
2,475,208 28,470,782
Domino’s Pizza Enterprises Ltd.(a)
Domino’s Pizza Operator in Australia & New Zealand
1,304,900 57,930,643
Total 86,401,425
Brazil 0.5%
Raia Drogasil SA
Dominant Drugstore Chain in Brazil
1,266,000 23,847,192
Canada 7.4%
Boardwalk Real Estate Investment Trust(a)
Canadian Residential REIT
1,053,355 37,362,677
CAE, Inc.
Flight Simulator Equipment & Training Centers
2,499,934 38,198,788
CCL Industries, Inc.
Global Label Converter
569,444 124,238,435
PrairieSky Royalty Ltd.
Canadian Owner of Oil & Gas Mineral Interests
1,261,650 26,620,972
ShawCor Ltd.
Oil & Gas Pipeline Products
1,529,367 44,770,656
Tahoe Resources, Inc.
Silver & Gold Projects in Guatemala, Canada & Peru
3,755,098 30,157,120
Uni-Select, Inc.
Distribution of Automotive Paint & Replacement Parts in North America
1,131,748 30,101,084
Vermilion Energy, Inc.
Canadian Exploration & Production Company
803,247 30,122,140
Total 361,571,872
Cayman Islands 0.6%
Silicon Motion Technology Corp., ADR
Storage Controller IC Designer
613,802 28,695,244
China 3.4%
China Medical System Holdings Ltd.
Pharmaceutical & Medical Products
27,986,000 49,648,896
New Oriental Education & Technology Group, Inc., ADR(b)
Education Service Provider
899,964 54,339,826
Shenzhou International Group Holdings Ltd.
High-quality Apparel Manufacturer of Sportswear
3,618,000 22,834,007
TravelSky Technology Ltd., Class H
Chinese Air Travel Transaction Processor
16,203,000 38,285,762
Total 165,108,491
Common Stocks (continued)
Issuer Shares Value ($)
Denmark 3.5%
Novozymes AS, Class B
Industrial Enzymes
1,453,477 57,608,845
SimCorp AS
Software for Investment Managers
932,367 56,153,800
William Demant Holding AS(b)
Manufacture & Distribution of Hearing Aids & Diagnostic Equipment
2,758,177 57,626,820
Total 171,389,465
France 2.3%
Elior Group(a),(c)
Contract Caterer & Travel Concessionary
1,920,770 43,573,624
Eurofins Scientific SE
Food, Pharmaceuticals & Materials Screening & Testing
65,782 28,621,373
Legrand SA
Electrical Components
704,263 42,463,907
Total 114,658,904
Germany 6.5%
Fielmann AG
Retail Optician Chain
621,901 48,059,874
MTU Aero Engines AG
Airplane Engine Components & Services
551,920 71,802,715
Rational AG
Commercial Ovens
66,752 31,087,171
Stroeer SE & Co. KGaA(a)
Out of Home & Online Advertising
884,049 49,211,130
Wirecard AG(a)
Online Payment Processing & Risk Management
1,625,000 89,971,228
Zalando SE(b)
Online Platform for Apparel Sales
714,116 28,891,978
Total 319,024,096
Hong Kong 0.5%
Value Partners Group Ltd.
Mutual Fund Management
28,101,000 26,784,135
India 2.6%
TVS Motor Co., Ltd.
Indian Maker of Scooters, Mopeds, Motorcycles & Three-wheelers
6,268,373 41,589,582
United Breweries Ltd.
Indian Brewer
450,000 5,341,219
Zee Entertainment Enterprises Ltd.
Indian Programmer of Pay Television Content
10,025,681 82,677,061
Total 129,607,862
 
 
8 Columbia Acorn International® | Quarterly Report 2017


Portfolio of Investments   (continued)
Columbia Acorn International®, March 31, 2017 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Indonesia 0.8%
PT Matahari Department Store Tbk
Department Store Chain in Indonesia
37,711,800 37,292,119
Italy 1.6%
Brembo SpA
High Performance Auto Braking Systems Supplier
1,079,783 79,885,117
Japan 23.2%
Aeon Credit Service Co., Ltd.
Diversified Consumer-related Finance Company in Japan
2,147,000 40,539,597
Aeon Mall Co., Ltd.
Suburban Shopping Mall Developer, Owner & Operator
3,519,500 55,530,718
Aica Kogyo Co., Ltd.
Laminated Sheets, Building Materials & Chemical Adhesives
1,169,100 30,911,390
Asahi Intecc Co., Ltd.
Medical Guidewires for Surgery
644,700 26,829,479
Bandai Namco Holdings, Inc.
Branded Toys & Related Content
1,324,400 39,699,767
CyberAgent, Inc.
Mobile Advertising, Gaming & Media
1,849,000 54,826,694
DIP Corp.
Mobile Temporary Job Information Provider
1,151,000 25,159,002
Disco Corp.
Semiconductor Dicing & Grinding Equipment
316,900 48,388,854
FamilyMart UNY Holdings Co., Ltd.
Convenience Store Operator
716,500 42,751,405
Glory Ltd.
Currency Handling Systems & Related Equipment
1,117,900 36,755,609
Hikari Tsushin, Inc.
Office IT/Mobiles/Insurance Distribution
577,700 56,407,419
Makita Corp.
Power Tools
752,500 26,391,508
MonotaRO Co., Ltd(a)
Online Maintenance, Repair & Operations Goods Distributor in Japan
1,307,800 40,529,546
NGK Insulators Ltd.
Ceramic Products for Auto, Power & Electronics
1,521,200 34,510,784
NGK Spark Plug Co., Ltd.
Automobile Parts
1,528,900 35,059,871
Nihon M&A Center, Inc.
M&A Consulting Service for Small/Medium Sized Companies in Japan
795,800 25,967,891
NOF Corp.
Specialty Chemicals, Life Science & Rocket Fuels
3,340,000 35,534,491
Common Stocks (continued)
Issuer Shares Value ($)
Obic Co., Ltd.
Computer Software
595,100 28,430,664
Omron Corp.
Electric Components for Factory Automation
1,000,000 43,938,831
OSG Corp.(a)
Consumable Cutting Tools
1,128,300 23,076,161
Otsuka Corp.
One-stop IT Services & Office Supplies Provider
733,900 39,876,747
Recruit Holdings Co., Ltd.
Recruitment & Media Services
754,300 38,579,116
Santen Pharmaceutical Co., Ltd.
Specialty Pharma (Ophthalmic Medicine)
2,440,000 35,441,446
Sekisui Chemical Co., Ltd.
Housing, Infrastructure & Functional Plastics
3,671,500 61,894,347
Seria Co., Ltd.
100 Yen Discount Stores
378,200 16,375,265
Seven Bank Ltd.
ATM Processing Services
13,074,200 42,815,707
Sohgo Security Services Co., Ltd.
Home & Office Security Services in Japan
1,068,400 40,019,715
Sony Financial Holdings, Inc.
Life Insurance, Assurance & Internet Banking
2,100,000 33,725,151
Temp Holdings Co., Ltd.
Temporary Staffing & Recruiting Agency Services in Japan
2,240,000 41,999,861
Ushio, Inc.
Industrial Light Sources
2,613,100 33,096,353
Total 1,135,063,389
Malta 1.6%
Kindred Group PLC
European Online Gaming Operator
7,374,685 76,457,426
Mexico 1.4%
Grupo Aeroportuario del Sureste SAB de CV, ADR
Mexican Airport Operator
384,900 66,680,076
Netherlands 1.6%
Aalberts Industries NV
Flow Control & Heat Treatment
2,044,797 76,348,616
New Zealand 0.6%
Auckland International Airport Ltd.
Auckland Airport Operator
6,215,369 29,430,171
Philippines 0.6%
Universal Robina Corp.
Branded Consumer Food Manufacturer in the Philippines
9,000,000 29,325,926
Singapore 1.6%
 
