UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number | 811-01829 | |||||||
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Columbia Acorn Trust | ||||||||
(Exact name of registrant as specified in charter) | ||||||||
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227 W. Monroe Street Suite 3000 Chicago, IL |
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(Address of principal executive offices) |
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Scott R. Plummer Columbia Management Investment Advisers, LLC 5228 Ameriprise Financial Center Minneapolis, Minnesota 55474 | ||||||||
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P. Zachary Egan Columbia Acorn Trust 227 West Monroe Street, Suite 3000 Chicago, Illinois 60606 | ||||||||
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Mary C. Moynihan Perkins Coie LLP 700 13th Street, NW Suite 600 Washington, DC 20005 | ||||||||
(Name and address of agent for service) | ||||||||
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Registrant’s telephone number, including area code: | (312) 634-9200 |
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Date of fiscal year end: | December 31 |
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Date of reporting period: | June 30, 2014 |
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Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.
A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
Item 1. Reports to Stockholders.
Q2 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
Semiannual Report
June 30, 2014
n Columbia
Acorn® Fund
n Columbia
Acorn International®
n Columbia
Acorn USA®
n Columbia
Acorn International SelectSM
n Columbia
Acorn SelectSM
n Columbia
Thermostat FundSM
n Columbia
Acorn Emerging Markets FundSM
n Columbia
Acorn European FundSM
Not FDIC insured • No bank guarantee • May lose value
Columbia Acorn Family of Funds
Net Asset Value Per Share as of 6/30/14
| Columbia Acorn® Fund | Columbia Acorn International® | Columbia Acorn USA® | Columbia Acorn International SelectSM | Columbia Acorn SelectSM | Columbia Thermostat FundSM | Columbia Acorn Emerging Markets FundSM | Columbia Acorn European FundSM | ||||||||||||||||||||||||||||
Class A | $ | 35.86 | $ | 48.82 | $ | 34.52 | $ | 29.37 | $ | 24.56 | $ | 15.07 | $ | 13.80 | $ | 15.96 | |||||||||||||||||||
Class B | $ | 32.14 | $ | 47.17 | $ | 30.84 | $ | 27.77 | $ | 21.68 | $ | 15.14 | NA | NA | |||||||||||||||||||||
Class C | $ | 31.51 | $ | 46.96 | $ | 30.50 | $ | 27.60 | $ | 21.33 | $ | 15.12 | $ | 13.70 | $ | 15.77 | |||||||||||||||||||
Class I | $ | 37.56 | $ | 48.99 | $ | 36.49 | $ | 29.74 | $ | 25.86 | NA | $ | 13.86 | $ | 15.97 | ||||||||||||||||||||
Class R | NA | $ | 48.69 | NA | NA | NA | NA | NA | NA | ||||||||||||||||||||||||||
Class R4 | $ | 38.07 | $ | 49.24 | $ | 37.03 | $ | 29.90 | $ | 26.24 | $ | 14.97 | $ | 13.94 | $ | 16.04 | |||||||||||||||||||
Class R5 | $ | 38.09 | $ | 48.93 | $ | 37.03 | $ | 29.89 | $ | 26.25 | $ | 14.99 | $ | 13.93 | $ | 16.12 | |||||||||||||||||||
Class Y | $ | 38.15 | $ | 49.29 | $ | 37.10 | $ | 29.89 | $ | 26.33 | $ | 14.98 | $ | 13.81 | NA | ||||||||||||||||||||
Class Z | $ | 37.50 | $ | 48.95 | $ | 36.36 | $ | 29.73 | $ | 25.76 | $ | 14.91 | $ | 13.84 | $ | 15.98 | |||||||||||||||||||
The views expressed in the "Squirrel Chatter II" and "In a Nutshell" commentaries reflect the current views of the respective authors. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict so actual outcomes and results may differ significantly from the views expressed. These views are subject to change at any time based upon economic, market or other conditions and the respective authors disclaim any responsibility to update such views. These views may not be relied upon as investment advice and, because investment decisions for a Columbia Acorn Fund are based on numerous factors, may not be relied upon as an indication of trading intent on behalf of any particular Columbia Acorn Fund. References to specific company's securities should not be construed as a recommendation or investment advice and there can be no assurance that as of the date of publication of this report, the securities mentioned in each Fund's portfolio are still held or that the securities sold have not been repurchased.
Acorn®, Acorn USA® and Acorn International® are service marks owned and registered by Columbia Acorn Trust.
A Comment on Trading Volumes
Market conditions are always changing and vary by country and industry sector, and investing in international markets involves unique risks. In the wake of the 2007-2009 financial crisis, trading volumes in both emerging and developed international markets declined significantly and have stayed at generally reduced levels since then. Although it is difficult to accurately assess trends in trading volumes in foreign markets, because some amount of activity has migrated to alternative trading venues, a reduction in trading volumes poses challenges to the Funds. This is particularly so because the Funds focus on small- and mid-cap companies that usually have lower trading volumes and often take sizeable positions in portfolio companies. As a result of lower trading volumes, it may take longer to buy or sell securities, which can exacerbate a Fund's exposure to volatile markets. A Fund may also be limited in its ability to execute favorable trades in portfolio securities in response to changes in company prices and fundamentals. If a Fund is forced to sell securities to meet redemption requests or other cash needs, or in the case of an event affecting liquidity in a particular market or markets, it may be forced to dispose of those securities under disadvantageous circumstances and at a loss. As a Fund grows in size, these considerations take on increasing significance and may adversely impact performance.
You are invited to the 2014 Columbia Acorn Funds Shareholder Information Meeting
Where: Drinker Biddle & Reath LLP
191 North Wacker Drive, Suite 3700
Chicago, IL
When: Wednesday, September 24, 2014
12 p.m. CDT
A buffet lunch will be served beginning at 11:30.
RSVP: By calling 800.922.6769 or online at columbiamanagement.com. Please respond by September 19, 2014.
Webcast Replay: Available at columbiamanagement.com in October.
Public Transportation
For directions using public transportation, call 312.836.7000 or visit the Chicago Transit Authority website at transitchicago.com. Metra information is also available by calling this number or can be found at metrarail.com.
Parking Information
Two parking options are located on Lake Street in the same block as the meeting location, which is between N. Wacker Drive and N. Franklin Street. Lake Street runs one way east after crossing N. Wacker Drive. Hourly parking rates apply at both locations. The first, with signage stating "Public Parking," provides direct access to the building in which the meeting will be held. The second option is a "Self Park" garage located next to the first but without direct access to the building.
Driving Directions
From the south:
Take 1-57 to the Dan Ryan Expressway. Follow the signs for the Kennedy Expressway West. Travel on the Kennedy and exit using the Washington Blvd. exit (Exit 51C). Turn right onto W. Washington. Turn left onto N. Upper Wacker Drive. Destination will be on the right.
From the north:
Take the Kennedy Expressway (I-90/94) south to Chicago. Travel on the Kennedy and exit using the Washington Blvd. exit (Exit 51C). Turn left onto W. Washington. Turn left onto N. Upper Wacker Drive. Destination will be on the right.
From the west:
Take the Eisenhower Expressway (I-290) from the west. Follow the signs for the Kennedy Expressway West. Travel on the Kennedy and exit using the Washington Blvd. exit (Exit 51C). Turn right onto W. Washington. Turn left onto N. Upper Wacker Drive. Destination will be on the right.
From the southwest:
Take the Stevenson Expressway (I-55). Exit to the Kennedy Expressway (North-Wisconsin). Travel on the Kennedy and exit using the Washington Blvd. exit (Exit 51C). Turn right onto W. Washington. Turn left onto N. Upper Wacker Drive. Destination will be on the right.
Columbia Acorn Family of Funds
Table of Contents
2014 Mid-year Distributions | 1 | ||||||
Understanding Your Expenses | 3 | ||||||
Share Class Performance | 6 | ||||||
Fund Performance vs. Benchmarks | 7 | ||||||
Descriptions of Indexes | 8 | ||||||
Squirrel Chatter II: High Frequency Trading | 9 | ||||||
Columbia Acorn® Fund | |||||||
In a Nutshell | 12 | ||||||
At a Glance | 13 | ||||||
Major Portfolio Changes | 28 | ||||||
Statement of Investments | 30 | ||||||
Columbia Acorn International® | |||||||
In a Nutshell | 14 | ||||||
At a Glance | 15 | ||||||
Major Portfolio Changes | 42 | ||||||
Statement of Investments | 44 | ||||||
Portfolio Diversification | 53 | ||||||
Columbia Acorn USA® | |||||||
In a Nutshell | 16 | ||||||
At a Glance | 17 | ||||||
Major Portfolio Changes | 54 | ||||||
Statement of Investments | 55 | ||||||
Columbia Acorn International SelectSM | |||||||
In a Nutshell | 18 | ||||||
At a Glance | 19 | ||||||
Major Portfolio Changes | 61 | ||||||
Statement of Investments | 62 | ||||||
Portfolio Diversification | 67 | ||||||
Columbia Acorn SelectSM | |||||||
In a Nutshell | 20 | ||||||
At a Glance | 21 | ||||||
Major Portfolio Changes | 68 | ||||||
Statement of Investments | 69 | ||||||
Columbia Thermostat FundSM | |||||||
In a Nutshell | 22 | ||||||
At a Glance | 23 | ||||||
Statement of Investments | 74 | ||||||
Columbia Acorn Emerging Markets FundSM | |||||||
In a Nutshell | 24 | ||||||
At a Glance | 25 | ||||||
Major Portfolio Changes | 76 | ||||||
Statement of Investments | 78 | ||||||
Portfolio Diversification | 83 | ||||||
Columbia Acorn European FundSM | |||||||
In a Nutshell | 26 | ||||||
At a Glance | 27 | ||||||
Major Portfolio Changes | 84 | ||||||
Statement of Investments | 86 | ||||||
Portfolio Diversification | 90 | ||||||
Columbia Acorn Family of FundsSM | |||||||
Statements of Assets and Liabilities | 92 | ||||||
Statements of Operations | 94 | ||||||
Statements of Changes in Net Assets | 96 | ||||||
Financial Highlights | 102 | ||||||
Notes to Financial Statements | 118 | ||||||
Board Approval of the Advisory Agreement | 129 | ||||||
Expense Information | 134 | ||||||
Columbia Acorn Family of Funds
2014 Mid-year Distributions
The following table lists the mid-year distributions for the Columbia Acorn Family of Funds. The record date was June 3, 2014, and the ex-dividend and payable date was June 4, 2014. Share classes that did not have a distribution are not shown.
Fund | Short-term Capital Gain | Long-term Capital Gain | Ordinary Income | Reinvestment Price | |||||||||||||||
Columbia Acorn® Fund | |||||||||||||||||||
Class A | None | $ | 0.77142 | None | $ | 34.43 | |||||||||||||
Class B | None | $ | 0.77142 | None | $ | 30.87 | |||||||||||||
Class C | None | $ | 0.77142 | None | $ | 30.27 | |||||||||||||
Class I | None | $ | 0.77142 | None | $ | 36.05 | |||||||||||||
Class R4 | None | $ | 0.77142 | None | $ | 36.55 | |||||||||||||
Class R5 | None | $ | 0.77142 | None | $ | 36.57 | |||||||||||||
Class Y | None | $ | 0.77142 | None | $ | 36.61 | |||||||||||||
Class Z | None | $ | 0.77142 | None | $ | 35.99 | |||||||||||||
Columbia Acorn International® | |||||||||||||||||||
Class A | None | $ | 0.51263 | $ | 0.00989 | $ | 47.77 | ||||||||||||
Class B | None | $ | 0.51263 | $ | 0.00989 | $ | 46.19 | ||||||||||||
Class C | None | $ | 0.51263 | $ | 0.00989 | $ | 45.98 | ||||||||||||
Class I | None | $ | 0.51263 | $ | 0.00989 | $ | 47.93 | ||||||||||||
Class R | None | $ | 0.51263 | $ | 0.00989 | $ | 47.66 | ||||||||||||
Class R4 | None | $ | 0.51263 | $ | 0.00989 | $ | 48.18 | ||||||||||||
Class R5 | None | $ | 0.51263 | $ | 0.00989 | $ | 47.87 | ||||||||||||
Class Y | None | $ | 0.51263 | $ | 0.00989 | $ | 48.23 | ||||||||||||
Class Z | None | $ | 0.51263 | $ | 0.00989 | $ | 47.89 | ||||||||||||
Columbia Acorn USA® | |||||||||||||||||||
Class A | None | $ | 0.48294 | None | $ | 32.89 | |||||||||||||
Class B | None | $ | 0.48294 | None | $ | 29.40 | |||||||||||||
Class C | None | $ | 0.48294 | None | $ | 29.07 | |||||||||||||
Class I | None | $ | 0.48294 | None | $ | 34.75 | |||||||||||||
Class R4 | None | $ | 0.48294 | None | $ | 35.27 | |||||||||||||
Class R5 | None | $ | 0.48294 | None | $ | 35.26 | |||||||||||||
Class Y | None | $ | 0.48294 | None | $ | 35.33 | |||||||||||||
Class Z | None | $ | 0.48294 | None | $ | 34.63 | |||||||||||||
Columbia Acorn International SelectSM | |||||||||||||||||||
Class A | None | $ | 0.11175 | None | $ | 28.42 | |||||||||||||
Class B | None | $ | 0.11175 | None | $ | 26.87 | |||||||||||||
Class C | None | $ | 0.11175 | None | $ | 26.72 | |||||||||||||
Class I | None | $ | 0.11175 | None | $ | 28.76 | |||||||||||||
Class R4 | None | $ | 0.11175 | None | $ | 28.92 | |||||||||||||
Class R5 | None | $ | 0.11175 | None | $ | 28.91 | |||||||||||||
Class Y | None | $ | 0.11175 | None | $ | 28.90 | |||||||||||||
Class Z | None | $ | 0.11175 | None | $ | 28.76 | |||||||||||||
1
Columbia Acorn Family of Funds
2014 Mid-year Distributions, continued
Fund | Short-term Capital Gain | Long-term Capital Gain | Ordinary Income | Reinvestment Price | |||||||||||||||
Columbia Acorn SelectSM | |||||||||||||||||||
Class A | None | $ | 1.29865 | None | $ | 24.15 | |||||||||||||
Class B | None | $ | 1.29865 | None | $ | 21.32 | |||||||||||||
Class C | None | $ | 1.29865 | None | $ | 20.98 | |||||||||||||
Class I | None | $ | 1.29865 | None | $ | 25.42 | |||||||||||||
Class R4 | None | $ | 1.29865 | None | $ | 25.79 | |||||||||||||
Class R5 | None | $ | 1.29865 | None | $ | 25.80 | |||||||||||||
Class Y | None | $ | 1.29865 | None | $ | 25.88 | |||||||||||||
Class Z | None | $ | 1.29865 | None | $ | 25.32 | |||||||||||||
Columbia Thermostat FundSM | |||||||||||||||||||
Class A | $ | 0.00423 | $ | 0.05962 | $ | 0.01219 | $ | 14.96 | |||||||||||
Class B | $ | 0.00423 | $ | 0.05962 | $ | 0.01219 | $ | 15.04 | |||||||||||
Class C | $ | 0.00423 | $ | 0.05962 | $ | 0.01219 | $ | 15.02 | |||||||||||
Class R4 | $ | 0.00423 | $ | 0.05962 | $ | 0.01219 | $ | 14.86 | |||||||||||
Class R5 | $ | 0.00423 | $ | 0.05962 | $ | 0.01219 | $ | 14.87 | |||||||||||
Class Y | $ | 0.00423 | $ | 0.05962 | $ | 0.01219 | $ | 14.86 | |||||||||||
Class Z | $ | 0.00423 | $ | 0.05962 | $ | 0.01219 | $ | 14.79 | |||||||||||
Columbia Acorn Emerging Markets FundSM | |||||||||||||||||||
Class A | None | None | $ | 0.00857 | $ | 13.60 | |||||||||||||
Class I | None | None | $ | 0.00857 | $ | 13.66 | |||||||||||||
Class R4 | None | None | $ | 0.00857 | $ | 13.73 | |||||||||||||
Class R5 | None | None | $ | 0.00857 | $ | 13.73 | |||||||||||||
Class Y | None | None | $ | 0.00857 | $ | 13.61 | |||||||||||||
Class Z | None | None | $ | 0.00857 | $ | 13.64 | |||||||||||||
Columbia Acorn European FundSM | |||||||||||||||||||
Class A | $ | 0.05036 | $ | 0.02551 | $ | 0.00589 | $ | 16.00 | |||||||||||
Class C | $ | 0.05036 | $ | 0.02551 | None | $ | 15.82 | ||||||||||||
Class I | $ | 0.05036 | $ | 0.02551 | $ | 0.00589 | $ | 16.01 | |||||||||||
Class R5 | $ | 0.05036 | $ | 0.02551 | $ | 0.00589 | $ | 16.16 | |||||||||||
Class Z | $ | 0.05036 | $ | 0.02551 | $ | 0.00589 | $ | 16.02 | |||||||||||
2
Understanding Your Expenses
As a shareholder, you incur two types of costs. There are transaction costs, which generally include sales charges on purchases and may include redemption fees. There are also ongoing costs, which generally include management fees, distribution and service (Rule 12b-1) fees, and other Fund expenses. The following information is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to help you compare these costs with the ongoing costs of investing in other mutual funds.
Analyzing Your Fund's Expenses
To illustrate these ongoing costs, we have provided examples and calculated the expenses paid by investors in Class A, B, C, I, R, R4, R5, Y and Z shares of the Funds during the period. The actual and hypothetical information in the tables is based on an initial investment of $1,000 at the beginning of the period indicated and held for the entire period. Expense information is calculated two ways and each method provides you with different information. The amount listed in the "Actual" column is calculated using the Funds' actual operating expenses and total return for the period. You may use the Actual information, together with the amount invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the results by the expenses paid during the period under the Actual column. The amount listed in the "Hypothetical" column assumes a 5% annual rate of return before expenses (which is not the Funds' actual return) and then applies the Funds' actual expense ratio for the period to the hypothetical return. You should not use the hypothetical account values and expenses to estimate either your actual account balance at the end of the period or the expenses you paid during the period. See "Compare With Other Funds" below for details on how to use the hypothetical data.
In addition to the ongoing expenses which the Funds bear directly, Columbia Thermostat Fund's shareholders indirectly bear the Fund's allocable share of the costs and expenses of each underlying fund in which the Fund invests. You can also estimate the effective expenses paid during the period, which includes the indirect fees associated with investing in the underlying funds, by using the amounts listed in the effective expenses paid during the period column in the "Fund of Funds" table.
Compare With Other Funds
Since all mutual funds are required to include the same hypothetical calculations about expenses in shareholder reports, you can use this information to compare the ongoing cost of investing in the Funds with other funds. To do so, compare the hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of other funds. As you compare hypothetical examples of other funds, it is important to note that hypothetical examples are meant to highlight the ongoing costs of investing in a fund only and do not reflect any transaction costs, such as sales charges, or redemption or exchange fees. Therefore, the hypothetical calculations are useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If transaction costs were included in these calculations, your costs would be higher.
