SEC Info - Columbia Acorn Trust - ‘N-30B-2’ for 9/30/14

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Columbia Acorn Trust – ‘N-30B-2’ for 9/30/14

On: Wednesday, 11/26/14, at 3:10pm ET · Effective: 11/26/14 · For: 9/30/14 · Accession #: 1104659-14-83625 · File #: 811-01829

  As Of                Filer                Filing    For·On·As Docs:Size              Issuer               Agent

11/26/14  Columbia Acorn Trust              N-30B-2     9/30/14    1:6.6M                                   Merrill Corp-MD/FA
          → Columbia Acorn Emerging Markets Fund ⇒ 7 Classes/Contracts
          → Columbia Acorn European Fund ⇒ 6 Classes/Contracts
          → Columbia Acorn Fund ⇒ 8 Classes/Contracts
          → Columbia Acorn International ⇒ 9 Classes/Contracts
          → Columbia Acorn International Select ⇒ 8 Classes/Contracts
          → Columbia Acorn Select ⇒ 8 Classes/Contracts
          → Columbia Acorn USA ⇒ 8 Classes/Contracts
          → Columbia Thermostat Fund ⇒ 7 Classes/Contracts

Periodic or Interim Report Mailed to Shareholders — Rule 30b-2
Filing Table of Contents

Document/Exhibit                   Description                      Pages   Size 

 1: N-30B-2     Periodic or Interim Report Mailed to Shareholders   HTML   3.38M

This is an HTML Document rendered as filed. [ Alternative Formats ]

Q3 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

Graphic -- Picture -- j14220031_aa007.jpg

Graphic -- Picture -- j14220031_aa008.jpg

Third Quarter Report

September 30, 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

Net Asset Value Per Share as of 9/30/14

	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	$	33.89	$	45.23	$	32.30	$	27.16	$	24.12	$	15.01	$	13.10	$	14.50
Class B	$	30.32	$	43.63	$	28.79	$	25.64	$	21.24	$	15.06		NA		NA
Class C	$	29.73	$	43.43	$	28.49	$	25.48	$	20.90	$	15.03	$	12.99	$	14.30
Class I	$	35.53	$	45.44	$	34.18	$	27.53	$	25.41		NA	$	13.17	$	14.52
Class R		NA	$	45.07		NA		NA		NA		NA		NA		NA
Class R4	$	36.00	$	45.65	$	34.67	$	27.67	$	25.77	$	14.92	$	13.24	$	14.59
Class R5	$	36.03	$	45.37	$	34.68	$	27.67	$	25.79	$	14.94	$	13.24	$	14.66
Class Y	$	36.08	$	45.72	$	34.75	$	27.66	$	25.87	$	14.93	$	13.12		NA
Class Z	$	35.46	$	45.38	$	34.05	$	27.52	$	25.31	$	14.86	$	13.15	$	14.53

The views expressed in the "Chattering Squirrels" 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

Table of Contents

Share Class Performance					2
Fund Performance vs. Benchmarks					3
Descriptions of Indexes					4
Chattering Squirrels: 2014 Shareholder Information Meeting Recap					5
Columbia Acorn® Fund
In a Nutshell					10
At a Glance					11
Major Portfolio Changes					26
Statement of Investments					29
Columbia Acorn International®
In a Nutshell					12
At a Glance					13
Major Portfolio Changes					41
Statement of Investments					43
Portfolio Diversification					52
Columbia Acorn USA®
In a Nutshell					14
At a Glance					15
Major Portfolio Changes					53
Statement of Investments					54
Columbia Acorn International Select^SM
In a Nutshell					16
At a Glance					17
Major Portfolio Changes					60
Statement of Investments					61
Portfolio Diversification					66

Columbia Acorn Select^SM
In a Nutshell					18
At a Glance					19
Major Portfolio Changes					67
Statement of Investments					68
Columbia Thermostat Fund^SM
In a Nutshell					20
At a Glance					21
Statement of Investments					73
Columbia Acorn Emerging Markets Fund^SM
In a Nutshell					22
At a Glance					23
Major Portfolio Changes					75
Statement of Investments					76
Portfolio Diversification					81
Columbia Acorn European Fund^SM
In a Nutshell					24
At a Glance					25
Major Portfolio Changes					82
Statement of Investments					84
Portfolio Diversification					88
Columbia Acorn Family of Funds^SM
Expense Information					91

Estimated Year-End Distributions

To help with your tax planning, following are the estimated year-end capital gain distributions for the Columbia Acorn Funds. With the exception of Columbia Thermostat Fund, the expected record date is December 8, 2014, and the ex-dividend and payable date is December 9, 2014. For Columbia Thermostat Fund, the expected record date is December 19, 2014, and the ex-dividend and payable date is December 22, 2014. Distribution information is not final and should not be considered final until after the record date. The board of trustees will determine the actual distributions the Funds will pay. We do not provide estimates for income distributions but some Funds may pay such distributions on the same dates noted above.

	Short-term Capital Gains		Long-term Capital Gains
Columbia Acorn Fund®		None	$	4.35-$4.85
Columbia Acorn International®		None	$	2.00-$2.25
Columbia Acorn USA®		None	$	5.00-$5.50
Columbia Acorn International Select^SM	$	0.10-$0.15	$	2.40-$2.65
Columbia Acorn Select^SM	$	0.00-$0.05	$	3.85-$4.35
Columbia Thermostat Fund^SM	$	0.10-$0.15	$	0.05-$0.10
Columbia Acorn Emerging Markets Fund^SM		None		None
Columbia Acorn European Fund^SM		None		None

Columbia Acorn Family of Funds

Share Class Performance Average Annual Total Returns through 9/30/14

	Class A						Class B						Class C
	Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge			Without Sales Charge			With Sales Charge
Columbia Acorn® Fund
Year to date*		-3.16	%		-8.72	%		-3.64	%		-8.34	%		-3.64	%		-4.58	%
1 year		3.84	%		-2.13	%		3.16	%		-1.57	%		3.12	%		2.18	%
5 years		13.42	%		12.09	%		12.75	%		12.51	%		12.58	%		12.58	%
10 years		8.93	%		8.29	%		8.27	%		8.27	%		8.10	%		8.10	%
Columbia Acorn International®
Year to date*		-1.94	%		-7.57	%		-2.47	%		-7.29	%		-2.48	%		-3.44	%
1 year		3.98	%		-2.00	%		3.21	%		-1.65	%		3.20	%		2.23	%
5 years		9.61	%		8.32	%		8.86	%		8.57	%		8.78	%		8.78	%
10 years		10.58	%		9.93	%		9.84	%		9.84	%		9.73	%		9.73	%
Columbia Acorn USA®
Year to date*		-4.03	%		-9.54	%		-4.68	%		-9.37	%		-4.51	%		-5.45	%
1 year		2.43	%		-3.46	%		1.56	%		-2.97	%		1.76	%		0.85	%
5 years		13.20	%		11.87	%		12.41	%		12.16	%		12.38	%		12.38	%
10 years		7.95	%		7.32	%		7.23	%		7.23	%		7.14	%		7.14	%
Columbia Acorn International Select^SM
Year to date*		1.33	%		-4.49	%		0.85	%		-4.15	%		0.77	%		-0.23	%
1 year		3.21	%		-2.73	%		2.58	%		-2.22	%		2.46	%		1.50	%
5 years		10.05	%		8.75	%		9.36	%		9.07	%		9.20	%		9.20	%
10 years		9.70	%		9.05	%		9.00	%		9.00	%		8.84	%		8.84	%
Columbia Acorn Select^SM
Year to date*		-0.60	%		-6.31	%		-1.21	%		-5.87	%		-1.19	%		-2.12	%
1 year		8.91	%		2.63	%		8.03	%		3.97	%		8.09	%		7.28	%
5 years		11.32	%		10.01	%		10.57	%		10.30	%		10.47	%		10.47	%
10 years		8.12	%		7.48	%		7.39	%		7.39	%		7.27	%		7.27	%
Columbia Thermostat Fund^SM
Year to date*		3.47	%		-2.48	%		3.11	%		-1.89	%		2.90	%		1.90	%
1 year		5.42	%		-0.63	%		4.94	%		0.02	%		4.68	%		3.70	%
5 years		10.64	%		9.33	%		10.07	%		9.80	%		9.82	%		9.82	%
10 years		6.70	%		6.07	%		6.14	%		6.14	%		5.90	%		5.90	%
Columbia Acorn Emerging Markets Fund^SM
Year to date*		-1.96	%		-7.62	%		NA			NA			-2.48	%		-3.45	%
1 year		4.92	%		-1.14	%		NA			NA			4.17	%		3.17	%
Life of Fund		9.51	%		7.45	%		NA			NA			8.75	%		8.75	%
Columbia Acorn European Fund^SM
Year to date*		-7.05	%		-12.42	%		NA			NA			-7.54	%		-8.46	%
1 year		3.38	%		-2.55	%		NA			NA			2.67	%		1.67	%
Life of Fund		13.42	%		11.29	%		NA			NA			12.60	%		12.60	%

	Class I			Class R			Class R4			Class R5			Class Y			Class Z

Columbia Acorn® Fund
Year to date*		-2.89	%		NA			-2.96	%		-2.90	%		-2.87	%		-2.95	%
1 year		4.22	%		NA			4.11	%		4.16	%		4.22	%		4.14	%
5 years		13.81	%		NA			13.73	%		13.77	%		13.78	%		13.75	%
10 years		9.28	%		NA			9.25	%		9.26	%		9.27	%		9.25	%
Columbia Acorn International®
Year to date*		-1.66	%		-2.22	%		-1.80	%		-1.70	%		-1.65	%		-1.72	%
1 year		4.38	%		3.54	%		4.19	%		4.30	%		4.36	%		4.26	%
5 years		10.03	%		9.26	%		9.94	%		9.98	%		10.00	%		9.97	%
10 years		10.98	%		10.24	%		10.93	%		10.94	%		10.96	%		10.94	%
Columbia Acorn USA®
Year to date*		-3.71	%		NA			-3.84	%		-3.76	%		-3.73	%		-3.83	%
1 year		2.90	%		NA			2.74	%		2.80	%		2.85	%		2.73	%
5 years		13.61	%		NA			13.52	%		13.54	%		13.56	%		13.51	%
10 years		8.31	%		NA			8.26	%		8.27	%		8.28	%		8.26	%
Columbia Acorn International Select^SM
Year to date*		1.64	%		NA			1.52	%		1.60	%		1.60	%		1.57	%
1 year		3.63	%		NA			3.49	%		3.59	%		3.62	%		3.57	%
5 years		10.49	%		NA			10.41	%		10.44	%		10.45	%		10.43	%
10 years		10.09	%		NA			10.04	%		10.06	%		10.06	%		10.05	%
Columbia Acorn Select^SM
Year to date*		-0.38	%		NA			-0.49	%		-0.41	%		-0.37	%		-0.42	%
1 year		9.27	%		NA			9.13	%		9.22	%		9.27	%		9.18	%
5 years		11.73	%		NA			11.61	%		11.64	%		11.67	%		11.63	%
10 years		8.47	%		NA			8.41	%		8.43	%		8.44	%		8.42	%
Columbia Thermostat Fund^SM
Year to date*		NA			NA			3.71	%		3.78	%		3.78	%		3.72	%
1 year		NA			NA			5.72	%		5.81	%		5.84	%		5.75	%
5 years		NA			NA			10.89	%		10.92	%		10.93	%		10.90	%
10 years		NA			NA			6.96	%		6.97	%		6.98	%		6.97	%
Columbia Acorn Emerging Markets Fund^SM
Year to date*		-1.73	%		NA			-1.79	%		-1.72	%		-1.73	%		-1.80	%
1 year		5.33	%		NA			5.27	%		5.29	%		5.33	%		5.20	%
Life of Fund		9.95	%		NA			9.89	%		9.92	%		9.91	%		9.83	%
Columbia Acorn European Fund^SM
Year to date*		-6.87	%		NA			-6.83	%		-6.86	%		NA			-6.86	%
1 year		3.68	%		NA			3.67	%		3.70	%		NA			3.64	%
Life of Fund		13.74	%		NA			13.73	%		13.72	%		NA			13.72	%

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 91 of this report for information on contractual fee waiver and expense reimbursement agreements in place on September 30, 2014, 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.

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 3.

Fund Performance vs. Benchmarks Class Z Average Annual Total Returns through 9/30/14

Class Z Shares	3rd quarter*			Year to date*			1 year			5 years			10 years			Life of Fund
Columbia Acorn® Fund (ACRNX) (6/10/70)		-5.44	%		-2.95	%		4.14	%		13.75	%		9.25	%		14.58	%
Russell 2500 Index		-5.35	%		0.28	%		8.97	%		15.99	%		9.45	%		NA
S&P 500 Index**		1.13	%		8.34	%		19.73	%		15.70	%		8.11	%		11.03	%
Russell 2000 Index		-7.36	%		-4.41	%		3.93	%		14.29	%		8.19	%		NA
Lipper Mid-Cap Growth Funds Index		-2.23	%		1.98	%		10.64	%		14.69	%		9.68	%		NA
Columbia Acorn International® (ACINX) (9/23/92)		-7.29	%		-1.72	%		4.26	%		9.97	%		10.94	%		11.14	%
S&P Global Ex-U.S. Between $500M and $5B Index		-5.50	%		1.78	%		5.91	%		8.66	%		9.74	%		8.58	%
S&P Global Ex-U.S. SmallCap Index		-6.76	%		0.20	%		5.40	%		8.79	%		9.30	%		8.02	%
MSCI EAFE Index (Net)		-5.88	%		-1.38	%		4.25	%		6.56	%		6.32	%		6.22	%
Lipper International Small/Mid Growth Funds Index		-6.92	%		-2.85	%		3.77	%		11.01	%		10.17	%		NA
Columbia Acorn USA® (AUSAX) (9/4/96)		-6.35	%		-3.83	%		2.73	%		13.51	%		8.26	%		10.51	%
Russell 2000 Index		-7.36	%		-4.41	%		3.93	%		14.29	%		8.19	%		8.26	%
Lipper Small-Cap Growth Funds Index		-5.46	%		-5.42	%		1.98	%		14.47	%		8.06	%		6.88	%
Columbia Acorn Int'l Select^SM (ACFFX) (11/23/98)		-7.43	%		1.57	%		3.57	%		10.43	%		10.05	%		9.53	%
S&P Developed Ex-U.S. Between $2B and $10B Index		-6.36	%		0.37	%		4.80	%		8.31	%		8.15	%		7.70	%
MSCI EAFE Index (Net)		-5.88	%		-1.38	%		4.25	%		6.56	%		6.32	%		4.46	%
Lipper International Small/Mid Growth Funds Index		-6.92	%		-2.85	%		3.77	%		11.01	%		10.17	%		10.40	%
Columbia Acorn Select^SM (ACTWX) (11/23/98)		-1.75	%		-0.42	%		9.18	%		11.63	%		8.42	%		10.26	%
S&P MidCap 400 Index		-3.98	%		3.22	%		11.82	%		16.37	%		10.29	%		10.36	%
S&P 500 Index**		1.13	%		8.34	%		19.73	%		15.70	%		8.11	%		5.32	%
Lipper Mid-Cap Core Funds Index		-3.33	%		3.48	%		12.48	%		14.93	%		9.17	%		9.02	%
Columbia Thermostat Fund^SM (COTZX) (9/25/02)		-0.34	%		3.72	%		5.75	%		10.90	%		6.97	%		8.00	%
S&P 500 Index		1.13	%		8.34	%		19.73	%		15.70	%		8.11	%		9.80	%
Barclays U.S. Aggregate Bond Index		0.17	%		4.10	%		3.96	%		4.12	%		4.62	%		4.62	%
Lipper Flexible Portfolio Funds Index		-1.84	%		4.05	%		9.63	%		9.59	%		6.89	%		8.19	%
50/50 Blended Benchmark		0.66	%		6.28	%		11.69	%		10.04	%		6.65	%		7.47	%
Columbia Acorn Emerging Markets Fund^SM (CEFZX) (8/19/11)		-4.99	%		-1.80	%		5.20	%		—			—			9.83	%
S&P Emerging Markets Between $500M and $5B Index		-2.35	%		5.40	%		8.26	%		—			—			4.71	%
MSCI Emerging Markets Small Cap Index		-1.37	%		7.48	%		8.84	%		—			—			3.29	%
Lipper Emerging Markets Index		-3.56	%		2.73	%		4.59	%		—			—			4.14	%
Columbia Acorn European Fund^SM (CAEZX) (8/19/11)		-9.07	%		-6.86	%		3.64	%		—			—			13.72	%
S&P Europe Between $500M and $5B Index		-9.96	%		-3.94	%		6.06	%		—			—			15.54	%
Euromoney Smaller European Companies Index		-11.07	%		-4.41	%		5.44	%		—			—			13.99	%
Lipper European Region Index		-7.74	%		-4.06	%		5.01	%		—			—			14.08	%

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 and Class R4 shares of Columbia Acorn European Fund commenced operations on 6/25/14. 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 4 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 European countries (as of December 31, 2013): 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.

Chattering Squirrels: 2014 Shareholder Information Meeting Recap

On September 24, 2014, we held our annual Shareholder Information Meeting in Chicago. Following are highlights from the presentations given at that meeting on our two largest funds, Columbia Acorn Fund and Columbia Acorn International. Data used in the presentations has been updated in this recap through September 30, 2014.

P. Zachary Egan, President and International Chief Investment Officer of Columbia Wanger Asset Management, LLC, Co-Portfolio Manager of Columbia Acorn International and Columbia Acorn Emerging Markets Fund

We often get questions from investors on the global economy, but macroeconomic issues do not form a central part of our investment process. We do think that macroeconomic factors matter, but we're realists about the extent to which we can build a differentiated view that is likely also to be correct. Instead, we seek out investment situations in which the most important variables impacting a company's cash flows, and ultimately its share price, are not macro events, but micro factors that are company or industry specific. This is where we believe we can form a unique view, because these factors lie below the radar of many investors, providing an opportunity to leverage the experience and networks that we have to develop a broader understanding of a company.

Ferreting out these ideas is a labor-intensive enterprise and requires a high degree of decentralized decision making. Columbia Wanger Asset Management (Columbia Wanger) is fortunate to have a large analyst team that plays a central role in our process. Our analysts run their own research programs, they largely determine what goes into portfolios and, within limits set by portfolio managers, they determine position sizes. We think this is essential to identifying interesting situations early and reacting to them as they evolve.

Typically, our analysts focus on long-fuse situations that may take many years to play out. The implications of this are twofold. First, we must take a multi-year view on a company to even recognize the development. Second, we have to be prepared to dig in for at least several years to let the idea work in a portfolio, while taking advantage of short-term wobbles in the share price to add to high-conviction ideas. Many fund

managers, by contrast, adopt very short-term views and are correspondingly interested in short-term factors that might move the share price in their brief holding period.

This contrast in Columbia Wanger's approach versus much of the industry is demonstrably true by looking at mutual fund turnover ratios. The average U.S. mid-cap growth fund had an average portfolio turnover rate over the last five years of 93% through the end of 2013. This compares to Columbia Acorn Fund's turnover rate of 21%, which is reasonably consistent with the Fund's long-term history. Looking at foreign small- to mid-cap growth funds, they have had a turnover rate of 87%, whereas Columbia Acorn International's turnover rate was 33% for the five-year trailing period.¹ Our longer holding periods lead us to focus on a different set of questions, and provide an important potential edge that we can leverage as investors.

The quality of the company matters a great deal when you have a long holding period. We define a quality company as one that has the ability to generate returns on invested capital that are comparatively high, and provides an opportunity to reinvest those high cash flows back into similarly high-returning projects. This is how companies compound value over time. The sources of high returns vary, but often have to do with a favorable market structure or with products whose value is very high relative to their cost. To recognize this, we consider a company's competition and how difficult it is to enter the business. We question whether customers can switch to other suppliers relatively easily and how important product reliability and traceability is in the event of a product failure. We believe that one of the ironic features of the free market economy is that businesses in perfectly competitive markets, where anybody can arrive and set up shop and compete, tend to have investment returns that trend down toward the merely tolerable. Businesses, on the other hand, that operate in niches protected from the full force of competition tend to generate the most attractive returns. Every business sits somewhere on a continuum between perfect competition, on the one hand, and some form of oligopoly on the other hand. We believe the best businesses for investors tend to be situated toward the latter end of that continuum and that is where the Columbia Acorn Funds seek to invest.

Robert A. Mohn, Domestic Chief Investment Officer of Columbia Wanger, Lead Portfolio Manager of Columbia Acorn Fund and Columbia Acorn USA

For the year ended September 30, 2014, Columbia Acorn Fund Class Z shares returned 4.14%, trailing the Fund's primary benchmark, the Russell 2500 Index, which was up 8.97% for the same period. On an industry basis, three areas that impaired Fund relative results were retailing, energy and capital goods.

Retailing has been one of the weakest performing industries in the benchmark over the past year, as consumer spending ran out of steam. We reduced the Fund's exposure to apparel retailers early last year. However, a couple of our larger positions in non-apparel retailers reported disappointing sales results during the holiday season, which continued into the new year. Within the energy sector, Fund returns suffered as larger national oil companies crimped their capital expenditure budgets, hurting Fund offshore oil service companies. In the capital goods sector, the lackluster global economic growth environment has not been conducive to companies the Fund owns that earn a significant portion of their revenues from overseas markets.

Two stronger industries within the Fund over the past 12 months were telecommunications and banks. Chuck McQuaid, former lead portfolio manager of the Fund, continues to follow the telecom space for us as an analyst, and the Fund has benefited from his skills. One of his large positions announced it was to be acquired by a larger rival this past June. Dave Frank, the co-portfolio manager of the Fund, has demonstrated a knack for investing in differentiated banks possessing niche areas of expertise. Two of Dave's banks, which target venture capital and entertainment financing in the United States, were winners this past year.

Columbia Acorn Fund has lagged its benchmark for the second consecutive year, which is very disappointing to us. Our individual stock picking has not been satisfactory but, beyond that, our analysis suggests that our overall investment style has recently been out of favor. Our core investment style is generally referred to as "growth at a reasonable price." A better phrase may be "common sense investing." We believe that common sense holds that one should buy well-managed companies with high returns on investment and favorable long-term growth prospects, and that one should pay a reasonable, appropriate price for

these stocks; hence the phrase "growth at a reasonable price." This is the style of investing Columbia Wanger has successfully employed for over four decades. It works extremely well in the long run but can lag over shorter periods of time. The best returns have recently been produced by companies with negative earnings and stocks with the lowest price-to-earnings ratios, which tend to have poor long-term growth outlooks. Although we do own individual investments in both of those groupings, our emphasis on quality growth business models trading at reasonable prices has left us underrepresented in cheaply valued and negative earning stocks. The most profitable companies, those with the highest profit margins, have been the poorest performers in the market over the last two years.

So why is the stock market caught in this rather peculiar cycle? One explanation may hinge on the flood of excess liquidity sloshing around the financial markets as a result of monetary authorities' easy money policies. Across the financial spectrum, we've seen these surplus dollars gravitating toward lower-quality investments, more speculative stocks, or even high-yield investments like utilities and REITs. If the policies of the Federal Reserve (the Fed) are to blame, we expect the apparent winding down of quantitative easing may soon turn the market cycle in our favor.

We have noticed some encouraging signs of a change in the market winds of late. We've seen a welcome return of takeover activity in the Fund. Larger company corporate acquirers tend to pursue takeover targets with good sustainable growth potential that they can acquire without paying too high of a price. That's exactly what we do at Columbia Wanger. In 2007, when 37 of the Fund's stocks were acquired, Columbia Acorn Fund outperformed its benchmark by 6.3%. After a long period of few Fund takeouts, merger and acquisition activity finally began to pick up in June, with eight of the Fund's stocks taken out from June through September. While still a low number, it's an improvement. Large corporations and buyout funds are currently flush with near-record amounts of cash. To the extent they continue to deploy that cash to purchase smaller-sized companies, Columbia Acorn Fund should benefit.

Louis J. Mendes, Co-Portfolio Manager of Columbia Acorn International and Columbia Acorn Emerging Markets Fund

For the 12 months ended September 30, 2014, Columbia Acorn International Class Z shares returned 4.26%, behind the 5.91% gain of its primary benchmark, the S&P Global Ex-U.S. Between $500M and $5B® Index, and in line with the 4.25% return of the large-cap MSCI EAFE Index (Net). Historically, small-cap international investing has provided significant excess returns relative to traditional larger cap international investing. From the Fund's inception 22 years ago, Columbia Acorn International's annualized return of 11.14% compounded to a total return of 923.83% at the end of September, while the 6.22% return of the MSCI EAFE Index (Net) only reached 277.39%.

Looking at the Fund's returns relative to its primary benchmark and its peers over the five-year, 10-year and life-of-fund periods, the Fund's analyst team has been able to add value to the investment process by outperforming both its benchmark and its Lipper peers, as reflected by the performance of the Lipper International Small/Mid Growth Funds Index, over most periods. (See Page 3 of this report for additional data.)

The above data supports two points: there are long-term benefits of investing in international small-cap equities, rather than international, large-cap equities alone; and Columbia Acorn International has been a very compelling vehicle for achieving this goal.

Efficient market theorists would argue that for a given higher level of return there must be a commensurate higher level of risk. However, one of the primary tenets of Columbia Wanger's investment style is risk management through diversification.² We have consistently held over 200 positions in the Fund. Furthermore, the top 10 positions have ranged from 10% to 15% of Fund assets. So, no single stock or group of stocks is likely to account for the bulk of investment performance, good or bad, in any given time period. In addition, the Fund is diversified both by country and by sector. Returns come from many different companies, operating in many different countries, often performing independently of one another.

Investors may wonder if there is ever a time one should avoid investing in international stocks altogether. Well, if there ever was such a time for that scenario to be considered, 2014 has been as good a year as any to

question the wisdom of international investing. In February/March, Russia's military occupied the Crimean Peninsula. On March 8, Malaysian Flight 370 mysteriously disappeared on its way from Kuala Lumpur to Beijing. On May 22, the military of Thailand staged a coup, deposed the elected government and imposed martial law. In July, Israel implemented Operation Protective Edge in the Gaza Strip. Since early summer, the largest outbreak of the deadly Ebola virus continues to spread throughout western Africa. And, most recently, the gruesome executions of civilians in the Middle East have renewed fears of a Jihadist threat to modern society.

With all this disturbing news, it may seem surprising that the international equity markets haven't responded with a correction to reflect a heightened risk premium. One explanation, particularly in the area of small-cap investing, may be that these companies are simply unaffected by the myriad of news that floods our TVs, radios and iPhones.

To illustrate this point, let's consider a Japanese holding in the Fund that operates an airport in Tokyo. Its business is driven by travelers passing through its airport and spending money. Surely it would be affected by global events. Not so. It was unaffected by the lost Malaysian airliner, the Thai coup or any of the European/Mideast crises. In fact, the company may actually have benefited from tourists deciding that Japan is as safe a place to travel as anywhere else in the world.

By owning many separate and distinct companies in the portfolio, companies that operate on divergent local metrics and not necessarily on global cycles or sentiment, we can reduce stock correlations. We continue to believe in the merits of international small-cap investing and believe that our diversified style may provide very competitive returns, while mitigating stock-specific risk.

Our Analysts' Approach

Also at this year's meeting, two members of Columbia Wanger's investment team spoke on the industries that they cover, providing insight into their process and the different issues they consider when selecting stocks for our Funds.

David L. Frank, Co-Portfolio Manager of Columbia Acorn Fund and Financials, Transportation and Housing Analyst at Columbia Wanger

The U.S. highway system provides an intriguing example of the breadth and tremendous complexity of issues we grapple with as analysts. Our perspective extends far beyond merely crunching numbers in annual reports and talking to brokerages about their latest earnings estimates. We must evaluate a multitude of hard-to-quantify political, demographic and technological factors as they evolve over many years.

A good analyst always learns the history of an industry to better understand its present and future. Dwight Eisenhower oversaw the creation of our mammoth interstate highway system in the 1950s. Since then, the United States has relied on it to move the vast majority of both domestic and imported goods. For decades, the unrivaled excellence of our highways conferred economic and strategic advantages over every other country in the world.

Counting both interstates and other roads, the National Highway System spans over 160,000 miles. According to the U.S. Department of Transportation, trucks moved in excess of $11 trillion of goods in 2012 on both federal and local grids. More than 1.5 million Americans work as drivers of large trucks. Many other workers in large metro areas can spend 10% or more of their waking hours commuting.

In recent decades, investment in this vital network has failed to keep pace with growth in population, GDP and transport volumes. The American Society of Civil Engineers graded overall U.S. infrastructure "D" in its 2013 report card. The group estimates that traffic congestion costs $101 billion annually in wasted time and fuel. Capital expenditures at all levels on our roads amount to $91 billion annually with roughly half of that coming from the federal government. The Federal Highway Administration calculates that $170 billion every year would be needed to steadily improve the network. Even the current rate of outlays is at risk as the National Highway Trust teeters on the verge of depleting its reserves. Congress hasn't raised the $0.18 per gallon tax on gasoline in over two decades. The Obama Administration and Congress cannot seem to come to an agreement on the best way to fund maintenance and improvements, so stopgap measures to keep money flowing are likely until after the upcoming mid-term elections.

Let's consider a couple investment options available in the transportation sector. Driven in large part by a resurgence in rail, we've seen the advent and rapid growth of intermodal shipping. This method of transit uses a combination of rail for the majority of haul and then trucks on either end to bring containerized cargo to destinations that are not located near train terminals. An intermodal haul is much cheaper than a pure truck haul because it uses both labor and fuel far more efficiently. Unlike rail, intermodal players can operate with only moderate capital expenditures and thus can achieve very high returns on capital, making them attractive to investors.

Another group to consider in the transportation sector is freight brokers. Often described as "asset-light" logistics providers, freight brokers own no transportation equipment but act as intermediaries between carriers and companies with goods to ship. They assist in matching demand with hauling capacity and have been especially successful in reducing the number of miles trucks must move empty to pick up their next load. Freight brokers' only major investment is technology and they can enjoy good economics even in downturns.

Transportation has been a fertile area for investment for Columbia Acorn Fund analysts over several decades. Chuck McQuaid was one of the first major investors in freight brokers. One of his selections appreciated well over tenfold. Rob Mohn identified intermodal companies early on as a promising theme and was also highly successful with his approach. I have sought to continue their success. As firm founder Ralph Wanger taught us, we must always question whether what succeeded in the past will keep working and humbly attempt to discern how the future might look without either staying blindly stuck in the past or wildly imagining massive overnight change.

William J. Doyle, Co-Portfolio Manager of Columbia Acorn USA and Global Energy Analyst at Columbia Wanger

Some very significant changes have taken place in the energy sector in recent years, particularly in North American oil and natural gas. According to the U.S. Department of Energy, U.S. crude oil production has grown over the last few years at a rate unparalleled since the 1970s.

This transition back to oil production growth after decades of decline results from a technological revolution in extracting oil and gas from shale formations. Success in

"unconventional production," which produces hydrocarbons via horizontal drilling and multi-stage hydraulic fracturing, began from the pursuit of more natural gas reserves, particularly in shale formations that had previously been unproductive and not commercially successful. The new technology ultimately worked after years of trying, dramatically increasing natural gas production in the U.S. since 2008.

Industry confidence that significant gas resources remain to be produced from shale for many years to come, combined with the recent growth in production, has pushed natural gas prices down. In the 2006-2008 period before this revolution took place, several entities were building terminals in the United States to import liquefied natural gas for as much as $13 per thousand cubic feet of natural gas. In a dramatic reversal, those same terminals are now being reconfigured to export liquefied natural gas to Europe or Asia, and natural gas prices in the United States are under $4 per thousand cubic feet.