 
Columbia Acorn International® | Quarterly Report 2017
9


Portfolio of Investments   (continued)
Columbia Acorn International®, March 31, 2017 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Mapletree Commercial Trust
Retail & Office Property Landlord
32,720,300 35,788,011
Singapore Exchange
Singapore Equity & Derivatives Market Operator
7,714,200 42,461,993
Total 78,250,004
South Africa 1.4%
Clicks Group Ltd.
South African Drugstore
1,572,148 15,011,062
Coronation Fund Managers Ltd.
South African Fund Manager
4,638,610 21,864,954
Rand Merchant Investment Holdings Ltd.
Directly Sold Property & Casualty Insurance; Holdings in Other Insurers
10,612,584 32,669,317
Total 69,545,333
South Korea 3.4%
Korea Aerospace Industries Ltd.
Manufacturer of Military Aircraft and Civil Aviation Parts
731,600 37,682,339
Korea Investment Holdings Co., Ltd.
Brokerage & Asset Management
850,000 35,822,454
Medy-Tox, Inc.
Botulinum Toxin ("Botox") & Dermal Fillers
152,900 63,302,683
Yuhan Corp.
Pharmaceutical Manufacturing & Distribution
141,799 28,224,580
Total 165,032,056
Spain 2.6%
Bolsas y Mercados Españoles SHMSF SA
Spanish Stock Markets
1,000,745 33,202,191
Merlin Properties Socimi SA
Largest Office & Industrial REIT in Spain
2,114,000 23,634,651
Prosegur Cia de Seguridad SA, Registered Shares
Security Guards
5,000,000 30,083,754
Viscofan SA
Sausage Casings Maker
751,424 38,850,464
Total 125,771,060
Sweden 5.3%
Hexagon AB, Class B
Design, Measurement & Visualization Software & Equipment
2,636,121 105,907,893
Millicom International Cellular SA, SDR
Telecoms Operator in Latin America & Africa
1,309,195 73,008,626
NetEnt AB
Leading Nordic Provider of Online Casino Games
213,274 1,713,684
Sweco AB, Class B
Engineering Consultants
1,295,134 29,514,194
Common Stocks (continued)
Issuer Shares Value ($)
Trelleborg AB, Class B
Manufacturer of Sealing, Dampening & Protective Solutions for Industry
2,296,587 49,183,379
Total 259,327,776
Switzerland 3.9%
Geberit AG
Plumbing Systems
94,892 40,906,870
Givaudan SA
Fragrances & Flavors
15,270 27,501,702
Partners Group Holding AG
Private Markets Asset Management
226,380 121,704,817
Total 190,113,389
Taiwan 2.9%
Advantech Co., Ltd.
Industrial PC & Components
2,922,686 24,466,613
Far EasTone Telecommunications Co., Ltd.
Mobile Operator in Taiwan
10,143,000 24,903,645
Largan Precision Co., Ltd.
Mobile Device Camera Lenses & Modules
405,000 63,787,466
Silergy Corp.
Chinese Provider of Analog & Mixed Digital Integrated Circuits
1,496,000 27,605,259
Total 140,762,983
Thailand 0.6%
Airports of Thailand PCL
Airport Operator of Thailand
4,789,900 5,471,529
Home Product Center PCL, Foreign Registered Shares
Home Improvement Retailer
82,081,700 23,046,814
Total 28,518,343
United Kingdom 13.9%
Abcam PLC
Online Sales of Antibodies
1,500,326 15,517,412
Croda International PLC
Oleo-chemicals & Industrial Chemicals
691,401 30,873,386
Domino’s Pizza Group PLC
Pizza Delivery in the UK, Ireland & Switzerland
6,812,115 26,355,778
DS Smith PLC
Packaging
8,749,564 47,587,487
Halma PLC
Health & Safety Sensor Technology
5,256,048 67,433,523
Kingfisher PLC
European DIY Retailer
14,313,437 58,480,530
LivaNova PLC(b)
Neuromodulation & Cardiac Devices
929,961 45,577,389
 
 
10 Columbia Acorn International® | Quarterly Report 2017


Portfolio of Investments   (continued)
Columbia Acorn International®, March 31, 2017 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Micro Focus International PLC
Legacy Software Provider
1,019,000 29,083,353
Rentokil Initial PLC
Pest Control, Washroom & Workwear Service Provider
11,576,349 35,781,400
Rightmove PLC
Internet Real Estate Listings
1,351,781 67,542,644
Shaftesbury PLC
London Prime Retail REIT
4,132,464 47,374,729
Smith & Nephew PLC
Medical Equipment & Supplies
1,637,399 24,946,215
Spirax-Sarco Engineering PLC
Steam Systems & Pumps for Manufacturing & Process Industries
769,514 45,979,095
WH Smith PLC
Newsprint, Books & General Stationery Retailer
2,401,564 53,348,163
Wolseley PLC
Distributor of Plumbing, HVAC & Waterworks Equipment
1,362,784 85,713,122
Total 681,594,226
United States 0.7%
Ultragenyx Pharmaceutical, Inc.(b)
Biotech Focused on "Ultra-Orphan" Drugs
546,529 37,043,736
Total Common Stocks
(Cost: $3,440,150,222)
4,733,530,432
Securities Lending Collateral 1.7%
  Shares Value ($)
Dreyfus Government Cash Management Fund, Institutional Shares, 0.670%(d),(e)
82,391,496 82,391,496
Total Securities Lending Collateral
(Cost: $82,391,496)
82,391,496
Money Market Funds 2.9%
JPMorgan U.S. Government Money Market Fund, Agency Shares, 0.530%(d)
8,367 8,368
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.635%(d)
143,643,164 143,643,164
Total Money Market Funds
(Cost: $143,651,531)
143,651,532
Total Investments
(Cost: $3,666,193,249)
4,959,573,460
Obligation to Return Collateral for Securities Loaned   (82,391,496)
Other Assets & Liabilities, Net   12,508,796
Net Assets $4,889,690,760
 