January 1, 2014 – June 30, 2014
| Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund's annualized expense ratio (%) | ||||||||||||||||||||||||||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |||||||||||||||||||||||||
Columbia Acorn® Fund | |||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,000.00 | 1,024.70 | 1,019.49 | 5.37 | 5.36 | 1.07 | ||||||||||||||||||||||||
Class B | 1,000.00 | 1,000.00 | 1,021.50 | 1,016.22 | 8.67 | 8.65 | 1.73 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,000.00 | 1,021.30 | 1,016.02 | 8.87 | 8.85 | 1.77 | ||||||||||||||||||||||||
Class I | 1,000.00 | 1,000.00 | 1,026.60 | 1,021.32 | 3.52 | 3.51 | 0.70 | ||||||||||||||||||||||||
Class R4 | 1,000.00 | 1,000.00 | 1,026.20 | 1,020.73 | 4.12 | 4.11 | 0.82 | ||||||||||||||||||||||||
Class R5 | 1,000.00 | 1,000.00 | 1,026.50 | 1,021.08 | 3.77 | 3.76 | 0.75 | ||||||||||||||||||||||||
Class Y | 1,000.00 | 1,000.00 | 1,027.00 | 1,021.32 | 3.52 | 3.51 | 0.70 | ||||||||||||||||||||||||
Class Z | 1,000.00 | 1,000.00 | 1,026.40 | 1,020.88 | 3.97 | 3.96 | 0.79 | ||||||||||||||||||||||||
3
Understanding Your Expenses, continued
| Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund's annualized expense ratio (%) | ||||||||||||||||||||||||||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |||||||||||||||||||||||||
Columbia Acorn International® | |||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,000.00 | 1,058.40 | 1,018.74 | 6.23 | 6.11 | 1.22 | ||||||||||||||||||||||||
Class B | 1,000.00 | 1,000.00 | 1,054.50 | 1,015.08 | 9.98 | 9.79 | 1.96 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,000.00 | 1,054.50 | 1,015.08 | 9.98 | 9.79 | 1.96 | ||||||||||||||||||||||||
Class I | 1,000.00 | 1,000.00 | 1,060.20 | 1,020.58 | 4.34 | 4.26 | 0.85 | ||||||||||||||||||||||||
Class R | 1,000.00 | 1,000.00 | 1,056.30 | 1,016.71 | 8.31 | 8.15 | 1.63 | ||||||||||||||||||||||||
Class R4 | 1,000.00 | 1,000.00 | 1,059.20 | 1,019.69 | 5.26 | 5.16 | 1.03 | ||||||||||||||||||||||||
Class R5 | 1,000.00 | 1,000.00 | 1,060.10 | 1,020.33 | 4.60 | 4.51 | 0.90 | ||||||||||||||||||||||||
Class Y | 1,000.00 | 1,000.00 | 1,060.30 | 1,020.58 | 4.34 | 4.26 | 0.85 | ||||||||||||||||||||||||
Class Z | 1,000.00 | 1,000.00 | 1,060.10 | 1,020.23 | 4.70 | 4.61 | 0.92 | ||||||||||||||||||||||||
Columbia Acorn USA® | |||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,000.00 | 1,025.70 | 1,018.20 | 6.68 | 6.66 | 1.33 | ||||||||||||||||||||||||
Class B | 1,000.00 | 1,000.00 | 1,021.10 | 1,013.84 | 11.07 | 11.03 | 2.21 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,000.00 | 1,022.30 | 1,014.93 | 9.98 | 9.94 | 1.99 | ||||||||||||||||||||||||
Class I | 1,000.00 | 1,000.00 | 1,028.00 | 1,020.43 | 4.42 | 4.41 | 0.88 | ||||||||||||||||||||||||
Class R4 | 1,000.00 | 1,000.00 | 1,027.00 | 1,019.54 | 5.33 | 5.31 | 1.06 | ||||||||||||||||||||||||
Class R5 | 1,000.00 | 1,000.00 | 1,027.60 | 1,019.89 | 4.98 | 4.96 | 0.99 | ||||||||||||||||||||||||
Class Y | 1,000.00 | 1,000.00 | 1,027.80 | 1,020.23 | 4.63 | 4.61 | 0.92 | ||||||||||||||||||||||||
Class Z | 1,000.00 | 1,000.00 | 1,026.90 | 1,019.49 | 5.38 | 5.36 | 1.07 | ||||||||||||||||||||||||
Columbia Acorn International SelectSM | |||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,000.00 | 1,095.70 | 1,017.55 | 7.59 | 7.30 | 1.46 | ||||||||||||||||||||||||
Class B | 1,000.00 | 1,000.00 | 1,092.30 | 1,014.38 | 10.89 | 10.49 | 2.10 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,000.00 | 1,091.60 | 1,013.74 | 11.56 | 11.13 | 2.23 | ||||||||||||||||||||||||
Class I | 1,000.00 | 1,000.00 | 1,098.00 | 1,019.34 | 5.72 | 5.51 | 1.10 | ||||||||||||||||||||||||
Class R4 | 1,000.00 | 1,000.00 | 1,097.10 | 1,018.74 | 6.34 | 6.11 | 1.22 | ||||||||||||||||||||||||
Class R5 | 1,000.00 | 1,000.00 | 1,097.50 | 1,019.14 | 5.93 | 5.71 | 1.14 | ||||||||||||||||||||||||
Class Y | 1,000.00 | 1,000.00 | 1,097.90 | 1,019.39 | 5.67 | 5.46 | 1.09 | ||||||||||||||||||||||||
Class Z | 1,000.00 | 1,000.00 | 1,097.30 | 1,018.99 | 6.08 | 5.86 | 1.17 | ||||||||||||||||||||||||
Columbia Acorn SelectSM | |||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,000.00 | 1,012.20 | 1,018.25 | 6.59 | 6.61 | 1.32 | ||||||||||||||||||||||||
Class B | 1,000.00 | 1,000.00 | 1,008.40 | 1,014.43 | 10.41 | 10.44 | 2.09 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,000.00 | 1,008.50 | 1,014.68 | 10.16 | 10.19 | 2.04 | ||||||||||||||||||||||||
Class I | 1,000.00 | 1,000.00 | 1,013.80 | 1,020.13 | 4.69 | 4.71 | 0.94 | ||||||||||||||||||||||||
Class R4 | 1,000.00 | 1,000.00 | 1,013.30 | 1,019.14 | 5.69 | 5.71 | 1.14 | ||||||||||||||||||||||||
Class R5 | 1,000.00 | 1,000.00 | 1,013.70 | 1,019.84 | 4.99 | 5.01 | 1.00 | ||||||||||||||||||||||||
Class Y | 1,000.00 | 1,000.00 | 1,014.00 | 1,020.08 | 4.74 | 4.76 | 0.95 | ||||||||||||||||||||||||
Class Z | 1,000.00 | 1,000.00 | 1,013.50 | 1,019.64 | 5.19 | 5.21 | 1.04 | ||||||||||||||||||||||||
4
| Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund's annualized expense ratio (%) | ||||||||||||||||||||||||||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | |||||||||||||||||||||||||
Columbia Acorn Emerging Markets FundSM | |||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,000.00 | 1,032.80 | 1,016.96 | 7.96 | 7.90 | 1.58 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,000.00 | 1,028.50 | 1,013.24 | 11.72 | 11.63 | 2.33 | ||||||||||||||||||||||||
Class I | 1,000.00 | 1,000.00 | 1,034.20 | 1,018.79 | 6.10 | 6.06 | 1.21 | ||||||||||||||||||||||||
Class R4 | 1,000.00 | 1,000.00 | 1,034.00 | 1,018.45 | 6.46 | 6.41 | 1.28 | ||||||||||||||||||||||||
Class R5 | 1,000.00 | 1,000.00 | 1,034.00 | 1,018.50 | 6.40 | 6.36 | 1.27 | ||||||||||||||||||||||||
Class Y | 1,000.00 | 1,000.00 | 1,034.30 | 1,018.70 | 6.20 | 6.16 | 1.23 | ||||||||||||||||||||||||
Class Z | 1,000.00 | 1,000.00 | 1,033.50 | 1,018.10 | 6.81 | 6.76 | 1.35 | ||||||||||||||||||||||||
Columbia Acorn European FundSM | |||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,000.00 | 1,023.10 | 1,016.12 | 8.78 | 8.75 | 1.75 | ||||||||||||||||||||||||
Class C | 1,000.00 | 1,000.00 | 1,019.70 | 1,012.40 | 12.52 | 12.47 | 2.50 | ||||||||||||||||||||||||
Class I | 1,000.00 | 1,000.00 | 1,024.30 | 1,017.55 | 7.33 | 7.30 | 1.46 | ||||||||||||||||||||||||
Class R4* | 1,000.00 | 1,000.00 | 1,012.00 | 1,017.41 | 0.16 | 7.45 | 1.49 | ||||||||||||||||||||||||
Class R5 | 1,000.00 | 1,000.00 | 1,024.10 | 1,017.26 | 7.63 | 7.60 | 1.52 | ||||||||||||||||||||||||
Class Z | 1,000.00 | 1,000.00 | 1,024.30 | 1,017.36 | 7.53 | 7.50 | 1.50 | ||||||||||||||||||||||||
Fund of Funds—Columbia Thermostat Fund
January 1, 2014 — June 30, 2014
| Account value at the beginning of the period ($) | Account value at the end of the period ($) | Expenses paid during the period ($) | Fund's annualized expense ratio (%) | Effective expenses paid during the period ($) | Fund's effective annualized expense ratio (%) | ||||||||||||||||||||||||||||||||||||||
Actual | Hypothetical | Actual | Hypothetical | Actual | Hypothetical | Actual | Actual | Hypothetical | Actual | ||||||||||||||||||||||||||||||||||
Columbia Thermostat FundSM | |||||||||||||||||||||||||||||||||||||||||||
Class A | 1,000.00 | 1,000.00 | 1,038.90 | 1,022.32 | 2.53 | 2.51 | 0.50 | 5.21 | 5.16 | 1.03 | |||||||||||||||||||||||||||||||||
Class B | 1,000.00 | 1,000.00 | 1,036.50 | 1,019.84 | 5.05 | 5.01 | 1.00 | 7.73 | 7.66 | 1.53 | |||||||||||||||||||||||||||||||||
Class C | 1,000.00 | 1,000.00 | 1,035.20 | 1,018.60 | 6.31 | 6.26 | 1.25 | 8.98 | 8.91 | 1.78 | |||||||||||||||||||||||||||||||||
Class R4 | 1,000.00 | 1,000.00 | 1,040.60 | 1,023.55 | 1.26 | 1.25 | 0.25 | 3.95 | 3.91 | 0.78 | |||||||||||||||||||||||||||||||||
Class R5 | 1,000.00 | 1,000.00 | 1,041.20 | 1,023.65 | 1.16 | 1.15 | 0.23 | 3.85 | 3.81 | 0.76 | |||||||||||||||||||||||||||||||||
Class Y | 1,000.00 | 1,000.00 | 1,041.30 | 1,023.90 | 0.91 | 0.90 | 0.18 | 3.59 | 3.56 | 0.71 | |||||||||||||||||||||||||||||||||
Class Z | 1,000.00 | 1,000.00 | 1,040.70 | 1,023.55 | 1.26 | 1.25 | 0.25 | 3.95 | 3.91 | 0.78 | |||||||||||||||||||||||||||||||||
Expenses paid during the period are equal to the annualized expense ratio, multiplied by the average account value over the period and then multiplied by the number of days in the Fund's most recent fiscal half year and divided by 365.
Except with respect to Columbia Thermostat Fund, expenses do not include any fees and expenses incurred indirectly by a Fund from the underlying funds in which the Fund may invest (also referred to as "acquired funds"), including affiliated and non-affiliated pooled investments vehicles (including mutual funds and exchange traded funds).
In the case of Columbia Thermostat Fund, effective expenses paid during the period and the Fund's effective annualized expense ratio include expenses borne directly by the class plus the Fund's pro rata portion of the ongoing expenses charged by the underlying funds using the expense ratio of each class of the underlying funds as of the underlying fund's most recent shareholder report.
Had the investment manager and/or certain of its affiliates not waived/reimbursed certain fees and expenses for Columbia Acorn International, Columbia Acorn Select, Columbia Thermostat Fund and Columbia Acorn European Fund, account value at the end of the period would have been reduced.
* Class R4 shares of Columbia Acorn European Fund commenced operations on June 25, 2014.
5
Columbia Acorn Family of Funds
Share Class Performance Average Annual Total Returns through 6/30/14
Class A | Class B | Class C | Class I | Class R | Class R4 | Class R5 | Class Y | Class Z | |||||||||||||||||||||||||||||||||||||||||||
| Without Sales Charge | With Sales Charge | Without Sales Charge | With Sales Charge | Without Sales Charge | With Sales Charge | ||||||||||||||||||||||||||||||||||||||||||||||
Columbia Acorn® Fund | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year to date* | 2.47 | % | -3.42 | % | 2.15 | % | -2.83 | % | 2.13 | % | 1.13 | % | 2.66 | % | NA | 2.62 | % | 2.65 | % | 2.70 | % | 2.64 | % | ||||||||||||||||||||||||||||
| 1 year | 21.18 | % | 14.21 | % | 20.40 | % | 15.40 | % | 20.35 | % | 19.35 | % | 21.64 | % | NA | 21.52 | % | 21.59 | % | 21.66 | % | 21.57 | % | ||||||||||||||||||||||||||||
| 5 years | 19.00 | % | 17.60 | % | 18.31 | % | 18.11 | % | 18.12 | % | 18.12 | % | 19.42 | % | NA | 19.35 | % | 19.37 | % | 19.40 | % | 19.36 | % | ||||||||||||||||||||||||||||
| 10 years | 9.45 | % | 8.80 | % | 8.77 | % | 8.77 | % | 8.61 | % | 8.61 | % | 9.80 | % | NA | 9.76 | % | 9.78 | % | 9.79 | % | 9.77 | % | ||||||||||||||||||||||||||||
Columbia Acorn International® | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year to date* | 5.84 | % | -0.23 | % | 5.45 | % | 0.45 | % | 5.45 | % | 4.45 | % | 6.02 | % | 5.63 | % | 5.92 | % | 6.01 | % | 6.03 | % | 6.01 | % | |||||||||||||||||||||||||||
| 1 year | 22.15 | % | 15.13 | % | 21.23 | % | 16.23 | % | 21.23 | % | 20.23 | % | 22.60 | % | 21.63 | % | 22.41 | % | 22.54 | % | 22.60 | % | 22.51 | % | |||||||||||||||||||||||||||
| 5 years | 15.27 | % | 13.91 | % | 14.49 | % | 14.25 | % | 14.40 | % | 14.40 | % | 15.71 | % | 14.90 | % | 15.63 | % | 15.66 | % | 15.68 | % | 15.65 | % | |||||||||||||||||||||||||||
| 10 years | 11.63 | % | 10.97 | % | 10.88 | % | 10.88 | % | 10.77 | % | 10.77 | % | 12.03 | % | 11.29 | % | 11.99 | % | 12.00 | % | 12.02 | % | 12.00 | % | |||||||||||||||||||||||||||
Columbia Acorn USA® | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year to date* | 2.57 | % | -3.32 | % | 2.11 | % | -2.89 | % | 2.23 | % | 1.23 | % | 2.80 | % | NA | 2.70 | % | 2.76 | % | 2.78 | % | 2.69 | % | ||||||||||||||||||||||||||||
| 1 year | 21.93 | % | 14.93 | % | 20.91 | % | 15.91 | % | 21.17 | % | 20.17 | % | 22.50 | % | NA | 22.35 | % | 22.39 | % | 22.45 | % | 22.28 | % | ||||||||||||||||||||||||||||
| 5 years | 19.64 | % | 18.22 | % | 18.82 | % | 18.62 | % | 18.76 | % | 18.76 | % | 20.08 | % | NA | 19.99 | % | 20.01 | % | 20.02 | % | 19.97 | % | ||||||||||||||||||||||||||||
| 10 years | 8.23 | % | 7.59 | % | 7.51 | % | 7.51 | % | 7.41 | % | 7.41 | % | 8.58 | % | NA | 8.54 | % | 8.55 | % | 8.56 | % | 8.54 | % | ||||||||||||||||||||||||||||
Columbia Acorn International SelectSM | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year to date* | 9.57 | % | 3.28 | % | 9.23 | % | 4.23 | % | 9.16 | % | 8.16 | % | 9.80 | % | NA | 9.71 | % | 9.75 | % | 9.79 | % | 9.73 | % | ||||||||||||||||||||||||||||
| 1 year | 23.24 | % | 16.14 | % | 22.48 | % | 17.48 | % | 22.28 | % | 21.28 | % | 23.75 | % | NA | 23.55 | % | 23.68 | % | 23.76 | % | 23.64 | % | ||||||||||||||||||||||||||||
| 5 years | 14.88 | % | 13.53 | % | 14.15 | % | 13.91 | % | 13.97 | % | 13.97 | % | 15.33 | % | NA | 15.25 | % | 15.27 | % | 15.29 | % | 15.26 | % | ||||||||||||||||||||||||||||
| 10 years | 10.75 | % | 10.09 | % | 10.05 | % | 10.05 | % | 9.88 | % | 9.88 | % | 11.14 | % | NA | 11.10 | % | 11.11 | % | 11.12 | % | 11.11 | % | ||||||||||||||||||||||||||||
Columbia Acorn SelectSM | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year to date* | 1.22 | % | -4.60 | % | 0.84 | % | -3.92 | % | 0.85 | % | -0.10 | % | 1.38 | % | NA | 1.33 | % | 1.37 | % | 1.40 | % | 1.35 | % | ||||||||||||||||||||||||||||
| 1 year | 20.90 | % | 13.96 | % | 19.94 | % | 15.43 | % | 20.03 | % | 19.13 | % | 21.32 | % | NA | 21.19 | % | 21.28 | % | 21.36 | % | 21.21 | % | ||||||||||||||||||||||||||||
| 5 years | 16.61 | % | 15.24 | % | 15.84 | % | 15.62 | % | 15.71 | % | 15.71 | % | 17.04 | % | NA | 16.93 | % | 16.95 | % | 16.97 | % | 16.94 | % | ||||||||||||||||||||||||||||
| 10 years | 7.97 | % | 7.33 | % | 7.25 | % | 7.25 | % | 7.12 | % | 7.12 | % | 8.32 | % | NA | 8.27 | % | 8.28 | % | 8.29 | % | 8.28 | % | ||||||||||||||||||||||||||||
Columbia Thermostat FundSM | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year to date* | 3.89 | % | -2.09 | % | 3.65 | % | -1.35 | % | 3.52 | % | 2.52 | % | NA | NA | 4.06 | % | 4.12 | % | 4.13 | % | 4.07 | % | |||||||||||||||||||||||||||||
| 1 year | 8.90 | % | 2.62 | % | 8.32 | % | 3.32 | % | 8.06 | % | 7.06 | % | NA | NA | 9.16 | % | 9.25 | % | 9.28 | % | 9.20 | % | |||||||||||||||||||||||||||||
| 5 years | 14.10 | % | 12.76 | % | 13.54 | % | 13.29 | % | 13.27 | % | 13.27 | % | NA | NA | 14.38 | % | 14.41 | % | 14.43 | % | 14.40 | % | |||||||||||||||||||||||||||||
| 10 years | 6.77 | % | 6.14 | % | 6.22 | % | 6.22 | % | 5.98 | % | 5.98 | % | NA | NA | 7.04 | % | 7.05 | % | 7.06 | % | 7.04 | % | |||||||||||||||||||||||||||||
Columbia Acorn Emerging Markets FundSM | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year to date* | 3.28 | % | -2.69 | % | NA | NA | 2.85 | % | 1.85 | % | 3.42 | % | NA | 3.40 | % | 3.40 | % | 3.43 | % | 3.35 | % | ||||||||||||||||||||||||||||||
| 1 year | 15.87 | % | 9.22 | % | NA | NA | 14.93 | % | 13.93 | % | 16.28 | % | NA | 16.23 | % | 16.27 | % | 16.32 | % | 16.15 | % | ||||||||||||||||||||||||||||||
Life of Fund | 12.40 | % | 10.10 | % | NA | NA | 11.60 | % | 11.60 | % | 12.85 | % | NA | 12.81 | % | 12.81 | % | 12.81 | % | 12.72 | % | ||||||||||||||||||||||||||||||
Columbia Acorn European FundSM | |||||||||||||||||||||||||||||||||||||||||||||||||||
Year to date* | 2.31 | % | -3.60 | % | NA | NA | 1.97 | % | 0.97 | % | 2.43 | % | NA | 2.43 | % | 2.41 | % | NA | 2.43 | % | |||||||||||||||||||||||||||||||
| 1 year | 27.31 | % | 19.99 | % | NA | NA | 26.40 | % | 25.40 | % | 27.66 | % | NA | 27.68 | % | 27.62 | % | NA | 27.69 | % | |||||||||||||||||||||||||||||||
Life of Fund | 18.57 | % | 16.15 | % | NA | NA | 17.72 | % | 17.72 | % | 18.90 | % | NA | 18.88 | % | 18.87 | % | NA | 18.88 | % | |||||||||||||||||||||||||||||||
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 Pages 124-125 of this report for information on contractual fee waiver and expense reimbursement agreements in place on June 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 7.