This technological revolution started with natural gas but it migrated to oil very quickly. There has been a significant increase in U.S. crude oil production since horizontal drilling and multi-stage fracturing began. Producing oil from shale formations was initially proven in the Bakken Shale in North Dakota and growth has spread from there. The United States has led world growth in crude oil production, measured on a cumulative basis over the last five years, well ahead of several of the world's largest oil-producing nations.

With the North American refining system meeting more of its needs from U.S. production, oil imports are down. The increased production in the United States has also led to dramatic changes in the logistics of oil and gas. For example, the industry has come full circle, now moving crude oil by rail, a practice originally used with great success by John D. Rockefeller during the formation of the Standard Oil Company.

The shale revolution is still relatively young on a historical basis and has to face a number of challenges going forward. For one thing, unconventional oil and gas production is very resource intensive with significant use and transport of water and sand. Another big challenge is not all of the acreage in each formation is uniformly productive. The Bakken Shale Formation covers six counties in North Dakota and three counties in Montana but the most

productive wells are concentrated in relatively small portions of just two of those counties.

Unconventional oil and gas production also has relatively high capital costs with individual well costs often near $10 million, making it difficult for small companies to compete. There are also some limits on the size of available markets for hydrocarbons in North America, excluding export markets. The United States has a law in place that effectively prevents exports of crude oil produced here. The debate around the merits of that law is intensifying, but it still remains in place today.

Energy sector stocks have fallen significantly since June 2014 and detracted from the performance of several of the Columbia Acorn Funds in the third quarter. The return of Libyan oil into the global market, combined with robust oil production growth in the United States and slightly reduced demand, put downward pressure on oil prices and dampened returns. We have selectively increased the Funds' positions in stocks that should be able to benefit from what we believe is the most likely case going forward: continued growth in energy demand over a multi-year period.

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 in "Chattering Squirrels" are those of the authors and not of the Columbia Acorn Trust Board, 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.

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 and other risks associated with future political and economic developments. Investing in emerging markets may involve greater risks than investing in more developed countries.

¹ Source: Columbia Wanger Asset Management, LLC, and Morningstar Direct. Portfolio turnover is the percentage of the lesser of sales or purchases relative to the average market value of the portfolio. The Morningstar Mid-Cap Growth Category, which included 678 funds as of 12/31/13, is made up of funds that target U.S. firms that are projected to grow faster than other mid-cap stocks. The Morningstar Foreign Small/Mid Growth Category, which included 126 funds as of 12/31/13, is made up of funds that invest in small- and mid-sized international stocks that are growth-oriented. Columbia Acorn Fund and Columbia Acorn International one-year turnover figures were published in the audited annual reports for each Fund. For the previous five years, an average was calculated to get the five-year average turnover ratio. For the two Morningstar category averages, one-year turnover ratios for the full category were exported from Morningstar Direct. Morningstar pulls the annual turnover ratios for the funds within the category from each fund's annual report and creates an average for the category for the one-year period. An average for the previous five years was calculated to get the five-year average turnover ratio for the respective Morningstar categories.

² Diversification does not assure a profit or protect against loss.

Columbia Acorn® Fund

In a Nutshell


Robert A. Mohn Lead 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.

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.

Columbia Acorn Fund Class Z shares ended the third quarter of 2014 down 5.44%, underperforming the 5.35% drop in its primary benchmark, the Russell 2500 Index. Takeover activity continued to be a positive for the Fund, while declines in several health care and industrial stocks dampened performance.

Bally Technologies, a slot machine manufacturer and software developer, was the top contributor to Fund performance, gaining 18% in the quarter. In August, it was announced that Bally would be acquired by Scientific Games. We sold the Fund's position in Bally, taking advantage of the positive upturn caused by the news. A second takeout in the three-month period was Concur Technologies, a provider of web-enabled expense management software. Its stock gained 36% on a September announcement that the company would be acquired by SAP.

Consumer stocks ULTA, a specialty beauty product retailer, and Burlington Stores, an off-price apparel retailer, were also strong in the quarter. Up 29%, ULTA reported revenue growth of 22% over the prior year on the back of strong same-store sales. The company's results were aided by initiatives put in place by a new CEO who joined the company in 2013. Burlington Stores gained 25% in the quarter on strong revenue growth that beat market expectations.

Other winners included SEI Investments, a mutual fund administrator and investment manager. The company gained 10% over the three-month period, benefiting from relatively strong inflows into its investment strategies. Vail Resorts, a ski resort operator and developer, saw its stock rise 12% on favorable market reaction to the news of its well-priced acquisition of Park City Ski Resort.

The Fund saw mixed results from holdings in the biotech sector during the third quarter. Ultragenyx Pharmaceutical, a biotech focused on "ultra-orphan" drugs, gained 32% on continued progress in advancing the company's pipeline of orphan drugs. In contrast, orphan drug developer Synageva BioPharma fell 34%, despite reporting solid Phase III data for its lead drug, sebelipase alfa.

Industrial stocks presented a headwind to Fund performance. Generac, a manufacturer of standby power generators, fell 17% in the quarter on lackluster sales results versus last year's storm-impacted numbers. Trimble

Navigation, a manufacturer of GPS-based instruments, was also down 17% at the quarter end. The company's stock declined with the price of grain, due to lower demand from its agricultural customers.

Hurt by falling oil prices, Fund energy stocks struggled in the quarter. Oil and gas well head manufacturer FMC Technologies was off 11%. Rosetta Resources, an oil and gas producer exploring in Texas, dropped 19%. Hornbeck Offshore, a supply vessel operator in the Gulf of Mexico, declined 30%.

With large-cap stocks outperforming small caps through the end of the third quarter of 2014, there has been a great deal of industry discussion about the reasons for this change. Small caps were the first to rebound off the bottom in 2009 and generally outperformed large caps through the end of last year. While the small-cap strength was a positive for those invested in smaller stocks, it also fueled concerns over valuations. Small caps got ahead of themselves last year, with price performance outpacing improving fundamentals and improving earnings. This year, earnings are growing and stock prices are down, remedying much of the valuation discrepancy. As a result, we believe the relative attractiveness of the small-to-mid-cap category has improved. There appear to be more of what we consider to be good companies available at good valuations now than there were at the start of the year.

Fund's Positions in Mentioned Holdings

As a percentage of net assets, as of 9/30/14

SEI Investments	1.5	%
FMC Technologies	1.2
Synageva BioPharma	1.0
Generac	0.9
Trimble Navigation	0.8
Vail Resorts	0.7
ULTA	0.7
Rosetta Resources	0.6
Ultragenyx Pharmaceutical	0.5
Burlington Stores	0.3
Hornbeck Offshore	0.3
Concur Technologies	0.2

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.

Columbia Acorn® Fund

At a Glance

Total Net Assets of the Fund:
$17.4 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 September 30, 2014

Graphic -- Picture -- j14220031_ca003.jpg

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 September 30, 2014

	3rd quarter			Year to date			1 year			5 years			10 years			Life of Fund
Class Z (6/10/70 inception)		-5.44	%		-2.95	%		4.14	%		13.75	%		9.25	%		14.58	%
Class A (10/16/00 inception)
without sales charge		-5.49			-3.16			3.84			13.42			8.93			14.21
with sales charge		-10.93			-8.72			-2.13			12.09			8.29			14.06
Russell 2500 Index*		-5.35			0.28			8.97			15.99			9.45			n/a

Results for other share classes can be found on Page 2.

*The Fund's primary benchmark. Please see Page 4 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, 2014, prospectus, the Fund's annual operating expense ratio is 0.79% for Class Z shares and 1.08% 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 9/30/14

Graphic -- Picture -- j14220031_ca004.jpg

Top 10 Holdings

as a percentage of net assets, as of 9/30/14

1.	Ametek Aerospace/Industrial Instruments	2.3	%
2.	Mettler-Toledo International Laboratory Equipment	2.0	%
3.	Donaldson Industrial Air Filtration	2.0	%
4.	Amphenol Electronic Connectors	1.8	%
5.	SEI Investments Mutual Fund Administration & Investment Management	1.5	%
6.	SBA Communications Communications Towers	1.5	%
7.	Nordson Dispensing Systems for Adhesives & Coatings	1.5	%
8.	Cepheid Molecular Diagnostics	1.5	%
9.	Avis Budget Group Second Largest Car Rental Company	1.2	%
10.	FMC Technologies Oil & Gas Well Head Manufacturer	1.2	%

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

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 inside front cover of this report.

Columbia Acorn International Class Z shares ended the third quarter of 2014 down 7.29%, trailing its primary benchmark, the S&P Global Ex-U.S. Between $500M and $5B® Index, which was down 5.50%. In the first nine months of the year, the Fund was down 1.72%, behind the benchmark's gain of 1.78%. The large-cap, developed market MSCI EAFE Index (Net), by comparison, fell 5.88% in the quarter and was down 1.38% year to date.

For international small-cap stocks, the third quarter was characterized by a strong U.S. dollar, which appreciated over 5% against most major currencies. Within the Fund's benchmark, the only region to post significant positive returns locally was Japan, where Fund holdings rose 2.6% in local currency only to see this offset by the strong U.S. dollar. Continued concerns about growth, coinciding with anticipated increases in U.S. interest rates in the next few years as the Fed's tapering ends, weighed down many markets. This was most pronounced in the energy markets where the Fund's holdings declined over 15% as weak industrial expectations and strong supply drove prices down.

Top contributors in the quarter came mostly from Asia with the largest being BitAuto, an automotive information website for buyers and dealers in China, which rose nearly 59%. Revenues and operating costs beat expectations, and we believe the company should benefit from continuing growth in both the new and used car markets in China. Another top contributor was Japan Airport Terminal, an airport terminal operator at Haneda, which rose over 35% on continued strong passenger traffic to the country.

Elsewhere, Australian pizza chain operator Domino's Pizza Enterprises had another strong quarter, gaining 14%. Management continued to execute on its expansion into new markets, moving beyond its core operations in Australia and New Zealand.

On the downside, the weakness in Macau high-end gambling continued to pressure the Fund's positions in Melco Crown Entertainment and its holding company, Melco International, driving shares down 26% and 23%, respectively. Other detractors in the quarter included

Aalberts Industries, a Dutch industrial company that provides flow control and heat treatment equipment, which retraced over 20%. Spanish retailer DIA, a leading discount retailer in Spain, Latin America and the Eastern Mediterranean, fell 21% on concerns over demand in its key markets.

As we enter the fourth quarter of 2014, we remain cautious on the near-term outlook for international markets. The corporate executives that we meet with express muted optimism over the short-term, while the outlook for rising interest rates, increased international tensions and slower growth in general warrant caution as they consider their mid-term investment plans. The Fund seeks to invest in higher-quality, leading business models, which we expect will allow Fund holdings to ride through these periods of turbulence and eventually continue on their historic growth paths.

Fund's Positions in Mentioned Holdings

As a percentage of net assets, as of 9/30/14

Domino's Pizza Enterprises	1.0	%
Aalberts Industries	0.8
Melco Crown Entertainment	0.7
DIA	0.7
Japan Airport Terminal	0.5
Melco International	0.5
BitAuto	0.4

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.

Columbia Acorn International®

At a Glance

Total Net Assets of the Fund:
$8.1 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 September 30, 2014

Graphic -- Picture -- j14220031_ca007.jpg

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 September 30, 2014

	3rd quarter			Year to date			1 year			5 years			10 years			Life of Fund
Class Z (9/23/92 inception)		-7.29	%		-1.72	%		4.26	%		9.97	%		10.94	%		11.14	%
Class A (10/16/00 inception)
without sales charge		-7.35			-1.94			3.98			9.61			10.58			10.72
with sales charge		-12.68			-7.57			-2.00			8.32			9.93			10.42
S&P Global Ex-U.S. Between $500M® and $5B*		-5.50			1.78			5.91			8.66			9.74			8.58

Results for other share classes can be found on Page 2.

*The Fund's primary benchmark. Please see Page 4 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, 2014, prospectus, the Fund's annual operating expense ratio is 0.94% for Class Z shares and 1.29% 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 9/30/14

Graphic -- Picture -- j14220031_ca008.jpg

Top 10 Holdings

as a percentage of net assets, as of 9/30/14

1.	Coronation Fund Managers (South Africa) South African Fund Manager	1.5	%
2.	Neopost (France) Postage Meter Machines	1.2	%
3.	CCL Industries (Canada) Largest Global Label Converter	1.1	%
4.	WuXi Pharma Tech—ADR (China) Largest Contract Research Organization Business in China	1.1	%
5.	Naspers (South Africa) Media in Africa, China, Russia & Other Emerging Markets	1.1	%
6.	Domino's Pizza Enterprises (Australia) Domino's Pizza Operator in Australia & New Zealand	1.0	%
7.	IAG (Australia) General Insurance Provider	0.9	%
8.	Hexagon (Sweden) Design, Measurement & Visualization Software & Equipment	0.9	%
9.	Rand Merchant Insurance (South Africa) Directly Sold Property & Casualty Insurance; Holdings in Other Insurers	0.9	%
10.	Challenger Financial (Australia) Largest Annuity Provider in Australia	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

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

Columbia Acorn USA ended the third quarter of 2014 down 6.35%, holding up better than the 7.36% drop in the Fund's primary benchmark, the Russell 2000 Index. Consumer and industrial sector holdings helped relative performance, while a decline in a large health care position detracted from gains.

The top contributor in the quarter was Bally Technologies, a slot machine manufacturer and software developer that ended the quarter up 18%. In August, it was announced that Bally would be acquired by Scientific Games. We sold the Fund's position, taking advantage of the positive news. Another significant takeout in the period was Concur Technologies, a provider of web-enabled expense management software. Its stock gained 36% on a September announcement that the company would be acquired by SAP.

Consumer stocks Burlington Stores, an off-price apparel retailer, and Shutterfly, an Internet photo-centric retailer, were also strong in the quarter. Up 25%, Burlington Stores gained on revenue growth that beat market expectations. Shutterfly's stock rose 13% on healthy year-over-year revenue growth of 19%. Also in the consumer sector, Blackhawk Network, a third-party distributor of prepaid content like gift cards, gained 20% in the quarter on solid financial results and the announcement of its plans to acquire Parago, a provider of global incentive solutions.

Other winners included WNS, a provider of offshore business process outsourcing services. Up 17% for the quarter, the company benefited from new contracts with several larger customers. Infinera, a manufacturer of optical networking equipment, also enjoyed a 17% third-quarter gain on solid earnings news and on expectations of a new product launch.

Orphan drug developer Synageva BioPharma was the biggest detractor from performance in the quarter. Its stock fell 34% in the quarter, despite reporting solid Phase III data for its lead drug, sebelipase alfa.

Two holdings operating in the manufactured home industry were also down in the quarter. Drew Industries, a maker of RV and manufactured home components, fell 16%, and Cavco Industries, a builder of manufactured homes, fell 20%. Both companies announced solid profits but Drew Industries fell on general concerns about the downward

trend in consumer discretionary spending. Cavco Industries' market has been slowly rebounding along with the standard housing market, but worries remain about the slow pace of that rebound.

Hurt by falling oil prices, Fund energy stocks struggled in the quarter. Hornbeck Offshore, a supply vessel operator in the Gulf of Mexico, and Clayton Williams, an oil and gas producer, each ended the quarter down 30%.

RetailMeNot, an online digital coupon marketplace, fell 39% in the quarter, as a change in the algorithm used by search engine Google compromised the company's positioning in search results. Despite meeting its second-quarter targets, the reduced search hits created a headwind that resulted in a lowering of second-half revenue guidance.

The third quarter saw a cooling of interest in the more speculative companies that have been leading market performance. As growth-at-a-reasonable-price investors, we have limited exposure to such stocks, which benefited Fund performance relative to the benchmark. Also in the quarter, we saw an increase in market volatility driven by weaker economic growth projections, geopolitical events and market participants' concerns over the possibility of higher short-term rates from the Fed. As a result of declines in the market, there are more of what we consider to be good companies available at good valuations now than there were at the start of the year.

Fund's Positions in Mentioned Holdings

As a percentage of net assets, as of 9/30/14

Drew Industries	1.6	%
Synageva BioPharma	1.5
Cavco Industries	0.9
Shutterfly	0.6
Burlington Stores	0.6
Blackhawk Network	0.6
Infinera	0.5
Clayton Williams	0.5
WNS	0.5
Hornbeck Offshore	0.5
Concur Technologies	0.5
RetailMeNot	0.3

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.

Columbia Acorn USA®

At a Glance

Total Net Assets of the Fund:
$1.4 billion

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

September 4, 1996 (Fund inception) through September 30, 2014

Graphic -- Picture -- j14220031_ca011.jpg

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 September 30, 2014

	3rd			Year to												Life of
	quarter			date			1 year			5 years			10 years			Fund
Class Z (9/4/96 inception)		-6.35	%		-3.83	%		2.73	%		13.51	%		8.26	%		10.51	%
Class A (10/16/00 inception)
without sales charge		-6.43			-4.03			2.43			13.20			7.95			10.14
with sales charge		-11.82			-9.54			-3.46			11.87			7.32			9.78
Russell 2000 Index*		-7.36			-4.41			3.93			14.29			8.19			8.26

Results for other share classes can be found on Page 2.

*The Fund's primary benchmark. Please see Page 4 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, 2014, prospectus, the Fund's annual operating expense ratio is 1.07% for Class Z shares and 1.33% 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 9/30/14

Graphic -- Picture -- j14220031_ca012.jpg

Top 10 Holdings

as a percentage of net assets, as of 9/30/14

1.	Avis Budget Group Second Largest Car Rental Company	3.4	%
2.	Nordson Dispensing Systems for Adhesives & Coatings	3.1	%
3.	Extra Space Storage Self Storage Facilities	3.0	%
4.	Mettler-Toledo International Laboratory Equipment	2.9	%
5.	Ametek Aerospace/Industrial Instruments	2.8	%
6.	Donaldson Industrial Air Filtration	2.4	%
7.	HEICO FAA-approved Aircraft Replacement Parts	2.1	%
8.	IPG Photonics Fiber Lasers	2.1	%
9.	Ansys Simulation Software for Engineers & Designers	1.8	%
10.	Cepheid Molecular Diagnostics	1.8	%

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

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 inside front cover of this report.

Columbia Acorn International Select Class Z shares ended the third quarter of 2014 down 7.43%. This compares to a 6.36% drop in the Fund's primary benchmark, the S&P Developed Ex-U.S. Between $2B and $10B® Index. The Fund's exposure to the industrial sector was a positive in the quarter but gains in this sector were overshadowed by losses in material stocks.

In a sea of red, the Fund did have a number of industrial stocks that rose during the quarter. The Fund's top contributor was CJ Corporation, a holding company of Korean consumer conglomerates. The company's stock rose 19% as new management increased its focus on lowering operating costs, which has helped drive up margins across most of its business lines. Also in Korea, KEPCO Plant Service & Engineering, a provider of power plant and grid maintenance services, gained 15% in the quarter. Aging power plants have created a need for maintenance services to raise throughput and extend the useful life of the plants. We opted to take our gains in the stock and sold the Fund's position in KEPCO during the quarter.

Outside the industrial sector, other top contributors had fairly modest gains. New to the portfolio this quarter, Toyo Suisan Kaisha, a Japanese provider of instant noodles and processed foods, ended the period with a 7% gain on expectations that the drop in agricultural commodity prices would boost margins. Also in Japan, auto parts manufacturer NGK Spark Plug gained 5%, benefiting from continued strong earnings growth. CCL Industries, a Canadian global label converter, gained 4% as it continues to benefit from a well-timed and well-priced acquisition.

Tahoe Resources, a silver miner operating in Guatemala, went from being a top contributor last quarter to being the biggest detractor this quarter as mining stocks reversed direction. Tahoe Resources fell 22% as silver prices dropped along with most other commodities. Beadell Resources, a gold miner in Brazil, fell 40% due to a combination of lower gold prices and unusual rains that hampered mining operations. Archipelago Resources, a gold miner operating in Indonesia, Vietnam and the Philippines, ended the quarter down 15%, also declining with gold prices.

The energy sector, as might be expected, declined with the price of oil in the quarter. Baytex, a Canadian oil and gas producer, fell 17% and Denbury Resources, a U.S. oil producer using Co2 injection, dropped 20%.

Global equity markets experienced a significant drop in the third quarter as economic growth expectations were downgraded around the world and numerous companies reported disappointing earnings. Additionally, we believe that investors seem to fear that central banks are more intent on ending their loose monetary programs and will not be there to save the markets in the event of a significant fall. Against this backdrop, our focus remains on what we believe to be strong companies with less cyclical businesses.

Fund's Positions in Mentioned Holdings

As a percentage of net assets, as of 9/30/14

Baytex	4.7	%
Tahoe Resources	3.6
Denbury Resources	3.5
Archipelago Resources†	3.4
CCL Industries	3.3
CJ Corporation	2.9
NGK Spark Plug	2.6
Beadell Resources	1.3
Toyo Suisan Kaisha	0.6

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.

† Includes both stock and option.

Columbia Acorn International Select^SM

At a Glance

Total Net Assets of the Fund:
$327.8 million

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

November 23, 1998 (Fund inception) through September 30, 2014

Graphic -- Picture -- j14220031_ca014.jpg

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 September 30, 2014

	3rd quarter			Year to date			1 year			5 years			10 years			Life of Fund
Class Z (11/23/98 inception)		-7.43	%		1.57	%		3.57	%		10.43	%		10.05	%		9.53	%
Class A (10/16/00 inception)
without sales charge		-7.52			1.33			3.21			10.05			9.70			9.17
with sales charge		-12.84			-4.49			-2.73			8.75			9.05			8.76
S&P Developed Ex-U.S. Between $2B and $10B® Index*		-6.36			0.37			4.80			8.31			8.15			7.70

Results for other share classes can be found on Page 2.

*The Fund's primary benchmark. Please see Page 4 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, 2014, prospectus, the Fund's annual operating expense ratio is 1.21% for Class Z shares and 1.49% 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 9/30/14

Graphic -- Picture -- j14220031_ca015.jpg

Top 10 Holdings

as a percentage of net assets, as of 9/30/14

1.	Ascendas REIT (Singapore) Industrial Property Landlord	5.1	%
2.	Baytex (Canada) Oil & Gas Producer in Canada	4.7	%
3.	IAG (Australia) General Insurance Provider	4.1	%
4.	Challenger Financial (Australia) Largest Annuity Provider in Australia	3.9	%
5.	KT&G (Korea) Tobacco & Ginseng Products	3.8	%
6.	Tahoe Resources (Guatemala) Silver Project in Guatemala	3.6	%
7.	Denbury Resources (United States) Oil Producer Using Co2 Injection	3.5	%
8.	Archipelago Resources (Indonesia)† Gold Mining Projects in Indonesia, Vietnam & the Philippines	3.4	%
9.	CCL Industries (Canada) Largest Global Label Converter	3.3	%
10.	Swedish Match (Sweden) Swedish Snus	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.

† Includes both stock and option.

Columbia Acorn Select^SM

In a Nutshell


Robert A. Chalupnik Portfolio Manager

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.

Columbia Acorn Select Class Z shares ended the third quarter of 2014 down 1.75%, outperforming the 3.98% decline of its primary benchmark, the S&P MidCap 400® Index. Although the Fund trailed its benchmark year to date through September, we are pleased by progress made during the third quarter to reduce the underperformance gap.

The top contributor to performance in the quarter was WNS, a provider of offshore business process outsourcing services. Its stock gained 17% on solid financial results and on an improved outlook for 2015. WNS has continued to gain new, larger customers.

Consumer stock ULTA, a specialty beauty product retailer, was up 29% for the quarter, benefiting from better-than-expected financial results and from management's announcement of new five-year financial targets. Also in the consumer sector, Blackhawk Network, a third-party distributor of prepaid content like gift cards, gained 20% on solid financial results and the announcement of an agreement to acquire Parago, a provider of global incentive solutions.

Detractors in the quarter included Trimble Navigation, a provider of GPS-based instruments. Although second quarter earnings beat expectations, the stock sold off in the third quarter due to weaker demand for products in the agriculture market. This market represents 15% of sales and 20% of profits for Trimble, which ended the third quarter down 17%.

Other larger detractors during the quarter were energy stocks. Canacol (an oil producer in South America), Canadian Overseas Petroleum (an oil and gas exploration company offshore of West Africa) and Shamaran Petroleum (an oil exploration and production company in Kurdistan) were each down between 25% and 45% due to the decline in oil and gas prices.

Taking advantage of a dip in the company's stock price, we added Synageva BioPharma, a biotech focused on orphan diseases, in the quarter. Synageva has an experienced management team and strong pricing power because the drugs it has in development generally have little to no competition. Vonage, a provider of business and consumer

Internet telephone service, was also added. Voice over Internet Protocol (VoIP) has been taking share from traditional phone companies and, in addition to residential customers, Vonage has targeted small businesses as a growth area for its service.

Sales in the quarter included FMC Corporation, a provider of niche specialty chemicals. We opted to sell this stock to purchase other ideas. We also sold Best Buy, a consumer electronic specialty retailer. Although we were encouraged by Best Buy's success in reducing costs and growing its e-commerce sales, we became more concerned about future declines in same-store sales. We opted to exit ITT Educational Services, a for-profit provider of postsecondary degree services, due to increased financial uncertainty following the termination of a tentative sale and leaseback agreement covering 24 properties.

September 30, 2014, marks the first quarter-end since June 2012 that the S&P MidCap 400® Index declined. This has been quite a run for mid-cap stocks. Large-cap stocks, as measured by the S&P 500® Index, continued their positive streak by eking out a 1.13% gain in the third quarter. Some think that the markets are overdue for a correction. Although this thesis has merit, the U.S. economy remains resilient in spite of a lot of negative global headlines. We continue to manage the Fund using Columbia Wanger's time-tested, growth-at-a-reasonable-price (GARP) and low turn-over investment approach.

Fund's Positions in Mentioned Holdings

As a percentage of net assets, as of 9/30/14

WNS	4.4	%
Trimble Navigation	2.2
ULTA	1.9
Blackhawk Network	1.6
Synageva BioPharma	1.3
Canacol	1.2
Shamaran Petroleum	0.8
Vonage	0.7
Canadian Overseas Petroleum	0.4

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.

Columbia Acorn Select^SM

At a Glance

Total Net Assets of the Fund:
$718.0 million

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

November 23, 1998 (Fund inception) through September 30, 2014

Graphic -- Picture -- j14220031_ca017.jpg

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 September 30, 2014

	3rd quarter			Year to date			1 year			5 years			10 years			Life of Fund
Class Z (11/23/98 inception)		-1.75	%		-0.42	%		9.18	%		11.63	%		8.42	%		10.26	%
Class A (10/16/00 inception)
without sales charge		-1.79			-0.60			8.91			11.32			8.12			9.91
with sales charge		-7.44			-6.31			2.63			10.01			7.48			9.50
S&P MidCap 400® Index*		-3.98			3.22			11.82			16.37			10.29			10.36

Results for other share classes can be found on Page 2.

*The Fund's primary benchmark. Please see Page 4 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, 2014, prospectus, the Fund's annual operating expense ratio is 1.03% 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 9/30/14

Graphic -- Picture -- j14220031_ca018.jpg

Top 10 Holdings

as a percentage of net assets, as of 9/30/14

1.	Ametek Aerospace/Industrial Instruments	6.0	%
2.	Donaldson Industrial Air Filtration	4.5	%
3.	WNS—ADR (India) Offshore Business Process Outsourcing Services	4.4	%
4.	CNO Financial Group Life, Long-term Care & Medical Supplement Insurance	4.3	%
5.	Amphenol Electronic Connectors	4.1	%
6.	Discover Financial Services Credit Card Company	3.5	%
7.	SEI Investments Mutual Fund Administration & Investment Management	3.2	%
8.	F5 Networks Internet Traffic Management Equipment	3.2	%
9.	Mettler-Toledo International Laboratory Equipment	3.2	%
10.	LKQ Alternative Auto Parts Distribution	3.2	%

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.

Columbia Thermostat Fund Class Z shares ended the third quarter of 2014 down 0.34%. This compares to a 1.13% quarterly gain of the Fund's primary equity benchmark, the S&P 500® Index. The Fund's primary debt benchmark, the Barclays U.S. Aggregate Bond Index, rose 0.17% in the quarter, and the 50/50 Blended Benchmark gained 0.66% for the same period.

Both the equity and bond portions of the Fund had a weighted average loss in the quarter. Columbia Thermostat Fund's equity tilt toward small caps and foreign stocks hurt performance somewhat. The weighted average loss for the Fund's equity portfolio was 1.38%. Columbia Select Large Cap Growth Fund offered top gains among the underlying funds, returning 2.78% in the quarter. On the downside, Columbia Acorn International was the worst performer in the portfolio, falling 7.25% in the quarter.

The bond portfolio weighted average loss for the quarter was 0.30%. Three of the four bond funds had returns ranging from 0.04% to 0.15%, but Columbia Income Opportunities Fund brought down the weighted average with a 1.86% decline in the quarter.

The Fund hit two reallocation triggers in the quarter, increasing stock exposure in August to 20% to take advantage of market declines and reducing the equity exposure in September to 15% as the markets strengthened in the last month of the quarter.

The stock market became more volatile in the third quarter, and the volatility continued after the quarter end. The Fund's trimming of stocks in September proved fortuitous when stocks plunged in the first half of October. As designed, the Fund has a low equity weight when stocks seem somewhat expensive and increases that weight as stocks appear more attractively valued. Columbia Thermostat Fund's sell-high, buy-low, valuation-based discipline remains intact.

Results of the Funds Owned in Columbia Thermostat Fund, as of September 30, 2014

Stock Funds

Fund	Weightings in category			3rd quarter			Year to date
Columbia Acorn International, Class I		20	%		-7.25	%		-1.66	%
Columbia Dividend Income Fund, Class I		20	%		1.49	%		7.92	%
Columbia Acorn Fund, Class I		15	%		-5.40	%		-2.89	%
Columbia Contrarian Core Fund, Class I		15	%		1.60	%		8.01	%
Columbia Acorn Select, Class I		10	%		-1.74	%		-0.38	%
Columbia Large Cap Enhanced Core Fund, Class I		10	%		2.61	%		9.65	%
Columbia Select Large Cap Growth Fund, Class I		10	%		2.78	%		4.24	%
Weighted Average Equity Gain/Loss		100	%		-1.38	%		3.37	%

Bond Funds

Fund	Weightings in category			3rd quarter			Year to date
Columbia Short Term Bond Fund, Class I		40	%		0.04	%		0.85	%
Columbia Intermediate Bond Fund, Class I		25	%		0.12	%		4.58	%
Columbia Income Opportunities Fund, Class I		20	%		-1.86	%		3.26	%
Columbia U.S. Government Mortgage Fund, Class I		15	%		0.15	%		3.69	%
Weighted Average Income Gain/Loss		100	%		-0.30	%		2.84	%

Columbia Thermostat Fund Rebalancing
in the Third Quarter

August 1, 2014				20% stocks, 80% bonds
September 2, 2014				15% stocks, 85% 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 produce 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:
$1.2 billion

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

September 25, 2002 (Fund inception) through September 30, 2014

Graphic -- Picture -- j14220031_ca021.jpg

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 September 30, 2014

	3rd quarter			Year to date			1 year			5 years			10 years			Life of Fund
Class Z (9/25/02 inception)		-0.34	%		3.72	%		5.75	%		10.90	%		6.97	%		8.00	%
Class A (3/3/03 inception)
without sales charge		-0.40			3.47			5.42			10.64			6.70			7.73
with sales charge		-6.13			-2.48			-0.63			9.33			6.07			7.20
S&P 500® Index*		1.13			8.34			19.73			15.70			8.11			9.80
Barclays U.S. Aggregate Bond Index*		0.17			4.10			3.96			4.12			4.62			4.62

Results for other share classes can be found on Page 2.