 
Notes to Portfolio of Investments
(a) All or a portion of this security was on loan at March 31, 2017. The total market value of securities on loan at March 31, 2017 was $78,792,779.
(b) Non-income producing security.
(c) Represents privately placed and other securities and instruments exempt from SEC registration (collectively, private placements), such as Section 4(a)(2) and Rule 144A eligible securities, which are often sold only to qualified institutional buyers. The Fund may invest in private placements determined to be liquid as well as those determined to be illiquid. Private placements may be determined to be liquid under guidelines established by the Fund’s Board of Trustees. At March 31, 2017, the value of these securities amounted to $43,573,624 or 0.89% of net assets.
(d) The rate shown is the seven-day current annualized yield at March 31, 2017.
(e) Investment made with cash collateral received from securities lending activity.
Abbreviation Legend
ADR American Depositary Receipt
SDR Swedish Depositary Receipt
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
At March 31, 2017, the approximate cost of securities for federal income tax purposes and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($)
Gross unrealized
appreciation ($)
Gross unrealized
(depreciation) ($)
Net unrealized
appreciation ($)
3,666,193,000 1,362,390,000 (69,010,000) 1,293,380,000
Columbia Acorn International® | Quarterly Report 2017
11


Portfolio of Investments   (continued)
Columbia Acorn International®, March 31, 2017 (Unaudited)
Fair value measurements
Various inputs are used in determining the value of the Fund’s investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (GAAP). These inputs are summarized in the three broad levels listed below:
Level 1 – quoted prices in active markets for identical securities
Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)
Level 3 – prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management’s own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose net asset values are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by Columbia Wanger Asset Management’s Valuation Committee (the Committee) that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Committee that relies on significant unobservable inputs.
The Committee is responsible for applying the Columbia Acorn Trust Portfolio Pricing Policy and the Columbia Wanger Asset Management pricing procedures (the Policies), which are approved by and subject to the oversight of the Board of Trustees.
The Committee meets as necessary, and no less frequently than quarterly, to determine fair values for securities for which market quotations are not readily available or for which Columbia Wanger Asset Management believes that available market quotations are unreliable. The Committee also reviews the continuing appropriateness of the Policies. In circumstances where a security has been fair valued, the Committee will also review the continuing appropriateness of the current value of the security. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Fund’s investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Fund’s securities may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. Significant changes in any of these factors could result in lower or higher fair value measurements. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.
The following table is a summary of the inputs used to value the Fund’s investments at March 31, 2017:
  Level 1
quoted prices in active
markets for identical
assets ($)
Level 2
other significant
observable inputs ($)
Level 3
significant
unobservable inputs ($)
Total ($)
Investments        
Common Stocks        
Australia 86,401,425 86,401,425
Brazil 23,847,192 23,847,192
Canada 361,571,872 361,571,872
Cayman Islands 28,695,244 28,695,244
China 54,339,826 110,768,665 165,108,491
Denmark 171,389,465 171,389,465
France 114,658,904 114,658,904
Germany 319,024,096 319,024,096
Hong Kong 26,784,135 26,784,135
India 129,607,862 129,607,862
Indonesia 37,292,119 37,292,119
Italy 79,885,117 79,885,117
Japan 1,135,063,389 1,135,063,389
Malta 76,457,426 76,457,426
Mexico 66,680,076 66,680,076
Netherlands 76,348,616 76,348,616
New Zealand 29,430,171 29,430,171
Philippines 29,325,926 29,325,926
Singapore 78,250,004 78,250,004
South Africa 69,545,333 69,545,333
South Korea 165,032,056 165,032,056
Spain 125,771,060 125,771,060
Sweden 259,327,776 259,327,776
Switzerland 190,113,389 190,113,389
12 Columbia Acorn International® | Quarterly Report 2017


Portfolio of Investments   (continued)
Columbia Acorn International®, March 31, 2017 (Unaudited)
Fair value measurements  (continued)
  Level 1
quoted prices in active
markets for identical
assets ($)
Level 2
other significant
observable inputs ($)
Level 3
significant
unobservable inputs ($)
Total ($)
Taiwan 140,762,983 140,762,983
Thailand 28,518,343 28,518,343
United Kingdom 45,577,389 636,016,837 681,594,226
United States 37,043,736 37,043,736
Total Common Stocks 617,755,335 4,115,775,097 4,733,530,432
Securities Lending Collateral 82,391,496 82,391,496
Money Market Funds 143,651,532 143,651,532
Total Investments 843,798,363 4,115,775,097 4,959,573,460
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.
There were no transfers of financial assets between levels during the period.
Columbia Acorn International® | Quarterly Report 2017
13