6
Fund Performance vs. Benchmarks Class Z Average Annual Total Returns through 6/30/14
| Class Z Shares | 2nd quarter* | Year to date* | 1 year | 5 years | 10 years | Life of Fund | |||||||||||||||||||||
| Columbia Acorn® Fund (ACRNX) (6/10/70) | 2.66 | % | 2.64 | % | 21.57 | % | 19.36 | % | 9.77 | % | 14.82 | % | |||||||||||||||
Russell 2500 Index | 3.57 | % | 5.95 | % | 25.58 | % | 21.63 | % | 9.78 | % | NA | ||||||||||||||||
S&P 500 Index** | 5.23 | % | 7.14 | % | 24.61 | % | 18.83 | % | 7.78 | % | 11.06 | % | |||||||||||||||
Russell 2000 Index | 2.05 | % | 3.19 | % | 23.64 | % | 20.21 | % | 8.70 | % | NA | ||||||||||||||||
Lipper Mid-Cap Growth Funds Index | 2.89 | % | 4.30 | % | 24.62 | % | 19.19 | % | 9.39 | % | NA | ||||||||||||||||
| Columbia Acorn International® (ACINX) (9/23/92) | 4.73 | % | 6.01 | % | 22.51 | % | 15.65 | % | 12.00 | % | 11.66 | % | |||||||||||||||
S&P Global Ex-U.S. Between $500M and $5B Index | 5.39 | % | 7.70 | % | 23.35 | % | 14.09 | % | 10.55 | % | 8.97 | % | |||||||||||||||
S&P Global Ex-U.S. SmallCap Index | 4.09 | % | 7.47 | % | 27.02 | % | 14.90 | % | 10.19 | % | 8.46 | % | |||||||||||||||
MSCI EAFE Index (Net) | 4.09 | % | 4.78 | % | 23.57 | % | 11.77 | % | 6.93 | % | 6.59 | % | |||||||||||||||
Lipper International Small/Mid Growth Funds Index | 2.11 | % | 4.38 | % | 24.46 | % | 16.99 | % | 10.95 | % | NA | ||||||||||||||||
| Columbia Acorn USA® (AUSAX) (9/4/96) | 2.04 | % | 2.69 | % | 22.28 | % | 19.97 | % | 8.54 | % | 11.08 | % | |||||||||||||||
Russell 2000 Index | 2.05 | % | 3.19 | % | 23.64 | % | 20.21 | % | 8.70 | % | 8.85 | % | |||||||||||||||
Lipper Small-Cap Growth Funds Index | 0.52 | % | 0.04 | % | 21.73 | % | 19.23 | % | 7.91 | % | 7.32 | % | |||||||||||||||
| Columbia Acorn Int'l SelectSM (ACFFX) (11/23/98) | 6.52 | % | 9.73 | % | 23.64 | % | 15.26 | % | 11.11 | % | 10.24 | % | |||||||||||||||
S&P Developed Ex-U.S. Between $2B and $10B Index | 4.82 | % | 7.18 | % | 25.07 | % | 13.67 | % | 8.89 | % | 8.29 | % | |||||||||||||||
MSCI EAFE Index (Net) | 4.09 | % | 4.78 | % | 23.57 | % | 11.77 | % | 6.93 | % | 4.94 | % | |||||||||||||||
Lipper International Small/Mid Growth Funds Index | 2.11 | % | 4.38 | % | 24.46 | % | 16.99 | % | 10.95 | % | 11.09 | % | |||||||||||||||
| Columbia Acorn SelectSM (ACTWX) (11/23/98) | 1.69 | % | 1.35 | % | 21.21 | % | 16.94 | % | 8.28 | % | 10.56 | % | |||||||||||||||
S&P MidCap 400 Index | 4.33 | % | 7.50 | % | 25.24 | % | 21.67 | % | 10.50 | % | 10.82 | % | |||||||||||||||
S&P 500 Index** | 5.23 | % | 7.14 | % | 24.61 | % | 18.83 | % | 7.78 | % | 5.34 | % | |||||||||||||||
Lipper Mid-Cap Core Funds Index | 4.07 | % | 7.05 | % | 26.11 | % | 19.99 | % | 9.30 | % | 9.41 | % | |||||||||||||||
| Columbia Thermostat FundSM (COTZX) (9/25/02) | 2.09 | % | 4.07 | % | 9.20 | % | 14.40 | % | 7.04 | % | 8.21 | % | |||||||||||||||
S&P 500 Index | 5.23 | % | 7.14 | % | 24.61 | % | 18.83 | % | 7.78 | % | 9.91 | % | |||||||||||||||
Barclays U.S. Aggregate Bond Index | 2.04 | % | 3.93 | % | 4.37 | % | 4.85 | % | 4.93 | % | 4.70 | % | |||||||||||||||
Lipper Flexible Portfolio Funds Index | 3.97 | % | 5.99 | % | 17.92 | % | 13.21 | % | 7.02 | % | 8.54 | % | |||||||||||||||
50/50 Blended Benchmark | 3.63 | % | 5.58 | % | 14.21 | % | 11.92 | % | 6.65 | % | 7.58 | % | |||||||||||||||
| Columbia Acorn Emerging Markets FundSM (CEFZX) (8/19/11) | 4.36 | % | 3.35 | % | 16.15 | % | — | — | 12.72 | % | |||||||||||||||||
S&P Emerging Markets Between $500M and $5B Index | 7.18 | % | 7.94 | % | 14.07 | % | — | — | 6.01 | % | |||||||||||||||||
MSCI Emerging Markets Small Cap Index | 5.25 | % | 8.98 | % | 14.20 | % | — | — | 4.09 | % | |||||||||||||||||
Lipper Emerging Markets Index | 6.99 | % | 6.53 | % | 14.31 | % | — | — | 5.85 | % | |||||||||||||||||
| Columbia Acorn European Fund (CAEZX)SM (8/19/11) | 0.83 | % | 2.43 | % | 27.69 | % | — | — | 18.88 | % | |||||||||||||||||
S&P Europe Between $500M and $5B Index | 0.48 | % | 6.69 | % | 37.50 | % | — | — | 21.36 | % | |||||||||||||||||
Euromoney Smaller European Companies Index | -0.04 | % | 7.49 | % | 39.64 | % | — | — | 20.11 | % | |||||||||||||||||
Lipper European Region Index | 2.03 | % | 3.99 | % | 28.76 | % | — | — | 18.68 | % | |||||||||||||||||
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 8 for a description of the indexes listed above.
7
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.
8
Squirrel Chatter II: High Frequency Trading
Non-fiction author and financial journalist Michael Lewis released a new book titled Flash Boys. In it, Lewis claims that the stock market is rigged for the benefit of high frequency traders (HF Traders) and big Wall Street banks. HF Traders have the quickest communications links to the stock exchanges and trade using superfast computers running complex programs, allegedly giving them the ability to manipulate trades to their advantage. While regulators are focusing greater attention on high frequency trading, our trading desk here at Columbia Wanger Asset Management (CWAM), which trades for the Columbia Acorn Funds, has long been aware of this behavior and seeks to mitigate risks to shareholders.
How it Works
Lewis's book centers on a stock trader initially working for a bank's brokerage subsidiary in New York. Beginning in late 2006, the trader noticed that when he placed orders to buy or sell a stock, he transacted a very small fraction of the stock that had been quoted, and needed to pay up to buy, or receive a lower price to sell, the remainder of his order. The problem quickly worsened and the trader confirmed with others that the market had changed. He concluded that large buyers and sellers were systematically being front-run.1 The stock market had transitioned away from block trades and toward much smaller and more frequent trades.
Through ingenious sleuthing, the trader and his growing staff of technical experts deduced what had happened. The stock market had become fragmented into numerous smaller markets as a result of Regulation National Market System, which was implemented in 2007.2 By early 2008, there were, in fact, 13 stock exchanges3 where computers displayed prices and volumes of stocks bid, and offered and matched buyers with sellers. An order placed to all 13 public exchanges did not arrive simultaneously at the exchanges. Although all were then located in northern New Jersey and connected to brokers by fiber optic cables, the trades typically arrived several thousandths of a second apart. The first exchange receiving an order tended to honor its quote of stock available for
purchase or sale. However, according to Lewis, HF Traders detected underlying orders at the first exchange and then front-ran the same order at the other exchanges.
HF Traders also profit from other measures. Some exchanges make small payments to those listing stock bids or offers in order to boost volume. HF Traders provide small listings at the "best price" and accept the subsidies. When transactions occur, HF Traders then front-run the additional trades that they expect. Lewis calls those small listings "bait."
HF Traders also detect slight, fleeting differences in prices between one market and another, and arbitrage by buying stocks where they are quoted lower and quickly selling them where they are quoted higher. In total, HF Traders accounted for around 50% of stock market volume between 2008 and 2013.4
As a response to front-running by HF Traders, many large brokerage firms have created private "dark pools" for institutional investors to confidentially trade large volumes of stocks. The dark pools publicly report transactions only after they happen and promise not to disclose quotes for large blocks of stocks, which might tip off front-runners.
Lewis believes that many of the exchanges and dark pools have been corrupted by huge payments from HF Traders in exchange for special fast access to public data, access to confidential data regarding customers and orders,5 and/or the creation of strange new order types that benefit the HF Traders. Some of the trading venues have around 150 order types, far beyond the common "market" and "limit" orders. New order types include "Hide Not Slide," which enable HF Traders to be the first to buy shares at a slightly higher price should all shares offered below that price be bought.6 The HF Traders then expect to quickly flip those shares to the underlying buyer at even higher prices.
Lewis also alleges that some on-line brokers delivered all client orders to HF Traders in exchange for hundreds of millions of dollars yearly. He implies that in exchange for such payments, brokers allowed HF Traders to take advantage of their underlying clients. There have been years when the largest HF Traders' firms have had profits
9
exceeding a billion dollars, much of that achieved by what Lewis believes are surreptitious means.
Meanwhile, the New York trader, who is the subject of Lewis's book, and many of his technical experts, disgusted with what they viewed as long-term investors being ripped off, left the brokerage subsidiary and created a new dark pool named IEX in late 2013.7 IEX's primary approach is to utilize technology that foils HF Traders' speed advantage by delaying matching orders a fraction of a second; just long enough that HF Traders cannot front-run trades. IEX also does not provide HF Traders any speed or information advantages. IEX is striving to become a full-fledged stock exchange.
Regulatory Response
Regulators were examining exchanges, dark pools and high frequency trading prior to the publication of Flash Boys and, since the publication, new investigations by the Securities and Exchange Commission (SEC), Department of Justice, Federal Bureau of Investigation, New York Attorney General and the Senate Permanent Subcommittee on Investigations have begun. Many facts concerning high frequency trading and its risks remain unclear, especially with respect to information disclosures to HF Traders and payments by HF Traders. Though investors should be concerned, definitive facts should precede decisive conclusions.
In the meantime, market reforms have been proposed by economists, regulators and large investors. Some simply propose to reduce or eliminate HF Traders' speed advantage, which in turn would reduce front-running. Transactions on all venues could be randomly delayed a fraction of a second,8 or all transactions could be done via frequent matching of orders at discrete time intervals a second apart.9 One other proposal is to simply replace "best price" with "best execution," allowing brokers to pursue larger blocks at slightly higher prices rather than the cheapest 100 shares, in an effort to not show intentions to HF Traders and get a better total price for the whole transaction.10
As another alternative, the SEC has directed the U.S. stock exchanges and their self-regulatory body, FINRA, to create a plan to trade three groups of 100 stocks each
at $0.05 increments, causing a $0.05 spread between bid and ask prices.11 One group would be bound to the $0.05 increment, some exceptions such as trades at midpoints between bids and asks would be allowed for the second group, and some off-exchange trading would be allowed for the third. The experiment would determine whether mandated higher spreads would result in larger-sized and longer-lasting bid and ask quotations.
Trading for the Columbia Acorn Funds
Although Flash Boys has created some sensational headlines, the CWAM trading desk has long been aware of the issue. Like others in the markets, our traders saw the same changes in the stock market beginning in late 2006. We were doing substantial business with Lewis's featured trader and his trading desk, and the IEX team subsequently visited us prior to launching their dark pool. We have been an increasingly active client of IEX, and we support its efforts to increase fairness in the stock market.
Our traders attend industry forums, which have been discussing high frequency trading for years. The difficulty we and others face is in identifying where and how HF Traders may be affecting quality of execution. We review our executions with our trading partners on a daily basis and, through both experience and industry discussions, develop views as to where high frequency trading may be prevalent. In an effort to achieve best execution on Fund trades, we've adopted new technologies including customized computer algorithms that aim to increase liquidity without alerting front-runners. We place price limits on virtually every order, which can protect our shareholders against unanticipated volatility. We often use minimum order fill quantities and direct orders to exchanges and dark pools where we believe we can get the best execution. We've boycotted exchanges and dark pools that appeared to us to be infested with HF Traders and toxic to long-term investors.
Due to changes in regulations, consolidation of the brokerage industry, and the advent of HF Traders, there are few firms willing to take positions in stocks and make substantial markets in them. Instead, there are brokers with expertise in certain small- and mid-cap stocks, and they stay in touch with potential buyers and sellers. CWAM traders have relationships with these brokers, through
10
which the Funds seek to achieve larger transactions at better prices.
CWAM has a committee of senior executives and compliance officers that monitor our trading on behalf of the Funds. Under current policies, independent analytical firm Abel Noser calculates our costs of trading (including both prices received versus average trade prices and commission costs), compares those costs to peers, and provides other trading metrics in a detailed quarterly report. CWAM management and CWAM's and the Funds' chief compliance officers review these detailed quarterly reports. The data indicates that CWAM trading consistently compares quite well to its peers.
Ultimately, trading stocks does cost money, and it is hard to tell whether the changes to the market in the last decade have increased those costs. While commission rates have dropped, it is not currently possible to quantify the impact from HF Traders. Keep in mind, however, that we are long-term investors, and our mature funds have portfolio turnover rates that are typically significantly below average portfolio turnover for peer mutual funds. Lower turnover tends to mitigate any adverse impacts HF Traders may have and should be beneficial to shareholders.
Charles P. McQuaid
Portfolio Manager, Analyst and Advisor
Columbia Wanger Asset Management, LLC
The information and data provided in this analysis are derived from sources that we deem to be reliable and accurate. These views are not guarantees of future performance and involve certain risks, uncertainties and assumptions that are difficult to predict so actual outcomes and results may differ significantly from the views expressed. The views/opinions expressed here are those of the author and not of the Columbia Acorn Trust Board, are subject to change at any time based upon economic, market or other conditions, may differ from views expressed by other Columbia Management associates and the respective parties disclaim any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Columbia Acorn Fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any particular Columbia Acorn Fund.
1 Other traders figured out what large investors were trying to do, bought or sold ahead of them, and then transacted to them at less favorable prices.
2 Lewis pointed out that the Regulation was a reform triggered by front-running by two dozen "specialists" who, at that time, had monopoly rights to make markets—show bids and offers—on stocks listed on the New York Stock Exchange (NYSE). The specialists settled front running charges by paying a $241 million fine (Flash Boys, Page 96). The Regulation broke up the monopoly of the NYSE and forced brokers to transact at any "best price" rather than strive toward the "best execution" of an entire block.
3 Michael Lewis, Flash Boys (New York: W. W. Norton & Company, 2014), p. 35.
4 Ibid., p. 108.
5 Some dark pools have in fact recently been subject to enforcement actions for claiming they kept order and trade data confidential while in fact making selective disclosures to HF Traders.
6 Lewis, op. cit., p. 171.
7 The original name, Investors' Exchange, would have had a double-entendre one-word web name, so they opted for an abbreviated version.
8 Steven M. Sears, "Peterffy's Smart Plan for Flash Trades," Barron's, June 23, 2014, p. M11.
9 Eric B. Budish, Peter Cramton and John J. Shim, "The High-Frequency Trading Arms Race: Frequent Batch Auctions as a Market Design Response" (December 23, 2013). Fama-Miller Working Paper; Chicago Booth Research Paper No. 14-03. Available at SSRN: http://ssrn.com/abstract=2388265.
10 Andy Kessler, "High-Frequency Trading Needs One Quick Fix," The Wall Street Journal, June 16, 2014, p. A15.
11 Scott Patterson, "SEC Offers Details on Five-Cent Tick Test," The Wall Street Journal, June 25, 2014, p. C3.
11
Columbia Acorn® Fund
In a Nutshell
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| 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 first half of 2014 up 2.64%, underperforming the 5.95% gain of its primary benchmark, the Russell 2500 Index. In the second quarter, the Fund rose 2.66% versus the 3.57% return of the benchmark. Fund relative returns continued to be negatively impacted by our growth-at-a-reasonable-price (GARP) approach, which has been out of favor in recent quarters. In the first quarter, momentum stocks were the top performers and in the second quarter we saw a switch to the other extreme as stocks paying high dividends, like utilities and REITs, did well. As GARP investors, the stocks we like fall between these two ends.
Three of the Fund's top 10 dollar contributors year to date came from the biotech and pharmaceutical industries. Orphan drug specialist Synageva BioPharma gained 62% through the end of June and 26% in the second quarter on encouraging test results. Akorn, a developer and manufacturer of specialty generic drugs, ended the six-month period up 35% and rose 51% in the second quarter on rumored price increases for generics. Ultra-orphan drug developer Ultragenyx Pharmaceutical's 240% half-year gain was driven by strong post-IPO stock performance, as investors got up to speed on the company's solid fundamentals.
Fund holdings in the telecommunications sector were also strong during both periods, with winners coming from three different telecom business models. Fiber optic telephone and data services provider tw telecom gained 30% for the six-month period and 27% in the second quarter on news it was being acquired by Level 3 Communications. Globalstar, a satellite mobile voice and data carrier, gained 144% for the half year and 60% in the second quarter. Globalstar's core telephone business improved after the completion of its second generation satellite launch late last year. The company is also trying to reposition some of its U.S. spectrum, which will allow it to be used for different services and enhance the spectrum's value. Communications tower owner SBA Communications was up 14% for the half year and 12% in the second quarter. Surprisingly strong growth in rents for antenna space on its towers, driven by demand for wireless data, resulted in faster-than-expected cash flow growth for SBA.
Car rental company Avis Budget Group was also among the Fund's winners, gaining 48% for the half year period and 23% in the second quarter. The U.S. rental car industry's volume and pricing have been improving following Hertz's decision earlier this year to downsize its rental car fleet. The Fund is also invested in Hertz (the largest U.S. rental car operator), which returned 5% for the quarter and ended the half-year period down 2%.
On the downside, consumer discretionary stocks were a drag on Fund gains during both the second quarter and half-year period. GNC, a specialty retailer of health and wellness products, was off 42% year to date and declined 23% in the second quarter. Pier 1 Imports, a home furnishings retailer, ended the half year down 33% and fell 18% in the second quarter. Both stocks were hurt by disappointing same-store sales results. Groupon, an online global marketplace for deals, was off 44% for the half year and declined 15% in the second quarter. As noted last quarter, expenditures to transition Groupon's business away from a deal-of-the-day email blaster raised concerns for investors, negatively impacting its stock.
In the second quarter, Seattle Genetics bucked the Fund's strong biotech performance trend. A developer of antibody-based therapies for cancer, its stock fell 16% due to a sell-off in biotech stocks. Generac, a manufacturer of standby power generators, declined 18% in the quarter, as sales fell short of the elevated, weather-affected numbers experienced last year after Hurricane Sandy.
We continue to believe the stylistic headwinds that we have encountered will abate, and we remain committed to our GARP philosophy. As the economy continues to strengthen, we also anticipate that merger and acquisition activity will increase. In addition to tw telecom, we had four other take-outs announced in portfolio stocks in the month of June. We believe that Columbia Acorn Fund's portfolio of small- and mid-cap companies will likely become increasingly attractive to potential strategic acquirers in a strengthening economy.
Fund's Positions in Mentioned Holdings
As a percentage of net assets, as of 6/30/14
SBA Communications | 1.3 | % | |||||
Avis Budget Group | 1.3 | ||||||
Synageva BioPharma | 1.2 | ||||||
Akorn | 1.0 | ||||||
Seattle Genetics | 0.9 | ||||||
Generac | 0.9 | ||||||
Hertz | 0.7 | ||||||
Globalstar | 0.6 | ||||||
Ultragenyx Pharmaceutical | 0.3 | ||||||
Pier 1 Imports | 0.3 | ||||||
Groupon | 0.3 | ||||||
tw telecom | 0.2 | ||||||
GNC | 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.
12
Columbia Acorn® Fund
At a Glance
Total Net Assets of the Fund:
$20.2 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 June 30, 2014
This chart shows the change in value of a hypothetical $10,000 investment in Class Z shares of the Fund during the stated time period. A $10,000 investment in Columbia Acorn Fund at inception appreciated to $31,777 on December 31, 1978, the inception date of the Russell 2500 Index. For comparison with the Russell 2500 Index, we assigned the index the same value as the Fund at index inception. Although the Fund typically invests in small- and mid-sized companies, the comparison to the S&P 500 Index is presented to show performance against a widely recognized market index over the life of the Fund.
Average Annual Total Returns for period ended June 30, 2014
| 2nd quarter | Year to date | 1 year | 5 years | 10 years | Life of Fund | ||||||||||||||||||||||
| Class Z (6/10/70 inception) | 2.66 | % | 2.64 | % | 21.57 | % | 19.36 | % | 9.77 | % | 14.82 | % | |||||||||||||||
| Class A (10/16/00 inception) | |||||||||||||||||||||||||||
without sales charge | 2.56 | 2.47 | 21.18 | 19.00 | 9.45 | 14.44 | |||||||||||||||||||||
with sales charge | -3.34 | -3.42 | 14.21 | 17.60 | 8.80 | 14.29 | |||||||||||||||||||||
Russell 2500 Index* | 3.57 | 5.95 | 25.58 | 21.63 | 9.78 | n/a | |||||||||||||||||||||
Results for other share classes can be found on Page 6.
*The Fund's primary benchmark. Please see Page 8 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 6/30/14
Top 10 Holdings
as a percentage of net assets, as of 6/30/14
| 1. | Ametek Aerospace/Industrial Instruments | 2.3 | % | ||||||||
| 2. | Mettler-Toledo International Laboratory Equipment | 1.8 | % | ||||||||
| 3. | Donaldson Industrial Air Filtration | 1.8 | % | ||||||||
| 4. | Amphenol Electronic Connectors | 1.6 | % | ||||||||
| 5. | Nordson Dispensing Systems for Adhesives & Coatings | 1.3 | % | ||||||||
| 6. | Cepheid Molecular Diagnostics | 1.3 | % | ||||||||
| 7. | SBA Communications Communications Towers | 1.3 | % | ||||||||
| 8. | Avis Budge Group Second Largest Car Rental Company | 1.3 | % | ||||||||
| 9. | Synageva BioPharma Biotech Focused on Orphan Diseases | 1.2 | % | ||||||||
| 10. | SEI Investments Mutual Fund Administration & Investment Management | 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.
13
Columbia Acorn International®
In a Nutshell
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| P. Zachary Egan Co-Portfolio Manager | Louis J. Mendes III 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.
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 returned 4.73% in the second quarter of 2014, 0.66% behind its primary benchmark, the S&P Global Ex-U.S. Between $500M and $5B® Index. For the first half of the year, the Fund's 6.01% return was 1.69% behind its benchmark. The large-cap, developed market MSCI EAFE Index, by comparison, rose 4.09% in the quarter and was up 4.78% for the six-month period.
In international small caps, the second quarter was characterized by buoyant energy stocks. This rally was driven foremost by Canadian energy companies exposed to trends in recovering oil and gas from shale deposits using unconventional methods. Uncertainty about the future of Iraq also contributed to the sector's strength by driving oil prices modestly higher. As a group, small-cap energy stocks returned 12% in the index and 10% in the Fund in the quarter. At the other end of the spectrum, consumer discretionary stocks were comparative laggards, returning less than 4% in both the index and the Fund for the three months. Here, investors continued to fret over a deceleration of growth in China, where demand for luxury goods, in particular, has been quashed by anti-corruption-related strictures on gift giving.