*The Fund's primary benchmarks. Please see Page 4 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, 2014, prospectus, the Fund's annual operating expense ratio is 0.80% for Class Z shares and 1.05% 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 9/30/14

Graphic -- Picture -- j14220031_ca022.jpg

Portfolio Weightings

as a percentage of assets in each investment category, as of 9/30/14

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 Intermediate Bond Fund, Class I	25	%
Columbia Income Opportunities Fund, Class I	20	%
Columbia U.S. Government Mortgage Fund, Class I	15	%

Columbia Acorn Emerging Markets Fund^SM

In a Nutshell


Fritz 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 declined 4.99% in the third quarter of 2014, underperforming the 2.35% drop of the Fund's primary benchmark, the S&P Emerging Markets Between $500M and $5B® Index. For the first nine months of the year, the Fund lost 1.80%, trailing the benchmark's gain of 5.40% by 720 basis points. Since its inception in August 2011, the Fund has returned an annualized gain of 9.83% compared to the benchmark's 4.71% return, or 512 basis points of outperformance on an annualized basis. The Fund lagged the benchmark in the first nine months of the year primarily due to poor performance of Hong Kong-listed gaming and consumer-related stocks.

The Fund's largest performance contributor in the quarter was Chinese automotive information website BitAuto, which gained 58%. Both revenues and operating costs were better than anticipated, and the company should benefit from continuing growth in both the new and used car markets. Sihuan Pharmaceuticals manufactures generic drugs in China. Its stock gained 23% on strong revenues in its flagship products and good growth in existing and new provinces where the company has recently won tenders. Integrated resort operator Melco Crown (Philippines) Resorts gained 12% as its new development in Manila appears to be on track for a fourth quarter opening. The company may also be benefiting from an influx of Chinese VIP players following a corruption crackdown in Beijing. AMVIG Holdings, a producer of packaging materials for Chinese tobacco companies, gained 30% in the quarter. AMVIG's margins improved as the company focused more on higher-end products. Its stock also benefited from the announcement of a special dividend.

The Fund's largest detractor in absolute dollar terms was Macau casino operator and holding company Melco International. Its stock declined 23% in the third quarter as the anti-corruption drive by the Chinese government curtailed junket travel to Macau, while overall worsening sentiment on the sector caused valuation multiples to contract. Spending by more profitable, middle class players has increased, however, and we believe this mix change should be positive in the medium-term for Melco International.

NewOcean Energy sells liquefied petroleum gas in Southern China. Its stock declined 33% as market share losses to other fuels increased uncertainty about the company's growth initiatives, and industrial demand proved weaker than expected. MNC Skyvision is the largest satellite Pay TV broadcaster in Indonesia. Its stock fell 24% after customers froze their subscriptions to switch to competing broadcasters with World Cup coverage. Rupiah devaluation raised costs of U.S. dollar-based content, but price increases should offset these costs and restore margins going forward. Brazilian gold miner Beadell Resources fell 40% in the quarter. Falling gold prices, wet weather that delayed development of its new Duckhead mine in Brazil, and higher operating expenses lowered Beadell's profitability.

So far in 2014, the Fund has given back much of the nearly 11.3 percentage points of outperformance achieved in 2013. This is disappointing. In fact, several of the stocks that were top-10 contributors in 2013, such as Melco International and former Russian holdings QIWI and Yandex, were among the 10 biggest performance detractors year to date. The last nine months have been characterized by considerable volatility in emerging market share prices, and we have used the opportunity to buy or add to positions that we believe have declined due to short-term and fixable issues. In areas like Russia, where we expect long-term value impairment, we finished selling all the Fund's holdings early in the second quarter. We remain sharply focused on investing in companies that we believe can create value for long-term shareholders.

Columbia Acorn Emerging Markets Fund is closed to new investors and new accounts with certain exceptions. Refer to the Fund's prospectus for details.

Fund's Positions in Mentioned Holdings

As a percentage of net assets, as of 9/30/14

Melco Crown (Philippines) Resorts	3.0	%
Melco International	2.2
Sihuan Pharmaceuticals	1.9
BitAuto	1.6
MNC Skyvision	1.6
AMVIG Holdings	1.2
NewOcean Energy	1.0
Beadell Resources	0.7

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.

Columbia Acorn Emerging Markets Fund^SM

At a Glance

Total Net Assets of the Fund:
$547.3 million

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

August 19, 2011 (Fund inception) through September 30, 2014

Graphic -- Picture -- j14220031_ca027.jpg

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 September 30, 2014

	3rd quarter			Year to date			1 year			Life of Fund
Class Z (8/19/11 inception)		-4.99	%		-1.80	%		5.20	%		9.83	%
Class A (8/19/11 inception)
without sales charge		-5.07			-1.96			4.92			9.51
with sales charge		-10.52			-7.62			-1.14			7.45
S&P Emerging Markets Between $500M and $5B® Index*		-2.35			5.40			8.26			4.71

Results for other share classes can be found on Page 2.

*The Fund's primary benchmark. Please see Page 4 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, 2014, prospectus, the Fund's annual operating expense ratio is 1.59% for Class Z shares and 1.81% for Class A shares.

Portfolio Diversification

as a percentage of net assets, as of 9/30/14

Graphic -- Picture -- j14220031_ca028.jpg

Top 10 Holdings

as a percentage of net assets, as of 9/30/14

1.	Coronation Fund Managers (South Africa) South African Fund Manager	3.2	%
2.	Melco Crown Resorts (Philippines) Integrated Resort Operator in Manila	3.0	%
3.	Halyk Savings Bank of Kazakhstan—GDR (Kazakhstan) Largest Retail Bank & Insurer in Kazakhstan	2.7	%
4.	Rand Merchant Insurance (South Africa) Directly Sold Property & Casualty Insurance; Holdings in Other Insurers	2.5	%
5.	Zee Entertainment Enterprises (India) Indian Programmer of Pay Television Content	2.2	%
6.	Melco International (Hong Kong) Macau Casino Operator	2.2	%
7.	Vacon (Finland) Leading Independent Manufacturer of Variable Speed Air Conditioning Drives	2.1	%
8.	WuXi Pharma Tech—ADR (China) Largest Contract Research Organization Business in China	2.0	%
9.	Hexagon (Sweden) Design, Measurement & Visualization Software & Equipment	2.0	%
10.	Sihuan Pharmaceuticals (China) Chinese Generic Drug Manufacturer	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

At the end of June 2014, it looked like Columbia Acorn European Fund's benchmark, the S&P Europe Between $500M and $5B® Index, would stage a recovery that would last into the next quarter. Unfortunately, we realized early in the third quarter that the benchmark's breakout from its second-quarter range would be down, rather than up. Reaching its peak for the year so far on July 4, the benchmark declined—almost without pause—to end the third quarter down 9.96%. Columbia Acorn European Fund fared slightly better, falling 9.07% in the third quarter and improving on its slight outperformance from the second quarter. Year to date, the Fund was down 6.86% compared to a 3.94% drop in the benchmark.

The top contributor to gains in the quarter was one of the Fund's more recent additions. Sweden's Recipharm, a large player in the very fragmented market for contract drug development, has been growing on the back of cost pressures facing big pharma and smaller biotech operators. Recipharm's shares performed well following its IPO in the spring, when we bought the stock for the Fund, and its stock got another shot in the arm in August when first-half results showed strong growth. Recipharm ended the third quarter up 22%. Another strong contributor to performance was Finland's Vacon, a leading manufacturer of variable speed air conditioning drives that gained 6% in the quarter. Danfoss, which is based in Denmark, offered to buy Vacon in mid-September and we tendered the Fund's shares at a price over 10% above levels at the end of June.

The two stocks that had the largest percentage loss in the quarter are not new names to the laggard list. So far in 2014, Ocado, a leading online grocery retailer in the UK, has been giving back much of the gains it enjoyed in 2013, falling an additional 33% in the third quarter. We believe that investors are worried about the impact the introduction of new discount stores in the UK will have on the company. This rollout of new stores has already created aggressive pricing pressure throughout the industry. We continue to believe that the company's superior operating model, and its transportability into other markets, will win the day. EVS Broadcast Equipment, a developer of digital live mobile production software and systems in Belgium, continued to suffer from weak spending in the United States, which has

affected sales growth and profitability. The market has also been correcting the company's price multiple on the back of a setback that we deem temporary. In the short term, however, the stock's 30% decline hurt the portfolio's performance.

Looking at the bigger picture, we would like to make two points. First, statistics for the Fund's portfolio performance reveal its ability to outperform in downdrafts and underperform in upswings or, put technically, the Fund has a relatively high alpha (1.14 for the three years ended September 30, 2014) and a low beta (0.80 for the same period). The decline in the Fund's Russian stocks earlier this year temporarily obfuscated these characteristics, but we expect them to become more evident in the coming quarters. Secondly, we don't believe much has changed in Europe since the end of June. Geopolitical risks continue unabated and the fragility of the recovery is omnipresent, with the German export engine showing increasing signs of weakness. The economies of the Eurozone are the latest, and last, major currency block to enter quantitative easing with unclear outcomes, especially as there seems to be plenty of slack left in the increasingly reform-tired economies that abut the Mediterranean, especially France and Italy. The slew of IPOs seen all over the region this year may be a sign that valuations are too high. We continue to monitor developments closely and we are making investments in companies with attractive business models and valuations.

Fund's Positions in Mentioned Holdings

As a percentage of net assets, as of 9/30/14

Recipharm	1.3	%
Ocado	0.9
EVS Broadcast Equipment	0.8

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.

Columbia Acorn
European Fund^SM

At a Glance

Total Net Assets of the Fund:
$51.6 million

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

August 19, 2011 (Fund inception) through September 30, 2014

Graphic -- Picture -- j14220031_ca031.jpg

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 September 30, 2014

	3rd quarter			Year to date			1 year			Life of Fund
Class Z (8/19/11 inception)		-9.07	%		-6.86	%		3.64	%		13.72	%
Class A (8/19/11 inception)
without sales charge		-9.15			-7.05			3.38			13.42
with sales charge		-14.35			-12.42			-2.55			11.29
S&P Europe Between $500M and $5B® Index*		-9.96			-3.94			6.06			15.54

Results for other share classes can be found on Page 2.

*The Fund's primary benchmark. Please see Page 4 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, 2014, prospectus, the Fund's annual operating expense ratio is 1.51% for Class Z shares and 1.76% for Class A shares.

Portfolio Diversification

as a percentage of net assets, as of 9/30/14

Graphic -- Picture -- j14220031_ca032.jpg

Top 10 Holdings

as a percentage of net assets, as of 9/30/14

1.	Neopost (France) Postage Meter Machines	3.3	%
2.	Assura (United Kingdom) UK Primary Health Care Property Developer	2.9	%
3.	Spirax Sarco (United Kingdom) Steam Systems for Manufacturing & Process Industries	2.7	%
4.	Aurelius (Germany) European Turnaround Investor	2.2	%
5.	NORMA Group (Germany) Clamps for Automotive & Industrial Applications	2.2	%
6.	Partners Group (Switzerland) Private Markets Asset Management	2.2	%
7.	Geberit (Switzerland) Plumbing Supplies	2.2	%
8.	Jardine Lloyd Thompson Group (United Kingdom) International Business Insurance Broker	2.1	%
9.	DIA (Spain) Discount Retailer in Spain, Latin America & the Eastern Mediterranean	2.0	%
10.	Babcock International (United Kingdom) Public Sector Outsourcer	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 Third Quarter (Unaudited)

	Number of Shares
	6/30/14		9/30/14
Purchases
Information
Amber Road		1,000,000		1,046,288
Audience		1,000,000		1,753,625
Bankrate		2,962,840		4,800,000
Boingo Wireless		2,772,402		2,800,000
DemandWare		955,000		1,000,000
E2Open		610,000		2,225,000
FLIR Systems		582,000		876,000
Gogo		0		2,000,000
GTT Communications		755,000		1,430,000
IMAX (Canada)		1,000,000		1,250,000
Infinera		2,365,000		2,983,000
Navigant Consulting		4,025,000		4,075,000
RetailMeNot		1,594,707		2,199,707
Rubicon Technology		115,279		2,500,000
Solera Holdings		860,000		1,176,000
SPS Commerce		940,000		1,035,000
Stratasys		344,000		395,000
Textura		249,870		589,372
Ultimate Software		250,000		450,000
VeriFone Holdings		0		539,000
Vonage		7,950,000		12,165,736
WNS - ADR (India)		2,000,000		2,112,805
Industrial Goods & Services
Dorman Products		550,000		881,086
Generac		3,555,000		4,000,000
LKQ		4,400,000		5,148,000
Lumber Liquidators		0		400,000
PGT		2,500,000		3,592,200
Rexnord		0		705,000
Sociedad Quimica y Minera de Chile - ADR (Chile)		882,558		917,486
Thermon		1,555,349		1,827,007
Consumer Goods & Services
Cavco Industries		460,000		500,000
Fiesta Restaurant Group		876,988		1,001,000
Gentex		0		653,000
Interface		2,325,000		2,920,000
Kate Spade & Company		1,660,000		2,366,000
La-Z-Boy		0		700,000
Michaels Stores		1,185,000		1,238,262
Papa John's International		0		492,000
Performance Sports Group		550,000		650,000
Select Comfort		1,650,000		1,900,000
United Natural Foods		1,181,000		1,340,000
Zulily		600,000		1,170,000

	Number of Shares
	6/30/14		9/30/14
Finance
Cascade Bancorp		176,000		1,922,634
Liberty Tax		209,980		400,000
SEI Investments		7,275,000		7,368,774
WEX		620,000		670,000
Wisdom Tree		500,000		1,000,000
Health Care
Abaxis		0		506,020
Bio-Techne		936,000		1,040,000
Cepheid		5,590,000		5,836,000
Envision Healthcare Holdings		1,004,000		1,277,000
Medidata Solutions		1,080,000		1,384,000
Sarepta Therapeutics		2,050,000		2,552,000
Synageva BioPharma		2,312,309		2,493,309
Wright Medical Group		97,647		647,000
Energy & Minerals
Alamos Gold (Canada)		3,400,000		4,000,000
Alexco Resource		2,322,841		2,800,000
Allied Nevada Gold		2,373,342		3,650,000
Argonaut Gold (Canada)		3,986,900		4,250,000
Carrizo Oil & Gas		550,000		926,000
Gulfport Energy		321,000		780,000
Parsley Energy		434,159		891,000
Petromanas (Canada)		62,000,000		64,685,000
RGS Energy		4,100,000		4,699,210
Shamaran Petroleum (Iraq)		27,815,500		28,700,000
Other Industries
Amerco		130,000		150,000
Heartland Express		0		400,000

	Number of Shares
	6/30/14		9/30/14
Sales
Information
Amphenol		3,311,000		3,156,000
Avnet		3,125,000		2,738,000
Bally Technologies		3,028,000		0
Concur Technologies		450,000		260,000
Crown Castle International		1,170,000		940,000
Discovery Series C		800,000		670,000
Equinix		175,000		0
Exa		1,000,000		699,967
Finisar		1,538,000		0
General Communications		1,500,000		0
Genpact		2,558,000		1,983,000
Globalstar		27,650,000		26,000,000
Hexagon (Sweden)		2,924,000		2,693,000
iGATE		3,875,000		3,775,000
II-VI		2,339,000		1,604,000
Informatica		6,050,000		5,800,000
Jack Henry & Associates		750,000		0
Measurement Specialties		240,374		0
Mettler-Toledo International		1,475,000		1,351,638
Micros Systems		530,000		0
Pandora Media		3,840,000		3,456,000
Plexus		842,000		684,918
Red Hat		500,000		0
SBA Communications		2,520,000		2,360,000
Tangoe		2,100,000		1,750,000
Telefonica Deutschland (Germany)		2,500,000		0
TripAdvisor		800,000		625,000
tw telecom		1,113,743		0
Windstream		2,500,000		0
Yelp		300,000		0
Zebra Technologies		1,041,000		803,000
Industrial Goods & Services
Aalberts Industries (Netherlands)		2,500,000		2,321,000
Acuity Brands		1,415,000		1,209,000
Ametek		8,860,000		7,996,000
CAE (Canada)		2,400,000		1,894,000
Chicago Bridge & Iron		1,807,000		1,631,000
Drew Industries		1,780,000		1,680,000
DXP Enterprises		225,000		0
ESCO Technologies		2,300,000		2,185,000
FMC Corporation		1,000,000		350,000
Insperity		1,144,000		822,000
Kennametal		3,725,000		3,182,000
Mobile Mini		1,350,000		1,250,000
Moog		3,230,000		2,974,827
MRC Global		2,320,000		1,545,000
MTU Aero Engines (Germany)		255,000		0
Novozymes (Denmark)		1,288,000		1,090,000
Oshkosh Corporation		1,815,000		1,724,000

	Number of Shares
	6/30/14		9/30/14
Pall		1,405,000		1,335,000
PolyOne		1,150,000		700,000
Toro		1,610,000		1,529,000
Valmont Industries		435,000		225,000
Wabtec		1,200,000		1,083,000
WESCO International		1,870,000		1,687,000
Consumer Goods & Services
Avis Budget Group		4,300,000		3,950,000
Boulder Brands		4,386,552		3,947,000
Burlington Stores		1,535,000		1,381,000
Choice Hotels		1,033,483		849,483
DeVry		1,300,000		1,075,000
Domino's Pizza		968,000		719,000
Expedia		1,100,000		1,050,000
Fossil		822,845		646,845
GNC Holdings		1,430,000		819,000
Groupon		8,765,000		4,972,000
Herman Miller		1,605,000		916,000
Hertz		4,750,000		3,000,000
HomeAway		2,380,000		2,142,000
ITT Educational Services		550,000		0
Lifetime Fitness		982,000		0
Localiza Rent A Car (Brazil)		2,100,000		0
Melco International (Hong Kong)		7,000,000		0
Pier 1 Imports		4,290,000		1,762,555
Pool		2,015,000		1,818,000
Popeyes Louisiana Kitchen		1,875,000		1,350,000
PVH		932,000		793,000
Shutterfly		1,845,498		1,660,000
ULTA		1,160,000		1,044,000
Williams-Sonoma		1,675,000		1,508,000
Finance
Allied World Holdings		2,499,000		2,275,000
BOK Financial		1,950,000		1,800,000
CNO Financial Group		8,900,000		8,800,000
H & E Equipment Services		1,120,000		0
Marlin Business Services		1,091,000		902,210
McGrath Rentcorp		2,150,000		2,000,000
OFG Bancorp		300,000		0
Onex Capital (Canada)		200,000		0
TCF Financial		1,550,000		950,000
The Hanover Insurance Group		500,000		0
Heath Care
Akorn		5,966,000		5,089,000
Alimera Sciences		790,158		0
Allscripts Healthcare Solutions		7,949,000		6,724,600

Columbia Acorn® Fund

Major Portfolio Changes in the Third Quarter (Unaudited), continued

	Number of Shares
	6/30/14		9/30/14
Sales (continued)
Health Care—continued
Alnylam Pharmaceuticals		613,400		423,400
BioMarin Pharmaceutical		969,000		737,000
Henry Schein		772,000		687,000
NPS Pharmaceuticals		1,352,000		963,000
Patterson Companies		395,375		0
PerkinElmer		925,000		0
Seattle Genetics		4,972,000		4,001,000
Sirona Dental Systems		1,080,000		833,000
Energy & Minerals
Atwood Oceanics		507,000		0
Baytex (Canada)		743,000		0
Bill Barrett Corporation		1,601,197		770,000
Black Diamond Group (Canada)		596,600		463,863
Cabot Oil and Gas		551,000		0
Duluth Metals (Canada)		5,979,000		5,544,000
Forum Energy Technology		530,000		0
Laredo Petroleum		1,159,000		928,000
Range Resources		695,000		632,000
Other Industries
American Residential Properties		950,000		0
Biomed Realty Trust		1,900,000		0
Coresite Realty		1,170,000		880,000
Glimcher Realty Trust		2,350,000		0
Hudson Pacific Properties		1,300,000		975,000
Kirby		758,000		530,000
Kite Realty Group		1,562,500		1,172,500
Northeast Utilities		2,000,000		1,900,000
Post Properties		1,760,000		1,320,000
REMAX		400,000		0
Rush Enterprises, Class A		3,100,000		2,704,100
Wisconsin Energy		700,000		650,000

Columbia Acorn® Fund

Statement of Investments (Unaudited), September 30, 2014

Number of Shares			Value
			Equities: 98.2%
Information 25.8%
		> Business Software 6.0%
	5,800,000	Informatica (a)(b)	$	198,592,000
		Enterprise Data Integration Software
	2,500,000	Ansys (a)		189,175,000
		Simulation Software for Engineers & Designers
	2,693,000	Hexagon (Sweden)		85,153,780
		Design, Measurement & Visualization Software & Equipment
	1,176,000	Solera Holdings		66,279,360
		Software for Automotive Insurance Claims Processing
	450,000	Ultimate Software (a)		63,679,500
		Human Capital Management Systems
	1,035,000	SPS Commerce (a)(b)		55,010,250
		Supply Chain Management Software Delivered via Web
	1,000,000	DemandWare (a)		50,920,000
		eCommerce Website Platform for Retailers & Apparel Manufacturers
	550,000	NetSuite (a)		49,247,000
		End-to-end IT Systems Solution Delivered via Web
	500,000	Tyler Technologies (a)		44,200,000
		Financial, Tax, Court & Document Management Systems for Local Governments
	260,000	Concur Technologies (a)(c)		32,973,200
		Web-enabled Expense Management Software
	3,741,000	InContact (a)(b)		32,527,995
		Call Center Systems Delivered via Web & Telecommunication Services
	550,000	Commvault Systems (a)		27,720,000
		Data Storage Management
	610,000	Envestnet (a)		27,450,000
		Technology Platform for Investment Advisors
	1,750,000	Tangoe (a)		23,712,500
		Software Solution for Managing Communication Expense & Devices
	2,225,000	E2Open (a)(b)		20,714,750
		Supply Chain Management Software & Supplier/Partner Network
	1,046,288	Amber Road (a)(c)		18,142,634
		Global Trade Management Software Delivered via Web
	1,050,000	RealPage (a)		16,275,000
		Software for Managing Rental Properties Delivered via Web
	589,372	Textura (a)(c)		15,559,421
		Construction Vendor Management Software
	1,728,000	Five9 (a)(c)		11,301,120
		Call Center Software

Number of Shares			Value
	708,300	Kinaxis (Canada) (a)	$	10,081,077
		Supply Chain Planning & Analytics Software
	699,967	Exa (a)(b)		7,895,627
		Simulation Software
	540,000	Covisint (a)(c)		2,241,000
		Collaboration Software Platform Provider
				1,048,851,214
		> Instrumentation 3.5%
	1,351,638	Mettler-Toledo International (a)		346,195,041
		Laboratory Equipment
	4,362,000	Trimble Navigation (a)		133,041,000
		GPS-based Instruments
	1,620,000	IPG Photonics (a)(c)		111,423,600
		Fiber Lasers
	876,000	FLIR Systems		27,453,840
		Infrared Cameras
				618,113,481
		> Computer Hardware & Related Equipment 3.0%
	3,156,000	Amphenol		315,158,160
		Electronic Connectors
	803,000	Zebra Technologies (a)		56,988,910
		Bar Code Printers
	395,000	Stratasys (a)(c)		47,708,100
		Rapid Prototyping & Direct Digital Manufacturing Systems
	624,000	Rogers (a)		34,170,240
		Printed Circuit Materials & High-performance Foams
	507,000	Belden		32,458,140
		Specialty Cable
	1,604,000	II-VI (a)		18,879,080
		Laser Optics & Specialty Materials
	539,000	VeriFone Holdings (a)		18,530,820
		Point of Sale Systems
				523,893,450
		> Mobile Communications 2.7%
	2,360,000	SBA Communications (a)		261,724,000
		Communications Towers
	26,000,000	Globalstar (a)(c)		95,160,000
		Satellite Mobile Voice & Data Carrier
	940,000	Crown Castle International		75,698,200
		Communications Towers
	2,000,000	Gogo (a)(c)		33,720,000
		Provider of Wi-Fi on Airplanes
	1,753,625	Audience (a)(b)		12,976,825
		Improving Voice Quality for Mobile Devices
				479,279,025
		> Computer Services 2.2%
	3,775,000	iGATE (a)(b)		138,618,000
		IT & Business Process Outsourcing Services

Columbia Acorn® Fund

Statement of Investments (Unaudited), continued

Number of Shares			Value
		> Computer Services—continued
	1,835,000	Virtusa (a)(b)	$	65,252,600
		Offshore IT Outsourcing
	2,112,805	WNS - ADR (India) (a)		47,559,240
		Offshore Business Process Outsourcing Services
	1,618,000	ExlService Holdings (a)		39,495,380
		Business Process Outsourcing
	373,000	Syntel (a)		32,801,620
		Offshore IT Services
	1,983,000	Genpact (a)		32,362,560
		Business Process Outsourcing
	3,274,000	Hackett Group (b)		19,513,040
		IT Integration & Best Practice Research
				375,602,440
		> Business Information & Marketing Services 1.5%
	1,900,000	Verisk Analytics (a)		115,691,000
		Risk & Decision Analytics
	4,075,000	Navigant Consulting (a)(b)		56,683,250
		Financial Consulting Firm
	4,800,000	Bankrate (a)		54,528,000
		Internet Advertising for the Insurance, Credit Card & Banking Markets
	2,570,000	RPX (a)		35,286,100
		Patent Aggregation & Defensive Patent Consulting
				262,188,350
		> Internet Related 1.3%
	3,456,000	Pandora Media (a)		83,496,960
		Streaming Music
	625,000	TripAdvisor (a)		57,137,500
		Online Travel Research
	12,165,736	Vonage (a)(b)		39,903,614
		Business & Consumer Internet Telephony
	2,199,707	RetailMeNot (a)		35,547,265
		Digital Coupon Marketplace
	257,000	Rightmove (United Kingdom)		8,938,213
		Internet Real Estate Listings
				225,023,552
		> Semiconductors & Related Equipment 0.9%
	5,390,000	Atmel (a)		43,551,200
		Microcontrollers, Radio Frequency & Memory Semiconductors
	420,000	Littelfuse		35,775,600
		Little Fuses
	699,000	Monolithic Power Systems		30,790,950
		High-performance Analog & Mixed Signal Integrated Circuits
	560,000	Semtech (a)		15,204,000
		Analog Semiconductors
	615,000	Ultratech (a)		13,991,250
		Semiconductor Equipment

Number of Shares			Value
	2,500,000	Rubicon Technology (a)(b)(c)	$	10,625,000
		Sapphire for the Lighting, Electronics & Automotive Industries
				149,938,000
		> Telecommunications Equipment 0.8%
	640,000	F5 Networks (a)		75,993,600
		Internet Traffic Management Equipment
	2,983,000	Infinera (a)		31,828,610
		Optical Networking Equipment
	1,118,000	CalAmp (a)		19,699,160
		Machine to Machine Communications
	1,040,000	Ixia (a)		9,505,600
		Telecom Network Test Equipment
				137,026,970
		> Financial Processors 0.8%
	1,700,000	Global Payments		118,796,000
		Credit Card Processor
	1,300,000	Liquidity Services (a)		17,875,000
		E-auctions for Surplus & Salvage Goods
				136,671,000
		> Telephone & Data Services 0.7%
	2,200,000	Cogent Communications		73,942,000
		Internet Data Pipelines
	2,800,000	Boingo Wireless (a)(b)		19,964,000
		Wholesale & Retail Wi-Fi Networks
	1,430,000	GTT Communications (a)		17,031,300
		Provider of High-capacity Data Transit
	4,000,000	Towerstream (a)(b)		5,920,000
		High Speed Wireless, Rooftop Antenna Space & Wi-Fi Offload
				116,857,300
		> Electronics Distribution 0.6%
	2,738,000	Avnet		113,627,000
		Electronic Components Distribution
		> Contract Manufacturing 0.6%
	3,800,000	Sanmina-SCI (a)		79,268,000
		Electronic Manufacturing Services
	684,918	Plexus (a)		25,294,022
		Electronic Manufacturing Services
				104,562,022
		> Cable TV 0.5%
	800,000	Liberty Global Series A (a)		34,032,000
	800,000	Liberty Global Series C (a)		32,812,000
		Cable TV Franchises Outside U.S.
	670,000	Discovery Series C (a)		24,977,600
		Cable TV Programming
				91,821,600

Number of Shares			Value
		> Entertainment Programming 0.4%
	1,250,000	IMAX (Canada) (a)(c)	$	34,325,000
		IMAX Movies, Theatre Equipment & Theatre Joint Ventures
	5,500,000	Zee Entertainment Enterprises (India)		27,917,050
		Indian Programmer of Pay Television Content
				62,242,050
		> Advertising 0.3%
	1,000,000	Lamar Advertising		49,250,000
		Outdoor Advertising
Information: Total				4,494,947,454
Industrial Goods & Services 23.4%
		> Machinery 14.0%
	7,996,000	Ametek		401,479,160
		Aerospace/Industrial Instruments
	8,400,000	Donaldson (b)		341,292,000
		Industrial Air Filtration
	3,400,000	Nordson (b)		258,638,000
		Dispensing Systems for Adhesives & Coatings
	2,974,827	Moog (a)(b)		203,478,167
		Motion Control Products for Aerospace, Defense & Industrial Markets
	4,000,000	Generac (a)(b)(c)		162,160,000
		Standby Power Generators
	3,828,750	HEICO (b)		154,298,625
		FAA-approved Aircraft Replacement Parts
	3,182,000	Kennametal		131,448,420
		Consumable Cutting Tools
	1,335,000	Pall		111,739,500
		Life Science, Water & Industrial Filtration
	1,210,000	WABCO Holdings (a)		110,049,500
		Truck & Bus Component Supplier
	1,081,200	Middleby (a)		95,286,156
		Manufacturer of Cooking Equipment
	1,529,000	Toro		90,562,670
		Turf Maintenance Equipment
	1,083,000	Wabtec		87,766,320
		Freight & Transit Component Supplier
	1,724,000	Oshkosh Corporation		76,114,600
		Specialty Truck Manufacturer
	2,185,000	ESCO Technologies (b)		75,994,300
		Industrial Filtration & Advanced Measurement Equipment
	664,400	Neopost (France)		48,867,344
		Postage Meter Machines
	881,086	Dorman Products (a)(c)		35,296,305
		Aftermarket Auto Parts Distributor
	225,000	Valmont Industries (c)		30,359,250
		Center Pivot Irrigation Systems & Utility Poles