Portfolio of Investments
Columbia Acorn USA®, March 31, 2017 (Unaudited)
(Percentages represent value of investments compared to net assets)
Common Stocks 97.1%
Issuer Shares Value ($)
Consumer Discretionary 18.5%
Auto Components 3.7%
Dorman Products, Inc.(a)
Aftermarket Auto Parts Distributor
79,870 6,559,723
Gentex Corp.
Manufacturer of Auto Parts
292,936 6,248,325
LCI Industries
RV & Manufactured Home Components
108,309 10,809,238
Total   23,617,286
Distributors 1.1%
Pool Corp.
Swimming Pool Supplies & Equipment Distributor
59,705 7,124,598
Diversified Consumer Services 3.3%
Bright Horizons Family Solutions, Inc.(a)
Child Care/Preschool Services
106,905 7,749,543
DeVry Education Group, Inc.
Post Secondary Degree Services
125,904 4,463,297
Laureate Education, Inc., Class A(a)
Provides Higher Educational Services
350,118 4,996,184
ServiceMaster Global Holdings, Inc.(a)
Pest & Termite Control, Home Warranty & Other Home Services
101,546 4,239,546
Total   21,448,570
Hotels, Restaurants & Leisure 3.2%
Papa John’s International, Inc.
Franchisor of Pizza Restaurants
84,376 6,753,455
Texas Roadhouse, Inc.
Rural-focused Full Service Steakhouse
210,223 9,361,230
Vail Resorts, Inc.
Ski Resort Operator & Developer
21,561 4,137,556
Total   20,252,241
Household Durables 2.7%
Cavco Industries, Inc.(a)
Manufactured Homes
66,716 7,765,742
iRobot Corp.(a)
Home Robots (Vacuums, Pool Cleaners)
146,825 9,711,006
Total   17,476,748
Internet & Direct Marketing Retail 0.7%
Wayfair, Inc., Class A(a),(b)
Online Retailer of Home Furnishings
111,215 4,503,095
Leisure Products 1.8%
Brunswick Corp.
Boats, Boat Engines, Exercise & Bowling Equipment
193,943 11,869,311
Common Stocks (continued)
Issuer Shares Value ($)
Specialty Retail 2.0%
Camping World Holdings, Inc., Class A
RV-centric Retail Stores & Services
152,511 4,916,955
Five Below, Inc.(a)
Low-price Specialty Retailer Targeting Pre-Teens, Teens & Parents
111,443 4,826,596
Monro Muffler Brake, Inc.
Automotive Services
64,808 3,376,497
Total   13,120,048
Total Consumer Discretionary 119,411,897
Consumer Staples 1.4%
Household Products 1.4%
WD-40 Co.
Manufacturer of Industrial Lubrications
79,935 8,708,918
Total Consumer Staples 8,708,918
Energy 2.8%
Energy Equipment & Services 1.6%
Core Laboratories NV
Oil & Gas Reservoir Consulting
59,949 6,925,309
Frank’s International NV(b)
Global Provider of Casing Running Services Post Drilling of Wells
281,825 2,978,890
Total   9,904,199
Oil, Gas & Consumable Fuels 1.2%
Carrizo Oil & Gas, Inc.(a)
Oil & Gas Producer
153,189 4,390,397
PDC Energy, Inc.(a)
Oil & Gas Producer in the United States
55,796 3,478,880
Total   7,869,277
Total Energy 17,773,476
Financials 13.1%
Banks 9.7%
Associated Banc-Corp.
Midwest Bank
212,278 5,179,583
First Busey Corp.
Illinois Bank
351,992 10,348,565
Great Southern Bancorp, Inc.
Heartland Bank
95,637 4,829,668
Lakeland Financial Corp.
Indiana Bank
242,238 10,445,302
LegacyTexas Financial Group, Inc.
Texas Thrift
304,254 12,139,735
 
 
14 Columbia Acorn USA® | Quarterly Report 2017


Portfolio of Investments   (continued)
Columbia Acorn USA®, March 31, 2017 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
MB Financial, Inc.
Chicago Bank
204,880 8,772,962
Sandy Spring Bancorp, Inc.
Baltimore & Washington, D.C. Bank
178,866 7,331,717
Trico Bancshares
California Central Valley Bank
99,320 3,528,840
Total   62,576,372
Capital Markets 3.1%
Houlihan Lokey, Inc.
Middle Market Financial Advisory
110,480 3,806,036
OM Asset Management PLC
Asset Manager Holding Company
690,802 10,444,926
SEI Investments Co.
Mutual Fund Administration & Investment Management
111,524 5,625,271
Total   19,876,233
Consumer Finance 0.3%
FirstCash, Inc.
Pawnbroker
46,200 2,270,730
Total Financials 84,723,335
Health Care 22.9%
Biotechnology 3.8%
Agios Pharmaceuticals, Inc.(a)
Biotech Focused on Cancer & Orphan Diseases
96,935 5,661,004
Exact Sciences Corp.(a),(b)
Molecular Diagnostics
147,285 3,478,872
Genomic Health, Inc.(a)
Cancer Diagnostics
143,836 4,529,396
Kite Pharma, Inc.(a),(b)
Biotech Company Focused on Novel Cancer Treatments Known as "CAR-T’s"
46,078 3,616,662
Ligand Pharmaceuticals, Inc.(a)
Royalties from Licensing Drug Delivery Technology
39,126 4,141,096
Ultragenyx Pharmaceutical, Inc.(a)
Biotech Focused on "Ultra-Orphan" Drugs
46,916 3,179,966
Total   24,606,996
Common Stocks (continued)
Issuer Shares Value ($)
Health Care Equipment & Supplies 8.2%
Anika Therapeutics, Inc.(a)
Develops, Manufactures and Commercializes Therapeutic Products for Tissue Protection, Healing and Repair
70,611 3,067,342
Endologix, Inc.(a)
Minimally Invasive Treatment of Abdominal Aortic Aneurysm
675,930 4,893,733
Haemonetics Corp.(a)
Blood and Plasma Collection Equipment
62,108 2,519,722
iRhythm Technologies, Inc.(a)
Cardiac Arrhythmia Monitoring Devices & Services
245,430 9,228,168
LeMaitre Vascular, Inc.
Medical Devices for Peripheral Vascular Disease
453,981 11,181,552
Masimo Corp.(a)
Pulse Oximetry Monitors (Blood Oxygen Levels)
66,454 6,197,500
Natus Medical, Inc.(a)
Neuro-diagnostic & Newborn Care Products
262,091 10,287,072
West Pharmaceutical Services, Inc.
Components & Systems for Injectable Drug Delivery
70,463 5,750,485
Total   53,125,574
Health Care Providers & Services 4.6%
AMN Healthcare Services, Inc.(a)
Temporary Healthcare Staffing
162,742 6,607,325
HealthEquity, Inc.(a)
Provides Range of Solutions for Managing Health Care Accounts
82,362 3,496,267
HealthSouth Corp.
Inpatient Rehabilitation Facilities & Home Health Care
198,911 8,515,380
Mednax, Inc.(a)
Physician Management for Pediatric & Anesthesia Practices
156,343 10,847,077
Total   29,466,049
Health Care Technology 2.5%
Computer Programs & Systems, Inc.(b)
IT Systems & Services for Health Care Providers
170,697 4,779,516
Evolent Health, Inc., Class A(a),(b)
IT & Services Vendor for Hospitals
204,590 4,562,357
Medidata Solutions, Inc.(a)
Cloud-based Software for Drug Studies
114,503 6,605,678
Total   15,947,551
 