ShawCor, a Canadian provider of oil and gas pipeline products, was a top contributor to returns for both the quarter and the half year. The company has historically had higher returns on capital than many of its oil service company competitors, has relatively low debt, has made significant investments in research and development, and has successfully completed some acquisitions that have helped broaden its product offering and customer base. ShawCor's global footprint and its ability to deploy mobile factory equipment give the company a unique ability to work onsite with an array of pipeline material. ShawCor's stock rose 34% in the second quarter and was up 40% for the half year.
Another top contributor was Mexican tortilla producer and distributor Gruma, which derives over 60% of its revenue from markets outside of Mexico. Streamlining of operations, lower corn costs, and a continual improvement in the business mix, have driven high profit growth. Gruma gained 45% in the quarter and was up 58% for the semiannual period.
On the downside, Fund investments in the Macau gaming industry struggled. During the second quarter, increased scrutiny of debit card money transfers from China into Macau, as well as continued weakness in the VIP market, worried investors. The Fund's three holdings in the sector—Melco Crown Entertainment, Melco International and MGM China Holdings—were down between 1% and 9% in the quarter and fell between 8% and 17% year to
date. While modest, their decline can explain 40% of the Fund's underperformance versus its benchmark for the half year, and more than all of the Fund's underperformance in the second quarter, because these holdings comprised an average 2.1% of Fund assets through the first half. Gaming stocks tend to be subject to short-term volatility, but we continue to believe that, long-term, this sector offers an opportunity to benefit from continued regional wealth creation and leisure demand. These same stocks were important contributors to the Fund's strong performance versus benchmark in 2013.
In addition to the underperformance attributable to the Fund's gaming industry holdings, disappointing fundamentals in a few other positions, most notably Yandex (a search engine for Russian and Turkish languages that we sold in the second quarter), Sa Sa International (a cosmetic retailer listed in Hong Kong), and SouFun (a real estate Internet portal in China) also contributed significantly to the Fund's underperformance in the first half of 2014. Of these, SouFun fell 36% in the second quarter and 47% for the half year period. We were originally attracted to the company because of the ongoing shift to online resources within the real estate industry, the very high margins that the business model can confer, and because of SouFun's dominant market position. We initiated a small position in the stock in the fourth quarter of 2013 and, while investment holding periods in the Fund generally average more than three years, we exited SouFun in the second quarter due to its quickly deteriorating fundamentals. A slowdown in transactions in the Chinese property market and new competition exerted pricing pressure in a way we had not anticipated.
While international small-cap markets are far from monolithic, market returns over the last couple of years have, in most cases, substantially outpaced corporate earnings growth. This is another way of saying that stocks are generally more expensive than they used to be. While we believe there are still pockets of good value around, overall, achieving market returns on levels similar to the recent past will likely require economic growth that exceeds current expectations.
Fund's Positions in Mentioned Holdings
As a percentage of net assets, as of 6/30/14
Melco Crown Entertainment | 1.0 | % | |||||
Melco International | 0.7 | ||||||
ShawCor | 0.7 | ||||||
Gruma | 0.5 | ||||||
MGM China Holdings | 0.4 | ||||||
Sa Sa International | 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.
14
Columbia Acorn International®
At a Glance
Total Net Assets of the Fund:
$8.8 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 June 30, 2014
This chart shows the change in value of a hypothetical $10,000 investment in Class Z shares of the Fund during the stated time period.
Average Annual Total Returns for period ended June 30, 2014
| 2nd quarter | Year to date | 1 year | 5 years | 10 years | Life of Fund | ||||||||||||||||||||||
| Class Z (9/23/92 inception) | 4.73 | % | 6.01 | % | 22.51 | % | 15.65 | % | 12.00 | % | 11.66 | % | |||||||||||||||
| Class A (10/16/00 inception) | |||||||||||||||||||||||||||
without sales charge | 4.65 | 5.84 | 22.15 | 15.27 | 11.63 | 11.24 | |||||||||||||||||||||
with sales charge | -1.37 | -0.23 | 15.13 | 13.91 | 10.97 | 10.94 | |||||||||||||||||||||
| S&P Global Ex-U.S. Between $500M® and $5B* | 5.39 | 7.70 | 23.35 | 14.09 | 10.55 | 8.97 | |||||||||||||||||||||
Results for other share classes can be found on Page 6.
*The Fund's primary benchmark. Please see Page 8 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 6/30/14
Top 10 Holdings
as a percentage of net assets, as of 6/30/14
| 1. | Coronation Fund Managers (South Africa) South African Fund Manager | 1.4 | % | ||||||||
| 2. | Neopost (France) Postage Meter Machines | 1.1 | % | ||||||||
| 3. | Naspers (South Africa) Media in Africa, China, Russia & Other Emerging Markets | 1.0 | % | ||||||||
| 4. | Melco Crown Entertainment — ADR (Hong Kong) Macau Casino Operator | 1.0 | % | ||||||||
| 5. | CCL Industries (Canada) Largest Global Label Converter | 1.0 | % | ||||||||
| 6. | WuXi PharmaTech — ADR (China) Largest Contract Research Organization Business in China | 0.9 | % | ||||||||
| 7. | Aalberts Industries (Netherlands) Flow Control & Heat Treatment | 0.9 | % | ||||||||
| 8. | Jardine Lloyd Thompson Group (United Kingdom) International Business Insurance Broker | 0.9 | % | ||||||||
| 9. | Kansai Paint (Japan) Paint Producer in Japan, India, China and Southeast Asia | 0.9 | % | ||||||||
| 10. | IAG (Australia) General Insurance Provider | 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.
15
Columbia Acorn USA®
In a Nutshell
|
| ||||||
| Robert A. Mohn Lead Portfolio Manager | William J. Doyle 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.
Columbia Acorn USA Class Z shares ended the second quarter of 2014 up 2.04%, performing in line with the 2.05% gain of its primary benchmark, the Russell 2000 Index. For the semiannual period ended June 30, the Fund was up 2.69%, underperforming the 3.19% gain of the benchmark. In the first quarter of 2014, momentum stocks were the strongest performers, and the second quarter saw a switch in favor to higher-dividend-paying cyclical stocks. As growth-at-a-reasonable-price (GARP) investors, our portfolio does not focus on either of these extremes and these rallies at the two ends of the scale hurt Fund relative returns.
The Fund's top contributor to gains for the quarter and semiannual period was car rental company Avis Budget Group. Its stock rose 47% for the half year and gained 22% in the second quarter. Hertz (the largest U.S. rental car operator) downsized its rental car fleet earlier in the year. Following this move, the U.S. rental car industry's volume and pricing have been improving. The Fund is also invested in Hertz, which fell 2% during the semiannual period but gained 5% in the second quarter.
In the telecommunications sector, tw telecom, a fiber optic telephone and data services provider, gained 27% in the second quarter on a June announcement that it was being acquired by Level 3 Communications. For the semiannual period, its stock was up 30%.
Health care stocks continued to help the Fund. Orphan drug specialist Synageva BioPharma gained 63% for the half year and 26% in the second quarter on encouraging test results. Akorn, a developer and manufacturer of specialty generic drugs, ended the six-month period up 35% and rose 51% in the second quarter on rumored price increases for generics. Sarepta Therapeutics, a biotech firm that is also focused on rare diseases, gained 24% in the second quarter and ended the half year up 46%. Sarepta's stock performed well after the company received favorable news regarding the regulatory status of its Duchenne muscular dystrophy drug, Eteplirsen.
Not all Fund biotech stocks were outperformers. Seattle Genetics, a provider of antibody-based therapies for cancer
treatment, was the biggest detractor from gains in the second quarter, falling 16% and ending the half year down 4%. The stock was hurt by a sell-off in biotech stocks in the second quarter. For the semiannual period, home furnishing retailer Pier 1 Imports was the worst detractor from gains, falling 33% for the six-month period on disappointing same-store sales results. Its stock fell 18% in the second quarter. Other laggards included Generac, a manufacturer of standby power generators, which declined 17% in the quarter and 14% for the half year, as sales fell short of the elevated, weather-affected numbers experienced last year after Hurricane Sandy. MB Financial, a Chicago bank, also had disappointing results, falling 12% in the second quarter and 15% year to date. MB Financial dropped on news that its announced acquisition of Taylor Capital will be pushed out into the second half of 2014 as Taylor addresses a potential deposit program violation.
With the economy showing signs of improvement, we believe the more sensibly priced growth stocks that we favor should see less of a headwind going forward. The improved environment seems to also be impacting merger and acquisition activity. So far in 2014, we've seen a pick-up in merger and acquisition announcements in general. In addition to tw telecom, the Fund had two other holdings announce acquisition plans in the second quarter. We are optimistic that the Fund's small-cap names are well positioned if strategic mergers and acquisitions continue.
Fund's Positions in Mentioned Holdings
As a percentage of net assets, as of 6/30/14
Avis Budget Group | 3.7 | % | |||||
Synageva BioPharma | 1.9 | ||||||
Akorn | 1.6 | ||||||
MB Financial | 1.3 | ||||||
Seattle Genetics | 1.2 | ||||||
Hertz | 1.0 | ||||||
Generac | 0.7 | ||||||
Sarepta Therapeutics | 0.5 | ||||||
Pier 1 Imports | 0.4 | ||||||
tw telecom | 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.
16
Columbia Acorn USA®
At a Glance
Total Net Assets of the Fund:
$1.6 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 USA® Class Z Shares
September 4, 1996 (Fund inception) through June 30, 2014
This chart shows the change in value of a hypothetical $10,000 investment in Class Z shares of the Fund during the stated time period.
Average Annual Total Returns for period ended June 30, 2014
| 2nd quarter | Year to date | 1 year | 5 years | 10 years | Life of Fund | ||||||||||||||||||||||
| Class Z (9/4/96 inception) | 2.04 | % | 2.69 | % | 22.28 | % | 19.97 | % | 8.54 | % | 11.08 | % | |||||||||||||||
| Class A (10/16/00 inception) | |||||||||||||||||||||||||||
without sales charge | 1.97 | 2.57 | 21.93 | 19.64 | 8.23 | 10.70 | |||||||||||||||||||||
with sales charge | -3.90 | -3.32 | 14.93 | 18.22 | 7.59 | 10.34 | |||||||||||||||||||||
Russell 2000 Index* | 2.05 | 3.19 | 23.64 | 20.21 | 8.70 | 8.85 | |||||||||||||||||||||
Results for other share classes can be found on Page 6.
*The Fund's primary benchmark. Please see Page 8 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 6/30/14
Top 10 Holdings
as a percentage of net assets, as of 6/30/14
| 1. | Avis Budget Group Second Largest Car Rental Company | 3.7 | % | ||||||||
| 2. | Nordson Dispensing Systems for Adhesives & Coatings | 2.8 | % | ||||||||
| 3. | Ametek Aerospace/Industrial Instruments | 2.7 | % | ||||||||
| 4. | Extra Space Storage Self Storage Facilities | 2.7 | % | ||||||||
| 5. | Mettler-Toledo International Laboratory Equipment | 2.5 | % | ||||||||
| 6. | Donaldson Industrial Air Filtration | 2.2 | % | ||||||||
| 7. | Moog Motion Control Products for Aerospace, Defense & Industrial Markets | 1.9 | % | ||||||||
| 8. | Synageva BioPharma Biotech Focused on Orphan Diseases | 1.9 | % | ||||||||
| 9. | HEICO FAA-approved Aircraft Replacement Parts | 1.9 | % | ||||||||
| 10. | IPG Photonics Fiber Lasers | 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.
17
Columbia Acorn International SelectSM
In a Nutshell
| |||
| Christopher J. Olson 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.
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 second quarter of 2014 up 6.52%, outperforming the 4.82% gain of the Fund's primary benchmark, the S&P Developed Ex-U.S. Between $2B and $10B® Index. Year to date through June 30, 2014, the Fund's 9.73% gain also topped the benchmark, which was up 7.18%. For the quarter and the half year period, Fund holdings in the materials sector more than doubled the gains of the benchmark and helped the Fund outperform.
The Fund's top contributor for the second quarter and the half-year period was Tahoe Resources, a silver miner operating in Guatemala. Its stock gained 24% in the quarter and was up 57% for the six-month period. The company continued to benefit from the successful launch of its new, low-cost mine. Another miner, Archipelago Resources, was a strong contributor for both periods, gaining 15% in the quarter and 17% year to date. Canadian gold miner Goldcorp was also strong, up 15% in the quarter and 30% for the half. For most stocks in this sector, investor interest has returned as precious metals prices increased during the first half of the year.
Other winners included Korea's KT&G, a leading producer of tobacco and ginseng, which ended the quarter up 17% and the half year with a 24% gain. It increasingly appears that the Korean government will raise tobacco taxes, which we believe will give the company the chance to put through real price increases. Canada's CCL Industries, a global label converter, continued to benefit from its successful integration of a recent acquisition and its stable revenue growth. CCL's stock was up 13% in the quarter and 29% for the six-month period. Challenger Financial, the largest annuity provider in Australia, was up 18% in the second quarter and 28% for the half year as the company continued to see strong interest in its products, particularly those that help hedge longevity risk.
While three of the Fund's five mining stocks provided top gains so far in 2014, two others continued to disappoint. Australian gold miner Regis Resources ended the quarter off 26% and fell 40% year to date through June, making it the biggest detractor for both periods. Brazilian gold miner Beadell Resources enjoyed a 4% gain in the second quarter, but its stock still ranked among the worst detractors for the half year, down 18%. Both companies were hit with unusual rain storms that flooded several key projects.
Casino operators dampened performance for both the quarter and semiannual periods. Macau casino operators Melco Crown Entertainment and Melco International struggled as investors grew nervous in the quarter about the near-term outlook of the sector following increased scrutiny of debit card money transfers from China into Macau. The companies also experienced weakness in the VIP market amidst scandals involving so-called "junket" operators, who are paid to attract high rollers. Both stocks were off 6% for the quarter and dropped around 15% for the half year. We opted to sell the Fund's position in Melco International but continue to hold Melco Crown Entertainment, which we added to the Fund in the first quarter. Australian casino operator Crown Resorts fell 8% in the quarter and 4% for the half year due to its ownership stake in Melco Crown Entertainment.
We continue to see strong performance in many markets and, as a result, increasingly full valuations. Against this backdrop, we feel it makes sense to have the Fund cautiously invested. We continue to seek companies with strong balance sheets, strong free cash flow and dividend yields, and less cyclical businesses.
Fund's Positions in Mentioned Holdings
As a percentage of net assets, as of 6/30/14
Tahoe Resources | 4.3 | % | |||||
KT&G | 4.3 | ||||||
Archipelago Resources | 3.7 | ||||||
Challenger Financial | 3.3 | ||||||
CCL Industries | 2.9 | ||||||
Crown Resorts | 2.3 | ||||||
Melco Crown Entertainment | 2.0 | ||||||
Beadell Resources | 2.0 | ||||||
Goldcorp | 1.4 | ||||||
Regis 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.
18
Columbia Acorn International SelectSM
At a Glance
Total Net Assets of the Fund:
$355.1 million
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 SelectSM Class Z Shares
November 23, 1998 (Fund inception) through June 30, 2014
This chart shows the change in value of a hypothetical $10,000 investment in Class Z shares of the Fund during the stated time period.
Average Annual Total Returns for period ended June 30, 2014
| 2nd quarter | Year to date | 1 year | 5 years | 10 years | Life of Fund | ||||||||||||||||||||||
| Class Z (11/23/98 inception) | 6.52 | % | 9.73 | % | 23.64 | % | 15.26 | % | 11.11 | % | 10.24 | % | |||||||||||||||
| Class A (10/16/00 inception) | |||||||||||||||||||||||||||
without sales charge | 6.45 | 9.57 | 23.24 | 14.88 | 10.75 | 9.88 | |||||||||||||||||||||
with sales charge | 0.32 | 3.28 | 16.14 | 13.53 | 10.09 | 9.46 | |||||||||||||||||||||
| S&P Developed Ex-U.S. Between $2B and $10B® Index* | 4.82 | 7.18 | 25.07 | 13.67 | 8.89 | 8.29 | |||||||||||||||||||||
Results for other share classes can be found on Page 6.
*The Fund's primary benchmark. Please see Page 8 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 6/30/14
Top 10 Holdings
as a percentage of net assets, as of 6/30/14
| 1. | Ascendas REIT (Singapore) Industrial Property Landlord | 4.9 | % | ||||||||
| 2. | Tahoe Resources (Guatemala) Silver Project in Guatemala | 4.3 | % | ||||||||
| 3. | KT&G (Korea) Tobacco & Ginseng Products | 4.3 | % | ||||||||
| 4. | Baytex Energy (Canada) Oil and Gas Producer in Canada | 4.2 | % | ||||||||
| 5. | IAG (Australia) General Insurance Provider | 4.1 | % | ||||||||
| 6. | Archipelago Resources (Indonesia) Gold Mining Projects in Indonesia, Vietnam, and the Philippines | 3.7 | % | ||||||||
| 7. | Jardine Lloyd Thompson Group (United Kingdom) International Business Insurance Broker | 3.6 | % | ||||||||
| 8. | Challenger Financial (Australia) Largest Annuity Provider | 3.3 | % | ||||||||
| 9. | Swedish Match (Sweden) Market Leader in Swedish Snus | 3.0 | % | ||||||||
| 10. | CCL Industries (Canada) Largest Global Label Converter | 2.9 | % | ||||||||
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.
19
Columbia Acorn SelectSM
In a Nutshell
| |||
| Robert A. Chalupnik 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.
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 second quarter of 2014 up 1.69%. This compares to the 4.33% gain of the Fund's primary benchmark, the S&P MidCap 400® Index. For the six months ended June 30, 2014, the Fund was up 1.35% versus a 7.50% gain for the benchmark.
The top return in the second quarter came from Petromanas, a Canadian oil exploration company drilling its second well in Albania with partner Royal Dutch Shell. Its stock rose 72% in the quarter and was up 112% for the half year on positive news from early well results. Sanmina-SCI, a provider of electronic manufacturing services, was also strong in the quarter, gaining 30% on better-than-expected earnings, increased sales tied to existing contracts and on improved demand from a broad range of customers. Year to date through June, Sanmina-SCI gained 36%.
Consumer electronics specialty retailer Best Buy bounced back in the second quarter, gaining 18%. It appears that investors are starting to see Best Buy as a possible recovery story and seem to be looking favorably on the direction being taken by new management. The quarter's positive turn was not enough to offset earlier lags, however; the stock was off 21% for the half year.
On the downside, ITT Educational Services, a for-profit provider of post-secondary degree services, fell 42% in the second quarter after reporting a 6% decline in student enrollment. For the half year, its stock was off 50%. Investor sentiment toward the for-profit education industry has cooled as additional rules and guidelines proposed by the current administration threaten access to federal aid.
Seattle Genetics, a provider of antibody-based therapies for cancer treatment, fell 16% in the quarter on a general sell-off of stocks in the biotech industry. For the half year period, its stock was off 4%. Despite the quarter's downturn, we believe Seattle Genetics is the leader in an important area of cancer treatment.
During the second quarter, we purchased three new stocks for the Fund. We added EdR, a student housing real estate investment trust, which we believe is benefiting from both growing enrollment in top universities and an increasing desire by these universities to privatize the ownership and management of their housing. The Fresh Market is a specialty food retailer that should benefit as customers look for more variety and quality from their grocers. The company's smaller store footprint and less commoditized
product focus should drive higher returns. On a similar note, we added United Natural Foods, the largest distributor of natural and organic foods to grocery stores, as we see significant growth in its sector as grocery stores increase the shelf space they devote to organic food.
Sales in the quarter included Pacific Rubiales Energy, an oil production and exploration company operating in Colombia, and Lifetime Fitness, a sport and fitness club operator. In both cases, we opted to sell out of the stock as it met our price target.
The Fund had a few substantial losers in the quarter: ITT Educational Services' drop cost the Fund 0.19%; Seattle Genetics' decline detracted 0.30% from the Fund due to its larger position; and Quanta Services' modest 6% drop cost the Fund 0.21%, also due to its larger weight in the Fund. No other falling stock cost the Fund more than 0.16% of performance. In contrast, the Fund had 12 stocks that outperformed the benchmark and that contributed more than 0.16% each to performance. Unfortunately, the Fund's winners were not enough to offset losses and keep up with the benchmark in the second quarter. We continue our efforts to increase Fund holdings in companies that we believe have superior business models and fine long-term outlooks.
Fund's Positions in Mentioned Holdings
As a percentage of net assets, as of 6/30/14
Quanta Services | 2.7 | % | |||||
The Fresh Market | 1.9 | ||||||
Seattle Genetics | 1.5 | ||||||
EdR | 1.4 | ||||||
United Natural Foods | 1.1 | ||||||
Best Buy | 0.8 | ||||||
Petromanas | 0.5 | ||||||
Sanmina-SCI | 0.4 | ||||||
ITT Educational Services | 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.
20
Columbia Acorn SelectSM
At a Glance
Total Net Assets of the Fund:
$774.6 million
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 SelectSM Class Z Shares
November 23, 1998 (Fund inception) through June 30, 2014
This chart shows the change in value of a hypothetical $10,000 investment in Class Z shares of the Fund during the stated time period.
Average Annual Total Returns for period ended June 30, 2014
| 2nd quarter | Year to date | 1 year | 5 years | 10 years | Life of Fund | ||||||||||||||||||||||
| Class Z (11/23/98 inception) | 1.69 | % | 1.35 | % | 21.21 | % | 16.94 | % | 8.28 | % | 10.56 | % | |||||||||||||||
| Class A (10/16/00 inception) | |||||||||||||||||||||||||||
without sales charge | 1.61 | 1.22 | 20.90 | 16.61 | 7.97 | 10.21 | |||||||||||||||||||||
with sales charge | -4.22 | -4.60 | 13.96 | 15.24 | 7.33 | 9.79 | |||||||||||||||||||||
S&P MidCap 400® Index* | 4.33 | 7.50 | 25.24 | 21.67 | 10.50 | 10.82 | |||||||||||||||||||||
Results for other share classes can be found on Page 6.