Number of Shares			Value
	705,000	Rexnord (a)	$	20,057,250
		Manufacturer of Mechanical Power Transmission Parts & Water Management Equipment
	10,000,000	Marel (Iceland) (a)		8,809,297
		Largest Manufacturer of Poultry & Fish Processing Equipment
				2,443,696,864
		> Other Industrial Services 2.2%
	5,148,000	LKQ (a)		136,885,320
		Alternative Auto Parts Distribution
	1,800,000	Expeditors International of Washington		73,044,000
		International Freight Forwarder
	1,500,000	Forward Air		67,245,000
		Freight Transportation Between Airports
	1,250,000	Mobile Mini		43,712,500
		Portable Storage Units Leasing
	1,375,000	KAR Auction Services		39,366,250
		Auto Auctions
	1,894,000	CAE (Canada)		22,965,775
		Flight Simulator Equipment & Training Centers
				383,218,845
		> Industrial Distribution 1.7%
	1,687,000	WESCO International (a)		132,024,620
		Industrial Distributor
	930,000	Airgas		102,904,500
		Industrial Gas Distributor
	1,545,000	MRC Global (a)		36,029,400
		Industrial Distributor
	883,000	Boise Cascade (a)		26,613,620
		Wood Products Manufacturer & Distributor
				297,572,140
		> Construction 1.7%
	94,500	NVR (a)		106,786,890
		Homebuilder
	1,631,000	Chicago Bridge & Iron		94,353,350
		Engineering & Construction for Liquefied Natural Gas & Petrochemicals
	930,000	Fortune Brands Home & Security		38,232,300
		Home Building Supplies & Small Locks
	3,592,200	PGT (a)(b)		33,479,304
		Wind Resistant Windows & Doors
	400,000	Lumber Liquidators (a)(c)		22,952,000
		Hardwood Flooring Retailer
				295,803,844
		> Electrical Components 1.2%
	1,209,000	Acuity Brands		142,311,390
		Commercial Lighting Fixtures
	1,827,007	Thermon (a)(b)		44,615,511
		Global Engineered Thermal Solutions

Columbia Acorn® Fund

Statement of Investments (Unaudited), continued

Number of Shares			Value
		> Electrical Components—continued
	1,500,000	Ushio (Japan)	$	15,855,381
		Industrial Light Sources
				202,782,282
		> Industrial Materials & Specialty Chemicals 1.1%
	1,680,000	Drew Industries (b)		70,879,200
		RV & Manufactured Home Components
	1,090,000	Novozymes (Denmark)		47,291,191
		Industrial Enzymes
	700,000	PolyOne		24,906,000
		Intermediate Stage Chemicals Producer
	917,486	Sociedad Quimica y Minera de Chile - ADR (Chile)		23,983,084
		Producer of Specialty Fertilizers, Lithium & Iodine
	350,000	FMC Corporation		20,016,500
		Niche Specialty Chemicals
				187,075,975
		> Outsourcing Services 0.8%
	3,000,000	Quanta Services (a)		108,870,000
		Electrical & Telecom Construction Services
	822,000	Insperity		22,473,480
		Professional Employer Organization
				131,343,480
		> Waste Management 0.4%
	1,500,000	Waste Connections		72,780,000
		Solid Waste Management
		> Conglomerates 0.3%
	2,321,000	Aalberts Industries (Netherlands)		60,091,545
		Flow Control & Heat Treatment
Industrial Goods & Services: Total				4,074,364,975
Consumer Goods & Services 14.4%
		> Retail 4.8%
	1,044,000	ULTA (a)		123,369,480
		Specialty Beauty Product Retailer
	1,475,839	Casey's General Stores		105,817,656
		Owner/Operator of Convenience Stores
	1,508,000	Williams-Sonoma		100,387,560
		Home Goods & Furnishing Retailer
	1,660,000	Shutterfly (a)		80,908,400
		Internet Photo-centric Retailer
	2,366,000	Kate Spade & Company (a)		62,060,180
		Global Lifestyle Brand
	646,845	Fossil (a)		60,738,746
		Watch Designer & Retailer
	1,381,000	Burlington Stores (a)		55,046,660
		Off-price Apparel Retailer
	1,535,000	The Fresh Market (a)(c)		53,617,550
		Specialty Food Retailer
	1,170,000	Zulily (a)(c)		44,331,300
		eCommerce Retailer Offering Flash Sale Events

Number of Shares			Value
	900,000	Urban Outfitters (a)	$	33,030,000
		Multi-channel Apparel & Accessory Retailer
	945,000	DSW		28,453,950
		Branded Footwear Retailer
	1,238,262	Michaels Stores (a)(c)		21,644,820
		Craft & Hobby Specialty Retailer
	1,762,555	Pier 1 Imports		20,956,779
		Home Furnishing Retailer
	2,557,000	DIA (Spain)		18,324,037
		Discount Retailer in Spain, Latin America & the Eastern Mediterranean
	2,100,000	Gaiam (a)(b)		15,414,000
		Healthy Living Through Catalogs, eCommerce & Gaiam TV
	852,000	Massmart Holdings (South Africa) (c)		9,269,283
		General Merchandise, Food & Home Improvement Stores; Wal-Mart Subsidiary
				833,370,401
		> Travel 3.6%
	3,950,000	Avis Budget Group (a)		216,815,500
		Second Largest Car Rental Company
	1,430,000	Vail Resorts		124,066,800
		Ski Resort Operator & Developer
	1,050,000	Expedia		92,001,000
		Online Travel Services Company
	3,000,000	Hertz (a)		76,170,000
		Largest U.S. Rental Car Operator
	2,142,000	HomeAway (a)		76,041,000
		Vacation Rental Online Marketplace
	849,483	Choice Hotels		44,173,116
		Franchisor of Budget Hotel Brands
				629,267,416
		> Consumer Goods Distribution 1.5%
	1,818,000	Pool		98,026,560
		Swimming Pool Supplies & Equipment Distributor
	1,340,000	United Natural Foods (a)		82,356,400
		Distributor of Natural/Organic Foods to Grocery Stores
	4,972,000	Groupon (a)(c)		33,212,960
		Global Marketplace for Deals
	819,000	GNC Holdings		31,728,060
		Specialty Retailer of Health & Wellness Products
	900,000	The Chefs' Warehouse (a)		14,634,000
		Distributor of Specialty Foods to Fine Dining Restaurants
				259,957,980
		> Furniture & Textiles 1.1%
	3,669,000	Knoll (b)		63,510,390
		Office Furniture
	2,920,000	Interface		47,128,800
		Modular Carpet
	812,360	Caesarstone (Israel)		41,982,765
		Quartz Countertops

Number of Shares			Value
		> Furniture & Textiles—continued
	916,000	Herman Miller	$	27,342,600
		Office Furniture
	700,000	La-Z-Boy		13,853,000
		Upholstery Giant
				193,817,555
		> Restaurants 1.0%
	719,000	Domino's Pizza		55,334,240
		Franchisor of Pizza Restaurants
	1,350,000	Popeyes Louisiana Kitchen (a)(b)		54,675,000
		Popeyes Restaurants
	1,001,000	Fiesta Restaurant Group (a)		49,729,680
		Owner/Operator of Two Restaurant Chains: Pollo Tropical & Taco Cabana
	492,000	Papa John's International		19,675,080
		Franchisor of Pizza Restaurants
				179,414,000
		> Apparel 0.5%
	793,000	PVH		96,071,950
		Apparel Wholesaler & Retailer
		> Other Durable Goods 0.5%
	1,900,000	Select Comfort (a)		39,748,000
		Specialty Mattresses
	500,000	Cavco Industries (a)(b)		34,000,000
		Manufactured Homes
	653,000	Gentex		17,480,810
		Manufacturer of Auto Parts
				91,228,810
		> Food & Beverage 0.5%
	3,947,000	Boulder Brands (a)(b)		53,797,610
		Healthy Food Products
	1,029,000	B&G Foods		28,348,950
		Acquirer of Small Food Brands
	1,665,270	GLG Life Tech (Canada) (a)(b)		550,158
		Producer of an All-natural Sweetener Extracted from the Stevia Plant
				82,696,718
		> Educational Services 0.3%
	1,075,000	DeVry		46,020,750
		Postsecondary Degree Services
		> Nondurables 0.2%
	229,000	KT&G (Korea)		20,494,092
		Tobacco & Ginseng Products
	620,000	Prestige Brands Holdings (a)		20,069,400
		Household & Personal Care Products
				40,563,492
		> Other Consumer Services 0.2%
	900,000	Blackhawk Network (a)		29,070,000
		Third Party Distributer of Prepaid Content, Mostly Gift Cards
		> Casinos & Gaming 0.1%
	900,000	Melco Crown Entertainment - ADR (Hong Kong)		23,661,000
		Macau Casino Operator

Number of Shares			Value
		> Leisure Products 0.1%
	650,000	Performance Sports Group (a)	$	10,445,500
		Sporting Goods Manufacturer
	52,654	Fox Factory Holding (a)		816,137
		High Performance Suspension Systems for Leisure Market
				11,261,637
Consumer Goods & Services: Total				2,516,401,709
Finance 12.1%
		> Banks 4.1%
	9,000,000	Associated Banc-Corp (b)		156,780,000
		Midwest Bank
	1,800,000	BOK Financial		119,664,000
		Tulsa-based Southwest Bank
	840,000	SVB Financial Group (a)		94,155,600
		Bank to Venture Capitalists
	2,860,000	MB Financial		79,164,800
		Chicago Bank
	940,000	City National		71,129,800
		Bank & Asset Manager
	1,900,000	Hancock Holding		60,895,000
		Gulf Coast Bank
	3,323,500	Valley National Bancorp (c)		32,204,715
		New Jersey/New York Bank
	4,841,882	First Busey (b)		26,969,283
		Illinois Bank
	1,162,000	Sandy Spring Bancorp		26,598,180
		Baltimore & Washington, D.C. Bank
	843,000	Hudson Valley		15,300,450
		Metro New York City Bank
	950,000	TCF Financial		14,753,500
		Great Lakes Bank
	2,136,500	TrustCo Bank		13,759,060
		New York State Bank
	1,922,634	Cascade Bancorp (a)		9,709,301
		Central Oregon & Idaho Bank
				721,083,689
		> Insurance 2.9%
	8,800,000	CNO Financial Group		149,248,000
		Life, Long-term Care & Medical Supplement Insurance
	2,275,000	Allied World Holdings		83,811,000
		Commercial Lines Insurance/ Reinsurance
	2,625,000	Selective Insurance Group		58,117,500
		Commercial & Personal Lines Insurance
	1,100,000	HCC Insurance Holdings		53,119,000
		Specialty Insurance
	1,650,000	Brown & Brown		53,047,500
		Insurance Broker
	800,000	RLI		34,632,000
		Specialty Insurance
	250,000	Enstar Group (a)		34,080,000
		Insurance/Reinsurance & Related Services

Columbia Acorn® Fund

Statement of Investments (Unaudited), continued

Number of Shares			Value
		> Insurance—continued
	10,837,000	Rand Merchant Insurance (South Africa)	$	34,001,445
		Directly Sold Property & Casualty Insurance; Holdings in Other Insurers
				500,056,445
		> Brokerage & Money Management 2.5%
	7,368,774	SEI Investments		266,454,868
		Mutual Fund Administration & Investment Management
	3,052,000	Eaton Vance		115,151,960
		Specialty Mutual Funds
	11,436,300	Sprott (Canada) (c)		29,000,484
		Asset Manager Focused on Resources, Particularly Gold & Silver
	1,648,030	Coronation Fund Managers (South Africa)		14,117,311
		South African Fund Manager
	1,000,000	Wisdom Tree (a)(c)		11,380,000
		Fund Manager with ETF Specialty
				436,104,623
		> Credit Cards 1.1%
	490,000	Alliance Data Systems (a)		121,652,300
		Diversified Credit Card Provider
	670,000	WEX (a)		73,914,400
		Card Processor
				195,566,700
		> Finance Companies 1.0%
	2,000,000	McGrath Rentcorp (b)		68,400,000
		Mini-rental Conglomerate
	808,343	World Acceptance (a)(b)(c)		54,563,153
		Personal Loans
	1,500,000	CAI International (a)(b)		29,025,000
		International Container Leasing
	902,210	Marlin Business Services (b)		16,528,487
		Small Equipment Leasing
				168,516,640
		> Diversified Financial Companies 0.5%
	2,820,000	Leucadia National		67,228,800
		Holding Company
	400,000	Liberty Tax (a)		12,920,000
		Tax Preparation Company
				80,148,800
Finance: Total				2,101,476,897
Health Care 9.6%
		> Biotechnology & Drug Delivery 3.7%
	2,493,309	Synageva BioPharma (a)(b)(c)		171,489,793
		Biotech Focused on Orphan Diseases
	4,001,000	Seattle Genetics (a)		148,757,180
		Antibody-based Therapies for Cancer

Number of Shares			Value
	1,624,689	Ultragenyx Pharmaceutical (a)(b)(c)	$	91,957,398
		Biotech Focused on "Ultra-Orphan" Drugs
	2,552,000	Sarepta Therapeutics (a)(b)(c)		53,847,200
		Biotech Focused on Rare Diseases
	737,000	BioMarin Pharmaceutical (a)		53,181,920
		Biotech Focused on Orphan Diseases
	153,000	Intercept Pharmaceuticals (a)		36,213,570
		Biotech Developing Drugs for Several Diseases
	2,750,000	Celldex Therapeutics (a)(c)		35,640,000
		Biotech Developing Drugs for Cancer
	423,400	Alnylam Pharmaceuticals (a)		33,067,540
		Biotech Developing Drugs for Rare Diseases
	963,000	NPS Pharmaceuticals (a)		25,038,000
		Orphan Drugs & Healthy Royalties
	359,944	MicroDose Therapeutx Contingent Value Rights (a)(d)(e)		705,490
		Drug Inhaler Development
				649,898,091
		> Medical Supplies 2.5%
	5,836,000	Cepheid (a)(b)		256,959,080
		Molecular Diagnostics
	1,040,000	Bio-Techne		97,292,000
		Cytokines, Antibodies & other Reagents for Life Science
	687,000	Henry Schein (a)		80,014,890
		Large Distributor of Dental, Vet & Medical Products
				434,265,970
		> Health Care Services 1.7%
	6,724,600	Allscripts Healthcare Solutions (a)		90,210,509
		Health Care IT
	2,100,000	HealthSouth		77,490,000
		Inpatient Rehabilitation Facilities
	1,384,000	Medidata Solutions (a)		61,297,360
		Cloud-based Software for Drug Studies
	1,277,000	Envision Healthcare Holdings (a)		44,286,360
		Provider of Health Care Outsourcing Services
	890,000	Castlight Health (a)(b)(c)		11,516,600
		Provider of Cloud-based Software for Managing Health Care Costs
				284,800,829
		> Pharmaceuticals 1.1%
	5,089,000	Akorn (a)		184,578,030
		Developer, Manufacturer & Distributor of Specialty Generic Drugs
	476,000	Revance Therapeutics (a)(c)		9,201,080
		Drug Developer Focused on Aesthetics
				193,779,110

Number of Shares			Value
		> Medical Equipment & Devices 0.6%
	833,000	Sirona Dental Systems (a)	$	63,874,440
		Manufacturer of Dental Equipment
	506,020	Abaxis		25,660,274
		Instruments & Tests for Vet & Medical Markets
	647,000	Wright Medical Group (a)		19,604,100
		Leader in Foot & Ankle Replacement
				109,138,814
Health Care: Total				1,671,882,814
Energy & Minerals 6.9%
		> Oil & Gas Producers 3.0%
	2,322,600	Rosetta Resources (a)		103,495,056
		Oil & Gas Producer Exploring in Texas
	778,000	SM Energy		60,684,000
		Oil & Gas Producer
	717,000	Energen Corporation		51,796,080
		Oil & Gas Producer with Natural Gas Utility
	926,000	Carrizo Oil & Gas (a)		49,837,320
		Oil & Gas Producer
	632,000	Range Resources		42,855,920
		Oil & Gas Producer
	2,200,000	Pacific Rubiales Energy (Colombia)		36,890,933
		Oil Production & Exploration in Colombia
	1,358,000	WPX Energy (a)		32,673,480
		Oil & Gas Produced in U.S. & Argentina
	281,000	Clayton Williams (a)		27,102,450
		Oil & Gas Producer
	928,000	Laredo Petroleum (a)(c)		20,796,480
		Permian Basin Oil Producer
	891,000	Parsley Energy (a)		19,005,030
		Permian-Midland Basin Oil & Gas Producer
	770,000	Bill Barrett Corporation (a)		16,970,800
		Oil & Gas Producer in U.S. Rockies
	570,000	Rice Energy (a)		15,162,000
		Natural Gas Producer
	262,000	PDC Energy (a)		13,175,980
		Oil & Gas Producer in U.S.
	64,685,000	Petromanas (Canada) (a)(b)(c)		12,706,549
		Exploring for Oil in Albania
	1,400,000	DeeThree Exploration (Canada) (a)		11,375,508
		Canadian Oil & Gas Producer
	42,000,000	Petroamerica Oil (Colombia) (a)(c)		11,062,994
		Oil Exploration & Production in Colombia
	28,700,000	Shamaran Petroleum (Iraq) (a)		8,328,497
		Oil Exploration & Production in Kurdistan
	24,115,500	Canadian Overseas Petroleum (Canada) (a)(b)		3,337,562

Number of Shares			Value
	8,400,000	Canadian Overseas Petroleum (Canada) (a)(b)(d)	$	1,104,424
		Oil & Gas Exploration Offshore West Africa
	26,000,000	Petrodorado Energy (Colombia) (a)(b)		812,536
		Oil & Gas Exploration & Production in Colombia, Peru & Paraguay
				539,173,599
		> Oil Services 2.6%
	3,858,000	FMC Technologies (a)		209,527,980
		Oil & Gas Well Head Manufacturer
	1,314,579	ShawCor (Canada) (c)		66,318,776
		Oil & Gas Pipeline Products
	964,000	Chart Industries (a)		58,929,320
		Manufacturer of Natural Gas Processing/Storage Equipment
	1,613,000	Hornbeck Offshore (a)		52,793,490
		Supply Vessel Operator in U.S. Gulf of Mexico
	780,000	Gulfport Energy (a)		41,652,000
		Oil & Gas Producer Focused on Utica Shale in Ohio
	2,601,900	Horizon North Logistics (Canada) (c)		11,802,002
		Diversified Oil Service Offering in Northern Canada
	463,863	Black Diamond Group (Canada)		9,865,813
		Provides Accommodations/Equipment for Oil Sands Development
	289,000	Rowan		7,314,590
		Contract Offshore Driller
				458,203,971
		> Mining 1.1%
	492,000	Core Labs (Netherlands)		72,004,200
		Oil & Gas Reservoir Consulting
	4,000,000	Alamos Gold (Canada)		31,894,281
		Gold Mining
	503,000	US Silica		31,442,530
		Provider of Frac Sand & Industrial Sand in U.S.
	5,500,000	Kirkland Lake Gold (Canada) (a)(b)		24,309,121
		Gold Mining
	4,250,000	Argonaut Gold (Canada) (a)		14,875,664
		Gold & Silver Mining
	3,650,000	Allied Nevada Gold (a)(c)		12,081,500
		Gold & Silver Mining
	3,000,000	Kaminak Gold (a)		2,062,592
		Exploration Stage Canadian Gold Miner
	2,800,000	Alexco Resource (a)		1,875,720
		Mining, Exploration & Environmental Services
	5,544,000	Duluth Metals (Canada) (a)		1,188,053
		Copper & Nickel Miner
				191,733,661

Columbia Acorn® Fund

Statement of Investments (Unaudited), continued

Number of Shares			Value
		> Agricultural Commodities 0.1%
	1,306,818	Union Agriculture Group (Uruguay) (a)(d)(e)	$	13,224,998
		Farmland Operator in Uruguay
		> Alternative Energy 0.1%
	4,699,210	RGS Energy (a)(b)(c)		8,082,641
		U.S. Residential & Commercial Solar Systems Installer
	1,210,300	Synthesis Energy Systems (China) (a)		1,379,742
		Owner/Operator of Gasification Plants/Technology Licenses
				9,462,383
Energy & Minerals: Total				1,211,798,612
Other Industries 6.0%
		> Real Estate 3.8%
	2,100,000	Extra Space Storage		108,297,000
		Self Storage Facilities
	750,000	Federal Realty		88,845,000
		Shopping Centers
	7,350,000	EdR (b)		75,558,000
		Student Housing
	1,320,000	Post Properties		67,768,800
		Multifamily Properties
	325,000	Jones Lang LaSalle		41,060,500
		Real Estate Services
	2,150,000	Terreno Realty (b)		40,484,500
		Industrial Properties
	150,000	Amerco		39,283,500
		North American Moving & Storage
	5,175,000	DCT Industrial Trust		38,864,250
		Industrial Properties
	1,800,000	St. Joe (a)(c)		35,874,000
		Florida Panhandle Landowner
	880,000	Coresite Realty		28,925,600
		Data Centers
	1,172,500	Kite Realty Group		28,421,400
		Community Shopping Centers
	975,000	Hudson Pacific Properties		24,043,500
		West Coast Office Buildings & Production Studios
	20,282,089	Mapletree Commercial Trust (Singapore)		22,417,297
		Retail & Office Property Landlord
	10,362	Orix JREIT (Japan)		13,025,866
		Diversified REIT
	90,000	Deltic Timber		5,608,800
		Arkansas Land & Timber
				658,478,013
		> Transportation 1.6%
	2,704,100	Rush Enterprises, Class A (a)(b)		90,452,145
	550,000	Rush Enterprises, Class B (a)(b)		16,450,500
		Truck Sales & Service
	1,000,000	JB Hunt Transport Services		74,050,000
		Truck & Intermodal Carrier

Number of Shares			Value
	530,000	Kirby (a)	$	62,460,500
		Largest Operator of U.S. (Jones Act) Liquid Tank Barges
	300,000	Genesee & Wyoming (a)		28,593,000
		Short-line Operator
	400,000	Heartland Express		9,584,000
		Regional Trucker
				281,590,145
		> Regulated Utilities 0.6%
	1,900,000	Northeast Utilities		84,170,000
		Regulated Electric Utility
	650,000	Wisconsin Energy		27,950,000
		Wisconsin Utility
				112,120,000
Other Industries: Total				1,052,188,158
Total Equities: 98.2% (Cost: $9,605,414,967)				17,123,060,619	(f)
Short-Term Investments 1.8%
	280,000,000	JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.01%)		280,000,000
	27,132,688	JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%)		27,132,688
Total Short-Term Investments: 1.8% (Cost: $307,132,688)				307,132,688
Securities Lending Collateral 2.4%
	419,416,059	Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (g)		419,416,059
Total Securities Lending Collateral: 2.4% (Cost: $419,416,059)				419,416,059
Total Investments: 102.4% (Cost: $10,331,963,714)(h)				17,849,609,366	(i)
Obligation to Return Collateral for Securities Loaned: (2.4)%				(419,416,059	)
Cash and Other Assets Less Liabilities: —%				6,499,802
Net Assets: 100.0%			$	17,436,693,109

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 September 30, 2014, are as follows:

Security	Balance of Shares Held 12/31/13		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 9/30/14		Value		Dividend
Mettler-Toledo International (1)		1,475,000		-		123,362		1,351,638	$	346,195,041	$	-
Donaldson		8,400,000		-		-		8,400,000		341,292,000		3,948,000
Nordson		3,400,000		-		-		3,400,000		258,638,000		1,972,000
Cepheid		6,170,000		246,000		580,000		5,836,000		256,959,080		-
Moog		3,230,000		-		255,173		2,974,827		203,478,167		-
Informatica		5,500,000		550,000		250,000		5,800,000		198,592,000		-
Akorn (1)		5,417,981		676,000		1,004,981		5,089,000		184,578,030		-
Synageva BioPharma		2,392,000		181,000		79,691		2,493,309		171,489,793		-
Generac		3,113,000		887,000				4,000,000		162,160,000		-
Associated Banc-Corp		9,000,000		-		-		9,000,000		156,780,000		2,430,000
HEICO		3,828,750		-		-		3,828,750		154,298,625		229,725
iGATE		4,150,000		-		375,000		3,775,000		138,618,000		-
Rush Enterprises		3,650,000		-		395,900		3,254,100		106,902,645		-
Globalstar (1)		25,500,000		2,150,000		1,650,000		26,000,000		95,160,000		-
Ultragenyx Pharmaceutical (2)		3,610,890		472,707		2,458,908		1,624,689		91,957,398		253,930
Allscripts Healthcare Solutions (1)		9,905,000		-		3,180,400		6,724,600		90,210,509		-
MB Financial (1)		2,860,000		-		-		2,860,000		79,164,800		1,086,800
ESCO Technologies		2,300,000		-		115,000		2,185,000		75,994,300		542,800
EdR		7,350,000		-		-		7,350,000		75,558,000		2,499,000
Drew Industries		1,780,000		-		100,000		1,680,000		70,879,200		-
McGrath Rentcorp		2,150,000		-		150,000		2,000,000		68,400,000		1,569,500
Virtusa		1,985,000		-		150,000		1,835,000		65,252,600		-
Knoll		3,669,000		-		-		3,669,000		63,510,390		1,320,840
Navigant Consulting		4,025,000		50,000		-		4,075,000		56,683,250		-
SPS Commerce		900,000		285,000		150,000		1,035,000		55,010,250		-
Popeyes Louisiana Kitchen		2,000,000		-		650,000		1,350,000		54,675,000		-
World Acceptance		850,000		-		41,657		808,343		54,563,153		-
Sarepta Therapeutics		2,050,000		502,000		-		2,552,000		53,847,200		-
Boulder Brands		2,886,552		1,500,000		439,552		3,947,000		53,797,610		-
Thermon		1,065,000		762,007		-		1,827,007		44,615,511		-
Terreno Realty		2,020,931		129,069		-		2,150,000		40,484,500		580,500
Vonage		-		12,165,736		-		12,165,736		39,903,614		-
Cavco Industries		460,000		40,000		-		500,000		34,000,000		-
PGT		738,564		2,853,636				3,592,200		33,479,304
InContact		3,740,596		404		-		3,741,000		32,527,995		-
Blackhawk Network (1)		900,000		-		-		900,000		29,070,000		-
CAI International		1,500,000		-		-		1,500,000		29,025,000		-
Coresite Realty (1)		1,170,000		-		290,000		880,000		28,925,600		1,139,962
First Busey		4,841,882		-		-		4,841,882		26,969,283		677,863
Kirkland Lake Gold		4,900,000		600,000		-		5,500,000		24,309,121		-
Tangoe (1)		2,100,000		-		350,000		1,750,000		23,712,500		-
Insperity (1)		1,400,000		-		578,000		822,000		22,473,480		599,750
Pier 1 Imports (1)		7,185,000		-		5,422,445		1,762,555		20,956,779		922,800
E2Open		610,000		1,615,000		-		2,225,000		20,714,750		-
Boingo Wireless		2,500,000		300,000		-		2,800,000		19,964,000		-
Hackett Group		3,274,000		-		-		3,274,000		19,513,040		-
II-VI (1)		3,640,000		-		2,036,000		1,604,000		18,879,080		-
Marlin Business Services		1,091,000		-		188,790		902,210		16,528,487		376,395
Gaiam		1,500,000		600,000		-		2,100,000		15,414,000		-
Audience		-		1,753,625		-		1,753,625		12,976,825		-
Petromanas		51,359,500		13,325,500		-		64,685,000		12,706,549		-
Castlight Health		-		890,000				890,000		11,516,600
Petroamerica Oil (1)		35,000,000		7,000,000		-		42,000,000		11,062,994		-
Rubicon Technology		-		2,500,000		-		2,500,000		10,625,000		-
RGS Energy		2,600,000		2,099,210		-		4,699,210		8,082,641		-
Exa		1,000,000		-		300,033		699,967		7,895,627		-
Towerstream		3,319,900		680,100		-		4,000,000		5,920,000		-
Canadian Overseas Petroleum		19,471,000		13,044,500		-		32,515,500		4,441,986		-

Columbia Acorn® Fund

Statement of Investments (Unaudited), continued

> Notes to Statement of Investments

Security	Balance of Shares Held 12/31/13		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 9/30/14		Value		Dividend
Duluth Metals (1)		7,025,500		-		1,481,500		5,544,000	$	1,188,053	$	-
Petrodorado Energy		26,000,000		-		-		26,000,000		812,536		-
GLG Life Tech		1,665,270		-		-		1,665,270		550,158		-
Bally Technologies (1)		3,105,000		-		3,105,000		-		-		-
tw telecom (1)		9,500,000		-		9,500,000		-		-		-
H & E Equipment Services (1)		2,508,816		-		2,508,816		-		-		-
Alimera Sciences (1)		2,040,000		-		2,040,000		-		-		-
Acorn Energy (1)		1,161,957		-		1,161,957		-		-		-
Dupont Fabros Technology (1)		3,625,000		-		3,625,000		-		-		1,128,750
Simplicity Bancorp (1)		452,146		-		452,146		-		-		72,577
Total of Affiliated Transactions		348,019,235		67,858,494		45,189,311		370,688,418	$	4,413,890,054	$	21,351,192

(1) At September 30, 2014, the Fund owned less than five percent of the company's outstanding voting shares.

(2) Includes the effects of a stock split.

The aggregate cost and value of these companies at September 30, 2014, was $2,032,462,853 and $3,462,313,188, respectively. Investments in affiliated companies represented 19.86% of the Fund's total net assets at September 30, 2014.

(c) All or a portion of this security was on loan at September 30, 2014. The total market value of securities on loan at September 30, 2014 was $399,879,068.

(d) 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 September 30, 2014, the market value of these securities amounted to $15,034,912, which represented 0.09% 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		1,306,818	$	15,000,000	$	13,224,998
Canadian Overseas Petroleum	11/24/10		8,400,000		3,591,152		1,104,424
MicroDose Therapeutx Contingent Value Rights	8/14/13		359,944		-		705,490
				$	18,591,152	$	15,034,912

(e) Illiquid security.

(f) On September 30, 2014, the market value of foreign securities represented 5.74% of total net assets. The Fund's foreign portfolio was diversified as follows:

Country	Value		Percentage of Net Assets
Canada	$	285,700,247		1.64
Netherlands		132,095,745		0.76
Sweden		85,153,780		0.49
India		75,476,290		0.43
South Africa		57,388,039		0.33
France		48,867,344		0.28
Colombia		48,766,463		0.28
Denmark		47,291,191		0.27
Israel		41,982,765		0.24
Japan		28,881,247		0.16
Chile		23,983,084		0.14
Hong Kong		23,661,000		0.14
Singapore		22,417,297		0.13
Korea		20,494,092		0.12
Spain		18,324,037		0.10
Uruguay		13,224,998		0.07
United Kingdom		8,938,213		0.05
Iceland		8,809,297		0.05
Iraq		8,328,497		0.05
China		1,379,742		0.01
Total Foreign Portfolio	$	1,001,163,368		5.74

> Notes to Statement of Investments

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

(h) At September 30, 2014, for federal income tax purposes, the cost of investments was approximately $10,331,963,714 and net unrealized appreciation was $7,517,645,652 consisting of gross unrealized appreciation of $7,970,738,342 and gross unrealized depreciation of $453,092,690.

(i) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated June 30, 2014.

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.

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 September 30, 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	$	4,372,938,411	$	122,009,043	$	-	$	4,494,947,454
Industrial Goods & Services		3,893,450,217		180,914,758		-		4,074,364,975
Consumer Goods & Services		2,468,314,297		48,087,412		-		2,516,401,709
Finance		2,053,358,141		48,118,756		-		2,101,476,897
Health Care		1,671,177,324		-		705,490		1,671,882,814
Energy & Minerals		1,197,469,190		1,104,424		13,224,998		1,211,798,612
Other Industries		1,016,744,995		35,443,163		-		1,052,188,158
Total Equities		16,673,452,575		435,677,556		13,930,488		17,123,060,619
Total Short-Term Investments		307,132,688		-		-		307,132,688
Total Securities Lending Collateral		419,416,059		-		-		419,416,059
Total Investments	$	17,400,001,322	$	435,677,556	$	13,930,488	$	17,849,609,366

Columbia Acorn® Fund

Statement of Investments (Unaudited), continued

> Notes to Statement of Investments

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 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
$	14,371,342	$	-	$	-	$	14,371,342

Financial assets were transferred from Level 3 to Level 1 as resale restrictions no longer apply.