 
Columbia Acorn USA® | Quarterly Report 2017
15


Portfolio of Investments   (continued)
Columbia Acorn USA®, March 31, 2017 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Life Sciences Tools & Services 2.7%
Bio-Techne Corp.
Maker of Consumables & Systems for the Life Science Market
100,669 10,233,004
Cambrex Corp.(a)
Active Pharmaceutical Ingredients for Small Molecule Drugs
61,676 3,395,264
VWR Corp.(a)
Distributor of Lab Supplies
136,097 3,837,935
Total   17,466,203
Pharmaceuticals 1.1%
Akorn, Inc.(a)
Developer, Manufacturer & Distributor of Specialty Generic Drugs
301,857 7,268,717
Total Health Care 147,881,090
Industrials 17.8%
Aerospace & Defense 3.0%
Astronics Corp.(a)
Designer & Manufacturer of Aircraft Electrical Components & Testing Equipment
129,572 4,111,319
Astronics Corp., Class B(a)
Designer & Manufacturer of Aircraft Electrical Components & Testing Equipment
19,435 618,033
HEICO Corp., Class A
FAA-Approved Aircraft Replacement Parts
109,094 8,182,050
Taser International, Inc.(a)
Manufacturer of Electrical Weapons & Body Cameras
271,121 6,178,848
Total   19,090,250
Commercial Services & Supplies 5.6%
Brink’s Co. (The)
Provides Armored Transportation, Security Services and Supply Chain Management Solutions
64,001 3,420,853
Copart, Inc.(a)
Auto Salvage Services
105,547 6,536,526
Healthcare Services Group, Inc.
Outsourced Services to Long-term Care Industry
90,418 3,896,112
Knoll, Inc.
Office & Residential Furniture
271,283 6,459,248
Ritchie Bros. Auctioneers, Inc.
Heavy Equipment Auctioneer
156,321 5,142,961
Unifirst Corp.
Uniform Rental
75,117 10,625,300
Total   36,081,000
Common Stocks (continued)
Issuer Shares Value ($)
Machinery 6.1%
Barnes Group, Inc.
Provides Logistic Services and Manufactures Precision Components
67,568 3,468,941
ESCO Technologies, Inc.
Industrial Filtration & Advanced Measurement Equipment
58,298 3,387,114
Middleby Corp. (The)(a)
Manufacturer of Cooking Equipment
35,429 4,834,287
Nordson Corp.
Dispensing Systems for Adhesives & Coatings
56,690 6,963,799
Oshkosh Corp.
Specialty Truck Manufacturer
66,495 4,560,892
REV Group, Inc.(a)
Manufacturer of Specialty Vehicles
126,188 3,479,003
Toro Co. (The)
Turf Maintenance Equipment
206,608 12,904,736
Total   39,598,772
Professional Services 2.2%
ICF International, Inc.(a)
Professional Service Company
76,349 3,153,214
Wageworks, Inc.(a)
Healthcare Consumer Directed Benefits & Commuter Account Management
149,546 10,812,176
Total   13,965,390
Trading Companies & Distributors 0.9%
Watsco, Inc.
HVAC Distribution
42,930 6,146,717
Total Industrials 114,882,129
Information Technology 18.2%
Electronic Equipment, Instruments & Components 1.3%
IPG Photonics Corp.(a)
Fiber Lasers
66,680 8,048,276
Internet Software & Services 6.7%
Alteryx, Inc., Class A(a)
Provides a Platform for Strategic Analytics
77,707 1,214,560
Apptio, Inc., Class A(a),(b)
Software for Managing IT Spending
174,369 2,045,348
CoStar Group, Inc.(a)
Commercial Real Estate Data Aggregator & Web Marketing for Retail Landlords
39,661 8,218,552
j2 Global, Inc.
Communication Technology & Digital Media
98,255 8,244,577
Mimecast Ltd.(a)
Cyber Security, Continuity & Archiving Software
245,437 5,495,335
 
 
16 Columbia Acorn USA® | Quarterly Report 2017


Portfolio of Investments   (continued)
Columbia Acorn USA®, March 31, 2017 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
NIC, Inc.
Government Web Portal Development & Management Outsourcing
295,449 5,968,070
Nutanix, Inc., Class A(a),(b)
Software Company Selling Hyper-converged Infrastructure Appliances
192,843 3,619,663
Q2 Holdings, Inc.(a)
Online & Mobile Banking Software
130,865 4,560,645
SPS Commerce, Inc.(a)
Supply Chain Management Software Delivered via the Web
64,836 3,792,258
Total   43,159,008
IT Services 3.4%
CoreLogic, Inc.(a)
Data Processing Services for Real Estate, Insurance & Mortgages
86,347 3,516,050
ExlService Holdings, Inc.(a)
Business Process Outsourcing
64,759 3,066,986
MAXIMUS, Inc.
Outsourcer for Government Program Administration
161,530 10,047,166
WNS Holdings Ltd., ADR(a)
Offshore Business Process Outsourcing Services
192,692 5,512,918
Total   22,143,120
Semiconductors & Semiconductor Equipment 1.4%
Monolithic Power Systems, Inc.
High Performance Analog & Mixed Signal Integrated Circuits
100,546 9,260,287
Software 5.4%
ANSYS, Inc.(a)
Simulation Software for Engineers & Designers
58,985 6,303,727
Blackline, Inc.(a)
Accounting Software
115,455 3,435,941
CyberArk Software Ltd.(a)
Security Software
66,099 3,362,456
Guidewire Software, Inc.(a)
Software for Global Property & Casualty Insurance Carriers
67,037 3,776,194
Manhattan Associates, Inc.(a)
Supply Chain Management Software & Services
120,335 6,263,437
Qualys, Inc.(a)
Security Software Delivered Via the Cloud
210,510 7,978,329
Tyler Technologies, Inc.(a)
Financial, Tax, Court & Document Management Systems for Local Governments
23,153 3,578,528
Total   34,698,612
Total Information Technology 117,309,303
Common Stocks (continued)
Issuer Shares Value ($)
Real Estate 2.4%
Equity Real Estate Investment Trusts (REITS) 0.9%
UMH Properties, Inc.
Owner & Operator of Manufactured Home Parks
393,175 5,980,192
Real Estate Management & Development 1.5%
Colliers International Group, Inc.
Real Estate Services
100,592 4,747,942
FirstService Corp.
Residential Property Management & Housing Related Services
79,514 4,794,694
Total   9,542,636
Total Real Estate 15,522,828
Total Common Stocks
(Cost: $449,546,208)
626,212,976
Securities Lending Collateral 3.0%
  Shares Value ($)
Dreyfus Government Cash Management Fund, Institutional Shares, 0.670%(c),(d)
19,264,725 19,264,725
Total Securities Lending Collateral
(Cost: $19,264,725)
19,264,725
Money Market Funds 3.6%
JPMorgan U.S. Government Money Market Fund, Agency Shares, 0.530%(c) 23,371,009 23,371,009
Total Money Market Funds
(Cost: $23,371,009)
23,371,009
Total Investments
(Cost $492,181,942)
668,848,710
Obligation to Return Collateral for Securities Loaned   (19,264,725)
Other Assets & Liabilities, Net   (4,907,359)
Net Assets $644,676,626
 