*The Fund's primary benchmark. Please see Page 8 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 6/30/14
Top 10 Holdings
as a percentage of net assets, as of 6/30/14
| 1. | Ametek Aerospace/Industrial Instruments | 6.0 | % | ||||||||
| 2. | Donaldson Industrial Air Filtration | 4.4 | % | ||||||||
| 3. | CNO Financial Group Life, Long-term Care & Medical Supplement Insurance | 4.3 | % | ||||||||
| 4. | Discover Financial Services Credit Card Company | 4.1 | % | ||||||||
| 5. | Amphenol Electronic Connectors | 3.9 | % | ||||||||
| 6. | WNS — ADR (India) Offshore BPO (Business Process Outsourcing) Services | 3.7 | % | ||||||||
| 7. | Mettler-Toledo International Laboratory Equipment | 3.1 | % | ||||||||
| 8. | SEI Investments Mutual Fund Administration & Investment Management | 2.8 | % | ||||||||
| 9. | Nordson Dispensing Systems for Adhesives & Coatings | 2.8 | % | ||||||||
| 10. | Kennametal Consumable Cutting Tools | 2.7 | % | ||||||||
The Fund's top 10 holdings and portfolio diversification vary with changes in portfolio investments. See the Statement of Investments for a complete list of the Fund's holdings.
21
Columbia Thermostat FundSM
In a Nutshell
|
| ||||||
| Charles P. McQuaid Lead Portfolio Manager | Christopher J. Olson 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.
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 second quarter of 2014 up 2.09% and rose 4.07% for the semiannual period. This compares to the 5.23% second quarter gain and 7.14% six-month return 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 2.04% in the quarter and was up 3.93% year to date. The 50/50 Blended Benchmark gained 3.63% in the quarter and 5.58% for the half year period.
The weighted average gain for the Fund's equity portfolio was 3.81% for the quarter and 4.82% for the half year. Columbia Large Cap Enhanced Core Fund offered top gains among the underlying funds for both periods. The bond portfolio weighted average gain was 1.39% for the quarter and 3.15% for the half. Columbia Intermediate Bond Fund had the top bond fund gains for the quarter, while Columbia Income Opportunities Fund led returns year to date.
As mentioned last quarter, as a result of the periodic review called for by Columbia Thermostat Fund's prospectus, we made several changes as of May 1, 2014. We added Columbia U.S. Government Mortgage Fund and reduced the weightings of two underlying bond funds; the current bond portfolio is shown in the table to the right. We believe the changes reduce both credit risk and interest rate risk in the bond portfolio.
We also revised the Fund's stock/bond allocation table, calibrating the weightings based on historical price-to-earnings (PE) ratios using normalized (long-term moving average) earnings. Stock percentages rise toward maximum allocations should price-to-earnings (PE) ratios fall toward historical lows, and stock percentages fall if such PE ratios rise toward historical highs. This approach continues to be formulaic and is solely valuation-driven, contrasting with other asset allocation fund approaches that utilize economic forecasts, sentiment or stock market trendlines.
On May 1, with the new prospectus in effect and the S&P 500 closing the prior day at about 1,884, the Fund went from 10% in stock funds to 20%. A week later, the stock portion was increased to 25%. At the end of the quarter, the Fund's portfolio was 15% in stocks and 85% in bonds. We did not make more drastic changes to the equity allocation
table because stocks are currently valued quite expensively compared to historical normalized price-to-earnings ranges.
We did not change the underlying stock funds. We are happy with the management of these funds and we think that combined they offer a good mix of small-, mid- and large-cap investments, along with some international exposure.
Results of the Funds Owned in Columbia Thermostat Fund, as of June 30, 2014
Stock Funds
| Fund | Weightings in category | 2nd quarter | Year to date | ||||||||||||
| Columbia Acorn International, Class I | 20 | % | 4.75 | % | 6.02 | % | |||||||||
| Columbia Dividend Income Fund, Class I | 20 | % | 4.14 | % | 6.33 | % | |||||||||
Columbia Acorn Fund, Class I | 15 | % | 2.66 | % | 2.66 | % | |||||||||
| Columbia Contrarian Core Fund, Class I | 15 | % | 5.19 | % | 6.31 | % | |||||||||
Columbia Acorn Select, Class I | 10 | % | 1.73 | % | 1.38 | % | |||||||||
| Columbia Large Cap Enhanced Core Fund, Class I | 10 | % | 5.24 | % | 6.87 | % | |||||||||
| Columbia Select Large Cap Growth Fund, Class I | 10 | % | 1.48 | % | 1.42 | % | |||||||||
Weighted Average Equity Gain | 100 | % | 3.81 | % | 4.82 | % | |||||||||
Bond Funds
| Fund | Weightings in category | 2nd quarter | Year to date | ||||||||||||
| Columbia Short Term Bond Fund, Class I | 40 | % | 0.42 | % | 0.81 | % | |||||||||
| Columbia Intermediate Bond Fund, Class I | 25 | %* | 2.15 | % | 4.46 | % | |||||||||
| Columbia Income Opportunities Fund, Class I | 20 | %* | 2.13 | % | 5.22 | % | |||||||||
| Columbia U.S. Government Mortgage Fund, Class I | 15 | %* | 2.10 | % | 3.53 | % | |||||||||
Weighted Average Income Gain | 100 | % | 1.39 | % | 3.15 | % | |||||||||
*Changed effective with the May 1, 2014, prospectus. Weighted average income returns through the end of the period reflect linked returns between the previous Fund weightings and holdings and the current positions.
Columbia Thermostat Fund Rebalancing
in the Second Quarter
May 1, 2014 | 20% stocks, 80% bonds | ||||||
May 7, 2014 | 25% stocks, 75% bonds | ||||||
June 9, 2014 | 20% stocks, 80% bonds | ||||||
June 10, 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 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.
22
Columbia Thermostat FundSM
At a Glance
Total Net Assets of the Fund:
$1.2 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 Thermostat FundSM Class Z Shares
September 25, 2002 (Fund inception) through June 30, 2014
This chart shows the change in value of a hypothetical $10,000 investment in Class Z shares of the Fund during the stated time period.
Average Annual Total Returns for period ended June 30, 2014
| 2nd quarter | Year to date | 1 year | 5 years | 10 years | Life of Fund | ||||||||||||||||||||||
| Class Z (9/25/02 inception) | 2.09 | % | 4.07 | % | 9.20 | % | 14.40 | % | 7.04 | % | 8.21 | % | |||||||||||||||
| Class A (3/3/03 inception) | |||||||||||||||||||||||||||
without sales charge | 2.00 | 3.89 | 8.90 | 14.10 | 6.77 | 7.93 | |||||||||||||||||||||
with sales charge | -3.89 | -2.09 | 2.62 | 12.76 | 6.14 | 7.39 | |||||||||||||||||||||
S&P 500® Index* | 5.23 | 7.14 | 24.61 | 18.83 | 7.78 | 9.91 | |||||||||||||||||||||
Barclays U.S. Aggregate Bond Index* | 2.04 | 3.93 | 4.37 | 4.85 | 4.93 | 4.70 | |||||||||||||||||||||
Results for other share classes can be found on Page 6.
*The Fund's primary benchmarks. Please see Page 8 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 6/30/14
Portfolio Weightings
as a percentage of assets in each investment category, as of 6/30/14
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 Fund, Class I | 15 | %* | |||||
*Changed effective with the May 1, 2014, prospectus.
23
Columbia Acorn Emerging Markets FundSM
In a Nutshell
|
| ||||||
| Fritz G. Kaegi Lead Portfolio Manager | Stephen Kusmierczak Lead Portfolio Manager | ||||||
|
| ||||||
| P. Zachary Egan Co-Portfolio Manager | Louis J. Mendes III Co-Portfolio Manager | ||||||
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.
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. Please also see "A Comment on Trading Volumes" on the inside front cover of this report.
Columbia Acorn Emerging Markets Fund Class Z shares gained 4.36% in the second quarter of 2014, underperforming the 7.18% gain of the Fund's primary benchmark, the S&P Emerging Markets Between $500M and $5B® Index. For the first six months of the year, the Fund was up 3.35%, trailing the benchmark's gain of 7.94% by 459 basis points. Since its inception in August 2011, the Fund has returned an annualized gain of 12.72% compared to the benchmark's 6.01% return, or 671 basis points of outperformance on an annualized basis. The Fund lagged the benchmark in the first half of the year primarily due to the underperformance of Fund stocks in Hong Kong and India, and the impact of the Ukraine crisis on our Russian holdings.
The Fund's largest gainer in percentage terms during the second quarter was the dominant Taiwanese Internet retail company PChome Online. Its stock gained 47% in the second quarter and was up 37% for the half year as revenues grew strongly and higher gross margins in its online sales boosted profits. Mexican tortilla producer and distributor Gruma was up 45% in the quarter on good trading and the announcement of an acquisition in Spain, broadening the company's footprint beyond North America. Year to date its stock was up 58%. BitAuto operates Chinese websites that provide automotive research and link car buyers and dealers. The company reported robust earnings growth of 79% year-over-year due to improved margins. An outlier in an uninspiring Chinese macro environment, the stock gained 37% in the second quarter and was up 54% for the half year. Halyk Savings Bank is a retail bank and insurer in Kazakhstan. Halyk rose 35% in the second quarter following signs of an upturn in lending activity in the country and an announced 27% increase in the bank's dividend. For the semiannual period, its stock was up 8%.
The largest percentage decline in the quarter and half year period came from SouFun, an operator of real estate websites in China. The company's business deteriorated more than expected as new competitors entered the market and new government restrictions dampened residential real estate sales. Its stock fell 36% in the quarter and was off 48% for the six-month period. We sold the Fund's position in this stock. Biostime is a maker of pediatric nutrition and baby care products that has benefited from growing concerns about food quality in China. While fundamentals remain strong, worries about a
weak Chinese consumer, and profit taking after a strong 2013, help explain an 18% decline in the quarter and a 38% drop year to date through June. Singaporean instant food and beverages company Super Group dropped 17% in the quarter and 24% for the half year. Revenues shrank due to continuing political unrest in key market Thailand, along with weak sales in China. Nagacorp, a Cambodian operator of casinos, was off around 15% for the quarter and half year, as the company experienced slower growth in VIP players. Other gaming peers in the region faced similar double-digit stock declines on valuation and competition worries.
When we launched this Fund in August 2011, we communicated that we wanted it to be nimble and light-footed. We stated that in order to help achieve better-than-benchmark performance, we would need to be flexible and respond quickly to evolving investment opportunities in emerging markets characterized by significant volatility. This means having the ability to enter and leave larger positions relatively quickly. Since we have seen trading liquidity remain constrained in many of the markets where we invest, the Fund's board of trustees, at the recommendation of its portfolio managers, decided to introduce a soft close* of the Fund effective July 11, 2014. We anticipate that this action will curtail significant new inflows to the Fund, now grown to over $550 million. We understand that Fund performance, not size, is what matters to our shareholders. We believe that restraining inflows should help keep the Fund agile and maintain the outperformance achieved since the Fund's inception.
Fund's Positions in Mentioned Holdings
As a percentage of net assets, as of 6/30/14
Halyk Savings Bank of Kazakhstan | 2.4 | % | |||||
Nagacorp | 1.8 | ||||||
PChome Online | 1.4 | ||||||
Gruma | 1.4 | ||||||
BitAuto | 1.3 | ||||||
Super Group | 1.1 | ||||||
Biostime | 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.
* The Fund is generally closed to new investors and new accounts except as described in its prospectus, as supplemented on June 12, 2014.
24
Columbia Acorn Emerging Markets FundSM
At a Glance
Total Net Assets of the Fund:
$574.8 million
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 Emerging Markets FundSM Class Z Shares
August 19, 2011 (Fund inception) through June 30, 2014
This chart shows the change in value of a hypothetical $10,000 investment in Class Z shares of the Fund during the stated time period.
Average Annual Total Returns for period ended June 30, 2014
| 2nd quarter | Year to date | 1 year | Life of Fund | ||||||||||||||||
| Class Z (8/19/11 inception) | 4.36 | % | 3.35 | % | 16.15 | % | 12.72 | % | |||||||||||
| Class A (8/19/11 inception) | |||||||||||||||||||
without sales charge | 4.30 | 3.28 | 15.87 | 12.40 | |||||||||||||||
with sales charge | -1.72 | -2.69 | 9.22 | 10.10 | |||||||||||||||
S&P Emerging Markets Between $500M and $5B® Index* | 7.18 | 7.94 | 14.07 | 6.01 | |||||||||||||||
Results for other share classes can be found on Page 6.
*The Fund's primary benchmark. Please see Page 8 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 6/30/14
Top 10 Holdings
as a percentage of net assets, as of 6/30/14
| 1. | Coronation Fund Managers (South Africa) South African Fund Manager | 3.2 | % | ||||||||
| 2. | Melco International (Hong Kong) Macau Casino Operator | 2.7 | % | ||||||||
| 3. | Melco Crown Resorts (Philippines) Integrated Resort Operator in Manila | 2.5 | % | ||||||||
| 4. | Halyk Savings Bank of Kazakhstan — GDR (Kazakhstan) Largest Retail Bank & Insurer in Kazakhstan | 2.4 | % | ||||||||
| 5. | Localiza Rent A Car (Brazil) Car Rental | 2.1 | % | ||||||||
| 6. | Zee Entertainment Enterprises (India) India's Leading Programmer of Pay TV Content | 2.1 | % | ||||||||
| 7. | Hexagon (Sweden) Design, Measurement & Visualization Software & Equipment | 1.9 | % | ||||||||
| 8. | Vacon (Finland) Leading Independent Manufacturer of Variable Speed Alternating Current Drives | 1.9 | % | ||||||||
| 9. | Rand Merchant Insurance (South Africa) Directly Sold Property & Casualty Insurance; Holdings in Other Insurers | 1.9 | % | ||||||||
| 10. | Sa Sa International (Hong Kong) Cosmetics Retailer | 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.
25
Columbia Acorn European FundSM
In a Nutshell
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.
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. Please also see "A Comment on Trading Volumes" on the inside front cover of this report.
|
| ||||||
| Andreas Waldburg-Wolfegg Lead Portfolio Manager | Stephen Kusmierczak Co-Portfolio Manager | ||||||
Columbia Acorn European Fund Class Z shares gained 0.83% in the second quarter of 2014, slightly outperforming the 0.48% gain of its primary benchmark, the S&P Europe Between $500M and $5B® Index. For the first six months of the year, the Fund was up 2.43%, lagging the benchmark gain of 6.69% by 426 basis points. Since its inception in August 2011, the Fund has returned 18.88% on an annualized basis versus the benchmark's annualized gain of 21.36%. An underweight in the UK through much of last year and limited exposure to peripheral Europe have hurt performance versus the Fund's primary benchmark.
The biggest percentage gainer in the second quarter was UK newspaper and magazine distributor Connect Group (formerly Smith News), which bounced back 25% after its first quarter report beat more muted expectations. This surge did not erase the stock's first quarter declines, however, leaving Connect Group down 17% year to date through June. The Spanish stock market group Bolsas y Mercados Españoles gained 19% in the quarter and was up 28% for the half year on strong results at the start of the year, driven by an increase in equity trading volumes and IPOs. New to the portfolio in the second quarter, Recipharm, a Swedish contract drug development manufacturer, was purchased at its IPO because the offer price appeared to be a good value. The stock was up 16% at the end of the period. Another Scandinavian company, Finnish decorative and industrial paint company Tikkurila, gained 16% in the quarter after surprising the market with better-than-expected revenues and margins. The second quarter recovery reversed its first quarter lag, resulting in a 4% gain for the six-month period. French online advertiser Hi-Media rose 16% in the quarter and was the top contributor to gains for the half year with a 46% return. Investors responded favorably to news that the company had received an offer for one of its websites at a price equivalent to the market capitalization of its entire business.
The quarter's largest drop in percentage terms was EVS Broadcast Equipment, a Belgian digital live mobile production software and systems developer. The company is a dominant player in sports and near-live television programming, but continued weak spending by U.S. broadcasters has caused a sharp decline in revenues and profitability. The stock was off 22% for both the quarter and the half-year period. UK online grocery retailer Ocado fell 19% in the second quarter and ended the semiannual period down 15% following strong stock performance in 2013. Sentiment has soured as aggressive discounters
take share in UK grocery retail. Rightmove was another outperformer in 2013 that saw a sharp correction in the second quarter, dropping 18% on a decent but uninspiring first quarter report. The IPO of a competitor also worried investors. Year to date its stock was off 21%. Dutch oil and gas reservoir consulting company Core Labs cut its guidance due to slower growth in North American onshore drilling and a depressed uptake of major projects in the Gulf of Mexico. Its stock fell 16% in the quarter and 13% year to date. In Denmark, our investment in Danish financial software provider SimCorp fell 14% in the quarter and was off 11% for the half year. While its recurring business remains solid, management's promises to win new clients in North America have proven empty.
After a robust rally in 2013 that fueled Fund and benchmark gains of over 30%, European markets have been more subdued during the first half of 2014. While signs of a muted recovery in much of peripheral Europe remain evident, the overall macroeconomic situation is fragile and public and household debt levels remain excessive. The considerable risk of a full scale proxy war in eastern Ukraine, and the expected tightening of sanctions on Russia, will negatively impact European economies. Our view is that most of the recent gains in European equity markets can be explained by an increase in valuation multiples, not earnings growth. Expectations remain high. Overall, we continue to focus on investing in companies with attributes that we believe confer some competitive advantage, and whose valuations appear reasonably matched with their long-term economic prospects.
Fund's Positions in Mentioned Holdings
As a percentage of net assets, as of 6/30/14
Hi-Media | 1.4 | % | |||||
Rightmove | 1.4 | ||||||
Tikkurila | 1.3 | ||||||
Connect Group | 1.2 | ||||||
Ocado | 1.1 | ||||||
Recipharm | 1.1 | ||||||
Core Labs | 1.1 | ||||||
SimCorp | 0.8 | ||||||
Bolsas y Mercados Españoles | 0.8 | ||||||
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.
26
Columbia Acorn
European FundSM
At a Glance
Total Net Assets of the Fund:
$63.3 million
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 European FundSM Class Z Shares
August 19, 2011 (Fund inception) through June 30, 2014
This chart shows the change in value of a hypothetical $10,000 investment in Class Z shares of the Fund during the stated time period.
Average Annual Total Returns for period ended June 30, 2014
| 2nd quarter | Year to date | 1 year | Life of Fund | ||||||||||||||||
| Class Z (8/19/11 inception) | 0.83 | % | 2.43 | % | 27.69 | % | 18.88 | % | |||||||||||
| Class A (8/19/11 inception) | |||||||||||||||||||
without sales charge | 0.76 | 2.31 | 27.31 | 18.57 | |||||||||||||||
with sales charge | -5.02 | -3.60 | 19.99 | 16.15 | |||||||||||||||
S&P Europe Between $500M and $5B® Index* | 0.48 | 6.69 | 37.50 | 21.36 | |||||||||||||||
Results for other share classes can be found on Page 6.
*The Fund's primary benchmark. Please see Page 8 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 6/30/14
Top 10 Holdings
as a percentage of net assets, as of 6/30/14
| 1. | Jardine Lloyd Thompson Group (United Kingdom) International Business Insurance Broker | 3.0 | % | ||||||||
| 2. | Neopost (France) Postage Meter Machines | 3.0 | % | ||||||||
| 3. | Assura (United Kingdom) UK Primary Health Care Property Developer | 2.6 | % | ||||||||
| 4. | DIA (Spain) Leading Hard Discounter in Spain, Latin America & the Eastern Mediterranean | 2.1 | % | ||||||||
| 5. | Spirax Sarco (United Kingdom) Steam Systems for Manufacturing & Process Industries | 2.0 | % | ||||||||
| 6. | Vacon (Finland) Leading Independent Manufacturer of Variable Speed Alternating Current Drives | 2.0 | % | ||||||||
| 7. | Aurelius (Germany) European Turnaround Investor | 2.0 | % | ||||||||
| 8. | Hexagon (Sweden) Design, Measurement & Visualization Software & Equipment | 2.0 | % | ||||||||
| 9. | Aalberts Industries (Netherlands) Flow Control & Heat Treatment | 2.0 | % | ||||||||
| 10. | Partners Group (Switzerland) Private Markets Asset Management | 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.