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 Third Quarter (Unaudited)

	Number of Shares
	6/30/14		9/30/14
Purchases
Asia
> Japan
Aeon Financial Service		0		1,150,000
Aeon Mall		1,740,000		2,255,000
Ezaki Glico		0		269,000
Hirose Electric		182,900		264,400
Japan Retail Fund		0		8,150
Moshi Moshi Hotline		2,241,000		2,736,000
Nihon Parkerizing		1,065,780		1,222,080
Nippon Kayaku		2,958,000		3,196,000
NOF		4,407,000		4,800,000
Park24		1,850,000		1,956,400
Rohto Pharmaceutical		1,400,000		1,668,900
Stanley Electric		408,200		1,107,000
Tamron		1,132,000		1,402,000
Toto		0		2,000,000
Toyo Suisan Kaisha		749,900		792,900
> Taiwan
Chroma Ate		4,627,000		6,427,000
Ginko International		1,750,000		1,925,000
Largan Precision		322,000		336,000
President Chain Store		4,956,000		5,250,000
St. Shine Optical		1,747,000		2,001,000
Vanguard International Semiconductor		0		3,927,000
> Korea
Grand Korea Leisure		0		591,876
LF Corp		0		628,107
> China
Sihuan Pharmaceuticals		64,516,000		83,100,000
> Singapore
Mapletree Industrial Trust		11,851,934		15,000,000
Singapore Exchange		3,800,000		5,803,000
> Indonesia
Arwana Citramulia		149,822,800		220,150,800
Matahari Department Store		15,200,000		20,000,000
> Philippines
Puregold Price Club		27,000,000		32,706,600
Robinsons Retail Holdings		16,736,330		17,000,000
Universal Robina		3,112,380		3,743,130
Europe
> United Kingdom
Assura		0		20,900,000
Halfords		3,218,000		3,277,885
Halma		0		2,483,322
RPS Group		4,988,000		5,800,000

	Number of Shares
	6/30/14		9/30/14
> Sweden
Unibet		784,000		818,422
> Netherlands
Brunel		0		764,253
> Denmark
SimCorp		1,702,063		1,932,063
> Finland
Sponda		7,377,602		7,766,000
> Belgium
EVS Broadcast Equipment		437,465		516,965
Other Countries
> Australia
Challenger Financial		10,653,000		11,515,000
Mermaid Marine		0		12,820,287
Spotless		25,500,000		37,550,000
> Canada
Ag Growth		514,001		518,589
Canadian Energy Services & Technology		2,523,000		3,622,000
Rona		959,416		1,656,569
> South Africa
Rand Merchant Insurance		19,098,300		22,959,300
> United States
Bladex		33,468		912,000
> New Zealand
Ryman Healthcare		3,287,830		3,738,000
Latin America
> Colombia
Isagen		14,729,000		23,377,000
> Chile
Sociedad Quimica y Minera de Chile - ADR		868,556		921,000

Columbia Acorn International®

Major Portfolio Changes in the Third Quarter (Unaudited), continued

	Number of Shares
	6/30/14		9/30/14
Sales
Asia
> Japan
Aica Kogyo		1,658,000		1,538,500
Aozora Bank		11,000,000		8,340,000
Ariake Japan		1,456,000		1,129,000
Disco		461,400		439,400
Global One Real Estate		2,099		0
Glory		1,600,000		1,555,000
Hoshizaki Electric		700,000		500,000
Japan Airport Terminal		1,300,000		1,090,000
Kenedix Office Investment		6,002		5,560
Lifenet Insurance		1,575,000		1,191,200
Misumi Group		1,050,000		960,000
MonotaRO		866,500		575,600
Nabtesco		1,600,000		1,440,000
Nakanishi		900,000		749,800
NGK Insulators		1,953,000		1,200,000
NGK Spark Plug		1,250,000		1,010,000
Nippon Paint		1,408,000		970,000
OBIC		931,000		838,000
Omron		709,000		603,000
Santen Pharmaceutical		561,600		486,600
Seven Bank		6,712,000		0
Shimano		245,000		208,000
Suruga Bank		1,638,000		1,560,000
Wacom		4,338,000		3,885,400
> Taiwan
Advantech		3,559,966		3,078,687
Delta Electronics		7,651,000		6,729,000
Far EasTone Telecom		29,700,000		15,613,000
Lite-On Technology		13,181,881		11,470,881
> Korea
AmorePacific Group		17,583		0
CJ Corp		329,844		316,943
Coway		332,580		295,580
KEPCO Plant Service & Engineering		388,540		294,940
Paradise		1,424,261		974,261
Soulbrain		359,000		279,090
> China
BitAuto - ADR		663,431		407,570
> Hong Kong
Kingboard Chemicals		6,287,000		5,175,500
Melco Crown Entertainment - ADR		2,500,000		2,178,000
Melco International		20,000,000		16,798,000
MGM China Holdings		10,000,000		8,320,000
Vitasoy International		19,282,000		10,000,000
> India
Redington India		3,002,768		0
SKIL Ports and Logistics		1,032,077		0

	Number of Shares
	6/30/14		9/30/14
> Singapore
Super Group		19,560,000		3,802,000
> Indonesia
Surya Citra Media		85,000,000		74,536,300
Tower Bersama Infrastructure		40,000,000		39,077,300
> Philippines
Security Bank		6,960,000		5,555,150
> Thailand
Samui Airport Property Fund		1,210,900		0
> Malaysia
Aeon		26,000,000		24,006,700
Europe
> United Kingdom
Croda International		960,100		0
Elementis		6,424,803		5,650,001
Jardine Lloyd Thompson Group		4,560,000		4,365,635
Shaftesbury		4,550,000		3,066,000
Smith and Nephew		2,490,000		1,510,000
Spirax Sarco		1,323,842		1,300,000
Telecity		3,937,000		2,210,000
> Sweden
Kambi Group		427,409		0
> Germany
Rational		148,295		130,000
TAG Immobilien		2,350,000		406,158
> Switzerland
Zehnder		119,285		0
> Netherlands
Arcadis		1,091,670		790,670
> Norway
Orkla		4,154,000		3,784,000
> Turkey
Bizim Toptan		1,785,000		0
Other Countries
> Australia
SAI Global		7,300,000		3,900,000
> Canada
Black Diamond Group		709,576		551,976
> United States
Atwood Oceanics		592,080		0
Latin America
> Mexico
Gruma		3,466,000		2,200,000
Qualitas		15,876,000		12,339,000

Columbia Acorn International®

Statement of Investments (Unaudited), September 30, 2014

Number of Shares			Value
			Equities: 95.8%
Asia 43.0%
		> Japan 19.2%
	4,784,600	Kansai Paint	$	71,535,459
		Paint Producer in Japan, India, China & Southeast Asia
	1,555,000	Glory		43,894,114
		Currency Handling Systems & Related Equipment
	1,090,000	Japan Airport Terminal		43,751,344
		Airport Terminal Operator at Haneda
	2,255,000	Aeon Mall		43,077,759
		Suburban Shopping Mall Developer, Owner & Operator
	32,000	Orix JREIT		40,226,570
		Diversified REIT
	1,050,000	Familymart		40,071,970
		Convenience Store Operator
	3,196,000	Nippon Kayaku		39,091,154
		Functional Chemicals, Pharmaceuticals & Auto Safety Systems
	1,105,800	Benesse		36,278,936
		Education Service Provider
	630,000	Makita		35,589,812
		Power Tools
	1,440,000	Nabtesco		34,496,176
		Machinery Components
	1,538,500	Aica Kogyo		32,688,909
		Laminated Sheets, Building Materials & Chemical Adhesives
	264,400	Hirose Electric		32,643,042
		Electrical Connectors
	1,956,400	Park24		31,219,040
		Parking Lot Operator
	1,560,000	Suruga Bank		31,125,086
		Regional Bank
	2,900,000	Ushio		30,653,735
		Industrial Light Sources
	2,100,000	Asahi Diamond Industrial		30,406,586
		Consumable Diamond Tools
	838,000	OBIC		29,989,898
		Computer Software
	4,800,000	NOF		29,942,449
		Specialty Chemicals, Life Science & Rocket Fuels
	439,400	Disco		29,880,074
		Semiconductor Dicing & Grinding Equipment
	5,560	Kenedix Office Investment		29,853,988
		Tokyo Mid-size Office REIT
	1,010,000	NGK Spark Plug		29,719,081
		Automobile Parts
	355,000	Rinnai		29,453,469
		Gas Appliances for Home & Commercial Use
	1,580,000	Daiseki		29,446,343
		Waste Disposal & Recycling
	960,000	Misumi Group		29,007,254
		Industrial Components Distributor

Number of Shares			Value
	1,200,000	NGK Insulators	$	28,604,050
		Ceramic Products for Auto, Power & Electronics
	750,000	Kintetsu World Express		28,599,833
		Airfreight Logistics
	8,340,000	Aozora Bank		28,200,992
		Commercial Bank
	1,222,080	Nihon Parkerizing		27,940,690
		Metal Surface Treatment Agents & Processing Service
	1,600,000	OSG		27,744,394
		Consumable Cutting Tools
	749,800	Nakanishi		27,602,478
		Dental Tools & Machinery
	1,600,000	Doshisha		27,440,382
		Consumer Goods Wholesaler
	603,000	Omron		27,405,144
		Electric Components for Factory Automation
	486,600	Santen Pharmaceutical		27,250,070
		Specialty Pharma (Ophthalmic Medicine)
	1,402,000	Tamron (a)		26,939,371
		Camera Lenses
	792,900	Toyo Suisan Kaisha		26,328,501
		Instant Noodles & Processed Foods
	2,736,000	Moshi Moshi Hotline		25,948,104
		Call Center Operator
	1,129,000	Ariake Japan		25,307,440
		Commercial Soup & Sauce Extracts
	208,000	Shimano		25,301,849
		Bicycle Components & Fishing Tackle
	527,500	Hamamatsu Photonics		25,063,950
		Optical Sensors for Medical & Industrial Applications
	930,000	JIN (b)		25,056,113
		Eyeglasses Retailer
	3,000	Industrial & Infrastructure Fund		24,873,104
		Industrial REIT in Japan
	1,150,000	Aeon Financial Service		24,609,526
		Diversified Consumer-related Finance Company
	1,107,000	Stanley Electric		23,965,590
		Automobile Lighting & LED Equipment
	500,000	Hoshizaki Electric		23,332,035
		Commercial Kitchen Equipment
	1,668,900	Rohto Pharmaceutical		22,381,437
		Pharmaceutical, Health & Beauty Products
	2,000,000	Toto		22,003,206
		Toilets & Bathroom Fittings
	970,000	Nippon Paint		21,881,139
		Paints for Automotive, Decorative & Industrial Usage
	835,000	Icom (a)		20,928,973
		Two-way Radio Communication Equipment
	571,080	Milbon		18,957,344
		Hair Products for Salons

Columbia Acorn International®

Statement of Investments (Unaudited), continued

Number of Shares			Value
		> Japan—continued
	255,800	Hikari Tsushin	$	18,184,950
		Office IT/Mobiles/Insurance Distribution
	3,885,400	Wacom (b)		16,766,033
		Computer Graphic Illustration Devices
	8,150	Japan Retail Fund		16,427,958
		Largest Retail REIT in Japan
	575,600	MonotaRO (b)		14,408,029
		Online Maintenance, Repair and Operations Goods Distributor in Japan
	269,000	Ezaki Glico		9,276,416
		Confectionary, Ice Cream & Dairy Products
	1,191,200	Lifenet Insurance (c)		4,520,938
		Online Life Insurance Company in Japan
				1,567,292,287
		> Taiwan 4.0%
	2,001,000	St. Shine Optical		42,690,164
		Disposable Contact Lens Original Equipment Manufacturer
	6,729,000	Delta Electronics		42,508,930
		Industrial Automation, Switching Power Supplies & Passive Components
	5,250,000	President Chain Store		37,642,249
		Taiwan's Number One Convenience Chain Store Operator
	15,613,000	Far EasTone Telecom		29,933,307
		Taiwan's Third Largest Mobile Operator
	5,410,000	Novatek Microelectronics		26,699,358
		Display-related Integrated Circuit Designer
	1,925,000	Ginko International		25,866,363
		Largest Contact Lens Maker in China
	336,000	Largan Precision		24,038,465
		Mobile Device Camera Lenses & Modules
	3,078,687	Advantech		21,726,480
		Industrial PC & Components
	2,139,680	PC Home		20,803,832
		Taiwanese Internet Retail Company
	6,427,000	Chroma Ate		17,832,013
		Automatic Test Systems, Testing & Measurement Instruments
	11,470,881	Lite-On Technology		16,498,853
		Mobile Device, LED & PC Server Component Supplier
	349,750	Hermes Microvision		14,548,755
		E-beam Inspection Systems for Semiconductor Integrated Circuits
	3,927,000	Vanguard International Semiconductor		5,735,062
		Semiconductor Foundry
				326,523,831

Number of Shares			Value
		> Korea 3.2%
	316,943	CJ Corp	$	52,123,793
		Holding Company of Korean Consumer Conglomerate
	507,000	KT&G		45,373,382
		Tobacco & Ginseng Products
	631,865	LS Industrial Systems		35,121,677
		Electrical & Automation Equipment
	974,261	Paradise		31,841,900
		Korean Casino Operator
	295,580	Coway		23,573,838
		Household Appliance Rentals
	591,876	Grand Korea Leisure		23,466,916
		'Foreigner Only' Casino Group in Korea
	294,940	KEPCO Plant Service & Engineering		23,336,758
		Power Plant & Grid Maintenance
	628,107	LF Corp		20,809,364
		Apparel Design & Retail
	279,090	Soulbrain		6,830,398
		Electronic Chemical Producer
				262,478,026
		> China 3.2%
	2,500,000	WuXi PharmaTech - ADR (c)		87,550,000
		Largest Contract Research Organization Business in China
	83,100,000	Sihuan Pharmaceuticals		62,240,256
		Chinese Generic Drug Manufacturer
	407,570	BitAuto - ADR (c)		31,790,460
		Automotive Information Website for Buyers & Dealers
	17,890,000	CIMC Enric		17,866,962
		Tanks & Equipment to Supply Natural Gas & Liquefied Natural Gas
	35,119,000	AMVIG Holdings		16,051,041
		Chinese Tobacco Packaging Material Supplier
	29,072,000	NewOcean Energy (b)		14,485,826
		Southern China Liquefied Petroleum Gas Distributor
	580,600	Jumei International - ADR (b)(c)		13,632,488
		Online Beauty & Apparel Products Retailer
	3,850,000	Biostime (b)		11,958,958
		Pediatric Nutrition & Baby Care Products Provider
				255,575,991
		> Hong Kong 2.8%
	2,178,000	Melco Crown Entertainment - ADR		57,259,620
		Macau Casino Operator
	16,798,000	Melco International		38,936,098
		Macau Casino Operator
	50,000,000	Mapletree Greater China Commercial Trust		35,442,149
		Retail & Office Property Landlord
	47,509,000	Sa Sa International		32,548,742
		Cosmetics Retailer

Number of Shares			Value
		> Hong Kong—continued
	8,320,000	MGM China Holdings	$	23,975,131
		Macau Casino Operator
	10,000,000	Lifestyle International (d)		17,727,745
		Mid- to High-end Department Store Operator in Hong Kong & China
	10,000,000	Vitasoy International		12,738,840
		Hong Kong Soy Food Brand
	5,175,500	Kingboard Chemicals		10,289,349
		Paper & Glass Laminates, PCB, Specialty Chemicals & Properties
				228,917,674
		> India 2.5%
	13,478,000	Zee Entertainment Enterprises		68,412,000
		Indian Programmer of Pay Television Content
	3,423,265	Asian Paints		34,816,322
		India's Largest Paint Company
	6,095,000	Adani Ports & Special Economic Zone		27,323,162
		Indian West Coast Shipping Port
	920,000	Colgate Palmolive India		25,939,673
		Consumer Products in Oral Care
	2,085,000	United Breweries		24,010,602
		India's Largest Brewer
	90,000	Bosch		21,871,201
		Automotive Parts
				202,372,960
		> Singapore 2.4%
	40,564,179	Mapletree Commercial Trust		44,834,595
		Retail & Office Property Landlord
	5,803,000	Singapore Exchange		32,855,106
		Singapore Equity & Derivatives Market Operator
	8,900,000	Petra Foods		28,185,310
		Chocolate Manufacturer in Southeast Asia
	20,000,000	CDL Hospitality Trust		26,155,554
		Hotel Owner Operator
	13,500,000	Ascendas REIT		23,813,251
		Industrial Property Landlord
	19,349,750	Mapletree Logistics Trust		17,522,634
		Industrial Property Landlord
	15,000,000	Mapletree Industrial Trust		16,688,508
		Industrial Property Landlord
	3,802,000	Super Group (b)		3,803,892
		Instant Food & Beverages in Southeast Asia
				193,858,850
		> Indonesia 2.1%
	31,764,600	Archipelago Resources (a)(c)(d)(e)(f)		28,837,304
		Gold Mining Projects in Indonesia, Vietnam & the Philippines
	400,000,000	Ace Indonesia		29,053,592
		Home Improvement Retailer
	20,000,000	Matahari Department Store		26,641,613
		Largest Department Store Chain in Indonesia

Number of Shares			Value
	39,077,300	Tower Bersama Infrastructure	$	25,696,612
		Communications Towers
	74,536,300	Surya Citra Media		23,449,388
		Free to Air TV Station in Indonesia
	220,150,800	Arwana Citramulia		17,959,387
		Ceramic Tiles for Home Decoration
	5,600,000	Mayora Indah		14,011,126
		Consumer Branded Food Manufacturer
	49,000,000	MNC Skyvision		6,833,532
		Largest Satellite Pay TV Operator in Indonesia
				172,482,554
		> Philippines 1.3%
	32,706,600	Puregold Price Club		25,271,778
		Supermarket Operator in the Philippines
	17,000,000	Robinsons Retail Holdings		23,978,608
		Multi-format Retailer in the Philippines
	78,170,000	Melco Crown (Philippines) Resorts (c)		22,914,556
		Integrated Resort Operator in Manila
	5,555,150	Security Bank		18,160,511
		Commercial Bank in the Philippines
	3,743,130	Universal Robina		15,542,903
		Branded Consumer Food Manufacturer in the Philippines
				105,868,356
		> Thailand 1.1%
	4,360,000	Airports of Thailand		32,053,475
		Airport Operator of Thailand
	95,761,333	Home Product Center		30,725,188
		Home Improvement Retailer
	15,703,000	Robinson Department Store		25,520,024
		Department Store Operator in Thailand
				88,298,687
		> Malaysia 0.7%
	51,801,200	7-Eleven Malaysia Holdings (c)		28,265,249
		Exclusive 7-Eleven Franchisor for Malaysia
	24,006,700	Aeon		27,515,681
		Shopping Center & Department Store Operator
				55,780,930
		> Cambodia 0.5%
	60,000,000	Nagacorp		42,930,918
		Casino & Entertainment Complex in Cambodia
Asia: Total				3,502,381,064

Columbia Acorn International®

Statement of Investments (Unaudited), continued

Number of Shares			Value
Europe 30.5%
		> United Kingdom 9.5%
	4,365,635	Jardine Lloyd Thompson Group	$	68,862,615
		International Business Insurance Broker
	3,590,000	Babcock International		63,348,328
		Public Sector Outsourcer
	1,300,000	Spirax Sarco		59,320,119
		Steam Systems for Manufacturing & Process Industries
	2,430,000	WH Smith		42,511,232
		Newsprint, Books & General Stationery Retailer
	606,940	Whitbread		40,783,859
		UK Hotelier & Coffee Shop
	1,134,000	Rightmove		39,439,428
		Internet Real Estate Listings
	958,646	Fidessa Group		35,604,640
		Software for Financial Trading Systems
	3,066,000	Shaftesbury		33,790,099
		London Prime Retail REIT
	4,550,000	Abcam		29,670,898
		Online Sales of Antibodies
	2,834,000	PureCircle (b)(c)		27,577,523
		Natural Sweeteners
	11,184,000	Connect Group (a)		27,060,433
		Newspaper & Magazine Distributor
	2,210,000	Telecity		26,743,660
		European Data Center Provider
	35,245,747	Cable and Wireless		26,693,634
		Telecommunications Service Provider in the Caribbean
	6,534,800	Polypipe		26,087,460
		Manufacturer of Plastic Piping & Fittings
	1,510,000	Smith and Nephew		25,400,698
		Medical Equipment & Supplies
	3,277,885	Halfords		25,102,369
		UK Retailer of Leisure Goods & Auto Parts
	5,800,000	RPS Group		24,540,971
		Consultant Specializing in Energy, Water, Urban Planning, Health & Safety
	2,483,322	Halma		24,536,592
		Health & Safety Sensor Technology
	2,660,000	Domino's Pizza UK & Ireland		24,463,176
		Pizza Delivery in UK, Ireland & Germany
	975,602	Aggreko		24,418,081
		Temporary Power & Temperature Control Services
	5,650,001	Elementis		23,289,101
		Specialty Chemicals
	908,500	AVEVA		22,666,622
		Engineering Software
	4,712,000	Ocado (c)		20,135,499
		Online Grocery Retailer

Number of Shares			Value
	20,900,000	Assura	$	15,755,148
		UK Primary Health Care Property Developer
				777,802,185
		> Sweden 2.9%
	2,308,522	Hexagon		72,996,426
		Design, Measurement & Visualization Software & Equipment
	1,580,000	Swedish Match		51,115,517
		Swedish Snus
	3,255,024	Sweco		46,123,365
		Engineering Consultants
	818,422	Unibet		41,170,619
		European Online Gaming Operator
	1,044,000	Mekonomen		22,572,330
		Nordic Integrated Wholesaler/Retailer of Automotive Parts & Service
				233,978,257
		> France 2.7%
	1,350,000	Neopost		99,293,970
		Postage Meter Machines
	146,000	Eurofins Scientific		37,774,918
		Food, Pharmaceuticals & Materials Screening & Testing
	729,096	Saft		24,808,643
		Niche Battery Manufacturer
	767,000	Eutelsat		24,766,342
		Fixed Satellite Services
	163,400	Norbert Dentressangle		23,521,408
		European Logistics & Transport Group
	1,831,204	Hi-Media (b)(c)		6,007,377
		Online Advertiser in Europe
				216,172,658
		> Germany 2.6%
	1,663,000	Wirecard		61,159,627
		Online Payment Processing & Risk Management
	130,000	Rational		38,639,479
		Commercial Ovens
	795,000	NORMA Group		33,129,610
		Clamps for Automotive & Industrial Applications
	365,000	MTU Aero Engines		31,053,633
		Airplane Engine Components & Services
	795,000	Aurelius		28,276,521
		European Turnaround Investor
	595,000	Elringklinger (b)		17,532,802
		Automobile Components
	406,158	TAG Immobilien (b)		4,591,785
		Owner of Residential Properties in Germany
				214,383,457

Number of Shares			Value
		> Switzerland 2.5%
	263,500	Partners Group	$	69,256,757
		Private Markets Asset Management
	179,000	Geberit		57,694,033
		Plumbing Supplies
	16,300	Sika		56,360,101
		Chemicals for Construction & Industrial Applications
	72,500	INFICON		22,098,565
		Gas Detection Instruments
				205,409,456
		> Netherlands 2.1%
	2,491,770	Aalberts Industries		64,512,844
		Flow Control & Heat Treatment
	790,670	Arcadis		26,152,255
		Engineering Consultants
	237,700	Gemalto		21,825,478
		Digital Security Solutions
	404,124	Vopak		21,775,997
		World's Largest Operator of Petroleum & Chemical Storage Terminals
	143,395	Core Labs		20,985,858
		Oil & Gas Reservoir Consulting
	764,253	Brunel		17,502,582
		NL Specialist & Energy Staffing
				172,755,014
		> Spain 2.0%
	7,828,000	DIA		56,097,209
		Discount Retailer in Spain, Latin America & the Eastern Mediterranean
	794,000	Viscofan		43,492,925
		Sausage Casings Maker
	830,000	Bolsas y Mercados Españoles		31,577,543
		Spanish Stock Markets
	5,042,000	Prosegur		31,273,475
		Security Guards
				162,441,152
		> Denmark 1.9%
	1,315,800	Novozymes		57,087,843
		Industrial Enzymes
	1,932,063	SimCorp		56,714,018
		Software for Investment Managers
	709,000	Jyske Bank (c)		38,315,871
		Danish Bank
				152,117,732
		> Finland 1.7%
	1,226,866	Vacon		52,221,307
		Leading Independent Manufacturer of Variable Speed Air Conditioning Drives
	7,766,000	Sponda		35,007,197
		Office, Retail & Logistics Properties
	1,669,000	Tikkurila		34,750,416
		Decorative & Industrial Paint in Scandinavia & Central & Eastern Europe

Number of Shares			Value
	711,000	Konecranes	$	19,068,026
		Manufacture & Service of Industrial Cranes & Port Handling Equipment
				141,046,946
		> Norway 1.0%
	3,784,000	Orkla		34,219,293
		Food & Brands, Aluminum, Chemicals Conglomerate
	2,613,864	Atea		29,394,400
		Nordic IT Hardware/Software Reseller & Installation Company
	1,321,000	Subsea 7		18,864,820
		Offshore Subsea Contractor
				82,478,513
		> Kazakhstan 0.7%
	5,143,000	Halyk Savings Bank of Kazakhstan - GDR		59,144,500
		Largest Retail Bank & Insurer in Kazakhstan
		> Iceland 0.4%
	28,312,499	Marel (g)		20,589,282
	7,670,000	Marel (g)		6,756,731
		Largest Manufacturer of Poultry & Fish Processing Equipment
				27,346,013
		> Italy 0.3%
	1,959,000	Pirelli		27,012,764
		Global Tire Supplier
		> Belgium 0.2%
	516,965	EVS Broadcast Equipment		18,011,027
		Digital Live Mobile Production Software & Systems
Europe: Total				2,490,099,674
Other Countries 18.1%
		> Australia 5.0%
	3,500,000	Domino's Pizza Enterprises		80,212,854
		Domino's Pizza Operator in Australia & New Zealand
	14,000,000	IAG		75,031,064
		General Insurance Provider
	11,515,000	Challenger Financial		71,656,897
		Largest Annuity Provider in Australia
	7,030,000	Amcor		69,633,228
		Global Leader in Flexible & Rigid Packaging
	37,550,000	Spotless (c)		59,395,259
		Largest Facility Management & Catering Company
	12,820,287	Mermaid Marine (b)		21,616,190
		Support Vessels for Offshore Oil/Gas Industry
	2,189,620	Austbrokers		19,362,934
		Australian Small Business Insurance Broker

Columbia Acorn International®

Statement of Investments (Unaudited), continued

Number of Shares			Value
		> Australia—continued
	3,900,000	SAI Global	$	13,844,514
		Publishing, Certification, Compliance Services
				410,752,940
		> Canada 4.8%
	926,772	CCL Industries		92,615,137
		Largest Global Label Converter
	1,067,730	ShawCor (b)		53,865,570
		Oil & Gas Pipeline Products
	1,108,857	Baytex (b)		41,930,527
		Oil & Gas Producer in Canada
	3,188,000	CAE		38,656,226
		Flight Simulator Equipment & Training Centers
	3,622,000	Canadian Energy Services & Technology		30,335,604
		North American Drilling Fluids & Chemicals
	490,200	Onex Capital		27,294,854
		Private Equity
	2,168,377	DeeThree Exploration (c)		17,618,850
	1,130,000	DeeThree Exploration (c)(e)		8,998,027
		Canadian Oil & Gas Producer
	518,589	Ag Growth		20,605,572
		Manufacturer of Augers & Grain Handling Equipment
	1,656,569	Rona		20,175,544
		Canadian Home Improvement Retailer
	766,000	Trilogy Energy (b)		17,345,203
		Oil & Gas Producer in Canada
	551,976	Black Diamond Group		11,739,871
		Provides Accommodations/Equipment for Oil Sands Development
	1,901,514	Horizon North Logistics (b)		8,625,109
		Diversified Oil Service Offering in Northern Canada
				389,806,094
		> South Africa 4.7%
	14,021,217	Coronation Fund Managers		120,108,185
		South African Fund Manager
	777,188	Naspers		85,759,151
		Media in Africa, China, Russia & Other Emerging Markets
	22,959,300	Rand Merchant Insurance		72,035,560
		Directly Sold Property & Casualty Insurance; Holdings in Other Insurers
	2,644,083	Mr. Price		49,758,981
		South African Retailer of Apparel, Household & Sporting Goods
	8,679,940	Northam Platinum (c)		28,326,019
		Platinum Mining in South Africa
	2,230,504	Massmart Holdings (b)		24,266,634
		General Merchandise, Food & Home Improvement Stores; Wal-Mart Subsidiary
				380,254,530

Number of Shares			Value
		> United States 2.2%
	1,272,297	Textainer Group Holdings (b)	$	39,593,883
		Top International Container Leaser
	601,213	FMC Technologies (c)		32,651,878
		Oil & Gas Well Head Manufacturer
	912,000	Bladex		27,980,160
		Latin American Trade Financing House
	350,000	Synageva Biopharma (b)(c)		24,073,000
		Biotech Focused on Orphan Diseases
	634,500	Hornbeck Offshore (c)		20,767,185
		Supply Vessel Operator in U.S. Gulf of Mexico
	685,900	Rowan		17,360,129
		Contract Offshore Driller
	225,000	Chart Industries (c)		13,754,250
		Manufacturer of Natural Gas Processing/Storage Equipment
				176,180,485
		> New Zealand 0.9%
	10,800,000	Auckland International Airport		32,446,000
		Auckland Airport Operator
	8,000,000	Sky City Entertainment		22,789,674
		Casino & Entertainment Complex
	3,738,000	Ryman Healthcare		22,778,011
		Retirement Village Operator
				78,013,685
		> Israel 0.5%
	791,000	Caesarstone		40,878,880
		Quartz Countertops
Other Countries: Total				1,475,886,614
Latin America 4.2%
		> Brazil 1.5%
	4,000,000	Localiza Rent A Car		57,489,531
		Car Rental
	1,184,000	Linx		24,649,838
		Retail Management Software in Brazil
	6,000,000	Odontoprev		21,717,904
		Dental Insurance
	58,937,078	Beadell Resources (a)(c)		20,786,982
		Gold Mining in Brazil
				124,644,255
		> Mexico 1.4%
	15,347,000	Genomma Lab International (c)		36,794,862
		Develops, Markets & Distributes Consumer Products
	12,339,000	Qualitas		33,074,271
		Auto Insurer in Mexico & Central America
	200,000	Grupo Aeroportuario del Sureste - ADR		25,698,000
		Mexican Airport Operator
	2,200,000	Gruma (c)		23,555,341
		Tortilla Producer & Distributor
				119,122,474

Number of Shares			Value
		> Guatemala 0.4%
	1,626,600	Tahoe Resources (c)	$	33,099,883
		Silver Project in Guatemala
		> Colombia 0.4%
	23,377,000	Isagen		31,746,622
		Colombian Electricity Provider
		> Chile 0.3%
	921,000	Sociedad Quimica y Minera de Chile - ADR		24,074,940
		Producer of Specialty Fertilizers, Lithium & Iodine
		> Uruguay 0.2%
	1,306,818	Union Agriculture Group (c)(d)(e)		13,224,998
		Farmland Operator in Uruguay
Latin America: Total				345,913,172
Total Equities: 95.8% (Cost: $5,987,836,861)			7,814,280,524(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
	111,100,756	JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%)		111,100,756
Total Short-Term Investments: 4.1% (Cost: $331,100,756)				331,100,756

Number of Shares			Value
Securities Lending Collateral 1.9%
	155,777,631	Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (i)	$	155,777,631
Total Securities Lending Collateral: 1.9% (Cost: $155,777,631)				155,777,631
Total Investments: 101.8% (Cost: $6,474,715,248)(j)				8,301,158,911	(k)
Obligation to Return Collateral for Securities Loaned: (1.9)%				(155,777,631	)
Cash and Other Assets Less Liabilities: 0.1%				12,354,140
Net Assets: 100.0%			$	8,157,735,420

ADR - American Depositary Receipts

GDR - Global Depositary Receipts

REIT - Real Estate Investment Trust

> 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 September 30, 2014, are as follows:

Security	Balance of Shares Held 12/31/13		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 9/30/14		Value		Dividend
Archipelago Resources		31,764,600		-		-		31,764,600	$	28,837,304	$	-
Connect Group		10,944,000		1,158,321		918,321		11,184,000		27,060,433		1,907,037
Tamron		573,700		828,300		-		1,402,000		26,939,371		223,023
Icom		835,000		-		-		835,000		20,928,973		237,621
Beadell Resources		58,937,078		-		-		58,937,078		20,786,982		-
Empresas Hites (1)		23,162,664		-		23,162,664		-		-		-
Total of Affiliated Transactions		126,217,042		1,986,621		24,080,985		104,122,678	$	124,553,063	$	2,367,681

(1) At September 30, 2014, the Fund owned less than five percent of the company's outstanding voting shares.