 
Columbia Acorn USA® | Quarterly Report 2017
17


Portfolio of Investments   (continued)
Columbia Acorn USA®, March 31, 2017 (Unaudited)
Notes to Portfolio of Investments
(a) Non-income producing security.
(b) All or a portion of this security was on loan at March 31, 2017. The total market value of securities on loan at March 31, 2017 was $18,773,888.
(c) The rate shown is the seven-day current annualized yield at March 31, 2017.
(d) Investment made with cash collateral received from securities lending activity.
Abbreviation Legend
ADR American Depositary Receipt
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
At March 31, 2017, the approximate cost of securities for federal income tax purposes and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($)
Gross unrealized
appreciation ($)
Gross unrealized
(depreciation) ($)
Net unrealized
appreciation ($)
492,182,000 185,273,000 (8,606,000) 176,667,000
Fair value measurements
Various inputs are used in determining the value of the Fund’s investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (GAAP). These inputs are summarized in the three broad levels listed below:
Level 1 – quoted prices in active markets for identical securities
Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)
Level 3 – prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management’s own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose net asset values are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by Columbia Wanger Asset Management’s Valuation Committee (the Committee) that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Committee that relies on significant unobservable inputs.
The Committee is responsible for applying the Columbia Acorn Trust Portfolio Pricing Policy and the Columbia Wanger Asset Management pricing procedures (the Policies), which are approved by and subject to the oversight of the Board of Trustees.
The Committee meets as necessary, and no less frequently than quarterly, to determine fair values for securities for which market quotations are not readily available or for which Columbia Wanger Asset Management believes that available market quotations are unreliable. The Committee also reviews the continuing appropriateness of the Policies. In circumstances where a security has been fair valued, the Committee will also review the continuing appropriateness of the current value of the security. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Fund’s investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Fund’s securities may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. Significant changes in any of these factors could result in lower or higher fair value measurements. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.
The following table is a summary of the inputs used to value the Fund’s investments at March 31, 2017:
  Level 1
quoted prices in active
markets for identical
assets ($)
Level 2
other significant
observable inputs ($)
Level 3
significant
unobservable inputs ($)
Total ($)
Investments        
Common Stocks        
Consumer Discretionary 119,411,897 119,411,897
Consumer Staples 8,708,918 8,708,918
Energy 17,773,476 17,773,476
Financials 84,723,335 84,723,335
18 Columbia Acorn USA® | Quarterly Report 2017


Portfolio of Investments   (continued)
Columbia Acorn USA®, March 31, 2017 (Unaudited)
Fair value measurements  (continued)
  Level 1
quoted prices in active
markets for identical
assets ($)
Level 2
other significant
observable inputs ($)
Level 3
significant
unobservable inputs ($)
Total ($)
Health Care 147,881,090 147,881,090
Industrials 114,882,129 114,882,129
Information Technology 117,309,303 117,309,303
Real Estate 15,522,828 15,522,828
Total Common Stocks 626,212,976 626,212,976
Securities Lending Collateral 19,264,725 19,264,725
Money Market Funds 23,371,009 23,371,009
Total Investments 668,848,710 668,848,710
There were no transfers of financial assets between levels during the period.
Columbia Acorn USA® | Quarterly Report 2017
19


Portfolio of Investments
Columbia Acorn International SelectSM, March 31, 2017 (Unaudited)
(Percentages represent value of investments compared to net assets)
Common Stocks 95.8%
Issuer Shares Value ($)
Australia 3.9%
Amcor Ltd.
Flexible & Rigid Packaging
193,000 2,219,959
Domino’s Pizza Enterprises Ltd.
Domino’s Pizza Operator in Australia & New Zealand
45,000 1,997,762
Total 4,217,721
Canada 7.6%
CCL Industries, Inc.
Global Label Converter
29,641 6,466,924
Vermilion Energy, Inc.
Canadian Exploration & Production Company
48,340 1,812,773
Total 8,279,697
China 3.7%
NetEase, Inc., ADR
Chinese Online Gaming Services
14,200 4,032,800
Denmark 3.3%
Novozymes AS, Class B
Industrial Enzymes
89,955 3,565,384
France 2.6%
Legrand SA
Electrical Components
46,000 2,773,594
Germany 8.7%
MTU Aero Engines AG
Airplane Engine Components & Services
33,500 4,358,224
Wirecard AG
Online Payment Processing & Risk Management
91,040 5,040,603
Total 9,398,827
India 2.4%
Zee Entertainment Enterprises Ltd.
Indian Programmer of Pay Television Content
315,000 2,597,656
Ireland 2.3%
Ryanair Holdings PLC(a)
European Low Cost Airline
158,000 2,448,252
Japan 23.0%
Aeon Mall Co., Ltd.
Suburban Shopping Mall Developer, Owner & Operator
178,600 2,817,953
CyberAgent, Inc.
Mobile Advertising, Gaming & Media
83,000 2,461,123
Hoya Corp.
Opto-electrical Components & Eyeglass Lenses
83,000 4,009,796
Omron Corp.
Electric Components for Factory Automation
50,000 2,196,942
Common Stocks (continued)
Issuer Shares Value ($)
Recruit Holdings Co., Ltd.
Recruitment & Media Services
71,700 3,667,138
Santen Pharmaceutical Co., Ltd.
Specialty Pharma (Ophthalmic Medicine)
203,200 2,951,517
Seven & I Holdings Co., Ltd.
Convenience Stores and other Retail
82,700 3,248,757
Sony Financial Holdings, Inc.
Life Insurance, Assurance & Internet Banking
224,500 3,605,379
Total 24,958,605
Mexico 2.2%
Grupo Aeroportuario del Sureste SAB de CV, ADR
Mexican Airport Operator
14,000 2,425,360
South Africa 3.8%
Naspers Ltd., Class N
Media in Africa, China, Russia & Other Emerging Markets
24,000 4,141,247
South Korea 2.0%
Korea Aerospace Industries Ltd.
Manufacturer of Military Aircraft and Civil Aviation Parts
42,500 2,189,037
Sweden 4.7%
Hexagon AB, Class B
Design, Measurement & Visualization Software & Equipment
127,000 5,102,309
Switzerland 8.1%
Geberit AG
Plumbing Systems
8,540 3,681,497
Partners Group Holding AG
Private Markets Asset Management
9,400 5,053,562
Total 8,735,059
Taiwan 3.5%
Largan Precision Co., Ltd.
Mobile Device Camera Lenses & Modules
24,000 3,779,998
Thailand 2.4%
Airports of Thailand PCL
Airport Operator of Thailand
2,280,000 2,604,457
United Kingdom 11.6%
Halma PLC
Health & Safety Sensor Technology
175,000 2,245,198
Kingfisher PLC
European DIY Retailer
494,000 2,018,340
Rightmove PLC
Internet Real Estate Listings
43,800 2,188,496
 