27
Columbia Acorn® Fund
Major Portfolio Changes in the Second Quarter (Unaudited)
Number of Shares | |||||||||||
3/31/14 | 6/30/14 | ||||||||||
Purchases | |||||||||||
Information | |||||||||||
Amber Road | 190,000 | 1,000,000 | |||||||||
Audience | 419,212 | 1,000,000 | |||||||||
Bankrate | 650,000 | 2,962,840 | |||||||||
Boingo Wireless | 2,500,000 | 2,772,402 | |||||||||
CalAmp | 573,000 | 1,118,000 | |||||||||
Five9 | 0 | 1,728,000 | |||||||||
GTT Communications | 0 | 755,000 | |||||||||
IMAX (Canada) | 800,000 | 1,000,000 | |||||||||
Kinaxis | 0 | 708,300 | |||||||||
Liquidity Services (Canada) | 900,000 | 1,300,000 | |||||||||
Measurement Specialties | 107,593 | 240,374 | |||||||||
Pandora Media | 3,390,000 | 3,840,000 | |||||||||
Rightmove (United Kingdom) | 0 | 257,000 | |||||||||
Rubicon Technology | 0 | 115,279 | |||||||||
SPS Commerce | 750,000 | 940,000 | |||||||||
Stratasys | 267,000 | 344,000 | |||||||||
Textura | 0 | 249,870 | |||||||||
Trimble Navigation | 4,070,000 | 4,362,000 | |||||||||
Ultimate Software | 0 | 250,000 | |||||||||
Vonage | 3,464,625 | 7,950,000 | |||||||||
Windstream | 1,500,000 | 2,500,000 | |||||||||
Yelp | 0 | 300,000 | |||||||||
| Zee Entertainment Enterprises (India) | 4,031,557 | 5,500,000 | |||||||||
Industrial Goods & Services | |||||||||||
DXP Enterprises | 0 | 225,000 | |||||||||
Generac | 3,113,000 | 3,555,000 | |||||||||
LKQ | 2,500,000 | 4,400,000 | |||||||||
Middleby | 844,200 | 1,081,200 | |||||||||
PGT | 1,453,516 | 2,500,000 | |||||||||
| Sociedad Quimica y Minera de Chile - ADR (Chile) | 776,221 | 882,558 | |||||||||
Thermon | 1,065,000 | 1,555,349 | |||||||||
Consumer Goods & Services | |||||||||||
Burlington Stores | 1,205,000 | 1,535,000 | |||||||||
Fiesta Restaurant Group | 765,000 | 876,988 | |||||||||
Gaiam | 1,500,000 | 2,061,000 | |||||||||
Hertz | 4,700,000 | 4,750,000 | |||||||||
HomeAway | 1,815,000 | 2,380,000 | |||||||||
KT&G (Korea) | 0 | 229,000 | |||||||||
Michaels Stores | 0 | 1,185,000 | |||||||||
Performance Sports Group | 0 | 550,000 | |||||||||
Select Comfort | 1,400,000 | 1,650,000 | |||||||||
The Fresh Market | 1,189,000 | 1,535,000 | |||||||||
United Natural Foods | 556,000 | 1,181,000 | |||||||||
Zulily | 300,000 | 600,000 | |||||||||
Number of Shares | |||||||||||
3/31/14 | 6/30/14 | �� | |||||||||
Finance | |||||||||||
JTH Holdings | 0 | 209,980 | |||||||||
Sprott (Canada) | 0 | 10,000,000 | |||||||||
Wisdom Tree | 0 | 500,000 | |||||||||
Heath Care | |||||||||||
Akorn | 5,290,000 | 5,966,000 | |||||||||
Bio-Techne | 580,000 | 936,000 | |||||||||
Castlight Health | 76,000 | 890,000 | |||||||||
Celldex Therapeutics | 1,994,000 | 2,750,000 | |||||||||
Medidata Solutions | 525,000 | 1,080,000 | |||||||||
Revance Therapeutics | 416,118 | 476,000 | |||||||||
Wright Medical Group | 0 | 97,647 | |||||||||
Energy & Minerals | |||||||||||
Alamos Gold (Canada) | 2,900,000 | 3,400,000 | |||||||||
Argonaut Gold (Canada) | 2,000,000 | 3,986,900 | |||||||||
Chart Industries | 784,959 | 964,000 | |||||||||
Clayton Williams | 141,000 | 281,000 | |||||||||
Core Labs (Netherlands) | 387,000 | 492,000 | |||||||||
Gulfport Energy | 0 | 321,000 | |||||||||
Kirkland Lake Gold (Canada) | 5,000,000 | 5,500,000 | |||||||||
Parsley Energy | 0 | 434,159 | |||||||||
Petroamerica Oil (Colombia) | 35,000,000 | 42,000,000 | |||||||||
RGS Energy | 3,693,611 | 4,100,000 | |||||||||
US Silica | 0 | 503,000 | |||||||||
Other Industries | |||||||||||
Amerco | 110,000 | 130,000 | |||||||||
Deltic Timber | 0 | 90,000 | |||||||||
Glimcher Realty Trust | 0 | 2,350,000 | |||||||||
| Mapletree Commercial Trust (Singapore) | 20,000,000 | 20,282,089 | |||||||||
See accompanying notes to financial statements.
28
Number of Shares | |||||||||||
3/31/14 | 6/30/14 | ||||||||||
Sales | |||||||||||
Information | |||||||||||
Amphenol | 3,415,000 | 3,311,000 | |||||||||
Blackbaud | 700,000 | 0 | |||||||||
Cree | 469,000 | 0 | |||||||||
Criteo | 100,000 | 0 | |||||||||
Crown Castle International | 1,400,000 | 1,170,000 | |||||||||
Ellie Mae | 900,000 | 0 | |||||||||
Gemalto (Netherlands) | 280,000 | 0 | |||||||||
Hittite Microwave | 400,000 | 0 | |||||||||
iGATE | 4,150,000 | 3,875,000 | |||||||||
Micros Systems | 1,810,000 | 530,000 | |||||||||
Monolithic Power Systems | 820,000 | 699,000 | |||||||||
Netgear | 660,000 | 0 | |||||||||
Plexus | 960,000 | 842,000 | |||||||||
RealPage | 1,550,000 | 1,050,000 | |||||||||
SBA Communications | 3,400,000 | 2,520,000 | |||||||||
Singapore Exchange (Singapore) | 5,000,000 | 0 | |||||||||
TripAdvisor | 1,150,000 | 800,000 | |||||||||
tw telecom | 9,500,000 | 1,113,743 | |||||||||
Yandex (Russia) | 972,000 | 0 | |||||||||
Zebra Technologies | 1,105,000 | 1,041,000 | |||||||||
Industrial Goods & Services | |||||||||||
Acorn Energy | 440,822 | 0 | |||||||||
Chicago Bridge & Iron | 2,010,000 | 1,807,000 | |||||||||
Clarcor | 1,015,000 | 0 | |||||||||
Mobile Mini | 1,400,000 | 1,350,000 | |||||||||
Oshkosh Corporation | 2,000,000 | 1,815,000 | |||||||||
Owens-Illinois | 400,000 | 0 | |||||||||
PolyOne | 1,200,000 | 1,150,000 | |||||||||
Titan Machinery | 103,164 | 0 | |||||||||
Consumer Goods & Services | |||||||||||
Avis Budget Group | 4,400,000 | 4,300,000 | |||||||||
B&G Foods | 1,624,000 | 1,029,000 | |||||||||
Casey's General Stores | 1,759,000 | 1,475,839 | |||||||||
Choice Hotels | 1,412,000 | 1,033,483 | |||||||||
GNC | 2,305,000 | 1,430,000 | |||||||||
Groupon | 9,700,000 | 8,765,000 | |||||||||
Herman Miller | 1,765,000 | 1,605,000 | |||||||||
| Lifestyle International (Hong Kong) | 14,500,000 | 0 | |||||||||
Lifetime Fitness | 1,969,000 | 982,000 | |||||||||
| Melco Crown Entertainment - ADR (Hong Kong) | 1,300,000 | 900,000 | |||||||||
Melco International (Hong Kong) | 14,000,000 | 7,000,000 | |||||||||
MGM China Holdings (Hong Kong) | 12,000,000 | 0 | |||||||||
Nagacorp (Cambodia) | 30,000,000 | 0 | |||||||||
Pier 1 Imports | 4,960,000 | 4,290,000 | |||||||||
Prestige Brands Holdings | 1,288,000 | 620,000 | |||||||||
Quiksilver | 2,620,000 | 0 | |||||||||
Restoration Hardware Holdings | 314,000 | 0 | |||||||||
Number of Shares | |||||||||||
3/31/14 | 6/30/14 | ||||||||||
Finance | |||||||||||
BOK Financial | 2,470,000 | 1,950,000 | |||||||||
City National | 1,013,000 | 940,000 | |||||||||
H & E Equipment Services | 2,280,000 | 1,120,000 | |||||||||
Onex Capital (Canada) | 350,000 | 200,000 | |||||||||
Protective Life | 675,000 | 0 | |||||||||
Simplicity Bancorp | 443,742 | 0 | |||||||||
| SVB Financial Group | 885,000 | 840,000 | |||||||||
TCF Financial | 2,200,000 | 1,550,000 | |||||||||
Valley National Bancorp | 5,323,500 | 3,323,500 | |||||||||
Health Care | |||||||||||
Alimera Sciences | 2,040,000 | 790,158 | |||||||||
Allscripts Healthcare Solutions | 9,905,000 | 7,949,000 | |||||||||
Alnylam Pharmaceuticals | 690,134 | 613,400 | |||||||||
BioMarin Pharmaceutical | 1,150,000 | 969,000 | |||||||||
InterMune | 869,000 | 0 | |||||||||
NPS Pharmaceuticals | 2,108,000 | 1,352,000 | |||||||||
Patterson Companies | 1,153,000 | 395,375 | |||||||||
Sirona Dental Systems | 1,240,000 | 1,080,000 | |||||||||
Energy & Minerals | |||||||||||
Atwood Oceanics | 900,000 | 507,000 | |||||||||
Bill Barrett Corporation | 1,861,000 | 1,601,197 | |||||||||
Cabot Oil and Gas | 886,000 | 551,000 | |||||||||
Denbury Resources | 1,021,000 | 0 | |||||||||
Matador Resources | 61,091 | 0 | |||||||||
Northam Platinum (South Africa) | 3,477,459 | 0 | |||||||||
Rowan | 480,000 | 289,000 | |||||||||
SM Energy | 1,007,000 | 778,000 | |||||||||
WPX Energy | 2,868,000 | 1,358,000 | |||||||||
Other Industries | |||||||||||
Ascendas REIT (Singapore) | 24,000,000 | 410,000 | |||||||||
| CDL Hospitality Trust (Singapore) | 12,000,000 | 0 | |||||||||
Dupont Fabros Technology | 3,225,000 | 0 | |||||||||
JB Hunt Transport Services | 1,085,000 | 1,000,000 | |||||||||
Kirby | 846,000 | 758,000 | |||||||||
| Mapletree Greater China Commercial Trust (Hong Kong) | 24,664,000 | 0 | |||||||||
Summit Hotel Properties | 2,850,000 | 0 | |||||||||
See accompanying notes to financial statements.
29
Columbia Acorn® Fund
Statement of Investments (Unaudited), June 30, 2014
Number of Shares | Value | ||||||||||
Equities: 97.4% | |||||||||||
Information 25.9% | |||||||||||
| > Business Software 5.8% | |||||||||||
6,050,000 | Informatica (a)(b) | $ | 215,682,500 | ||||||||
| Enterprise Data Integration Software | |||||||||||
2,500,000 | Ansys (a) | 189,550,000 | |||||||||
| Simulation Software for Engineers & Designers | |||||||||||
2,924,000 | Hexagon (Sweden) | 94,263,996 | |||||||||
| Design, Measurement & Visualization Software & Equipment | |||||||||||
955,000 | Demandware (a) | 66,248,350 | |||||||||
| eCommerce Website Platform for Retailers & Apparel Manufacturers | |||||||||||
940,000 | SPS Commerce (a)(b) | 59,398,600 | |||||||||
| Supply Chain Management Software Delivered via the Web | |||||||||||
860,000 | Solera Holdings | 57,749,000 | |||||||||
| Software for Automotive Insurance Claims Processing | |||||||||||
550,000 | NetSuite (a) | 47,784,000 | |||||||||
| End-to-end IT Systems Solution Delivered via the Web | |||||||||||
500,000 | Tyler Technologies (a) | 45,605,000 | |||||||||
| Financial, Tax, Court & Document Management Systems for Local Governments | |||||||||||
750,000 | Jack Henry & Associates | 44,572,500 | |||||||||
| IT Systems & Outsourced IT Solutions for Financial Institutions | |||||||||||
450,000 | Concur Technologies (a) | 42,003,000 | |||||||||
| Web Enabled Expense Management Software | |||||||||||
530,000 | Micros Systems (a) | 35,987,000 | |||||||||
| Information Systems for Hotels, Restaurants & Retailers | |||||||||||
250,000 | Ultimate Software (a) | 34,542,500 | |||||||||
| Human Capital Management Systems | |||||||||||
3,741,000 | InContact (a)(b) | 34,379,790 | |||||||||
| Call Center Systems Delivered via the Web & Telco Services | |||||||||||
2,100,000 | Tangoe (a)(b) | 31,626,000 | |||||||||
| Software Solution for Managing Communication Expense & Devices | |||||||||||
610,000 | Envestnet (a) | 29,841,200 | |||||||||
| Technology Platform for Investment Advisors | |||||||||||
500,000 | Red Hat (a) | 27,635,000 | |||||||||
| Maintenance & Support for Opensource Operating System & Middleware | |||||||||||
550,000 | Commvault Systems (a) | 27,043,500 | |||||||||
Data Storage Management | |||||||||||
1,050,000 | RealPage (a) | 23,604,000 | |||||||||
| Software for Managing Rental Properties Delivered via the Web | |||||||||||
1,000,000 | Amber Road (a) | 16,130,000 | |||||||||
| Global Trade Management Software Delivered via the Web | |||||||||||
Number of Shares | Value | ||||||||||
610,000 | E2open (a) | $ | 12,608,700 | ||||||||
| Supply Chain Management Software & Supplier/Partner Network | |||||||||||
1,728,000 | Five9 (a)(c) | 12,441,600 | |||||||||
Call Center Software | |||||||||||
1,000,000 | Exa (a)(b) | 11,260,000 | |||||||||
Simulation Software | |||||||||||
708,300 | Kinaxis (Canada) (a) | 8,861,632 | |||||||||
| Supply Chain Planning & Analytics Software | |||||||||||
249,870 | Textura (a) | 5,906,927 | |||||||||
| Construction Vendor Management Software | |||||||||||
540,000 | Covisint (a)(c) | 2,624,400 | |||||||||
| Collaboration Software Platform Provider | |||||||||||
1,177,349,195 | |||||||||||
| > Instrumentation 3.4% | |||||||||||
1,475,000 | Mettler-Toledo International (a)(b) | 373,440,500 | |||||||||
Laboratory Equipment | |||||||||||
4,362,000 | Trimble Navigation (a) | 161,175,900 | |||||||||
GPS-based Instruments | |||||||||||
1,620,000 | IPG Photonics (a)(c) | 111,456,000 | |||||||||
Fiber Lasers | |||||||||||
240,374 | Measurement Specialties (a) | 20,688,990 | |||||||||
Sensors | |||||||||||
582,000 | FLIR Systems | 20,212,860 | |||||||||
Infrared Cameras | |||||||||||
686,974,250 | |||||||||||
| > Computer Hardware & Related Equipment 2.7% | |||||||||||
3,311,000 | Amphenol | 318,981,740 | |||||||||
Electronic Connectors | |||||||||||
1,041,000 | Zebra Technologies (a) | 85,695,120 | |||||||||
Bar Code Printers | |||||||||||
624,000 | Rogers (a) | 41,402,400 | |||||||||
| Printed Circuit Materials & High-performance Foams | |||||||||||
507,000 | Belden | 39,627,120 | |||||||||
Specialty Cable | |||||||||||
344,000 | Stratasys (a)(c) | 39,088,720 | |||||||||
| Rapid Prototyping & Direct Digital Manufacturing Systems | |||||||||||
2,339,000 | II-VI (a) | 33,821,940 | |||||||||
| Laser Optics & Specialty Materials | |||||||||||
558,617,040 | |||||||||||
| > Mobile Communications 2.3% | |||||||||||
2,520,000 | SBA Communications (a) | 257,796,000 | |||||||||
Communications Towers | |||||||||||
27,650,000 | Globalstar (a)(c) | 117,512,500 | |||||||||
| Satellite Mobile Voice & Data Carrier | |||||||||||
1,170,000 | Crown Castle International | 86,884,200 | |||||||||
Communications Towers | |||||||||||
1,000,000 | Audience (a) | 11,960,000 | |||||||||
| Improving Voice Quality For Mobile Devices | |||||||||||
474,152,700 | |||||||||||
See accompanying notes to financial statements.
30
Number of Shares | Value | ||||||||||
| > Computer Services 1.9% | |||||||||||
3,875,000 | iGATE (a)(b) | $ | 141,011,250 | ||||||||
| IT & Business Process Outsourcing Services | |||||||||||
1,835,000 | Virtusa (a)(b) | 65,693,000 | |||||||||
Offshore IT Outsourcing | |||||||||||
1,618,000 | ExlService Holdings (a) | 47,650,100 | |||||||||
Business Process Outsourcing | |||||||||||
2,558,000 | Genpact (a) | 44,841,740 | |||||||||
Business Process Outsourcing | |||||||||||
2,000,000 | WNS - ADR (India) (a) | 38,360,000 | |||||||||
| Offshore BPO (Business Process Outsourcing) Services | |||||||||||
373,000 | Syntel (a) | 32,063,080 | |||||||||
Offshore IT Services | |||||||||||
3,274,000 | Hackett Group (b) | 19,545,780 | |||||||||
| IT Integration & Best Practice Research | |||||||||||
389,164,950 | |||||||||||
| > Internet Related 1.7% | |||||||||||
3,840,000 | Pandora Media (a) | 113,280,000 | |||||||||
Streaming Music | |||||||||||
800,000 | TripAdvisor (a) | 86,928,000 | |||||||||
Online Travel Research | |||||||||||
1,594,707 | RetailMeNot (a) | 42,435,153 | |||||||||
Digital Coupon Marketplace | |||||||||||
175,000 | Equinix (a) | 36,765,750 | |||||||||
Network Neutral Data Centers | |||||||||||
7,950,000 | Vonage (a) | 29,812,500 | |||||||||
| Business & Consumer Internet Telephony | |||||||||||
300,000 | Yelp (a) | 23,004,000 | |||||||||
Online Marketing | |||||||||||
257,000 | Rightmove (United Kingdom) | 9,429,950 | |||||||||
Internet Real Estate Listings | |||||||||||
341,655,353 | |||||||||||
| > Business Information & Marketing Services 1.4% | |||||||||||
1,900,000 | Verisk Analytics (a) | 114,038,000 | |||||||||
Risk & Decision Analytics | |||||||||||
4,025,000 | Navigant Consulting (a)(b) | 70,236,250 | |||||||||
Financial Consulting Firm | |||||||||||
2,962,840 | Bankrate (a) | 51,968,214 | |||||||||
| Internet Advertising for the Insurance, Credit Card & Banking Markets | |||||||||||
2,570,000 | RPX (a) | 45,617,500 | |||||||||
| Patent Aggregation & Defensive Patent Consulting | |||||||||||
281,859,964 | |||||||||||
| > Telephone & Data Services 1.1% | |||||||||||
2,200,000 | Cogent Communications | 76,010,000 | |||||||||
Internet Data Pipelines | |||||||||||
1,113,743 | tw telecom (a) | 44,894,980 | |||||||||
Fiber Optic Telephone/Data Services | |||||||||||
2,500,000 | Windstream (c) | 24,900,000 | |||||||||
Business & Rural Telecom Services | |||||||||||
2,500,000 | Telefonica Deutschland (Germany) | 20,673,011 | |||||||||
| Mobile & Fixed-line Communications in Germany | |||||||||||
Number of Shares | Value | ||||||||||
2,772,402 | Boingo Wireless (a)(b) | $ | 18,935,506 | ||||||||
Wholesale & Retail Wi-Fi Networks | |||||||||||
1,500,000 | General Communications (a) | 16,620,000 | |||||||||
| Consumer Pay TV, Web, Phone, Mobile & Commercial Communication in Alaska | |||||||||||
4,000,000 | Towerstream (a)(b)(c) | 7,760,000 | |||||||||
| High Speed Wireless, Rooftop Antenna Space & Wi-Fi Offload | |||||||||||
755,000 | GTT Communications (a) | 7,708,550 | |||||||||
| Provider of High Capacity Data Transit | |||||||||||
217,502,047 | |||||||||||
| > Gaming Equipment & Services 1.0% | |||||||||||
3,028,000 | Bally Technologies (a)(b) | 199,000,160 | |||||||||
Slot Machines & Software | |||||||||||
| > Telecommunications Equipment 0.8% | |||||||||||
640,000 | F5 Networks (a) | 71,321,600 | |||||||||
| Internet Traffic Management Equipment | |||||||||||
1,538,000 | Finisar (a) | 30,375,500 | |||||||||
Optical Subsystems & Components | |||||||||||
1,118,000 | CalAmp (a) | 24,215,880 | |||||||||
| Machine-to-machine Communications | |||||||||||
2,365,000 | Infinera (a) | 21,758,000 | |||||||||
Optical Networking Equipment | |||||||||||
1,040,000 | Ixia (a) | 11,887,200 | |||||||||
Telecom Network Test Equipment | |||||||||||
159,558,180 | |||||||||||
| > Semiconductors & Related Equipment 0.7% | |||||||||||
5,390,000 | Atmel (a) | 50,504,300 | |||||||||
| Microcontrollers, Radio Frequency & Memory Semiconductors | |||||||||||
420,000 | Littelfuse | 39,039,000 | |||||||||
Little Fuses | |||||||||||
699,000 | Monolithic Power Systems | 29,602,650 | |||||||||
| High Performance Analog & Mixed Signal Integrated Circuits | |||||||||||
560,000 | Semtech (a) | 14,644,000 | |||||||||
Analog Semiconductors | |||||||||||
615,000 | Ultratech (a) | 13,640,700 | |||||||||
Semiconductor Equipment | |||||||||||
115,279 | Rubicon Technology (a) | 1,008,691 | |||||||||
| Produces Sapphire for the Lighting, Electronics & Automotive Industries | |||||||||||
148,439,341 | |||||||||||
| > Financial Processors 0.7% | |||||||||||
1,700,000 | Global Payments | 123,845,000 | |||||||||
Credit Card Processor | |||||||||||
1,300,000 | Liquidity Services (a)(c) | 20,488,000 | |||||||||
| E-Auctions for Surplus & Salvage Goods | |||||||||||
144,333,000 | |||||||||||
See accompanying notes to financial statements.