The aggregate cost and value of these companies at September 30, 2014, was $155,617,380 and $124,553,063, respectively. Investments in affiliated companies represented 1.53% of the Fund's total net assets at September 30, 2014.

(b) All or a portion of this security was on loan at September 30, 2014. The total market value of securities on loan at September 30, 2014 was $147,583,238.

(d) Illiquid security.

Columbia Acorn International®

Statement of Investments (Unaudited), 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 September 30, 2014, the market value of these securities amounted to $51,060,329, which represented 0.63% 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	$	28,837,304
Union Agriculture Group	12/8/10-6/27/12		1,306,818		15,000,000		13,224,998
DeeThree Exploration	9/7/10		1,130,000		2,950,812		8,998,027
				$	36,327,669	$	51,060,329

(f) 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

December 31, 2014

1,029,904

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) December 31, 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 December 31, 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.

(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 September 30, 2014, the Fund's total equity investments were denominated in currencies as follows:

Currency	Value		Percentage of Net Assets
Japanese Yen	$	1,567,292,287		19.2
Euro		930,837,161		11.4
British Pound		806,639,490		9.9
United States Dollar		550,420,229		6.7
Australian Dollar		431,539,922		5.3
Canadian Dollar		422,905,977		5.2
Other currencies less than 5% of total net assets		3,104,645,458		38.1
Total Equities	$	7,814,280,524		95.8

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

(j) At September 30, 2014, for federal income tax purposes, the cost of investments was approximately $6,474,715,248 and net unrealized appreciation was $1,826,443,663 consisting of gross unrealized appreciation of $2,208,509,742 and gross unrealized depreciation of $382,066,079.

(k) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated June 30, 2014.

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

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 September 30, 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	$	190,232,568	$	3,265,583,447	$	46,565,049	$	3,502,381,064
Europe		20,985,858		2,469,113,816		-		2,490,099,674
Other Countries		597,867,432		878,019,182		-		1,475,886,614
Latin America		311,901,192		20,786,982		13,224,998		345,913,172
Total Equities		1,120,987,050		6,633,503,427		59,790,047		7,814,280,524
Total Short-Term Investments		331,100,756		-		-		331,100,756
Total Securities Lending Collateral		155,777,631		-		-		155,777,631
Total Investments	$	1,607,865,437	$	6,633,503,427	$	59,790,047	$	8,301,158,911
Unrealized Appreciation on Options		-		-		1,029,904		1,029,904
Total	$	1,607,865,437	$	6,633,503,427	$	60,819,951	$	8,302,188,815

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

The following table shows transfers between Level 2 and Level 3 of the fair value hierarchy:

Transfers In				Transfers Out
Level 2		Level 3		Level 2		Level 3
$	-	$	23,380,857	$	23,380,857	$	-

Financial assets were transferred from Level 2 to Level 3 as trading halted during the period.

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

Columbia Acorn International®

Portfolio Diversification (Unaudited)

At September 30, 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	$	591,754,730		7.3
Machinery		554,702,636		6.8
Other Industrial Services		431,778,990		5.3
Electrical Components		231,457,598		2.8
Outsourcing Services		194,856,402		2.4
Conglomerates		127,008,657		1.6
Construction		83,781,492		1.0
Industrial Distribution		14,408,029		0.2
		2,229,748,534		27.4
> Consumer Goods & Services
Retail		633,714,439		7.8
Food & Beverage		316,905,292		3.9
Casinos & Gaming		305,285,432		3.7
Nondurables		216,122,162		2.6
Restaurants		145,459,889		1.8
Other Durable Goods		135,452,753		1.7
Consumer Goods Distribution		98,625,438		1.2
Travel		57,489,531		0.7
Other Consumer Services		41,301,583		0.5
Furniture & Textiles		40,878,880		0.5
Educational Services		36,278,936		0.4
Consumer Electronics		26,939,371		0.3
Apparel		20,809,364		0.3
		2,075,263,070		25.4
> Information
Business Software		242,621,441		3.0
Internet Related		170,621,527		2.1
Computer Hardware & Related Equipment		137,336,801		1.7
Financial Processors		94,014,733		1.2
Semiconductors & Related Equipment		76,863,249		0.9
Mobile Communications		76,558,892		0.9
Entertainment Programming		68,412,000		0.8
Instrumentation		67,432,555		0.8
Computer Services		56,138,060		0.7
Satellite Broadcasting & Services		31,599,874		0.4
Telephone & Data Services		26,693,634		0.3
Business Information & Marketing Services		25,948,104		0.3
Telecommunications Equipment		24,038,465		0.3
TV Broadcasting		23,449,388		0.3
Advertising		6,007,377		0.1
		1,127,736,100		13.8

	Value			Percentage of Net Assets
> Finance
Insurance	$	366,262,184			4.5
Banks		227,536,645			2.8
Brokerage & Money Management		189,364,942			2.3
Finance Companies		66,888,737			0.8
Financial Processors		31,577,543			0.4
		881,630,051			10.8
> Other Industries
Real Estate		408,060,298			5.1
Transportation		157,470,227			1.9
Food & Beverage		52,123,793			0.6
Regulated Utilities		31,746,622			0.4
		649,400,940			8.0
> Energy & Minerals
Oil Services		207,964,416			2.5
Mining		132,036,047			1.6
Oil & Gas Producers		85,892,607			1.1
Oil Refining, Marketing & Distribution		36,261,823			0.4
Agricultural Commodities		13,224,998			0.2
		475,379,891			5.8
> Health Care
Pharmaceuticals		177,040,325			2.2
Medical Supplies		98,227,426			1.2
Medical Equipment & Devices		53,003,176			0.6
Biotechnology & Drug Delivery		24,073,000			0.3
Health Care Services		22,778,011			0.3
		375,121,938			4.6
Total Equities:		7,814,280,524			95.8
Short-Term Investments:		331,100,756			4.1
Securities Lending Collateral:		155,777,631			1.9
Total Investments:		8,301,158,911			101.8
Obligation to Return Collateral for Securities Loaned:		(155,777,631	)		(1.9	)
Cash and Other Assets Less Liabilities:		12,354,140			0.1
Net Assets:	$	8,157,735,420			100.0

Columbia Acorn USA®

Major Portfolio Changes in the Third Quarter (Unaudited)

	Number of Shares
	6/30/14		9/30/14
Purchases
Information
Bankrate		63,643		218,000
DemandWare		60,000		119,000
Infinera		464,278		710,278
Textura		40,256		94,954
Virtusa		175,000		212,821
Consumer Goods & Services
Gentex		0		104,000
Michaels Stores		195,000		251,733
Papa John's International		0		79,000
United Natural Foods		117,000		143,000
Health Care
Abaxis		0		40,482
Medidata Solutions		129,000		171,000
Sarepta Therapeutics		265,000		314,000
Synageva BioPharma		300,380		321,400
Wright Medical Group		15,998		106,000
Other Industries
Hudson Pacific Properties		0		116,000
Energy & Minerals
Parsley Energy		61,373		143,000

	Number of Shares
	6/30/14		9/30/14
Sales
Information
Bally Technologies		370,110		0
Concur Technologies		85,000		54,000
Exa		310,000		216,991
Finisar		426,000		0
Global Payments		139,000		95,000
Informatica		744,999		700,000
Measurement Specialties		42,711		0
NetSuite		170,000		134,000
tw telecom		140,684		0
Industrial Goods & Services
Acuity Brands		152,000		127,000
Ametek		871,000		812,000
Fortune Brands Home & Security		86,000		0
Moog		436,000		368,610
MRC Global		217,000		0
PolyOne		290,000		73,000
Waste Connections		82,000		0
Consumer Goods & Services
Avis Budget Group		1,015,950		887,950
Hertz		614,000		469,000
Knoll		640,000		460,000
Lifetime Fitness		161,000		0
Pier 1 Imports		432,000		243,023
Pool		358,000		275,000
Finance
Kennedy-Wilson Holdings		132,000		0
SVB Financial Group		164,000		140,000
Textainer Group Holdings		389,000		218,788
Health Care
Akorn		795,200		694,200
Allscripts Healthcare Solutions		798,000		724,900
BioMarin Pharmaceutical		83,000		51,000
Seattle Genetics		516,000		414,000
Other Industries
Biomed Realty Trust		196,200		0
Energy & Minerals
Atwood Oceanics		52,000		0
Bill Barrett Corporation		148,809		120,000
PDC Energy		104,000		83,000

Columbia Acorn USA®

Statement of Investments (Unaudited), September 30, 2014

Number of Shares			Value
			Equities: 98.6%
Information 22.2%
		> Business Software 7.8%
	343,000	Ansys (a)	$	25,954,810
		Simulation Software for Engineers & Designers
	700,000	Informatica (a)		23,968,000
		Enterprise Data Integration Software
	265,000	SPS Commerce (a)		14,084,750
		Supply Chain Management Software Delivered via Web
	134,000	NetSuite (a)		11,998,360
		End-to-end IT Systems Solution Delivered via Web
	54,000	Concur Technologies (a)(b)		6,848,280
		Web-enabled Expense Management Software
	119,000	DemandWare (a)		6,059,480
		eCommerce Website Platform for Retailers & Apparel Manufacturers
	275,000	RealPage (a)(b)		4,262,500
		Software for Managing Rental Properties Delivered via Web
	82,000	Envestnet (a)		3,690,000
		Technology Platform for Investment Advisors
	394,187	InContact (a)		3,427,456
		Call Center Systems Delivered via Web & Telecommunication Services
	50,000	Commvault Systems (a)		2,520,000
		Data Storage Management
	94,954	Textura (a)(b)		2,506,786
		Construction Vendor Management Software
	216,991	Exa (a)		2,447,658
		Simulation Software
	346,769	Five9 (a)(b)		2,267,869
		Call Center Software
	196,000	E2Open (a)(b)		1,824,760
		Supply Chain Management Software & Supplier/Partner Network
	95,950	Covisint (a)(b)		398,193
		Collaboration Software Platform Provider
				112,258,902
		> Instrumentation 5.6%
	164,000	Mettler-Toledo International (a)		42,005,320
		Laboratory Equipment
	427,000	IPG Photonics (a)(b)		29,369,060
		Fiber Lasers
	274,000	Trimble Navigation (a)		8,357,000
		GPS-based Instruments
				79,731,380
		> Computer Services 2.5%
	506,000	ExlService Holdings (a)		12,351,460
		Business Process Outsourcing
	212,821	Virtusa (a)		7,567,915
		Offshore IT Outsourcing

Number of Shares			Value
	327,000	WNS - ADR (India) (a)	$	7,360,770
		Offshore Business Process Outsourcing Services
	582,000	RCM Technologies (a)		4,405,740
		Technology & Engineering Services
	591,000	Hackett Group		3,522,360
		IT Integration & Best Practice Research
				35,208,245
		> Semiconductors & Related Equipment 1.7%
	255,000	Monolithic Power Systems		11,232,750
		High-performance Analog & Mixed Signal Integrated Circuits
	970,000	Atmel (a)		7,837,600
		Microcontrollers, Radio Frequency & Memory Semiconductors
	238,000	Ultratech (a)		5,414,500
		Semiconductor Equipment
				24,484,850
		> Telecommunications Equipment 1.1%
	710,278	Infinera (a)		7,578,666
		Optical Networking Equipment
	281,000	CalAmp (a)		4,951,220
		Machine to Machine Communications
	369,000	Ixia (a)		3,372,660
		Telecom Network Test Equipment
				15,902,546
		> Computer Hardware & Related Equipment 0.7%
	101,000	Rogers (a)		5,530,760
		Printed Circuit Materials & High-performance Foams
	78,000	Belden		4,993,560
		Specialty Cable
				10,524,320
		> Financial Processors 0.6%
	95,000	Global Payments		6,638,600
		Credit Card Processor
	153,000	Liquidity Services (a)		2,103,750
		E-auctions for Surplus & Salvage Goods
				8,742,350
		> Contract Manufacturing 0.6%
	215,000	Plexus (a)		7,939,950
		Electronic Manufacturing Services
		> Internet Related 0.5%
	280,831	RetailMeNot (a)		4,538,229
		Digital Coupon Marketplace
	951,000	Vonage (a)		3,119,280
		Business & Consumer Internet Telephony
				7,657,509
		> Business Information & Marketing Services 0.4%
	230,000	RPX (a)		3,157,900
		Patent Aggregation & Defensive Patent Consulting

Number of Shares			Value
		> Business Information & Marketing Services—continued
	218,000	Bankrate (a)	$	2,476,480
		Internet Advertising for the Insurance, Credit Card & Banking Markets
				5,634,380
		> Mobile Communications 0.4%
	48,000	SBA Communications (a)		5,323,200
		Communications Towers
		> Telephone & Data Services 0.3%
	621,000	Boingo Wireless (a)		4,427,730
		Wholesale & Retail Wi-Fi Networks
Information: Total				317,835,362
Industrial Goods & Services 21.7%
		> Machinery 17.3%
	590,000	Nordson		44,881,300
		Dispensing Systems for Adhesives & Coatings
	812,000	Ametek		40,770,520
		Aerospace/Industrial Instruments
	855,000	Donaldson		34,738,650
		Industrial Air Filtration
	757,500	HEICO		30,527,250
		FAA-approved Aircraft Replacement Parts
	368,610	Moog (a)		25,212,924
		Motion Control Products for Aerospace, Defense & Industrial Markets
	237,000	Toro		14,037,510
		Turf Maintenance Equipment
	317,000	Generac (a)(b)		12,851,180
		Standby Power Generators
	360,000	ESCO Technologies		12,520,800
		Industrial Filtration & Advanced Measurement Equipment
	138,000	Middleby (a)		12,161,940
		Manufacturer of Cooking Equipment
	264,000	Kennametal		10,905,840
		Consumable Cutting Tools
	147,374	Dorman Products (a)(b)		5,903,802
		Aftermarket Auto Parts Distributor
	98,000	Graham		2,817,500
		Designer & Builder of Vacuum & Heat Transfer Equipment for Process Indsutries
				247,329,216
		> Industrial Materials & Specialty Chemicals 1.8%
	539,000	Drew Industries		22,740,410
		RV & Manufactured Home Components
	73,000	PolyOne		2,597,340
		Intermediate Stage Chemicals Producer
				25,337,750

Number of Shares			Value
		> Electrical Components 1.5%
	127,000	Acuity Brands	$	14,949,170
		Commercial Lighting Fixtures
	292,400	Thermon (a)		7,140,408
		Global Engineered Thermal Solutions
				22,089,578
		> Industrial Distribution 0.5%
	90,000	WESCO International (a)		7,043,400
		Industrial Distributor
		> Other Industrial Services 0.3%
	151,000	KAR Auction Services		4,323,130
		Auto Auctions
		> Construction 0.3%
	449,000	PGT (a)		4,184,680
		Wind Resistant Windows & Doors
Industrial Goods & Services: Total				310,307,754
Consumer Goods & Services 17.0%
		> Travel 5.5%
	887,950	Avis Budget Group (a)		48,739,575
		Second Largest Car Rental Company
	469,000	Hertz (a)		11,907,910
		Largest U.S. Rental Car Operator
	281,000	HomeAway (a)		9,975,500
		Vacation Rental Online Marketplace
	100,666	Choice Hotels		5,234,632
		Franchisor of Budget Hotel Brands
	29,000	Vail Resorts		2,516,040
		Ski Resort Operator & Developer
				78,373,657
		> Retail 3.5%
	204,931	Casey's General Stores		14,693,553
		Owner/Operator of Convenience Stores
	185,991	Shutterfly (a)		9,065,201
		Internet Photo-centric Retailer
	207,500	Burlington Stores (a)		8,270,950
		Off-price Apparel Retailer
	201,000	The Fresh Market (a)(b)		7,020,930
		Specialty Food Retailer
	251,733	Michaels Stores (a)(b)		4,400,293
		Craft & Hobby Specialty Retailer
	135,000	Kate Spade & Company (a)		3,541,050
		Global Lifestyle Brand
	243,023	Pier 1 Imports		2,889,543
		Home Furnishing Retailer
				49,881,520
		> Furniture & Textiles 2.5%
	333,814	Caesarstone (Israel)		17,251,508
		Quartz Countertops
	688,000	Interface		11,104,320
		Modular Carpet
	460,000	Knoll		7,962,600
		Office Furniture
				36,318,428

Columbia Acorn USA®

Statement of Investments (Unaudited), continued

Number of Shares			Value
		> Consumer Goods Distribution 2.0%
	275,000	Pool	$	14,828,000
		Swimming Pool Supplies & Equipment Distributor
	143,000	United Natural Foods (a)		8,788,780
		Distributor of Natural/Organic Foods to Grocery Stores
	353,000	The Chefs' Warehouse (a)(b)		5,739,780
		Distributor of Specialty Foods to Fine Dining Restaurants
				29,356,560
		> Other Durable Goods 1.5%
	187,000	Cavco Industries (a)		12,716,000
		Manufactured Homes
	297,000	Select Comfort (a)		6,213,240
		Specialty Mattresses
	104,000	Gentex		2,784,080
		Manufacturer of Auto Parts
				21,713,320
		> Food & Beverage 0.8%
	612,705	Boulder Brands (a)		8,351,169
		Healthy Food Products
	100,000	B&G Foods		2,755,000
		Acquirer of Small Food Brands
				11,106,169
		> Restaurants 0.6%
	112,000	Fiesta Restaurant Group (a)		5,564,160
		Owner/Operator of Two Restaurant Chains: Pollo Tropical & Taco Cabana
	79,000	Papa John's International		3,159,210
		Franchisor of Pizza Restaurants
				8,723,370
		> Other Consumer Services 0.6%
	252,000	Blackhawk Network (a)		8,139,600
		Third Party Distributer of Prepaid Content, Mostly Gift Cards
		> Leisure Products —%
	10,005	Fox Factory Holding (a)		155,078
		High Performance Suspension Systems for Leisure Market
Consumer Goods & Services: Total				243,767,702
Finance 13.4%
		> Banks 8.7%
	801,000	MB Financial		22,171,680
		Chicago Bank
	993,000	Associated Banc-Corp		17,298,060
		Midwest Bank
	140,000	SVB Financial Group (a)		15,692,600
		Bank to Venture Capitalists
	392,597	Lakeland Financial		14,722,387
		Indiana Bank
	130,000	City National		9,837,100
		Bank & Asset Manager
	1,615,986	First Busey		9,001,042
		Illinois Bank
	487,000	TCF Financial		7,563,110
		Great Lakes Bank

Number of Shares			Value
	228,000	Hancock Holding	$	7,307,400
		Gulf Coast Bank
	566,750	Valley National Bancorp (b)		5,491,808
		New Jersey/New York Bank
	695,000	TrustCo Bank		4,475,800
		New York State Bank
	171,826	Sandy Spring Bancorp		3,933,097
		Baltimore & Washington, D.C. Bank
	379,000	First Commonwealth		3,179,810
		Western Pennsylvania Bank
	154,849	Guaranty Bancorp		2,092,010
		Colorado Bank
	89,700	Hudson Valley		1,628,055
		Metro New York City Bank
				124,393,959
		> Finance Companies 3.1%
	673,208	CAI International (a)		13,026,575
		International Container Leasing
	180,689	World Acceptance (a)(b)		12,196,507
		Personal Loans
	315,000	McGrath Rentcorp		10,773,000
		Mini-rental Conglomerate
	218,788	Textainer Group Holdings (b)		6,808,683
		Top International Container Leaser
	91,000	Marlin Business Services		1,667,120
		Small Equipment Leasing
				44,471,885
		> Insurance 0.7%
	135,000	Allied World Holdings		4,973,400
		Commercial Lines Insurance/Reinsurance
	35,000	Enstar Group (a)		4,771,200
		Insurance/Reinsurance & Related Services
				9,744,600
		> Savings & Loans 0.6%
	373,487	ViewPoint Financial		8,941,279
		Texas Thrift
		> Brokerage & Money Management 0.3%
	139,000	SEI Investments		5,026,240
		Mutual Fund Administration & Investment Management
Finance: Total				192,577,963
Health Care 11.5%
		> Biotechnology & Drug Delivery 4.7%
	321,400	Synageva BioPharma (a)(b)		22,105,892
		Biotech Focused on Orphan Diseases
	414,000	Seattle Genetics (a)		15,392,520
		Antibody-based Therapies for Cancer
	314,000	Sarepta Therapeutics (a)(b)		6,625,400
		Biotech Focused on Rare Diseases
	179,600	NPS Pharmaceuticals (a)		4,669,600
		Orphan Drugs & Healthy Royalties
	354,000	Celldex Therapeutics (a)(b)		4,587,840
		Biotech Developing Drugs for Cancer

Number of Shares			Value
		> Biotechnology & Drug Delivery—continued
	56,700	Alnylam Pharmaceuticals (a)	$	4,428,270
		Biotech Developing Drugs for Rare Diseases
	51,000	BioMarin Pharmaceutical (a)		3,680,160
		Biotech Focused on Orphan Diseases
	61,185	Ultragenyx Pharmaceutical (a)(b)		3,463,071
		Biotech Focused on "Ultra-Orphan" Drugs
	12,000	Intercept Pharmaceuticals (a)		2,840,280
		Biotech Developing Drugs for Several Diseases
	228	CymaBay Therapeutics (a)		1,560
		Diabetes Drug Development
				67,794,593
		> Medical Supplies 2.6%
	581,600	Cepheid (a)		25,607,848
		Molecular Diagnostics
	125,000	Bio-Techne		11,693,750
		Cytokines, Antibodies & other Reagents for Life Science
				37,301,598
		> Health Care Services 2.0%
	724,900	Allscripts Healthcare Solutions (a)		9,724,533
		Health Care IT
	171,000	Medidata Solutions (a)		7,573,590
		Cloud-based Software for Drug Studies
	150,000	HealthSouth		5,535,000
		Inpatient Rehabilitation Facilities
	112,000	Envision Healthcare Holdings (a)		3,884,160
		Provider of Health Care Outsourcing Services
	83,000	Castlight Health (a)(b)		1,074,020
		Provider of Cloud-based Software for Managing Health Care Costs
				27,791,303
		> Pharmaceuticals 1.8%
	694,200	Akorn (a)		25,178,634
		Developer, Manufacturer & Distributor of Specialty Generic Drugs
	36,000	Revance Therapeutics (a)(b)		695,880
		Drug Developer Focused on Aesthetics
				25,874,514
		> Medical Equipment & Devices 0.4%
	106,000	Wright Medical Group (a)		3,211,800
		Leader in Foot & Ankle Replacement
	40,482	Abaxis		2,052,842
		Instruments & Tests for Vet & Medical Markets
				5,264,642
Health Care: Total				164,026,650

Number of Shares			Value
Other Industries 7.5%
		> Real Estate 6.2%
	832,000	Extra Space Storage	$	42,906,240
		Self Storage Facilities
	986,800	EdR		10,144,304
		Student Housing
	313,750	Kite Realty Group		7,605,300
		Community Shopping Centers
	223,000	Coresite Realty		7,330,010
		Data Centers
	356,000	St. Joe (a)(b)		7,095,080
		Florida Panhandle Landowner
	871,000	DCT Industrial Trust		6,541,210
		Industrial Properties
	91,000	Post Properties		4,671,940
		Multifamily Properties
	116,000	Hudson Pacific Properties		2,860,560
		West Coast Office Buildings & Production Studios
				89,154,644
		> Transportation 1.3%
	468,091	Rush Enterprises, Class A (a)		15,657,644
	105,000	Rush Enterprises, Class B (a)		3,140,550
		Truck Sales & Service
				18,798,194
Other Industries: Total				107,952,838
Energy & Minerals 5.3%
		> Oil & Gas Producers 3.5%
	237,000	Rosetta Resources (a)		10,560,720
		Oil & Gas Producer Exploring in Texas
	77,000	Clayton Williams (a)		7,426,650
		Oil & Gas Producer
	135,000	Carrizo Oil & Gas (a)		7,265,700
		Oil & Gas Producer
	89,000	SM Energy		6,942,000
		Oil & Gas Producer
	83,000	PDC Energy (a)		4,174,070
		Oil & Gas Producer in U.S.
	159,000	Laredo Petroleum (a)(b)		3,563,190
		Permian Basin Oil Producer
	129,000	WPX Energy (a)		3,103,740
		Oil & Gas Produced in U.S. & Argentina
	143,000	Parsley Energy (a)		3,050,190
		Permian-Midland Basin Oil & Gas Producer
	120,000	Bill Barrett Corporation (a)		2,644,800
		Oil & Gas Producer in U.S. Rockies
	45,000	Rice Energy (a)		1,197,000
		Natural Gas Producer
				49,928,060
		> Oil Services 1.1%
	224,000	Hornbeck Offshore (a)		7,331,520
		Supply Vessel Operator in U.S. Gulf of Mexico

Columbia Acorn USA®

Statement of Investments (Unaudited), continued

Number of Shares			Value
		> Oil Services—continued
	84,000	Chart Industries (a)	$	5,134,920
		Manufacturer of Natural Gas Processing/Storage Equipment
	51,000	Gulfport Energy (a)		2,723,400
		Oil & Gas Producer Focused on Utica Shale in Ohio
				15,189,840
		> Mining 0.7%
	70,000	Core Labs (Netherlands)		10,244,500
		Oil & Gas Reservoir Consulting
Energy & Minerals: Total				75,362,400
Total Equities: 98.6% (Cost: $827,867,992)				1,411,830,669	(c)
Short-Term Investments 1.8%
	26,123,517	JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%)		26,123,517
Total Short-Term Investments: 1.8% (Cost: $26,123,517)				26,123,517

Number of Shares			Value
Securities Lending Collateral 5.1%
	72,568,200	Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (d)	$	72,568,200
Total Securities Lending Collateral: 5.1% (Cost: $72,568,200)				72,568,200
Total Investments: 105.5% (Cost: $926,559,709)(e)				1,510,522,386	(f)
Obligation to Return Collateral for Securities Loaned: (5.1)%				(72,568,200	)
Cash and Other Assets Less Liabilities: (0.4)%				(6,472,525	)
Net Assets: 100.0%			$	1,431,481,661

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 September 30, 2014. The total market value of securities on loan at September 30, 2014 was $70,141,343.

(c) On September 30, 2014, the market value of foreign securities represented 2.44% of total net assets. The Fund's foreign portfolio was diversified as follows:

Country	Value		Percentage of Net Assets
Israel	$	17,251,508		1.21
Netherlands		10,244,500		0.72
India		7,360,770		0.51
Total Foreign Portfolio	$	34,856,778		2.44

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

(e) At September 30, 2014, for federal income tax purposes, the cost of investments was approximately $926,559,709 and net unrealized appreciation was $583,962,677 consisting of gross unrealized appreciation of $624,848,145 and gross unrealized depreciation of $40,885,468.

(f) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated June 30, 2014.