 
20 Columbia Acorn International SelectSM | Quarterly Report 2017


Portfolio of Investments   (continued)
Columbia Acorn International SelectSM, March 31, 2017 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
WH Smith PLC
Newsprint, Books & General Stationery Retailer
136,930 3,041,753
Wolseley PLC
Distributor of Plumbing, HVAC & Waterworks Equipment
50,000 3,144,780
Total 12,638,567
Total Common Stocks
(Cost: $75,537,028)
103,888,570
Money Market Funds 3.7%
  Shares Value ($)
JPMorgan U.S. Government Money Market Fund, IM Shares, 0.635%(b)
4,043,765 4,043,764
Total Money Market Funds
(Cost: $4,043,765)
4,043,764
Total Investments
(Cost: $79,580,793)
107,932,334
Other Assets & Liabilities, Net   530,729
Net Assets $108,463,063
Notes to Portfolio of Investments
(a) Non-income producing security.
(b) The rate shown is the seven-day current annualized yield at March 31, 2017.
Abbreviation Legend
ADR American Depositary Receipt
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
At March 31, 2017, the approximate cost of securities for federal income tax purposes and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($)
Gross unrealized
appreciation ($)
Gross unrealized
(depreciation) ($)
Net unrealized
appreciation ($)
79,581,000 29,282,000 (931,000) 28,351,000
Fair value measurements
Various inputs are used in determining the value of the Fund’s investments, following the input prioritization hierarchy established by accounting principles generally accepted in the United States of America (GAAP). These inputs are summarized in the three broad levels listed below:
Level 1 – quoted prices in active markets for identical securities
Level 2 – prices determined using other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others)
Level 3 – prices determined using significant unobservable inputs where quoted prices or observable inputs are unavailable or less reliable (including management’s own assumptions about the factors market participants would use in pricing an investment)
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose net asset values are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by Columbia Wanger Asset Management’s Valuation Committee (the Committee) that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Committee that relies on significant unobservable inputs.
Columbia Acorn International SelectSM | Quarterly Report 2017
21


Portfolio of Investments   (continued)
Columbia Acorn International SelectSM, March 31, 2017 (Unaudited)
Fair value measurements  (continued)
The Committee is responsible for applying the Columbia Acorn Trust Portfolio Pricing Policy and the Columbia Wanger Asset Management pricing procedures (the Policies), which are approved by and subject to the oversight of the Board of Trustees.
The Committee meets as necessary, and no less frequently than quarterly, to determine fair values for securities for which market quotations are not readily available or for which Columbia Wanger Asset Management believes that available market quotations are unreliable. The Committee also reviews the continuing appropriateness of the Policies. In circumstances where a security has been fair valued, the Committee will also review the continuing appropriateness of the current value of the security. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Fund’s investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Fund’s securities may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. Significant changes in any of these factors could result in lower or higher fair value measurements. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.
The following table is a summary of the inputs used to value the Fund’s investments at March 31, 2017:
  Level 1
quoted prices in active
markets for identical
assets ($)
Level 2
other significant
observable inputs ($)
Level 3
significant
unobservable inputs ($)
Total ($)
Investments        
Common Stocks        
Australia 4,217,721 4,217,721
Canada 8,279,697 8,279,697
China 4,032,800 4,032,800
Denmark 3,565,384 3,565,384
France 2,773,594 2,773,594
Germany 9,398,827 9,398,827
India 2,597,656 2,597,656
Ireland 2,448,252 2,448,252
Japan 24,958,605 24,958,605
Mexico 2,425,360 2,425,360
South Africa 4,141,247 4,141,247
South Korea 2,189,037 2,189,037
Sweden 5,102,309 5,102,309
Switzerland 8,735,059 8,735,059
Taiwan 3,779,998 3,779,998
Thailand 2,604,457 2,604,457
United Kingdom 12,638,567 12,638,567
Total Common Stocks 14,737,857 89,150,713 103,888,570
Money Market Funds 4,043,764 4,043,764
Total Investments 18,781,621 89,150,713 107,932,334
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.
There were no transfers of financial assets between levels during the period.
22 Columbia Acorn International SelectSM | Quarterly Report 2017


Portfolio of Investments
Columbia Acorn SelectSM, March 31, 2017 (Unaudited)
(Percentages represent value of investments compared to net assets)
Common Stocks 97.7%
Issuer Shares Value ($)
Consumer Discretionary 19.2%
Distributors 4.1%
LKQ Corp.(a)
Alternative Auto Parts Distribution
437,620 12,809,137
Hotels, Restaurants & Leisure 7.8%
Papa John’s International, Inc.
Franchisor of Pizza Restaurants
111,600 8,932,464
Vail Resorts, Inc.
Ski Resort Operator & Developer
79,584 15,272,170
Total   24,204,634
Household Durables 2.4%
iRobot Corp.(a)
Home Robots (Vacuums, Pool Cleaners)
110,000 7,275,400
Media 4.9%
Liberty Global PLC, Class A(a)
Cable TV Franchises Outside of the United States
420,000 15,065,400
Total Consumer Discretionary 59,354,571
Financials 10.1%
Banks 3.5%
SVB Financial Group(a)
Bank to Venture Capitalists
58,200 10,830,438
Capital Markets 6.1%
Eaton Vance Corp.
Specialty Mutual Funds
189,337 8,512,592
Lazard Ltd., Class A
Corporate Advisory & Asset Management
223,000 10,255,770
Total   18,768,362
Consumer Finance 0.5%
FirstCash, Inc.
Pawnbroker
30,373 1,492,833
Total Financials 31,091,633
Health Care 18.2%
Biotechnology 0.6%
Ultragenyx Pharmaceutical, Inc.(a)
Biotech Focused on "Ultra-Orphan" Drugs
26,186 1,774,887
Common Stocks (continued)
Issuer Shares Value ($)
Health Care Equipment & Supplies 10.5%
Align Technology, Inc.(a)
Invisalign System to Correct Malocclusion (Crooked Teeth)
107,177 12,294,274
LivaNova PLC(a)
Neuromodulation & Cardiac Devices
174,500 8,552,245
Natus Medical, Inc.(a)
Neuro-diagnostic & Newborn Care Products
292,500 11,480,625
Total   32,327,144
Health Care Providers & Services 7.1%
Centene Corp.(a)
Managed Care Organization
96,000 6,840,960
HealthSouth Corp.
Inpatient Rehabilitation Facilities & Home Health Care
357,000 15,283,170
Total   22,124,130
Total Health Care 56,226,161
Industrials 27.1%
Machinery 16.6%
Middleby Corp. (The)(a)
Manufacturer of Cooking Equipment
84,100 11,475,445
Nordson Corp.
Dispensing Systems for Adhesives & Coatings
26,256 3,225,287
Oshkosh Corp.
Specialty Truck Manufacturer
142,282 9,759,122
Snap-On, Inc.
Tools
81,500 13,746,605
Wabtec Corp.
Freight & Transit Component Supplier
168,400 13,135,200
Total   51,341,659
Professional Services 2.2%
Robert Half International, Inc.
Temporary & Permanent Staffing in Finance, Accounting & Other Professions
138,795 6,777,360
Road & Rail 8.3%
AMERCO
Parent of UHAUL
32,000 12,198,080
JB Hunt Transport Services, Inc.
Truck & Intermodal Carrier
145,000 13,302,300
Total   25,500,380
Total Industrials 83,619,399
 