31
Columbia Acorn® Fund
Statement of Investments (Unaudited), continued
Number of Shares | Value | ||||||||||
| > Electronics Distribution 0.7% | |||||||||||
3,125,000 | Avnet | $ | 138,468,750 | ||||||||
Electronic Components Distribution | |||||||||||
| > Contract Manufacturing 0.6% | |||||||||||
3,800,000 | Sanmina-SCI (a) | 86,564,000 | |||||||||
Electronic Manufacturing Services | |||||||||||
842,000 | Plexus (a) | 36,450,180 | |||||||||
Electronic Manufacturing Services | |||||||||||
123,014,180 | |||||||||||
| > Cable TV 0.5% | |||||||||||
800,000 | Liberty Global Series A (a) | 35,376,000 | |||||||||
| 800,000 | Liberty Global Series C (a) | 33,848,000 | |||||||||
Cable TV Franchises Outside the U.S. | |||||||||||
400,000 | Discovery Series C (a) | 29,036,000 | |||||||||
Cable TV Programming | |||||||||||
98,260,000 | |||||||||||
| > Entertainment Programming 0.3% | |||||||||||
1,000,000 | IMAX (Canada) (a)(c) | 28,480,000 | |||||||||
| IMAX Movies, Theatre Equipment & Theatre Joint Ventures | |||||||||||
5,500,000 | Zee Entertainment Enterprises (India) | 26,843,138 | |||||||||
| India's Leading Programmer of Pay TV Content | |||||||||||
55,323,138 | |||||||||||
| > Advertising 0.3% | |||||||||||
1,000,000 | Lamar Advertising | 53,000,000 | |||||||||
Outdoor Advertising | |||||||||||
Information: Total | 5,246,672,248 | ||||||||||
Industrial Goods & Services 23.0% | |||||||||||
| > Machinery 13.3% | |||||||||||
8,860,000 | Ametek | 463,200,800 | |||||||||
Aerospace/Industrial Instruments | |||||||||||
8,400,000 | Donaldson (b) | 355,488,000 | |||||||||
Industrial Air Filtration | |||||||||||
3,400,000 | Nordson (b) | 272,646,000 | |||||||||
| Dispensing Systems for Adhesives & Coatings | |||||||||||
3,230,000 | Moog (a)(b) | 235,434,700 | |||||||||
| Motion Control Products for Aerospace, Defense & Industrial Markets | |||||||||||
3,555,000 | Generac (a)(b) | 173,270,700 | |||||||||
Standby Power Generators | |||||||||||
3,725,000 | Kennametal | 172,393,000 | |||||||||
Consumable Cutting Tools | |||||||||||
3,828,750 | HEICO (b) | 155,447,250 | |||||||||
| FAA-approved Aircraft Replacement Parts | |||||||||||
1,210,000 | WABCO Holdings (a) | 129,252,200 | |||||||||
Truck & Bus Component Supplier | |||||||||||
1,405,000 | Pall | 119,972,950 | |||||||||
| Life Science, Water & Industrial Filtration | |||||||||||
1,610,000 | Toro | 102,396,000 | |||||||||
Turf Maintenance Equipment | |||||||||||
Number of Shares | Value | ||||||||||
1,815,000 | Oshkosh Corporation | $ | 100,786,950 | ||||||||
Specialty Truck Manufacturer | |||||||||||
1,200,000 | Wabtec | 99,108,000 | |||||||||
| Freight & Transit Component Supplier | |||||||||||
1,081,200 | Middleby (a) | 89,436,864 | |||||||||
| Manufacturer of Cooking Equipment | |||||||||||
2,300,000 | ESCO Technologies (b) | 79,672,000 | |||||||||
| Industrial Filtration & Advanced Measurement Equipment | |||||||||||
435,000 | Valmont Industries (c) | 66,098,250 | |||||||||
| Center Pivot Irrigation Systems & Utility Poles | |||||||||||
664,400 | Neopost (France) | 49,764,042 | |||||||||
Postage Meter Machines | |||||||||||
550,000 | Dorman Products (a) | 27,126,000 | |||||||||
Aftermarket Auto Parts Distributor | |||||||||||
10,000,000 | Marel (Iceland) (a) | 9,285,175 | |||||||||
| Largest Manufacturer of Poultry & Fish Processing Equipment | |||||||||||
2,700,778,881 | |||||||||||
| > Other Industrial Services 2.1% | |||||||||||
4,400,000 | LKQ (a) | 117,436,000 | |||||||||
Alternative Auto Parts Distribution | |||||||||||
1,800,000 | Expeditors International of Washington | 79,488,000 | |||||||||
International Freight Forwarder | |||||||||||
1,500,000 | Forward Air | 71,775,000 | |||||||||
| Freight Transportation Between Airports | |||||||||||
1,350,000 | Mobile Mini | 64,651,500 | |||||||||
Portable Storage Units Leasing | |||||||||||
1,375,000 | KAR Auction Services | 43,821,250 | |||||||||
Auto Auctions | |||||||||||
2,400,000 | CAE (Canada) | 31,398,716 | |||||||||
| Flight Simulator Equipment & Training Centers | |||||||||||
255,000 | MTU Aero Engines (Germany) | 23,460,838 | |||||||||
| Airplane Engine Components & Services | |||||||||||
432,031,304 | |||||||||||
| > Industrial Distribution 1.8% | |||||||||||
1,870,000 | WESCO International (a) | 161,530,600 | |||||||||
Industrial Distributor | |||||||||||
930,000 | Airgas | 101,286,300 | |||||||||
Industrial Gas Distributor | |||||||||||
2,320,000 | MRC Global (a) | 65,632,800 | |||||||||
Industrial Distributor | |||||||||||
930,000 | Boise Cascade (a) | 26,635,200 | |||||||||
| Wood Products Manufacturer & Distributor | |||||||||||
225,000 | DXP Enterprises (a) | 16,996,500 | |||||||||
| Industrial Distributor & Pump Manufacturer | |||||||||||
372,081,400 | |||||||||||
See accompanying notes to financial statements.
32
Number of Shares | Value | ||||||||||
| > Industrial Materials & Specialty Chemicals 1.5% | |||||||||||
1,780,000 | Drew Industries (b) | $ | 89,017,800 | ||||||||
| RV & Manufactured Home Components | |||||||||||
1,000,000 | FMC Corporation | 71,190,000 | |||||||||
Niche Specialty Chemicals | |||||||||||
1,288,000 | Novozymes (Denmark) | 64,602,845 | |||||||||
Industrial Enzymes | |||||||||||
1,150,000 | PolyOne | 48,461,000 | |||||||||
| Intermediate Stage Chemicals Producer | |||||||||||
882,558 | Sociedad Quimica y Minera de Chile - ADR (Chile) | 25,867,775 | |||||||||
| Producer of Specialty Fertilizers, Lithium & Iodine | |||||||||||
299,139,420 | |||||||||||
| > Construction 1.5% | |||||||||||
1,807,000 | Chicago Bridge & Iron | 123,237,400 | |||||||||
| Engineering & Construction for Liquefied Natural Gas & Petrochemicals | |||||||||||
99,000 | NVR (a) | 113,909,400 | |||||||||
Homebuilder | |||||||||||
930,000 | Fortune Brands Home & Security | 37,134,900 | |||||||||
| Home Building Supplies & Small Locks | |||||||||||
2,500,000 | PGT (a)(b) | 21,175,000 | |||||||||
Wind Resistant Windows & Doors | |||||||||||
295,456,700 | |||||||||||
| > Electrical Components 1.3% | |||||||||||
1,415,000 | Acuity Brands | 195,623,750 | |||||||||
Commercial Lighting Fixtures | |||||||||||
1,555,349 | Thermon (a) | 40,936,786 | |||||||||
| Global Engineered Thermal Solutions | |||||||||||
1,500,000 | Ushio (Japan) | 19,329,880 | |||||||||
Industrial Light Sources | |||||||||||
255,890,416 | |||||||||||
| > Outsourcing Services 0.7% | |||||||||||
3,000,000 | Quanta Services (a) | 103,740,000 | |||||||||
| Electrical & Telecom Construction Services | |||||||||||
1,144,000 | Insperity | 37,752,000 | |||||||||
Professional Employer Organization | |||||||||||
141,492,000 | |||||||||||
| > Conglomerates 0.4% | |||||||||||
2,500,000 | Aalberts Industries (Netherlands) (c) | 81,627,413 | |||||||||
Flow Control & Heat Treatment | |||||||||||
| > Waste Management 0.4% | |||||||||||
1,500,000 | Waste Connections | 72,825,000 | |||||||||
Solid Waste Management | |||||||||||
Industrial Goods & Services: Total | 4,651,322,534 | ||||||||||
Number of Shares | Value | ||||||||||
Consumer Goods & Services 14.1% | |||||||||||
| > Retail 4.4% | |||||||||||
1,675,000 | Williams-Sonoma | $ | 120,231,500 | ||||||||
Home Goods & Furnishing Retailer | |||||||||||
1,160,000 | ULTA (a) | 106,035,600 | |||||||||
Specialty Beauty Product Retailer | |||||||||||
1,475,839 | Casey's General Stores | 103,736,723 | |||||||||
| Owner/Operator of Convenience Stores | |||||||||||
822,845 | Fossil (a) | 86,003,760 | |||||||||
Watch Designer & Retailer | |||||||||||
1,845,498 | Shutterfly (a) | 79,467,144 | |||||||||
Internet Photo-centric Retailer | |||||||||||
4,290,000 | Pier 1 Imports | 66,108,900 | |||||||||
Home Furnishing Retailer | |||||||||||
1,660,000 | Kate Spade & Company (a) | 63,312,400 | |||||||||
Global Lifestyle Brand | |||||||||||
1,535,000 | The Fresh Market (a)(c) | 51,376,450 | |||||||||
Specialty Food Retailer | |||||||||||
1,535,000 | Burlington Stores (a) | 48,905,100 | |||||||||
Off-price Apparel Retailer | |||||||||||
1,000,000 | Urban Outfitters (a) | 33,860,000 | |||||||||
| Multi-channel Apparel & Accessory Retailer | |||||||||||
1,050,000 | DSW | 29,337,000 | |||||||||
Branded Footwear Retailer | |||||||||||
600,000 | Zulily (a)(c) | 24,570,000 | |||||||||
| eCommerce Retailer Offering Flash Sale Events | |||||||||||
2,557,000 | DIA (Spain) | 23,542,747 | |||||||||
| Leading Hard Discounter in Spain, Latin America & the Eastern Mediterranean | |||||||||||
1,185,000 | Michaels Stores (a) | 20,204,250 | |||||||||
Craft & Hobby Specialty Retailer | |||||||||||
2,061,000 | Gaiam (a)(b) | 15,828,480 | |||||||||
| Healthy Living Through Catalogs, eCommerce & Gaiam TV | |||||||||||
852,000 | Massmart Holdings (South Africa) | 10,574,894 | |||||||||
| General Merchandise, Food & Home Improvement Stores; Wal-Mart Subsidiary | |||||||||||
883,094,948 | |||||||||||
| > Travel 3.7% | |||||||||||
4,300,000 | Avis Budget Group (a) | 256,667,000 | |||||||||
Second Largest Car Rental Company | |||||||||||
4,750,000 | Hertz (a) | 133,142,500 | |||||||||
Largest U.S. Rental Car Operator | |||||||||||
1,430,000 | Vail Resorts | 110,367,400 | |||||||||
Ski Resort Operator & Developer | |||||||||||
1,100,000 | Expedia | 86,636,000 | |||||||||
Online Travel Services Company | |||||||||||
2,380,000 | HomeAway (a) | 82,871,600 | |||||||||
Vacation Rental Online Marketplace | |||||||||||
1,033,483 | Choice Hotels | 48,687,384 | |||||||||
Franchisor of Budget Hotel Brands | |||||||||||
2,100,000 | Localiza Rent A Car (Brazil) | 34,548,540 | |||||||||
Car Rental | |||||||||||
752,920,424 | |||||||||||
See accompanying notes to financial statements.
33
Columbia Acorn® Fund
Statement of Investments (Unaudited), continued
Number of Shares | Value | ||||||||||
| > Consumer Goods Distribution 1.5% | |||||||||||
2,015,000 | Pool | $ | 113,968,400 | ||||||||
| Swimming Pool Supplies & Equipment Distributor | |||||||||||
1,181,000 | United Natural Foods (a) | 76,883,100 | |||||||||
| Distributor of Natural/Organic Foods to Grocery Stores | |||||||||||
8,765,000 | Groupon (a)(c) | 58,024,300 | |||||||||
Global Marketplace for Deals | |||||||||||
1,430,000 | GNC | 48,763,000 | |||||||||
| Specialty Retailer of Health & Wellness Products | |||||||||||
900,000 | The Chefs' Warehouse (a) | 17,793,000 | |||||||||
| Distributor of Specialty Foods to Fine Dining Restaurants | |||||||||||
315,431,800 | |||||||||||
| > Furniture & Textiles 1.0% | |||||||||||
3,669,000 | Knoll (b) | 63,583,770 | |||||||||
Office Furniture | |||||||||||
1,605,000 | Herman Miller | 48,535,200 | |||||||||
Office Furniture | |||||||||||
2,325,000 | Interface | 43,803,000 | |||||||||
Modular Carpet | |||||||||||
812,360 | Caesarstone (Israel) | 39,870,629 | |||||||||
Quartz Countertops | |||||||||||
195,792,599 | |||||||||||
| > Restaurants 0.9% | |||||||||||
1,875,000 | Popeyes Louisiana Kitchen (a)(b) | 81,956,250 | |||||||||
Popeye's Restaurants | |||||||||||
968,000 | Domino's Pizza | 70,751,120 | |||||||||
Franchisor of Pizza Restaurants | |||||||||||
876,988 | Fiesta Restaurant Group (a) | 40,701,013 | |||||||||
| Owns/Operates Two Restaurant Chains: Pollo Tropical & Taco Cabana | |||||||||||
193,408,383 | |||||||||||
| > Apparel 0.5% | |||||||||||
932,000 | PVH | 108,671,200 | |||||||||
Apparel Wholesaler & Retailer | |||||||||||
| > Food & Beverage 0.5% | |||||||||||
4,386,552 | Boulder Brands (a)(b) | 62,201,307 | |||||||||
Healthy Food Products | |||||||||||
1,029,000 | B&G Foods | 33,638,010 | |||||||||
Acquirer of Small Food Brands | |||||||||||
1,665,270 | GLG Life Tech (Canada) (a)(b) | 444,780 | |||||||||
| Produces an All-natural Sweetener Extracted from the Stevia Plant | |||||||||||
96,284,097 | |||||||||||
| > Other Durable Goods 0.4% | |||||||||||
460,000 | Cavco Industries (a)(b) | 39,238,000 | |||||||||
Manufactured Homes | |||||||||||
1,650,000 | Select Comfort (a) | 34,089,000 | |||||||||
Specialty Mattresses | |||||||||||
73,327,000 | |||||||||||
| > Other Consumer Services 0.4% | |||||||||||
982,000 | Lifetime Fitness (a)(c) | 47,862,680 | |||||||||
Sport & Fitness Club Operator | |||||||||||
900,000 | Blackhawk Network (a) | 24,165,000 | |||||||||
| Third Party Distributer of Prepaid Content, Mostly Gift Cards | |||||||||||
Number of Shares | Value | ||||||||||
400,000 | IFM Investments (Century 21 China RE) - ADR (China) (a) | $ | 516,000 | ||||||||
Provide Real Estate Services in China | |||||||||||
72,543,680 | |||||||||||
| > Educational Services 0.3% | |||||||||||
1,300,000 | DeVry | 55,042,000 | |||||||||
Postsecondary Degree Services | |||||||||||
550,000 | ITT Educational Services (a)(c) | 9,179,500 | |||||||||
Postsecondary Degree Services | |||||||||||
64,221,500 | |||||||||||
| > Casinos & Gaming 0.3% | |||||||||||
900,000 | Melco Crown Entertainment - ADR (Hong Kong) | 32,139,000 | |||||||||
Macau Casino Operator | |||||||||||
7,000,000 | Melco International (Hong Kong) | 21,161,996 | |||||||||
Macau Casino Operator | |||||||||||
53,300,996 | |||||||||||
| > Nondurables 0.2% | |||||||||||
620,000 | Prestige Brands Holdings (a) | 21,011,800 | |||||||||
Household & Personal Care Products | |||||||||||
229,000 | KT&G (Korea) | 20,256,473 | |||||||||
Tobacco & Ginseng Products | |||||||||||
41,268,273 | |||||||||||
| > Leisure Products —% | |||||||||||
550,000 | Performance Sports Group (a) | 9,432,500 | |||||||||
Sporting Goods Manufacturer | |||||||||||
Consumer Goods & Services: Total | 2,859,697,400 | ||||||||||
Finance 11.1% | |||||||||||
| > Banks 3.7% | |||||||||||
9,000,000 | Associated Banc-Corp (b) | 162,720,000 | |||||||||
Midwest Bank | |||||||||||
1,950,000 | BOK Financial | 129,870,000 | |||||||||
Tulsa-based Southwest Bank | |||||||||||
840,000 | SVB Financial Group (a) | 97,960,800 | |||||||||
Bank to Venture Capitalists | |||||||||||
2,860,000 | MB Financial (b) | 77,363,000 | |||||||||
Chicago Bank | |||||||||||
940,000 | City National | 71,214,400 | |||||||||
Bank & Asset Manager | |||||||||||
1,900,000 | Hancock Holding | 67,108,000 | |||||||||
Gulf Coast Bank | |||||||||||
3,323,500 | Valley National Bancorp (c) | 32,935,885 | |||||||||
New Jersey/New York Bank | |||||||||||
1,162,000 | Sandy Spring Bancorp | 28,945,420 | |||||||||
Baltimore & Washington, D.C. Bank | |||||||||||
4,841,882 | First Busey (b) | 28,131,334 | |||||||||
Illinois Bank | |||||||||||
1,550,000 | TCF Financial | 25,373,500 | |||||||||
Great Lakes Bank | |||||||||||
843,000 | Hudson Valley | 15,216,150 | |||||||||
Metro New York City Bank | |||||||||||
2,136,500 | TrustCo Bank | 14,271,820 | |||||||||
New York State Bank | |||||||||||
300,000 | OFG Bancorp | 5,523,000 | |||||||||
Puerto Rican Bank | |||||||||||
176,000 | Cascade Bancorp (a) | 916,960 | |||||||||
Central Oregon & Idaho Bank | |||||||||||
757,550,269 | |||||||||||
See accompanying notes to financial statements.