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

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 September 30, 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	$	317,835,362	$	-	$	-	$	317,835,362
Industrial Goods & Services		310,307,754		-		-		310,307,754
Consumer Goods & Services		243,767,702		-		-		243,767,702
Finance		192,577,963		-		-		192,577,963
Health Care		164,026,650		-		-		164,026,650
Other Industries		107,952,838		-		-		107,952,838
Energy & Minerals		75,362,400		-		-		75,362,400
Total Equities		1,411,830,669		-		-		1,411,830,669
Total Short-Term Investments		26,123,517		-		-		26,123,517
Total Securities Lending Collateral		72,568,200		-		-		72,568,200
Total Investments	$	1,510,522,386	$	-	$	-	$	1,510,522,386

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 Third Quarter (Unaudited)

	Number of Shares
	6/30/14		9/30/14
Purchases
Asia
> Japan
Benesse		0		88,900
Park24		0		218,000
Toyo Suisan Kaisha		0		60,000
> Singapore
Singapore Exchange		0		1,210,000
Other Countries
> Canada
Baytex		322,000		404,000
Goldcorp		180,000		256,000
> Austrailia
Challenger Financial		1,674,000		2,080,000
> United States
Denbury Resources		190,000		758,000
Europe
> Germany
Telefonica Deutschland		630,000		1,293,500

	Number of Shares
	6/30/14		9/30/14
Sales
Asia
> Japan
Dentsu		172,000		86,700
Makita		74,000		60,000
NGK Spark Plug		350,000		285,000
Rinnai		82,900		57,000
> Singapore
Mapletree Logistics Trust		8,714,098		7,600,000
> Korea
CJ Corp		72,726		57,600
KEPCO Plant Service & Engineering		53,700		0
KT&G		173,000		140,000
> Hong Kong
Melco Crown Entertainment - ADR		200,000		0
Other Countries
> Australia
Crown Resorts		565,000		0
IAG		2,640,000		2,486,000
Regis Resources		1,700,000		0
Europe
> United Kingdom
Jardine Lloyd Thompson Group		720,000		454,285
Telecity		270,000		0
> Denmark
Novozymes		104,500		71,500
> Norway
Orkla		724,000		579,000

Columbia Acorn International Select^SM

Statement of Investments (Unaudited), September 30, 2014

Number of Shares			Value
			Equities: 90.9%
Asia 37.6%
		> Japan 18.3%
	285,000	NGK Spark Plug	$	8,386,077
		Automobile Parts
	2,965	Nippon Prologis REIT		6,893,367
		Logistics REIT in Japan
	212,000	Japan Tobacco		6,889,031
		Cigarettes
	4,205	Orix JREIT		5,286,023
		Diversified REIT
	88,300	Secom		5,260,423
		Security Services
	57,000	Rinnai		4,729,148
		Gas Appliances for Home & Commercial Use
	965,000	Seven Bank		3,932,721
		ATM Processing Services
	218,000	Park24		3,478,711
		Parking Lot Operator
	60,000	Makita		3,389,506
		Power Tools
	1,660	Japan Retail Fund		3,346,063
		Largest Retail REIT in Japan
	86,700	Dentsu		3,302,426
		Advertising Agency
	88,900	Benesse		2,916,619
		Education Service Provider
	60,000	Toyo Suisan Kaisha		1,992,319
		Instant Noodles & Processed Foods
				59,802,434
		> Singapore 9.3%
	9,514,001	Ascendas REIT		16,782,168
		Industrial Property Landlord
	7,600,000	Mapletree Logistics Trust		6,882,364
		Industrial Property Landlord
	1,210,000	Singapore Exchange		6,850,711
		Singapore Equity & Derivatives Market Operator
				30,515,243
		> Korea 6.7%
	140,000	KT&G		12,529,139
		Tobacco & Ginseng Products
	57,600	CJ Corp		9,472,778
		Holding Company of Korean Consumer Conglomerate
				22,001,917
		> Indonesia 3.3%
	11,903,000	Archipelago Resources (a)(b)(c)(d)		10,806,068
		Gold Mining Projects in Indonesia, Vietnam & the Philippines
Asia: Total				123,125,662
Other Countries 25.6%
		> Canada 9.7%
	404,000	Baytex (e)		15,276,932
		Oil & Gas Producer in Canada

Number of Shares			Value
	107,000	CCL Industries	$	10,692,834
		Largest Global Label Converter
	256,000	Goldcorp		5,895,680
		Gold Mining
				31,865,446
		> Australia 9.7%
	2,486,000	IAG		13,323,373
		General Insurance Provider
	2,080,000	Challenger Financial		12,943,669
		Largest Annuity Provider in Australia
	540,000	Amcor		5,348,783
		Global Leader in Flexible & Rigid Packaging
				31,615,825
		> United States 3.5%
	758,000	Denbury Resources		11,392,740
		Oil Producer Using Co2 Injection
		> South Africa 2.7%
	50,000	Naspers		5,517,272
		Media in Africa, China, Russia & Other Emerging Markets
	390,000	Coronation Fund Managers		3,340,808
		South African Fund Manager
				8,858,080
Other Countries: Total				83,732,091
Europe 22.1%
		> United Kingdom 7.2%
	479,000	Babcock International		8,452,325
		Public Sector Outsourcer
	454,285	Jardine Lloyd Thompson Group		7,165,797
		International Business Insurance Broker
	70,442	Whitbread		4,733,411
		UK Hotelier & Coffee Shop
	200,000	Smith and Nephew		3,364,331
		Medical Equipment & Supplies
				23,715,864
		> Sweden 4.0%
	307,000	Swedish Match		9,931,939
		Swedish Snus
	99,000	Hexagon		3,130,421
		Design, Measurement & Visualization Software & Equipment
				13,062,360
		> Germany 3.3%
	1,293,500	Telefonica Deutschland		6,746,000
		Mobile & Fixed-line Communications in Germany
	107,400	Wirecard		3,949,816
		Online Payment Processing & Risk Management
				10,695,816
		> Switzerland 2.9%
	26,100	Partners Group		6,859,967
		Private Markets Asset Management

Columbia Acorn International Select^SM

Statement of Investments (Unaudited), continued

Number of Shares			Value
		> Switzerland—continued
	30,000	Swatch	$	2,620,877
		Watch Manufacturer
				9,480,844
		> Denmark 2.0%
	67,300	Jyske Bank (a)		3,637,035
		Danish Bank
	71,500	Novozymes		3,102,129
		Industrial Enzymes
				6,739,164
		> Norway 1.6%
	579,000	Orkla		5,235,986
		Food & Brands, Aluminum, Chemicals Conglomerate
		> Spain 1.1%
	66,000	Viscofan		3,615,281
		Sausage Casings Maker
Europe: Total				72,545,315
Latin America 5.5%
		> Guatemala 3.6%
	588,000	Tahoe Resources (a)		11,965,284
		Silver Project in Guatemala
		> Brazil 1.3%
	12,057,582	Beadell Resources (a)		4,252,684
		Gold Mining in Brazil
		> Uruguay 0.6%
	191,666	Union Agriculture Group (a)(b)(c)		1,939,660
		Farmland Operator in Uruguay
Latin America: Total				18,157,628
Total Equities: 90.8% (Cost: $252,368,709)				297,560,696	(f)

Number of Shares			Value
Short-Term Investments 9.1%
	20,000,000	JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.01%)	$	20,000,000
	9,980,511	JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%)		9,980,511
Total Short-Term Investments: 9.1% (Cost: $29,980,511)				29,980,511
Securities Lending Collateral 1.9%
	6,258,875	Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (g)		6,258,875
Total Securities Lending Collateral: 1.9% (Cost: $6,258,875)				6,258,875
Total Investments: 101.8% (Cost: $288,608,095)(h)				333,800,082	(i)
Obligation to Return Collateral for Securities Loaned: (1.9)%				(6,258,875	)
Cash and Other Assets Less Liabilities: 0.1%				277,800
Net Assets: 100.0%			$	327,819,007

REIT - Real Estate Investment Trust

> Notes to Statement of Investments

(a) Non-income producing security.

(b) 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 September 30, 2014, the market value of these securities amounted to $12,745,728, which represented 3.89% 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	$	10,806,068
Union Agriculture Group	12/8/10-6/27/12		191,666		2,200,000		1,939,660
				$	14,266,977	$	12,745,728

> Notes to Statement of Investments

(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)

11,903,000

GBP

0.58

December 31, 2014

385,931

GBP - British Pound

(e) All or a portion of this security was on loan at September 30, 2014. The total market value of securities on loan at September 30, 2014 was $5,892,734.

(f) On September 30, 2014, the Fund's total equity investments were denominated in currencies as follows:

Currency	Value		Percentage of Net Assets
Japanese Yen	$	59,802,434		18.2
Canadian Dollar		37,935,051		11.6
Australian Dollar		35,868,509		10.9
British Pound		34,521,933		10.6
Singapore Dollar		30,515,243		9.3
South Korean Won		22,001,916		6.7
United States Dollar		19,228,080		5.9
Other currencies less than 5% of total net assets		57,687,530		17.6
Total Equities	$	297,560,696		90.8

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

(h) At September 30, 2014, for federal income tax purposes, the cost of investments was approximately $288,608,095 and net unrealized appreciation was $45,191,987 consisting of gross unrealized appreciation of $60,928,831 and gross unrealized depreciation of $15,736,844.

(i) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated June 30, 2014.

At September 30, 2014, the Fund had entered into the following forward foreign currency exchange contracts:

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

99,319,500

9,000,000

10/15/14

217,136

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.

Columbia Acorn International Select^SM

Statement of Investments (Unaudited), 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 September 30, 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	$	-	$	112,319,594	$	10,806,068	$	123,125,662
Other Countries		43,258,186		40,473,905		-		83,732,091
Europe		-		72,545,315		-		72,545,315
Latin America		11,965,284		4,252,684		1,939,660		18,157,628
Total Equities		55,223,470		229,591,498		12,745,728		297,560,696
Total Short-Term Investments		29,980,511		-		-		29,980,511
Total Securities Lending Collateral		6,258,875		-		-		6,258,875
Total Investments	$	91,462,856	$	229,591,498	$	12,745,728	$	333,800,082
Unrealized Appreciation on:
Forward Foreign Currency Exchange Contracts		-		217,136		-		217,136
Options		-		-		385,931		385,931
Total	$	91,462,856	$	229,808,634	$	13,131,659	$	334,403,149

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.

The following table reconciles asset balances for the period ending September 30, 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 September 30, 2014
Equities
Asia	$	10,249,601	$	-	$	556,467		$	-	$	-	$	-	$	-	$	10,806,068
Latin America		2,048,910		-		(109,250	)		-		-		-		-		1,939,660
Options
Asia		985,539		-		(599,608	)		-		-		-		-		385,931
	$	13,284,050	$	-	$	(152,391	)	$	-	$	-	$	-	$	-	$	13,131,659

> Notes to Statement of Investments

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 depreciation attributed to securities owned at September 30, 2014, which were valued using significant unobservable inputs (Level 3), amounted to $152,391.

Quantitative information pertaining to Level 3 unobservable fair value measurements

Fair Value
at 9/30/14

Valuation Technique(s)

Unobservable Input(s)

Range (Weighted Average)

Equities

Asia

10,806,068

Discounted cash flow

Enterprise valuation and illiquid discount

% to 19.5%

Latin America

1,939,660

Market comparable companies

Discount for lack of marketability

% to 15%

Options

Asia

385,931

Income approach

Columbia Acorn International Select^SM

Portfolio Diversification (Unaudited)

At September 30, 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	$	30,111,004		9.2
Food & Beverage		25,012,317		7.6
Other Durable Goods		15,736,102		4.8
Restaurants		4,733,411		1.4
Educational Services		2,916,619		0.9
		78,509,453		23.9
> Energy & Minerals
Mining		32,919,716		10.1
Oil & Gas Producers		26,669,672		8.1
Agricultural Commodities		1,939,660		0.6
		61,529,048		18.8
> Finance
Insurance		33,432,839		10.2
Brokerage & Money Management		10,200,775		3.1
Banks		7,569,756		2.3
		51,203,370		15.6
> Other Industries
Real Estate		39,189,985		12.0
		39,189,985		12.0
> Industrial Goods & Services
Other Industrial Services		8,739,134		2.7
Outsourcing Services		8,452,326		2.6
Industrial Materials & Specialty Chemicals		8,450,911		2.6
Conglomerates		5,235,986		1.6
Machinery		3,389,506		1.0
		34,267,863		10.5

	Value			Percentage of Net Assets
> Information
Financial Processors	$	10,800,527			3.3
Telephone & Data Services		6,746,000			2.1
Internet Related		5,517,272			1.7
Advertising		3,302,426			1.0
Business Software		3,130,421			0.9
		29,496,646			9.0
> Health Care
Medical Equipment & Devices		3,364,331			1.0
		3,364,331			1.0
Total Equities:		297,560,696			90.8
Short-Term Investments:		29,980,511			9.1
Securities Lending Collateral:		6,258,875			1.9
Total Investments:		333,800,082			101.8
Obligation to Return Collateral for Securities Loaned:		(6,258,875	)		(1.9	)
Cash and Other Assets Less Liabilities:		277,800			0.1
Net Assets:	$	327,819,007			100.0

Columbia Acorn Select^SM

Major Portfolio Changes in the Third Quarter (Unaudited)

	Number of Shares
	6/30/14		9/30/14
Purchases
Industrial Goods & Services
LKQ		670,000		860,000
Nordson		270,000		300,000
Information
F5 Networks		180,000		195,000
Vonage		0		1,635,000
Energy & Minerals
Clayton Williams		0		28,000
Health Care
Synageva BioPharma		0		131,000

	Number of Shares
	6/30/14		9/30/14
Sales
Industrial Goods & Services
Ametek		895,000		865,000
FMC Corporation		138,000		0
Kennametal		460,000		355,000
Information
Sanmina-SCI		135,000		0
Trimble Navigation		550,000		525,000
WNS - ADR (India)		1,510,000		1,395,000
Finance
Associated Banc-Corp		755,000		680,000
CNO Financial Group		1,875,000		1,830,000
Discover Financial Services		510,000		390,000
SEI Investments		665,000		645,000
Consumer Goods & Services
Best Buy		195,000		0
Casey's General Stores		141,799		112,799
Hertz		718,000		380,000
ITT Educational Services		120,000		0
Heath Care
Henry Schein		142,000		110,000
Seattle Genetics		310,000		148,000
Other Industries
Post Properties		395,000		367,000

Columbia Acorn Select^SM

Statement of Investments (Unaudited), September 30, 2014

Number of Shares			Value
			Equities: 98.5%
Industrial Goods & Services 26.9%
		> Machinery 17.9%
	865,000	Ametek	$	43,431,650
		Aerospace/Industrial Instruments
	800,000	Donaldson		32,504,000
		Industrial Air Filtration
	300,000	Nordson		22,821,000
		Dispensing Systems for Adhesives & Coatings
	185,000	Pall		15,484,500
		Life Science, Water & Industrial Filtration
	355,000	Kennametal		14,665,050
		Consumable Cutting Tools
				128,906,200
		> Other Industrial Services 3.2%
	860,000	LKQ (a)		22,867,400
		Alternative Auto Parts Distribution
		> Industrial Distribution 2.9%
	190,000	Airgas		21,023,500
		Industrial Gas Distributor
		> Outsourcing Services 2.9%
	570,000	Quanta Services (a)		20,685,300
		Electrical & Telecom Construction Services
Industrial Goods & Services: Total				193,482,400
Information 23.7%
		> Instrumentation 5.4%
	90,000	Mettler-Toledo International (a)		23,051,700
		Laboratory Equipment
	525,000	Trimble Navigation (a)		16,012,500
		GPS-based Instruments
				39,064,200
		> Computer Services 4.4%
	1,395,000	WNS - ADR (India) (a)		31,401,450
		Offshore Business Process Outsourcing Services
		> Computer Hardware & Related Equipment 4.1%
	295,000	Amphenol		29,458,700
		Electronic Connectors
		> Business Software 3.4%
	200,000	Ansys (a)		15,134,000
		Simulation Software for Engineers & Designers
	275,000	Informatica (a)		9,416,000
		Enterprise Data Integration Software
				24,550,000
		> Telecommunications Equipment 3.2%
	195,000	F5 Networks (a)		23,154,300
		Internet Traffic Management Equipment

Number of Shares			Value
		> Mobile Communications 1.8%
	114,300	SBA Communications (a)	$	12,675,870
		Communications Towers
		> Internet Related 0.8%
	1,635,000	Vonage (a)		5,362,800
		Business & Consumer Internet Telephony
		> Semiconductors & Related Equipment 0.6%
	535,000	Atmel (a)		4,322,800
		Microcontrollers, Radio Frequency & Memory Semiconductors
Information: Total				169,990,120
Finance 15.0%
		> Insurance 4.3%
	1,830,000	CNO Financial Group		31,036,800
		Life, Long-term Care & Medical Supplement Insurance
		> Banks 4.0%
	220,000	City National		16,647,400
		Bank & Asset Manager
	680,000	Associated Banc-Corp		11,845,600
		Midwest Bank
				28,493,000
		> Credit Cards 3.5%
	390,000	Discover Financial Services		25,112,100
		Credit Card Company
		> Brokerage & Money Management 3.2%
	645,000	SEI Investments		23,323,200
		Mutual Fund Administration & Investment Management
Finance: Total				107,965,100
Consumer Goods & Services 14.1%
		> Retail 5.2%
	440,000	The Fresh Market (a)(b)		15,369,200
		Specialty Food Retailer
	115,000	ULTA (a)		13,589,550
		Specialty Beauty Product Retailer
	112,799	Casey's General Stores		8,087,688
		Owner/Operator of Convenience Stores
				37,046,438
		> Travel 4.6%
	210,000	Vail Resorts		18,219,600
		Ski Resort Operator & Developer
	380,000	Hertz (a)		9,648,200
		Largest U.S. Rental Car Operator
	100,000	Choice Hotels		5,200,000
		Franchisor of Budget Hotel Brands
				33,067,800
		> Other Consumer Services 1.6%
	354,000	Blackhawk Network (a)		11,434,200
		Third Party Distributer of Prepaid Content, Mostly Gift Cards

Number of Shares			Value
		> Apparel 1.5%
	89,000	PVH	$	10,782,350
		Apparel Wholesaler & Retailer
		> Consumer Goods Distribution 1.1%
	134,000	United Natural Foods (a)		8,235,640
		Distributor of Natural/Organic Foods to Grocery Stores
		> Food & Beverage 0.1%
	1,500,000	GLG Life Tech (Canada) (a)		495,558
		Producer of an All-natural Sweetener Extracted from the Stevia Plant
Consumer Goods & Services: Total				101,061,986
Energy & Minerals 7.3%
		> Oil & Gas Producers 3.9%
	1,880,000	Canacol (Colombia) (a)		8,846,466
		Oil Producer in South America
	20,600,000	Shamaran Petroleum (Iraq) (a)		5,977,946
		Oil Exploration & Production in Kurdistan
	58,300	Antero Resources (a)(b)		3,200,087
		Utica & Marcellus Shale
	15,399,500	Petromanas (Canada) (a)(b)		3,025,037
		Exploring for Oil in Albania
	22,500,000	Canadian Overseas Petroleum (Canada) (a)(c)(d)		2,958,279
		Oil & Gas Exploration Offshore West Africa
	28,000	Clayton Williams (a)		2,700,600
		Oil & Gas Producer
	33,700,000	Petrodorado Energy (Colombia) (a)(d)		1,053,172
		Oil & Gas Exploration & Production in Colombia, Peru & Paraguay
				27,761,587
		> Agricultural Commodities 2.5%
	1,742,424	Union Agriculture Group (Uruguay) (a)(c)(e)		17,633,331
		Farmland Operator in Uruguay
		> Oil Services 0.6%
	173,000	Rowan		4,378,630
		Contract Offshore Driller
		> Alternative Energy 0.3%
	2,000,000	Synthesis Energy Systems (China) (a)(b)		2,280,000
		Owner/Operator of Gasification Plants/Technology Licenses
Energy & Minerals: Total				52,053,548
Health Care 5.8%
		> Medical Supplies 3.8%
	330,000	Cepheid (a)		14,529,900
		Molecular Diagnostics
	110,000	Henry Schein (a)		12,811,700
		Large Distributor of Dental, Vet & Medical Products
				27,341,600

Number of Shares			Value
		> Biotechnology & Drug Delivery 2.0%
	131,000	Synageva BioPharma (a)(b)	$	9,010,180
		Biotech Focused on Orphan Diseases
	148,000	Seattle Genetics (a)		5,502,640
		Antibody-based Therapies for Cancer
				14,512,820
Health Care: Total				41,854,420
Other Industries 5.7%
		> Real Estate 5.7%
	367,000	Post Properties		18,841,780
		Multifamily Properties
	230,000	Extra Space Storage		11,861,100
		Self Storage Facilities
	1,025,000	EdR		10,537,000
		Student Housing
				41,239,880
Other Industries: Total				41,239,880
Total Equities: 98.5% (Cost: $485,221,021)				707,647,454	(f)
Short-Term Investments 2.0%
	14,355,842	JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%)		14,355,842
Total Short-Term Investments: 2.0% (Cost: $14,355,842)				14,355,842
Securities Lending Collateral 0.9%
	6,297,275	Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (g)		6,297,275
Total Securities Lending Collateral: 0.9% (Cost: $6,297,275)				6,297,275
Total Investments: 101.4% (Cost: $505,874,138)(h)				728,300,571	(i)
Obligation to Return Collateral for Securities Loaned: (0.9)%				(6,297,275	)
Cash and Other Assets Less Liabilities: (0.5)%				(3,945,529	)
Net Assets: 100.0%			$	718,057,767

ADR - American Depositary Receipts

Columbia Acorn Select^SM

Statement of Investments (Unaudited), continued

> Notes to Statement of Investments

(a) Non-income producing security.

(b) All or a portion of this security was on loan at September 30, 2014. The total market value of securities on loan at September 30, 2014 was $6,078,550.

(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 September 30, 2014, the market value of these securities amounted to $20,591,610, which represented 2.87% 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	$	17,633,331
Canadian Overseas Petroleum	11/24/10		22,500,000		9,596,330		2,958,279
				$	29,596,330	$	20,591,610

(d) 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 September 30, 2014, are as follows:

Security	Balance of Shares Held 12/31/13		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 9/30/14		Value		Dividend
Canadian Overseas Petroleum		24,000,000		-		1,500,000		22,500,000	$	2,958,279	$	-
Petrodorado Energy		33,700,000		-		-		33,700,000		1,053,172		-
IFM Investments (Century 21 China RE) - ADR (1)		898,852		-		898,852		-		-		-
Total of Affiliated Transactions		58,598,852		-		2,398,852		56,200,000	$	4,011,451	$	-

(1) At September 30, 2014, the Fund owned less than five percent of the company's outstanding voting shares.

The aggregate cost and value of these companies at September 30, 2014, was $23,207,418 and $4,011,451, respectively. Investments in affiliated companies represented 0.56% of the Fund's total net assets at September 30, 2014.

(e) Illiquid security.

(f) On September 30, 2014, the market value of foreign securities represented 10.26% of total net assets. The Fund's foreign portfolio was diversified as follows:

Country	Value		Percentage of Net Assets
India	$	31,401,450		4.37
Uruguay		17,633,331		2.46
Colombia		9,899,638		1.38
Canada		6,478,874		0.90
Iraq		5,977,946		0.83
China		2,280,000		0.32
Total Foreign Portfolio	$	73,671,239		10.26

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

(h) At September 30, 2014, for federal income tax purposes, the cost of investments was approximately $505,874,138 and net unrealized appreciation was $222,426,433 consisting of gross unrealized appreciation of $266,392,774 and gross unrealized depreciation of $43,966,341.

(i) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated June 30, 2014.

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.

The following table summarizes the inputs used, as of September 30, 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	$	193,482,400	$	-	$	-	$	193,482,400
Information		169,990,120		-		-		169,990,120
Finance		107,965,100		-		-		107,965,100
Consumer Goods & Services		101,061,986		-		-		101,061,986
Energy & Minerals		31,461,938		2,958,279		17,633,331		52,053,548
Health Care		41,854,420		-		-		41,854,420
Other Industries		41,239,880		-		-		41,239,880
Total Equities		687,055,844		2,958,279		17,633,331		707,647,454
Total Short-Term Investments		14,355,842		-		-		14,355,842
Total Securities Lending Collateral		6,297,275		-		-		6,297,275
Total Investments	$	707,708,961	$	2,958,279	$	17,633,331	$	728,300,571

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

The following table reconciles asset balances for the period ending September 30, 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 September 30, 2014
Equities
Energy & Minerals	$	18,626,513	$	-	$	(993,182	)	$	-	$	-	$	-	$	-	$	17,633,331

The change in unrealized depreciation attributed to securities owned at September 30, 2014, which were valued using significant unobservable inputs (Level 3), amounted to $993,182.

Columbia Acorn Select^SM

Statement of Investments (Unaudited), continued

> Notes to Statement of Investments

Quantitative information pertaining to Level 3 unobservable fair value measurements

Fair Value at
9/30/14

Valuation Technique(s)

Unobservable Input(s)

Range (Weighted
Average)

Equities
Energy & Minerals

17,633,331

Market comparable companies

Discount for lack of marketability

% to 15%

Columbia Thermostat Fund^SM

Statement of Investments (Unaudited), September 30, 2014

Number of Shares			Value
		> Affiliated Bond Funds 84.8%
	42,554,748	Columbia Short Term Bond Fund, Class I (a)	$	423,419,743
	28,831,453	Columbia Intermediate Bond Fund, Class I (a)		264,672,743
	21,040,302	Columbia Income Opportunities Fund, Class I (a)		209,982,210
	29,217,179	Columbia U.S. Government Mortgage Fund, Class I (a)		158,941,455
Total Affiliated Bond Funds: (Cost: $1,052,790,556)				1,057,016,151
		> Affiliated Stock Funds 14.8%
	1,928,724	Columbia Dividend Income Fund, Class I (a)		37,513,674
	790,186	Columbia Acorn International, Class I (a)		35,906,069
	1,264,879	Columbia Contrarian Core Fund, Class I (a)		28,130,917
	767,475	Columbia Acorn Fund, Class I (a)(b)		27,268,380
	918,935	Columbia Large Cap Enhanced Core Fund, Class I (a)		18,819,787

Number of Shares			Value
	733,672	Columbia Acorn Select, Class I (a)(b)	$	18,642,598
	1,002,672	Columbia Select Large Cap Growth Fund, Class I (a)		18,559,455
Total Affiliated Stock Funds: (Cost: $144,855,680)				184,840,880
		> Short-Term Investments 0.4%
	5,008,307	JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%)		5,008,307
Total Short-Term Investments: (Cost: $5,008,307)				5,008,307
Total Investments: 100.0% (Cost: $1,202,654,543)(c)				1,246,865,338	(d)
Cash and Other Assets Less Liabilities: —%				(105,245	)
Net Assets: 100.0%			$	1,246,760,093

> Notes to Statement of Investments

Security	Balance of Shares Held 12/31/13		Purchases/ Additions		Sales/ Reductions		Balance of Shares Held 9/30/14		Value		Dividend
Columbia Short Term Bond Fund, Class I		47,811,438		11,511,230		16,767,920		42,554,748	$	423,419,743	$	4,123,116
Columbia Intermediate Bond Fund, Class I		39,903,530		8,368,388		19,440,465		28,831,453		264,672,743		6,161,550
Columbia Income Opportunities Fund, Class I		35,741,824		5,851,346		20,552,868		21,040,302		209,982,210		10,185,545
Columbia U.S. Government Mortgage Fund, Class I		-		34,283,897		5,066,718		29,217,179		158,941,455		1,894,247
Columbia Dividend Income Fund, Class I		1,469,969		3,626,150		3,167,395		1,928,724		37,513,674		590,594
Columbia Acorn International, Class I		583,352		1,405,587		1,198,753		790,186		35,906,069		13,232
Columbia Contrarian Core Fund, Class I		984,664		2,410,129		2,129,914		1,264,879		28,130,917		-
Columbia Acorn Fund, Class I		545,386		1,453,730		1,231,641		767,475		27,268,380		-
Columbia Large Cap Enhanced Core Fund, Class I		720,935		1,740,760		1,542,760		918,935		18,819,787		44,404
Columbia Acorn Select, Class I		509,430		1,366,388		1,142,146		733,672		18,642,598		-
Columbia Select Large Cap Growth Fund, Class I		700,545		1,929,874		1,627,747		1,002,672		18,559,455		112,227
Total of Affiliated Transactions		128,971,073		73,947,479		73,868,327		129,050,225	$	1,241,857,031	$	23,124,915

The aggregate cost and value of these companies at September 30, 2014, was $1,197,646,236 and $1,241,857,031 respectively. Investments in affiliated companies represented 99.61% of the Fund's total net assets at September 30, 2014.

(b) Non-income producing security.

(c) At September 30, 2014, for federal income tax purposes, the cost of investments was approximately $1,202,654,543 and net unrealized appreciation was $44,210,795 consisting of gross unrealized appreciation of $45,770,923 and gross unrealized depreciation of $1,560,128.

(d) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated June 30, 2014.

Columbia Thermostat Fund^SM

Statement of Investments (Unaudited), continued

> 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.

Examples of the types of securities in which the Fund would typically invest and how they are classified within this hierarchy are as follows. Typical Level 1 securities include mutual funds whose NAVs are published each day.

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 September 30, 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	$	1,057,016,151	$	-	$	-	$	1,057,016,151
Total Affiliated Stock Funds		184,840,880		-		-		184,840,880
Total Short-Term Investments		5,008,307		-		-		5,008,307
Total Investments	$	1,246,865,338	$	-	$	-	$	1,246,865,338

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

Columbia Acorn Emerging Markets Fund^SM

Major Portfolio Changes in the Third Quarter (Unaudited)

	Number of Shares
	6/30/14		9/30/14
Purchases
Asia
> Taiwan
Chroma Ate		1,906,990		2,086,990
Ginko International		295,000		324,500
Largan Precision		51,000		71,000
President Chain Store		648,000		742,000
St. Shine Optical		243,000		377,000
Vanguard International Semiconductor		0		951,000
> China
Sihuan Pharmaceuticals		12,567,000		13,900,000
> Indonesia
Matahari Department Store		6,677,000		7,426,700
MNC Skyvision		54,833,000		62,000,000
> Philippines
Puregold Price Club		6,989,500		7,193,200
RFM Corporation		52,460,400		56,400,000
Robinsons Retail Holdings		4,382,470		4,498,580
> Korea
Grand Korea Leisure		0		132,149
Koh Young Technology		259,888		373,088
Latin America
> Mexico
Hoteles City Express		0		2,747,000
> Colombia
Isagen		3,448,782		5,842,782
Europe
> United Kingdom
PureCircle		0		22,341
Other Countries
> South Africa
Rand Merchant Insurance		3,469,702		4,343,702
> United States
Bladex		7,193		196,000
> Morocco
Holcim Maroc		2,447		9,302
Lafarge Ciments Maroc		0		3,000

	Number of Shares
	6/30/14		9/30/14
Sales
Asia
> Taiwan
Advantech		848,948		724,988
Delta Electronics		848,000		833,000
Far EasTone Telecom		3,617,000		1,738,000
Lite-On Technology		3,547,292		3,087,291
> China
BitAuto - ADR		147,558		114,558
> Indonesia
Surya Citra Media		21,295,479		17,095,479
Tower Bersama Infrastructure		9,357,209		9,010,709
> India
Redington India		969,287		0
> Philippines
Security Bank		2,459,048		1,882,390
> Korea
Paradise		172,818		121,818
> Singapore
Super Group		5,566,000		1,079,000
Latin America
> Mexico
Qualitas		2,687,000		2,069,000
Europe
> Turkey
Bizim Toptan		569,979		0
Other Countries
> United States
Atwood Oceanics		117,583		0
Textainer Group Holdings		217,351		153,472

Columbia Acorn Emerging Markets Fund^SM

Statement of Investments (Unaudited), September 30, 2014

Number of Shares			Value
			Equities: 96.4%
Asia 60.9%
		> Taiwan 10.2%
	377,000	St. Shine Optical	$	8,043,074
		Disposable Contact Lens Original Equipment Manufacturer
	765,302	PC Home		7,440,932
		Taiwanese Internet Retail Company
	2,086,990	Chroma Ate		5,790,452
		Automatic Test Systems, Testing & Measurement Instruments
	742,000	President Chain Store		5,320,105
		Taiwan's Number One Convenience Chain Store Operator
	833,000	Delta Electronics		5,262,288
		Industrial Automation, Switching Power Supplies & Passive Components
	724,988	Advantech		5,116,285
		Industrial PC & Components
	71,000	Largan Precision		5,079,556
		Mobile Device Camera Lenses & Modules
	3,087,291	Lite-On Technology		4,440,527
		Mobile Device, LED & PC Server Component Supplier
	324,500	Ginko International		4,360,330
		Largest Contact Lens Maker in China
	1,738,000	Far EasTone Telecom		3,332,101
		Taiwan's Third Largest Mobile Operator
	951,000	Vanguard International Semiconductor		1,388,858
		Semiconductor Foundry
				55,574,508
		> China 9.1%
	313,642	WuXi PharmaTech - ADR (a)		10,983,743
		Largest Contract Research Organization Business in China
	13,900,000	Sihuan Pharmaceuticals		10,410,825
		Chinese Generic Drug Manufacturer
	114,558	BitAuto - ADR (a)		8,935,524
		Automotive Information Website for Buyers & Dealers
	13,822,000	AMVIG Holdings		6,317,307
		Chinese Tobacco Packaging Material Supplier
	11,330,000	NewOcean Energy		5,645,446
		Southern China Liquefied Petroleum Gas Distributor
	212,636	Jumei International - ADR (a)(b)		4,992,693
		Online Beauty & Apparel Products Retailer
	830,000	Biostime (b)		2,578,165
		Pediatric Nutrition & Baby Care Products Provider
				49,863,703
		> Indonesia 8.8%
	7,426,700	Matahari Department Store		9,892,963
		Largest Department Store Chain in Indonesia