 
Columbia Acorn SelectSM | Quarterly Report 2017
23


Portfolio of Investments   (continued)
Columbia Acorn SelectSM, March 31, 2017 (Unaudited)
Common Stocks (continued)
Issuer Shares Value ($)
Information Technology 12.5%
Internet Software & Services 9.8%
GoDaddy, Inc., Class A(a)
Website Management for Small- & Medium-sized Companies
297,000 11,256,300
SPS Commerce, Inc.(a)
Supply Chain Management Software Delivered via the Web
151,700 8,872,933
VeriSign, Inc.(a)
Internet Domain Registry for .COM/.NET
115,800 10,087,338
Total   30,216,571
Software 2.7%
ANSYS, Inc.(a)
Simulation Software for Engineers & Designers
78,158 8,352,745
Total Information Technology 38,569,316
Materials 3.0%
Chemicals 3.0%
Axalta Coating Systems Ltd.(a)
Global Manufacturer of High Performance Coatings
286,581 9,227,908
Total Materials 9,227,908
Real Estate 7.6%
Equity Real Estate Investment Trusts (REITS) 3.6%
Education Realty Trust, Inc.
Student Housing
273,566 11,175,171
Common Stocks (continued)
Issuer Shares Value ($)
Real Estate Management & Development 4.0%
Jones Lang LaSalle, Inc.
Real Estate Services
109,900 12,248,355
Total Real Estate 23,423,526
Total Common Stocks
(Cost: $243,580,102)
301,512,514
Money Market Funds 2.8%
  Shares Value ($)
JPMorgan U.S. Government Money Market Fund, Agency Shares, 0.530%(b) 8,785,487 8,785,487
Total Money Market Funds
(Cost: $8,785,487)
8,785,487
Total Investments
(Cost $252,365,589)
310,298,001
Other Assets & Liabilities, Net   (1,566,342)
Net Assets $308,731,659
 
 
Notes to Portfolio of Investments
(a) Non-income producing security.
(b) The rate shown is the seven-day current annualized yield at March 31, 2017.
Investments are valued using policies described in the Notes to Financial Statements in the most recent shareholder report.
At March 31, 2017, the approximate cost of securities for federal income tax purposes and the approximate aggregate gross unrealized appreciation and depreciation based on that cost was:
Federal
tax cost ($)
Gross unrealized
appreciation ($)
Gross unrealized
(depreciation) ($)
Net unrealized
appreciation ($)
252,366,000 58,672,000 (740,000) 57,932,000
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.
24 Columbia Acorn SelectSM | Quarterly Report 2017


Portfolio of Investments   (continued)
Columbia Acorn SelectSM, March 31, 2017 (Unaudited)
Fair value measurements  (continued)
Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include exchange traded domestic equities, mutual funds whose net asset values are published each day and exchange traded foreign equities that are not statistically fair valued. Typical Level 2 securities include exchange traded foreign equities that are statistically fair valued, forward foreign currency exchange contracts and short-term investments valued at amortized cost. Additionally, securities fair valued by Columbia Wanger Asset Management’s Valuation Committee (the Committee) that rely on significant observable inputs are also included in Level 2. Typical Level 3 securities include any security fair valued by the Committee that relies on significant unobservable inputs.
The Committee is responsible for applying the Columbia Acorn Trust Portfolio Pricing Policy and the Columbia Wanger Asset Management pricing procedures (the Policies), which are approved by and subject to the oversight of the Board of Trustees.
The Committee meets as necessary, and no less frequently than quarterly, to determine fair values for securities for which market quotations are not readily available or for which Columbia Wanger Asset Management believes that available market quotations are unreliable. The Committee also reviews the continuing appropriateness of the Policies. In circumstances where a security has been fair valued, the Committee will also review the continuing appropriateness of the current value of the security. The Policies address, among other things: circumstances under which market quotations will be deemed readily available; selection of third party pricing vendors; appropriate pricing methodologies; events that require fair valuation and fair value techniques; circumstances under which securities will be deemed to pose a potential for stale pricing, including when securities are illiquid, restricted, or in default; and certain delegations of authority to determine fair values to the Fund’s investment manager. The Committee may also meet to discuss additional valuation matters, which may include review of back-testing results, review of time-sensitive information or approval of other valuation related actions, and to review the appropriateness of the Policies.
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Fund’s securities may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. Significant changes in any of these factors could result in lower or higher fair value measurements. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.
The following table is a summary of the inputs used to value the Fund’s investments at March 31, 2017:
  Level 1
quoted prices in active
markets for identical
assets ($)
Level 2
other significant
observable inputs ($)
Level 3
significant
unobservable inputs ($)
Total ($)
Investments        
Common Stocks        
Consumer Discretionary 59,354,571 59,354,571
Financials 31,091,633 31,091,633
Health Care 56,226,161 56,226,161
Industrials 83,619,399 83,619,399
Information Technology 38,569,316 38,569,316
Materials 9,227,908 9,227,908
Real Estate 23,423,526 23,423,526
Total Common Stocks 301,512,514 301,512,514
Money Market Funds 8,785,487 8,785,487
Total Investments 310,298,001 310,298,001
There were no transfers of financial assets between levels during the period.
Columbia Acorn SelectSM | Quarterly Report 2017
25


Portfolio of Investments
Columbia Thermostat FundSM, March 31, 2017 (Unaudited)
(Percentages represent value of investments compared to net assets)
Equity Funds 9.9%
Issuer Shares Value ($)
Dividend Income 2.0%
Columbia Dividend Income Fund, Class Y Shares(a),(b)
1,010,373 20,500,461
Total Dividend Income 20,500,461
International Small Mid Cap 2.0%
Columbia Acorn International, Class Y Shares(a),(b)
492,484 20,551,347
Total International Small Mid Cap 20,551,347
U.S. Large Cap 3.9%
Columbia Contrarian Core Fund, Class Y Shares(a),(b)
840,315 20,503,694