Number of Shares			Value
	62,000,000	MNC Skyvision	$	8,646,510
		Largest Satellite Pay TV Operator in Indonesia
	82,889,190	Ace Indonesia		6,020,572
		Home Improvement Retailer
	9,010,709	Tower Bersama Infrastructure		5,925,299
		Communications Towers
	2,183,600	Mayora Indah		5,463,338
		Consumer Branded Food Manufacturer
	66,827,700	Arwana Citramulia		5,451,648
		Ceramic Tiles for Home Decoration
	17,095,479	Surya Citra Media		5,378,299
		Free to Air TV Station in Indonesia
	1,591,929	Archipelago Resources (a)(b)(c)(d)(e)		1,445,223
		Gold Mining Projects in Indonesia, Vietnam & the Philippines
				48,223,852
		> India 7.5%
	2,422,982	Zee Entertainment Enterprises		12,298,638
		Indian Programmer of Pay Television Content
	37,774	Bosch		9,179,586
		Automotive Parts
	1,808,593	Adani Ports & Special Economic Zone		8,107,708
		Indian West Coast Shipping Port
	222,910	Colgate Palmolive India		6,285,014
		Consumer Products in Oral Care
	445,596	United Breweries		5,131,428
		India's Largest Brewer
				41,002,374
		> Philippines 7.5%
	55,239,300	Melco Crown (Philippines) Resorts (a)		16,192,709
		Integrated Resort Operator in Manila
	56,400,000	RFM Corporation		6,631,384
		Flour, Bread, Pasta & Ice Cream Manufacturer/Distributor in the Philippines
	4,498,580	Robinsons Retail Holdings		6,345,276
		Multi-format Retailer in the Philippines
	1,882,390	Security Bank		6,153,779
		Commercial Bank in the Philippines
	7,193,200	Puregold Price Club		5,558,051
		Supermarket Operator in the Philippines
				40,881,199
		> Hong Kong 5.0%
	5,181,000	Melco International		12,009,044
		Macau Casino Operator
	15,134,799	Sa Sa International (b)		10,368,955
		Cosmetics Retailer
	3,920,000	Vitasoy International		4,993,625
		Hong Kong Soy Food Brand
				27,371,624

Number of Shares			Value
		> Korea 3.5%
	373,088	Koh Young Technology	$	10,013,452
		Inspection Systems for Printed Circuit Boards
	132,149	Grand Korea Leisure		5,239,492
		'Foreigner Only' Casino Group in Korea
	121,818	Paradise		3,981,394
		Korean Casino Operator
				19,234,338
		> Thailand 3.3%
	20,003,409	Home Product Center		6,418,128
		Home Improvement Retailer
	3,737,700	Robinson Department Store		6,074,393
		Department Store Operator in Thailand
	10,340,200	Samui Airport Property Fund		5,612,568
		Thai Airport Operator
				18,105,089
		> Malaysia 2.0%
	10,810,900	7-Eleven Malaysia Holdings (a)		5,898,952
		Exclusive 7-Eleven Franchisor for Malaysia
	4,592,100	Aeon		5,263,312
		Shopping Center & Department Store Operator
				11,162,264
		> Cambodia 1.5%
	11,570,000	Nagacorp		8,278,512
		Casino & Entertainment Complex in Cambodia
		> Singapore 1.3%
	1,829,000	Petra Foods		5,792,240
		Chocolate Manufacturer in Southeast Asia
	1,079,000	Super Group (b)		1,079,537
		Instant Food & Beverages in Southeast Asia
				6,871,777
		> Japan 1.2%
	447,760	Kansai Paint		6,694,544
		Paint Producer in Japan, India, China & Southeast Asia
Asia: Total				333,263,784
Latin America 12.0%
		> Mexico 5.2%
	652,200	Gruma (a)		6,983,088
		Tortilla Producer & Distributor
	2,069,000	Qualitas		5,545,884
		Auto Insurer in Mexico & Central America
	42,927	Grupo Aeroportuario del Sureste - ADR		5,515,690
		Mexican Airport Operator
	2,180,100	Genomma Lab International (a)		5,226,851
		Develops, Markets & Distributes Consumer Products

Number of Shares			Value
	2,747,000	Hoteles City Express (a)	$	5,045,865
		Budget Hotel Operator in Mexico
				28,317,378
		> Brazil 4.4%
	718,970	Localiza Rent A Car		10,333,312
		Car Rental
	255,000	Linx		5,308,876
		Retail Management Software in Brazil
	1,275,100	Odontoprev		4,615,417
		Dental Insurance
	11,145,526	Beadell Resources (a)		3,931,003
		Gold Mining in Brazil
				24,188,608
		> Colombia 1.4%
	5,842,782	Isagen		7,934,662
		Colombian Electricity Provider
		> Chile 1.0%
	1,258,078	Forus		5,316,874
		Multi-brand Latin American Wholesaler & Retailer
Latin America: Total				65,757,522
Europe 11.9%
		> Finland 3.2%
	265,727	Vacon		11,310,617
		Leading Independent Manufacturer of Variable Speed Air Conditioning Drives
	290,000	Tikkurila		6,038,119
		Decorative & Industrial Paint in Scandinavia & Central & Eastern Europe
				17,348,736
		> Kazakhstan 2.7%
	1,268,483	Halyk Savings Bank of Kazakhstan - GDR		14,587,555
		Largest Retail Bank & Insurer in Kazakhstan
		> Sweden 2.0%
	347,064	Hexagon		10,974,308
		Design, Measurement & Visualization Software & Equipment
		> United Kingdom 1.3%
	9,054,086	Cable and Wireless		6,857,181
		Telecommunications Service Provider in the Caribbean
	22,341	PureCircle (a)		217,399
		Natural Sweeteners
				7,074,580
		> France 1.0%
	163,000	Eutelsat		5,263,251
		Fixed Satellite Services
		> Spain 0.9%
	840,828	Prosegur		5,215,314
		Security Guards

Columbia Acorn Emerging Markets Fund^SM

Statement of Investments (Unaudited), continued

Number of Shares			Value
		> Italy 0.8%
	324,156	Pirelli	$	4,469,806
		Global Tire Supplier
Europe: Total				64,933,550
Other Countries 11.6%
		> South Africa 8.0%
	2,048,460	Coronation Fund Managers		17,547,465
		South African Fund Manager
	4,343,702	Rand Merchant Insurance		13,628,508
		Directly Sold Property & Casualty Insurance; Holdings in Other Insurers
	399,378	Mr. Price		7,515,892
		South African Retailer of Apparel, Household & Sporting Goods
	463,782	Massmart Holdings		5,045,688
		General Merchandise, Food & Home Improvement Stores; Wal-Mart Subsidiary
				43,737,553
		> United States 2.0%
	196,000	Bladex		6,013,280
		Latin American Trade Financing House
	153,472	Textainer Group Holdings (b)		4,776,049
		Top International Container Leaser
				10,789,329
		> Canada 1.1%
	507,892	CAE		6,158,465
		Flight Simulator Equipment & Training Centers
		> Morocco 0.5%
	9,302	Holcim Maroc		2,227,554
		Largest Cement Player in Morocco
	3,000	Lafarge Ciments Maroc		591,834
		Largest Moroccan Cement Maker
				2,819,388
Other Countries: Total				63,504,735
Total Equities: 96.4% (Cost: $496,030,032)				527,459,591	(f)

Number of Shares			Value
Short-Term Investments 3.4%
	18,534,932	JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.01%)	$	18,534,932
Total Short-Term Investments: 3.4% (Cost: $18,534,932)				18,534,932
Securities Lending Collateral 1.8%
	10,004,733	Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (g)		10,004,733
Total Securities Lending Collateral: 1.8% (Cost: $10,004,733)				10,004,733
Total Investments: 101.6% (Cost: $524,569,697)(h)				555,999,256	(i)
Obligation to Return Collateral for Securities Loaned: (1.8)%				(10,004,733	)
Cash and Other Assets Less Liabilities: 0.2%				1,319,619
Net Assets: 100.0%			$	547,314,142

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 September 30, 2014. The total market value of securities on loan at September 30, 2014 was $9,478,218.

(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 September 30, 2014, the market value of this security amounted to $1,445,223, which represented 0.26% 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			$	1,445,223

> Notes to Statement of Investments

(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)

1,591,929

GBP

0.58

December 31, 2014

51,615

GBP - British Pound

(e) Illiquid security.

(f) On September 30, 2014, the Fund's total equity investments were denominated in currencies as follows:

Currency	Value		Percentage of Net Assets
Hong Kong Dollar	$	60,601,878		11.1
United States Dollar		55,804,533		10.2
Taiwan Dollar		55,574,508		10.2
Indonesian Rupiah		46,778,629		8.5
South African Rand		43,737,553		8.0
Indian Rupee		41,002,374		7.5
Philippines Peso		40,881,199		7.5
Euro		32,297,107		5.9
Other currencies less
than 5% of total net assets		150,781,810		27.5
Total Equities	$	527,459,591		96.4

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

(h) At September 30, 2014, for federal income tax purposes, the cost of investments was approximately $524,569,697 and net unrealized appreciation was $31,429,559 consisting of gross unrealized appreciation of $65,045,966 and gross unrealized depreciation of $33,616,407.

(i) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated June 30, 2014.

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 (Unaudited), continued

> Notes to Statement of Investments

The following table summarizes the inputs used, as of September 30, 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	$	24,911,960	$	306,906,601	$	1,445,223	$	333,263,784
Latin America		61,826,519		3,931,003		-		65,757,522
Europe		-		64,933,550		-		64,933,550
Other Countries		16,947,794		46,556,941		-		63,504,735
Total Equities		103,686,273		422,328,095		1,445,223		527,459,591
Total Short-Term Investments		18,534,932		-		-		18,534,932
Total Securities Lending Collateral		10,004,733		-		-		10,004,733
Total Investments	$	132,225,938	$	422,328,095	$	1,445,223	$	555,999,256
Unrealized Appreciation on Options		-		-		51,615		51,615
Total	$	132,225,938	$	422,328,095	$	1,496,838	$	556,050,871

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 September 30, 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	$	92,480,093		16.9
Casinos & Gaming		45,701,150		8.4
Food & Beverage		38,870,205		7.1
Travel		15,379,177		2.8
Consumer Goods Distribution		6,285,014		1.1
Nondurables		5,226,851		1.0
Other Durable Goods		4,469,806		0.8
		208,412,296		38.1
> Information
Business Software		16,283,183		3.0
Instrumentation		15,803,904		2.9
Computer Hardware & Related Equipment		14,819,101		2.7
Internet Related		13,928,217		2.5
Satellite Broadcasting & Services		13,909,761		2.5
Entertainment Programming		12,298,638		2.2
Mobile Communications		9,257,400		1.7
Telephone & Data Services		6,857,181		1.3
TV Broadcasting		5,378,299		1.0
Telecommunications Equipment		5,079,556		0.9
Semiconductors & Related Equipment		1,388,858		0.3
		115,004,098		21.0
> Finance
Banks		26,754,613		4.9
Insurance		23,789,809		4.3
Brokerage & Money Management		17,547,465		3.2
Finance Companies		4,776,049		0.9
		72,867,936		13.3

	Value			Percentage of Net Assets
> Industrial Goods & Services
Industrial Materials & Specialty Chemicals	$	27,321,006			5.0
Other Industrial Services		14,266,173			2.6
Electrical Components		11,310,617			2.1
Machinery		9,179,586			1.6
Outsourcing Services		5,215,314			1.0
		67,292,696			12.3
> Health Care
Pharmaceuticals		21,394,568			3.9
Medical Supplies		12,403,404			2.3
		33,797,972			6.2
> Other Industries
Transportation		11,128,258			2.0
Regulated Utilities		7,934,662			1.5
		19,062,920			3.5
> Energy & Minerals
Oil Refining, Marketing & Distribution		5,645,446			1.0
Mining		5,376,227			1.0
		11,021,673			2.0
Total Equities:		527,459,591			96.4
Short-Term Investments:		18,534,932			3.4
Securities Lending Collateral:		10,004,733			1.8
Total Investments:		555,999,256			101.6
Obligation to Return Collateral for Securities Loaned:		(10,004,733	)		(1.8	)
Cash and Other Assets Less Liabilities:		1,319,619			0.2
Net Assets:	$	547,314,142			100.0

Columbia Acorn European Fund^SM

Major Portfolio Changes in the Third Quarter (Unaudited)

	Number of Shares
	6/30/14		9/30/14
Purchases
Europe
> United Kingdom
Aggreko		22,193		22,503
Assura		2,269,260		2,493,705
AVEVA		16,800		19,210
Babcock International		55,000		58,070
Cambian		0		196,680
Charles Taylor		239,970		240,940
Connect Group		233,620		277,770
Elementis		130,220		133,120
Halma		0		59,235
Polypipe		140,660		141,240
PureCircle		0		2,222
RPS Group		123,520		128,860
Spirax Sarco		27,048		30,750
> France
Eurofins Scientific		3,100		3,230
> Germany
Elringklinger		14,500		19,110
NORMA Group		21,440		27,290
Telefonica Deutschland		76,750		112,250
Wirecard		17,500		20,890
> Sweden
Mekonomen		19,560		21,070
Sweco		42,940		43,610
> Spain
Bolsas y Mercados Españoles		10,500		14,590
> Netherlands
Brunel		0		18,101
> Finland
Tikkurila		29,171		31,721
> Denmark
SimCorp		15,330		22,580
> Italy
IMA		0		16,450
Pirelli		37,640		39,720
> Austria
Schoeller-Bleckmann		5,000		5,770
> Belgium
EVS Broadcast Equipment		9,690		12,520

	Number of Shares
	6/30/14		9/30/14
Sales
Europe
> United Kingdom
Abcam		162,450		101,510
Cable and Wireless		757,113		726,213
Croda International		14,670		0
Domino's Pizza UK & Ireland		71,040		59,400
Halfords		81,180		73,060
Jardine Lloyd Thompson Group		106,750		70,133
Ocado		112,090		110,390
Rightmove		24,010		14,880
Shaftesbury		77,460		54,000
Telecity		75,080		0
WH Smith		53,360		47,530
Whitbread		12,925		8,325
> France
1000 mercis		9,106		0
AKKA Technologies		18,823		16,283
Cegedim		23,340		21,040
Eutelsat		18,000		17,160
Hi-Media		242,500		170,400
Neopost		25,240		23,030
Norbert Dentressangle		4,220		3,740
Saft		18,291		16,651
> Germany
Aurelius		34,420		32,530
TAG Immobilien		48,860		9,829
> Sweden
Hexagon		38,690		29,450
Kambi Group		6,787		0
Recipharm		50,620		40,490
Swedish Match		28,110		25,880
Unibet		13,030		11,111
> Switzerland
Partners Group		4,540		4,280
> Spain
Viscofan		17,550		15,040
> Netherlands
Aalberts Industries		38,130		35,710
Arcadis		19,759		14,179
Core Labs		4,080		3,610
> Finland
Konecranes		16,690		16,520
Munksjo		91,440		70,810
Sponda		144,842		131,300
Vacon		31,120		0

	Number of Shares
	6/30/14		9/30/14
Sales (continued)
Europe—continued
> Norway
Atea		46,070		42,030
Orkla		80,730		67,850
Subsea 7		46,740		38,130
> Denmark
Jyske Bank		10,470		9,790
> Turkey
Bizim Toptan		56,810		0
Other Countries
> United States
Gulfmark Offshore		5,277		1,637

Columbia Acorn European Fund^SM

Statement of Investments (Unaudited), September 30, 2014

Number of Shares			Value
			Equities: 96.6%
Europe 96.5%
		> United Kingdom 33.2%
	1,933,560	Assura	$	1,457,585
	560,145	Assura-Rights (a)(b)		27,242
		UK Primary Health Care Property Developer
	30,750	Spirax Sarco		1,403,149
		Steam Systems for Manufacturing & Process Industries
	70,133	Jardine Lloyd Thompson Group		1,106,263
		International Business Insurance Broker
	58,070	Babcock International		1,024,690
		Public Sector Outsourcer
	240,940	Charles Taylor		1,013,607
		Insurance Services
	47,530	WH Smith		831,506
		Newsprint, Books & General Stationery Retailer
	277,770	Connect Group		672,083
		Newspaper & Magazine Distributor
	196,680	Cambian (a)		666,392
		Mental Health Facilities & Programs
	101,510	Abcam		661,954
		Online Sales of Antibodies
	54,000	Shaftesbury		595,129
		London Prime Retail REIT
	40,510	Dialight		591,712
		LED Products for Hazardous & Industrial Environments
	59,235	Halma		585,274
		Health & Safety Sensor Technology
	15,610	Fidessa Group		579,764
		Software for Financial Trading Systems
	141,240	Polypipe		563,842
		Manufacturer of Plastic Piping & Fittings
	22,503	Aggreko		563,221
		Temporary Power & Temperature Control Services
	73,060	Halfords		559,501
		UK Retailer of Leisure Goods & Auto Parts
	8,325	Whitbread		559,406
		UK Hotelier & Coffee Shop
	726,213	Cable and Wireless		550,003
		Telecommunications Service Provider in the Caribbean
	133,120	Elementis		548,716
		Specialty Chemicals
	59,400	Domino's Pizza UK & Ireland		546,283
		Pizza Delivery in UK, Ireland & Germany
	128,860	RPS Group		545,233
		Consultant Specializing in Energy, Water, Urban Planning, Health & Safety
	14,880	Rightmove		517,512
		Internet Real Estate Listings
	19,210	AVEVA		479,280

Number of Shares			Value
		Engineering Software
	110,390	Ocado (a)	$	471,723
		Online Grocery Retailer
	2,222	PureCircle (a)		21,622
		Natural Sweeteners
				17,142,692
		> France 12.6%
	23,030	Neopost		1,693,882
		Postage Meter Machines
	3,230	Eurofins Scientific		835,705
		Food, Pharmaceuticals & Materials Screening & Testing
	21,040	Cegedim (a)		662,770
		Medical Market Research/IT Services
	16,651	Saft		566,577
		Niche Battery Manufacturer
	170,400	Hi-Media (a)		559,008
		Online Advertiser in Europe
	17,160	Eutelsat		554,094
		Fixed Satellite Services
	16,283	AKKA Technologies		551,176
		Engineering Consultancy
	21,430	Bonduelle		548,110
		Producer of Canned, Deep-frozen & Fresh Vegetables
	3,740	Norbert Dentressangle		538,372
		European Logistics & Transport Group
				6,509,694
		> Germany 10.6%
	32,530	Aurelius		1,157,026
		European Turnaround Investor
	27,290	NORMA Group		1,137,242
		Clamps for Automotive & Industrial Applications
	20,890	Wirecard		768,265
		Online Payment Processing & Risk Management
	6,950	MTU Aero Engines		591,295
		Airplane Engine Components & Services
	112,250	Telefonica Deutschland		585,418
		Mobile & Fixed-line Communications in Germany
	1,910	Rational		567,703
		Commercial Ovens
	19,110	Elringklinger		563,112
		Automobile Components
	9,829	TAG Immobilien (c)		111,121
		Owner of Residential Properties in Germany
				5,481,182
		> Sweden 7.9%
	29,450	Hexagon		931,221
		Design, Measurement & Visualization Software & Equipment
	25,880	Swedish Match		837,259
		Swedish Snus

Number of Shares			Value
		> Sweden—continued
	40,490	Recipharm (a)	$	687,365
		Contract Development Manufacturing Organization
	43,610	Sweco		617,949
		Engineering Consultants
	11,111	Unibet		558,938
		European Online Gaming Operator
	21,070	Mekonomen		455,555
		Nordic Integrated Wholesaler/Retailer of Automotive Parts & Service
				4,088,287
		> Switzerland 6.5%
	4,280	Partners Group		1,124,930
		Private Markets Asset Management
	3,480	Geberit		1,121,649
		Plumbing Supplies
	1,820	INFICON		554,750
		Gas Detection Instruments
	160	Sika		553,228
		Chemicals for Construction & Industrial Applications
				3,354,557
		> Spain 6.0%
	145,730	DIA		1,044,334
		Discount Retailer in Spain, Latin America & the Eastern Mediterranean
	15,040	Viscofan		823,846
		Sausage Casings Maker
	109,520	Prosegur		679,308
		Security Guards
	14,590	Bolsas y Mercados Españoles		555,080
		Spanish Stock Markets
				3,102,568
		> Netherlands 5.6%
	35,710	Aalberts Industries		924,545
		Flow Control & Heat Treatment
	6,180	Gemalto		567,444
		Digital Security Solutions
	3,610	Core Labs		528,323
		Oil & Gas Reservoir Consulting
	14,179	Arcadis		468,986
		Engineering Consultants
	18,101	Brunel		414,541
		NL Specialist & Energy Staffing
				2,903,839
		> Finland 4.6%
	31,721	Tikkurila		660,466
		Decorative & Industrial Paint in Scandinavia & Central & Eastern Europe
	70,810	Munksjo		657,359
		Specialty Paper Maker
	131,300	Sponda		591,868
		Office, Retail & Logistics Properties

Number of Shares			Value
	16,520	Konecranes	$	443,043
		Manufacture & Service of Industrial Cranes & Port Handling Equipment
				2,352,736
		> Norway 3.2%
	67,850	Orkla		613,578
		Food & Brands, Aluminum, Chemicals Conglomerate
	38,130	Subsea 7		544,524
		Offshore Subsea Contractor
	42,030	Atea		472,651
		Nordic IT Hardware/Software Reseller & Installation Company
				1,630,753
		> Denmark 2.3%
	22,580	SimCorp		662,816
		Software for Investment Managers
	9,790	Jyske Bank (a)		529,072
		Danish Bank
				1,191,888
		> Italy 2.1%
	39,720	Pirelli		547,702
		Global Tire Supplier
	16,450	IMA		544,217
		Food & Drugs Packaging & Machinery
				1,091,919
		> Austria 1.1%
	5,770	Schoeller-Bleckmann		562,446
		Manufacturer of Components for Directional Drilling
		> Belgium 0.8%
	12,520	EVS Broadcast Equipment		436,196
		Digital Live Mobile Production Software & Systems
Europe: Total				49,848,757
Other Countries 0.1%
		> United States 0.1%
	1,637	Gulfmark Offshore		51,320
		Operator of Offshore Supply Vessels
Other Countries: Total				51,320
Total Equities: 96.6% (Cost: $50,564,846)				49,900,077	(d)
Short-Term Investments 3.7%
	1,920,689	JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.01%)		1,920,689
Total Short-Term Investments: 3.7% (Cost: $1,920,689)				1,920,689

Columbia Acorn European Fund^SM

Statement of Investments (Unaudited), continued

Number of Shares			Value
Securities Lending Collateral 0.3%
	129,317	Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (e)	$	129,317
Total Securities Lending Collateral: 0.3% (Cost: $129,317)				129,317
Total Investments: 100.6% (Cost: $52,614,852)(f)				51,950,083	(g)
Obligation to Return Collateral for Securities Loaned: (0.3)%				(129,317	)
Cash and Other Assets Less Liabilities: (0.3)%				(177,784	)
Net Assets: 100.0%			$	51,642,982

REIT - Real Estate Investment Trust

> Notes to Statement of Investments

(a) Non-income producing security.

(b) Illiquid security.

(c) All or a portion of this security was on loan at September 30, 2014. The total market value of securities on loan at September 30, 2014 was $123,138.

(d) On September 30, 2014, the Fund's total equity investments were denominated in currencies as follows:

Currency	Value		Percentage of Net Assets
Euro	$	21,912,256		42.4
British Pound		17,142,692		33.2
Swedish Krona		4,088,287		7.9
Swiss Franc		3,354,557		6.5
Other currencies less
than 5% of total net assets		3,402,285		6.6
Total Equities	$	49,900,077		96.6

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

(f) At September 30, 2014, for federal income tax purposes, the cost of investments was $52,614,852 and net unrealized depreciation was $664,769 consisting of gross unrealized appreciation of $2,388,614 and gross unrealized depreciation of $3,053,383.

(g) Securities are valued using policies described in the Notes to Financial Statements in the shareholder report dated June 30, 2014.

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

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 September 30, 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	$	528,323	$	49,320,434	$	-	$	49,848,757
Other Countries		51,320		-		-		51,320
Total Equities		579,643		49,320,434		-		49,900,077
Total Short-Term Investments		1,920,689		-		-		1,920,689
Total Securities Lending Collateral		129,317		-		-		129,317
Total Investments	$	2,629,649	$	49,320,434	$	-	$	51,950,083

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

Columbia Acorn European Fund^SM

Portfolio Diversification (Unaudited)

At September 30, 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	$	6,343,986		12.3
Other Industrial Services		3,622,390		7.0
Industrial Materials & Specialty Chemicals		2,982,881		5.8
Conglomerates		2,695,149		5.2
Outsourcing Services		2,669,715		5.2
Construction		1,685,491		3.3
Electrical Components		1,158,288		2.2
		21,157,900		41.0
> Information
Business Software		2,653,081		5.1
Computer Services		1,135,422		2.2
Telephone & Data Services		1,135,421		2.2
Computer Hardware & Related Equipment		1,003,640		1.9
Financial Processors		768,265		1.5
Instrumentation		585,275		1.1
Advertising		559,008		1.1
Satellite Broadcasting & Services		554,094		1.1
Internet Related		517,512		1.0
		8,911,718		17.2
> Consumer Goods & Services
Retail		3,362,618		6.5
Food & Beverage		2,230,837		4.3
Restaurants		1,105,689		2.1
Consumer Goods Distribution		672,083		1.3
Casinos & Gaming		558,938		1.1
Other Durable Goods		547,701		1.1
		8,477,866		16.4

	Value			Percentage of Net Assets
> Finance
Insurance	$	2,119,870			4.1
Brokerage & Money Management		1,124,930			2.2
Financial Processors		555,080			1.1
Banks		529,072			1.0
		4,328,952			8.4
> Other Industries
Real Estate		2,782,945			5.4
Transportation		538,372			1.0
		3,321,317			6.4
> Health Care
Pharmaceuticals		687,365			1.3
Health Care Services		666,392			1.3
Medical Supplies		661,954			1.3
		2,015,711			3.9
> Energy & Minerals
Oil Services		1,158,289			2.3
Mining		528,324			1.0
		1,686,613			3.3
Total Equities:		49,900,077			96.6
Short-Term Investments:		1,920,689			3.7
Securities Lending Collateral:		129,317			0.3
Total Investments:		51,950,083			100.6
Obligation to Return Collateral for Securities Loaned:		(129,317	)		(0.3	)
Cash and Other Assets Less Liabilities:		(177,784	)		(0.3	)
Net Assets:	$	51,642,982			100.0

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Columbia Acorn Family of Funds Expense Information

as of 9/30/14

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	%		0.35	%		0.13	%		0.07	%					0.19	%		0.12	%		0.06	%		0.15	%
Net Expense Ratio		1.07	%		1.74	%		1.77	%		0.71	%					0.83	%		0.76	%		0.70	%		0.79	%
Columbia Acorn International®
Management Fees		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%		0.75	%
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		0.22	%		0.46	%		0.21	%		0.10	%		0.38	%		0.28	%		0.15	%		0.10	%		0.17	%
Net Expense Ratio		1.22	%		1.96	%		1.96	%		0.85	%		1.63	%		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		0.22	%		0.62	%		0.14	%		0.02	%					0.21	%		0.14	%		0.07	%		0.21	%
Net Expense Ratio		1.33	%		2.23	%		2.00	%		0.88	%					1.07	%		1.00	%		0.93	%		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		0.27	%		0.41	%		0.29	%		0.16	%					0.27	%		0.21	%		0.15	%		0.23	%
Net Expense Ratio		1.46	%		2.10	%		2.23	%		1.10	%					1.21	%		1.15	%		1.09	%		1.17	%
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	%		0.11	%					0.28	%		0.16	%		0.11	%		0.20	%
Net Expense Ratio		1.32	%		2.09	%		2.04	%		0.95	%					1.12	%		1.00	%		0.95	%		1.04	%
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	%		0.14	%
Net Expense Ratio**		0.50	%		1.00	%		1.25	%								0.25	%		0.23	%		0.18	%		0.24	%
Columbia Acorn Emerging Markets Fund^SM
Management Fees		1.03	%					1.03	%		1.03	%					1.03	%		1.03	%		1.03	%		1.03	%
Distribution and Service (12b-1) Fees		0.25	%					1.00	%		0.00	%					0.00	%		0.00	%		0.00	%		0.00	%
Other Expenses		0.27	%					0.28	%		0.18	%					0.24	%		0.22	%		0.20	%		0.30	%
Net Expense Ratio		1.55	%					2.31	%		1.21	%					1.27	%		1.25	%		1.23	%		1.33	%
Columbia Acorn European Fund^SM
Management Fees		1.19	%					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	%					0.00	%
Other Expenses		0.31	%					0.31	%		0.27	%					0.31	%		0.33	%					0.31	%
Net Expense Ratio		1.75	%					2.50	%		1.46	%					1.50	%		1.52	%					1.50	%

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 nine months ended September 30, 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 so that the ordinary operating expenses (excluding transaction costs and certain other investment-related expenses, interest and fees on borrowings and expenses associated with the Fund's investment in other investment companies, if any), 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	%		1.37	%		1.45	%		1.42	%		1.37	%		1.45	%
Columbia Acorn Select		1.60	%		2.10	%		2.35	%		1.22	%		1.35	%		1.27	%		1.22	%		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 (excluding 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, 2015. 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 (excluding transaction costs and certain other investment-related expenses, interest and fees on borrowings and expenses associated with the Fund's investment in other investment companies, if any), of each Fund's Class A, Class C, Class I, Class R4, Class R5, Class Y (if offered) and Class Z shares through April 30, 2015, 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	%		1.46	%		1.60	%		1.51	%		1.46	%		1.60	%
Columbia Acorn European Fund		1.75	%		2.50	%		1.47	%		1.50	%***		1.52	%		—			1.50	%

There is no guarantee that these arrangements will continue thereafter.

The fees and expenses of Columbia Acorn International include the effect of the voluntary undertaking by CMIS to waive a portion of total annual Fund operating expenses attributable to transfer agency 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.

*** Effective June 25, 2014 (commencement of operations) through April 30, 2015.

Columbia Acorn Family of Funds

Trustees

Laura M. Born

Chair of the Board

Steven N. Kaplan

Vice Chair of the Board

Maureen M. Culhane

Margaret M. Eisen

Thomas M. Goldstein

John C. Heaton

Charles P. McQuaid

David J. Rudis

David B. Small

Ralph Wanger (Trustee Emeritus)

Officers

P. Zachary Egan

President

Robert A. Chalupnik

Vice President

Michael G. Clarke

Assistant Treasurer

Joseph F. DiMaria

Assistant Treasurer

William J. Doyle

Vice President

David L. Frank

Vice President

Fritz Kaegi

Vice President

John M. Kunka

Treasurer, Principal Financial and Accounting Officer

Stephen Kusmierczak

Vice President

Joseph C. LaPalm

Vice President

Charles P. McQuaid

Vice President

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

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.

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.

Columbia Management^®

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

Third Quarter Report, September 30, 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_D02_(11/14) 1057748

Dates Referenced Herein and Documents Incorporated by Reference

This ‘N-30B-2’ Filing	Date	Other Filings

	9/26/16
	4/30/15
	12/31/14
	12/22/14
	12/19/14
	12/9/14
	12/8/14
Filed on / Effective on:	11/26/14
For Period End:	9/30/14
	9/24/14
	9/2/14
	8/1/14
	6/30/14	N-CSRS, N-PX, NSAR-A
	6/25/14
	5/1/14	485BPOS
	1/31/14	40-17G
	12/31/13	24F-2NT, N-CSR, NSAR-B
	8/19/11	497
	9/25/02
	11/23/98
	9/4/96
	9/23/92
		List all Filings

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Periodic or Interim Report Mailed to Shareholders — Rule 30b-2
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