34
Number of Shares | Value | ||||||||||
| > Insurance 2.8% | |||||||||||
8,900,000 | CNO Financial Group | $ | 158,420,000 | ||||||||
| Life, Long-term Care & Medical Supplement Insurance | |||||||||||
2,499,000 | Allied World Assurance Company Holdings | 95,011,980 | |||||||||
| Commercial Lines Insurance/ Reinsurance | |||||||||||
2,625,000 | Selective Insurance Group | 64,890,000 | |||||||||
| Commercial & Personal Lines Insurance | |||||||||||
1,100,000 | HCC Insurance Holdings | 53,834,000 | |||||||||
Specialty Insurance | |||||||||||
1,650,000 | Brown & Brown | 50,671,500 | |||||||||
Insurance Broker | |||||||||||
250,000 | Enstar Group (a) | 37,682,500 | |||||||||
| Insurance/Reinsurance & Related Services | |||||||||||
800,000 | RLI | 36,624,000 | |||||||||
Specialty Insurance | |||||||||||
10,837,000 | Rand Merchant Insurance (South Africa) | 33,402,620 | |||||||||
| Directly Sold Property & Casualty Insurance; Holdings in Other Insurers | |||||||||||
500,000 | The Hanover Insurance Group | 31,575,000 | |||||||||
| Commercial & Personal Lines Insurance | |||||||||||
562,111,600 | |||||||||||
| > Brokerage & Money Management 2.0% | |||||||||||
7,275,000 | SEI Investments | 238,401,750 | |||||||||
| Mutual Fund Administration & Investment Management | |||||||||||
3,052,000 | Eaton Vance | 115,335,080 | |||||||||
Specialty Mutual Funds | |||||||||||
10,000,000 | Sprott (Canada) | 28,396,045 | |||||||||
| Asset Manager Focused on Resources, Particularly Gold & Silver | |||||||||||
1,648,030 | Coronation Fund Managers (South Africa) | 14,800,503 | |||||||||
South African Fund Manager | |||||||||||
500,000 | Wisdom Tree (a) | 6,180,000 | |||||||||
Fund Manager with ETF Specialty | |||||||||||
403,113,378 | |||||||||||
| > Finance Companies 1.2% | |||||||||||
2,150,000 | McGrath Rentcorp (b) | 79,012,500 | |||||||||
Mini-rental Conglomerate | |||||||||||
808,343 | World Acceptance (a)(b) | 61,401,734 | |||||||||
Personal Loans | |||||||||||
1,120,000 | H & E Equipment Services (a) | 40,700,800 | |||||||||
Heavy Equipment Leasing | |||||||||||
1,500,000 | CAI International (a)(b) | 33,015,000 | |||||||||
International Container Leasing | |||||||||||
1,091,000 | Marlin Business Services (b) | 19,845,290 | |||||||||
Small Equipment Leasing | |||||||||||
200,000 | Onex Capital (Canada) | 12,374,303 | |||||||||
Private Equity | |||||||||||
246,349,627 | |||||||||||
Number of Shares | Value | ||||||||||
| > Credit Cards 1.0% | |||||||||||
490,000 | Alliance Data Systems (a) | $ | 137,812,500 | ||||||||
Diversified Credit Card Provider | |||||||||||
620,000 | WEX Corp (a) | 65,081,400 | |||||||||
Card Processor | |||||||||||
202,893,900 | |||||||||||
| > Diversified Financial Companies 0.4% | |||||||||||
2,820,000 | Leucadia National | 73,940,400 | |||||||||
Holding Company | |||||||||||
209,980 | JTH Holdings (a) | 6,994,434 | |||||||||
Tax Preparation Company | |||||||||||
80,934,834 | |||||||||||
Finance: Total | 2,252,953,608 | ||||||||||
Health Care 9.4% | |||||||||||
| > Biotechnology & Drug Delivery 3.9% | |||||||||||
2,312,309 | Synageva BioPharma (a)(b) | 242,329,983 | |||||||||
Biotech Focused on Orphan Diseases | |||||||||||
4,972,000 | Seattle Genetics (a) | 190,179,000 | |||||||||
Antibody-based Therapies for Cancer | |||||||||||
| 1,151,982 | Ultragenyx Pharmaceutical (a)(b)(d)(e) | 48,609,724 | |||||||||
| 472,707 | Ultragenyx Pharmaceutical (a)(b)(c) | 21,219,817 | |||||||||
| Biotech Focused on "Ultra-Orphan" Drugs | |||||||||||
2,050,000 | Sarepta Therapeutics (a)(b)(c) | 61,069,500 | |||||||||
Biotech Focused On Rare Diseases | |||||||||||
969,000 | BioMarin Pharmaceutical (a) | 60,281,490 | |||||||||
Biotech Focused on Orphan Diseases | |||||||||||
| 2,750,000 | Celldex Therapeutics (a) | 44,880,000 | |||||||||
Biotech Developing Drugs for Cancer | |||||||||||
1,352,000 | NPS Pharmaceuticals (a) | 44,683,600 | |||||||||
Orphan Drugs & Healthy Royalties | |||||||||||
613,400 | Alnylam Pharmaceuticals (a) | 38,748,478 | |||||||||
| Biotech Developing Drugs for Rare Diseases | |||||||||||
153,000 | Intercept Pharmaceuticals (a) | 36,204,390 | |||||||||
| Biotech Developing Drugs for Several Diseases | |||||||||||
| 359,944 | MicroDose Therapeutx Contingent Value Rights (a)(d)(e) | 943,053 | |||||||||
Drug Inhaler Development | |||||||||||
789,149,035 | |||||||||||
| > Medical Supplies 2.3% | |||||||||||
5,590,000 | Cepheid (a)(b) | 267,984,600 | |||||||||
Molecular Diagnostics | |||||||||||
772,000 | Henry Schein (a) | 91,613,240 | |||||||||
| Largest Distributor of Healthcare Products | |||||||||||
936,000 | Bio-Techne | 86,645,520 | |||||||||
| Cytokines, Antibodies & Other Reagents for Life Science | |||||||||||
395,375 | Patterson Companies | 15,621,266 | |||||||||
Dental/Vet/Medical Distributor | |||||||||||
461,864,626 | |||||||||||
See accompanying notes to financial statements.
35
Columbia Acorn® Fund
Statement of Investments (Unaudited), continued
Number of Shares | Value | ||||||||||
| > Health Care Services 1.5% | |||||||||||
7,949,000 | Allscripts Healthcare Solutions (a) | $ | 127,581,450 | ||||||||
Health Care IT | |||||||||||
2,100,000 | HealthSouth | 75,327,000 | |||||||||
Inpatient Rehabilitation Facilities | |||||||||||
1,080,000 | Medidata Solutions (a) | 46,234,800 | |||||||||
| Cloud-based Software for Drug Studies | |||||||||||
1,004,000 | Envision Healthcare Holdings (a) | 36,053,640 | |||||||||
| Provider of Health Care Outsourcing Services | |||||||||||
890,000 | Castlight Health (a)(b)(c) | 13,528,000 | |||||||||
| Provider of Cloud-based Software for Managing Health Care Costs | |||||||||||
298,724,890 | |||||||||||
| > Pharmaceuticals 1.1% | |||||||||||
5,966,000 | Akorn (a)(b) | 198,369,500 | |||||||||
| Develops, Manufactures & Sells Specialty Generic Drugs | |||||||||||
476,000 | Revance Therapeutics (a) | 16,184,000 | |||||||||
| Drug Developer Focused on Aesthetics | |||||||||||
790,158 | Alimera Sciences (a)(c) | 4,725,145 | |||||||||
| Ophthalmology-focused Pharmaceutical Company | |||||||||||
219,278,645 | |||||||||||
| > Medical Equipment & Devices 0.6% | |||||||||||
1,080,000 | Sirona Dental Systems (a) | 89,056,800 | |||||||||
Manufacturer of Dental Equipment | |||||||||||
925,000 | PerkinElmer | 43,327,000 | |||||||||
| Analytical Instruments for Life Sciences | |||||||||||
97,647 | Wright Medical Group (a) | 3,066,116 | |||||||||
Leader in Foot & Ankle Replacement | |||||||||||
135,449,916 | |||||||||||
Health Care: Total | 1,904,467,112 | ||||||||||
Energy & Minerals 7.5% | |||||||||||
| > Oil & Gas Producers 3.6% | |||||||||||
2,322,600 | Rosetta Resources (a) | 127,394,610 | |||||||||
| Oil & Gas Producer Exploring in Texas | |||||||||||
778,000 | SM Energy | 65,429,800 | |||||||||
Oil & Gas Producer | |||||||||||
717,000 | Energen Corporation | 63,726,960 | |||||||||
| Oil & Gas Producer with Natural Gas Utility | |||||||||||
695,000 | Range Resources | 60,430,250 | |||||||||
Oil & Gas Producer | |||||||||||
2,200,000 | Pacific Rubiales Energy (Colombia) | 44,698,936 | |||||||||
| Oil Production & Exploration in Colombia | |||||||||||
1,601,197 | Bill Barrett Corporation (a) | 42,880,056 | |||||||||
Oil & Gas Producer in U.S. Rockies | |||||||||||
281,000 | Clayton Williams (a) | 38,600,970 | |||||||||
Oil & Gas Producer | |||||||||||
Number of Shares | Value | ||||||||||
550,000 | Carrizo Oil & Gas (a) | $ | 38,093,000 | ||||||||
Oil & Gas Producer | |||||||||||
1,159,000 | Laredo Petroleum (a) | 35,905,820 | |||||||||
Permian Basin Oil Producer | |||||||||||
743,000 | Baytex (Canada) (c) | 34,293,379 | |||||||||
Oil & Gas Producer in Canada | |||||||||||
1,358,000 | WPX Energy (a) | 32,469,780 | |||||||||
| Oil & Gas Produced in U.S. & Argentina | |||||||||||
62,000,000 | Petromanas (Canada) (a)(b)(c) | 19,755,400 | |||||||||
Exploring for Oil in Albania | |||||||||||
530,000 | Forum Energy Technology (a) | 19,307,900 | |||||||||
| Oil Field Capital Equipment & Consumables | |||||||||||
551,000 | Cabot Oil and Gas | 18,811,140 | |||||||||
| Large Natural Gas Producer in Appalachia & Gulf Coast | |||||||||||
570,000 | Rice Energy (a) | 17,356,500 | |||||||||
Natural Gas Producer | |||||||||||
262,000 | PDC Energy (a) | 16,545,300 | |||||||||
Oil & Gas Producer in U.S. | |||||||||||
1,400,000 | DeeThree Exploration (Canada) (a) | 14,957,125 | |||||||||
Canadian Oil & Gas Producer | |||||||||||
42,000,000 | Petroamerica Oil (Colombia) (a)(b)(c) | 14,366,712 | |||||||||
| Oil Exploration & Production in Colombia | |||||||||||
27,815,500 | Shamaran Petroleum (Iraq) (a) | 10,818,080 | |||||||||
| Oil Exploration & Production in Kurdistan | |||||||||||
434,159 | Parsley Energy (a) | 10,450,207 | |||||||||
| Permian-Midland Basin Oil & Gas Producer | |||||||||||
15,400,000 | Canadian Overseas Petroleum (United Kingdom) (a)(b) | 3,896,725 | |||||||||
8,400,000 | Canadian Overseas Petroleum (United Kingdom) (a)(b)(d) | 2,019,212 | |||||||||
| Oil & Gas Exploration/Production in the North Sea | |||||||||||
26,000,000 | Petrodorado Energy (Colombia) (a)(b) | 974,650 | |||||||||
| Oil & Gas Exploration & Production in Colombia, Peru & Paraguay | |||||||||||
733,182,512 | |||||||||||
| > Oil Services 2.7% | |||||||||||
3,858,000 | FMC Technologies (a) | 235,608,060 | |||||||||
Oil & Gas Well Head Manufacturer | |||||||||||
964,000 | Chart Industries (a) | 79,761,360 | |||||||||
| Manufacturer of Natural Gas Processing/Storage Equipment | |||||||||||
1,613,000 | Hornbeck Offshore (a) | 75,681,960 | |||||||||
| Supply Vessel Operator in U.S. Gulf of Mexico | |||||||||||
1,314,579 | ShawCor (Canada) | 73,105,401 | |||||||||
Oil & Gas Pipeline Products | |||||||||||
507,000 | Atwood Oceanics (a) | 26,607,360 | |||||||||
Offshore Drilling Contractor | |||||||||||
See accompanying notes to financial statements.
36
Number of Shares | Value | ||||||||||
| > Oil Services—continued | |||||||||||
321,000 | Gulfport Energy (a) | $ | 20,158,800 | ||||||||
| Oil & Gas Producer Focused on Utica Shale in Ohio | |||||||||||
596,600 | Black Diamond Group (Canada) | 19,188,709 | |||||||||
| Provides Accommodations/ Equipment for Oil Sands Development | |||||||||||
2,601,900 | Horizon North Logistics (Canada) (c) | 18,678,182 | |||||||||
| Provides Diversified Oil Service Offering in Northern Canada | |||||||||||
289,000 | Rowan | 9,227,770 | |||||||||
Contract Offshore Driller | |||||||||||
558,017,602 | |||||||||||
| > Mining 1.0% | |||||||||||
492,000 | Core Labs (Netherlands) | 82,193,520 | |||||||||
Oil & Gas Reservoir Consulting | |||||||||||
3,400,000 | Alamos Gold (Canada) | 34,380,769 | |||||||||
Gold Mining | |||||||||||
503,000 | US Silica | 27,886,320 | |||||||||
| Provider of Frac Sand & Industrial Sand in the U.S. | |||||||||||
5,500,000 | Kirkland Lake Gold (Canada) (a)(b)(c) | 18,298,112 | |||||||||
Gold Mining | |||||||||||
3,986,900 | Argonaut Gold (Canada) (a) | 16,514,782 | |||||||||
Gold & Silver Mining | |||||||||||
2,373,342 | Allied Nevada Gold (a)(c) | 8,923,766 | |||||||||
Gold & Silver Mining | |||||||||||
5,979,000 | Duluth Metals (Canada) (a) | 3,305,946 | |||||||||
Copper & Nickel Miner | |||||||||||
2,322,841 | Alexco Resource (a)(c) | 2,926,780 | |||||||||
| Mining, Exploration & Environmental Services | |||||||||||
3,000,000 | Kaminak Gold (a)(c) | 2,389,766 | |||||||||
| Exploration Stage Canadian Gold Miner | |||||||||||
2,300 | Silvercrest Mines (a) | 4,957 | |||||||||
Gold & Silver Mining | |||||||||||
196,824,718 | |||||||||||
| > Alternative Energy 0.1% | |||||||||||
4,100,000 | RGS Energy (a)(b)(c) | 12,218,000 | |||||||||
| U.S. Residential & Commercial Solar Systems Installer | |||||||||||
1,210,300 | Synthesis Energy Systems (China) (a) | 2,275,364 | |||||||||
| Owner/Operator of Gasification Plants/Technology Licenses | |||||||||||
14,493,364 | |||||||||||
| > Agricultural Commodities 0.1% | |||||||||||
1,306,818 | Union Agriculture Group (Uruguay) (a)(d)(e) | 13,630,112 | |||||||||
Farmland Operator in Uruguay | |||||||||||
Energy & Minerals: Total | 1,516,148,308 | ||||||||||
Other Industries 6.4% | |||||||||||
| > Real Estate 4.2% | |||||||||||
2,100,000 | Extra Space Storage | 111,825,000 | |||||||||
Self Storage Facilities | |||||||||||
Number of Shares | Value | ||||||||||
1,760,000 | Post Properties | $ | 94,089,600 | ||||||||
Multi-family Properties | |||||||||||
750,000 | Federal Realty | 90,690,000 | |||||||||
Shopping Centers | |||||||||||
7,350,000 | EdR (b) | 78,939,000 | |||||||||
Student Housing | |||||||||||
1,800,000 | St. Joe (a)(c) | 45,774,000 | |||||||||
Florida Panhandle Landowner | |||||||||||
5,175,000 | DCT Industrial Trust | 42,486,750 | |||||||||
Industrial Properties | |||||||||||
2,150,000 | �� | Terreno Realty (b) | 41,559,500 | ||||||||
Industrial Properties | |||||||||||
1,900,000 | Biomed Realty Trust | 41,477,000 | |||||||||
Life Science-focused Office Buildings | |||||||||||
325,000 | Jones Lang LaSalle | 41,076,750 | |||||||||
Real Estate Services | |||||||||||
1,170,000 | Coresite Realty (b) | 38,691,900 | |||||||||
Data Centers | |||||||||||
6,250,000 | Kite Realty Group | 38,375,000 | |||||||||
Community Shopping Centers | |||||||||||
130,000 | Amerco | 37,798,800 | |||||||||
| North American Moving & Storage King | |||||||||||
1,300,000 | Hudson Pacific Properties | 32,942,000 | |||||||||
| West Coast Office Buildings & Production Studios | |||||||||||
2,350,000 | Glimcher Realty Trust | 25,450,500 | |||||||||
Regional Shopping Malls | |||||||||||
20,282,089 | Mapletree Commercial Trust (Singapore) | 22,302,035 | |||||||||
Retail & Office Property Landlord | |||||||||||
14,000 | Orix JREIT (Japan) | 19,637,250 | |||||||||
Diversified REIT | |||||||||||
950,000 | American Residential Properties (a)(c) | 17,812,500 | |||||||||
Single-family Rental Properties | |||||||||||
400,000 | REMAX | 11,836,000 | |||||||||
Residential Real Estate Broker | |||||||||||
90,000 | Deltic Timber | 5,437,800 | |||||||||
Arkansas Land & Timber | |||||||||||
410,000 | Ascendas REIT (Singapore) | 757,645 | |||||||||
Industrial Property Landlord | |||||||||||
838,959,030 | |||||||||||
| > Transportation 1.6% | |||||||||||
3,100,000 | Rush Enterprises, Class A (a)(b) | 107,477,000 | |||||||||
| 550,000 | Rush Enterprises, Class B (a)(b) | 17,297,500 | |||||||||
Truck Sales & Service | |||||||||||
758,000 | Kirby (a) | 88,792,120 | |||||||||
| Largest Operator of U.S. (Jones Act) Liquid Tank Barges | |||||||||||
1,000,000 | JB Hunt Transport Services | 73,780,000 | |||||||||
Truck & Intermodal Carrier | |||||||||||
300,000 | Genesee & Wyoming (a) | 31,500,000 | |||||||||
Short-line Operator | |||||||||||
318,846,620 | |||||||||||
See accompanying notes to financial statements.
37
Columbia Acorn® Fund
Statement of Investments (Unaudited), continued
Number of Shares | Value | ||||||||||
| > Regulated Utilities 0.6% | |||||||||||
2,000,000 | Northeast Utilities | $ | 94,540,000 | ||||||||
Regulated Electric Utility | |||||||||||
700,000 | Wisconsin Energy (c) | 32,844,000 | |||||||||
Wisconsin Utility | |||||||||||
127,384,000 | |||||||||||
Other Industries: Total | 1,285,189,650 | ||||||||||
| Total Equities: 97.4% (Cost: $10,197,383,140) | 19,716,450,860 | (f) | |||||||||
Short-Term Investments 2.6% | |||||||||||
280,000,000 | JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.01%) | 280,000,000 | |||||||||
256,626,833 | JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%) | 256,626,833 | |||||||||
| Total Short-Term Investments: 2.6% (Cost: $536,626,833) | 536,626,833 | ||||||||||
Number of Shares | Value | ||||||||||
Securities Lending Collateral 1.6% | |||||||||||
317,314,613 | Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (g) | $ | 317,314,613 | ||||||||
| Total Securities Lending Collateral: 1.6% (Cost: $317,314,613) | 317,314,613 | ||||||||||
| Total Investments: 101.6% (Cost: $11,051,324,586)(h) | 20,570,392,306 | ||||||||||
| Obligation to Return Collateral for Securities Loaned: (1.6)% | (317,314,613 | ) | |||||||||
Cash and Other Assets Less Liabilities: —% | (816,559 | ) | |||||||||
Net Assets: 100.0% | $ | 20,252,261,134 | |||||||||
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 June 30, 2014, are as follows:
Security | Balance of Shares Held 12/31/13 | Purchases/ Additions | Sales/ Reductions | Balance of Shares Held 6/30/14 | Value | Dividend | |||||||||||||||||||||
Mettler-Toledo International | 1,475,000 | - | - | 1,475,000 | $ | 373,440,500 | $ | - | |||||||||||||||||||
Donaldson | 8,400,000 | - | - | 8,400,000 | 355,488,000 | 2,562,000 | |||||||||||||||||||||
Nordson | 3,400,000 | - | - | 3,400,000 | 272,646,000 | 1,224,000 | |||||||||||||||||||||
Cepheid | 6,170,000 | - | 580,000 | 5,590,000 | 267,984,600 | - | |||||||||||||||||||||
Synageva BioPharma | 2,392,000 | - | 79,691 | 2,312,309 | 242,329,983 | - | |||||||||||||||||||||
Moog | 3,230,000 | - | - | 3,230,000 | 235,434,700 | - | |||||||||||||||||||||
Informatica | 5,500,000 | 550,000 | - | 6,050,000 | 215,682,500 | - | |||||||||||||||||||||
Bally Technologies | 3,105,000 | - | 77,000 | 3,028,000 | 199,000,160 | - | |||||||||||||||||||||
Akorn | 5,417,981 | 676,000 | 127,981 | 5,966,000 | 198,369,500 | - | |||||||||||||||||||||
Generac | 3,113,000 | 442,000 | 3,555,000 | 173,270,700 | |||||||||||||||||||||||
Associated Banc-Corp | 9,000,000 | - | - | 9,000,000 | 162,720,000 | 1,620,000 | |||||||||||||||||||||
HEICO | 3,828,750 | - | - | 3,828,750 | 155,447,250 | - | |||||||||||||||||||||
iGATE | 4,150,000 | - | 275,000 | 3,875,000 | 141,011,250 | - | |||||||||||||||||||||
Allscripts Healthcare Solutions (1) | 9,905,000 | - | 1,956,000 | 7,949,000 | 127,581,450 | - | |||||||||||||||||||||
Rush Enterprises | 3,650,000 | - | - | 3,650,000 | 124,774,500 | - | |||||||||||||||||||||
Globalstar (1) | 25,500,000 | 2,150,000 | - | 27,650,000 | 117,512,500 | - | |||||||||||||||||||||
Drew Industries | 1,780,000 | - | - | 1,780,000 | 89,017,800 | - | |||||||||||||||||||||
Popeye's Louisiana Kitchen | 2,000,000 | - | 125,000 | 1,875,000 | 81,956,250 | - | |||||||||||||||||||||
ESCO Technologies | 2,300,000 | - | - | 2,300,000 | 79,672,000 | 184,000 | |||||||||||||||||||||
McGrath Rentcorp | 2,150,000 | - | - | 2,150,000 | 79,012,500 | 1,042,750 | |||||||||||||||||||||
EdR | 7,350,000 | - | - | 7,350,000 | 78,939,000 | 1,617,000 | |||||||||||||||||||||
MB Financial | 2,860,000 | - | - | 2,860,000 | 77,363,000 | 686,400 | |||||||||||||||||||||
Navigant Consulting | 4,025,000 | - | - | 4,025,000 | 70,236,250 | - | |||||||||||||||||||||
Ultragenyx Pharmaceutical (2) | 1,151,982 | 472,707 | - | 1,624,689 | 69,829,541 | 253,930 | |||||||||||||||||||||
Pier 1 Imports (1) | 7,185,000 | - | 2,895,000 | 4,290,000 | 66,108,900 | 688,500 | |||||||||||||||||||||
Virtusa | 1,985,000 | - | 150,000 | 1,835,000 | 65,693,000 | - | |||||||||||||||||||||
Knoll | 3,669,000 | - | - | 3,669,000 | 63,583,770 | 880,560 | |||||||||||||||||||||
Boulder Brands | 2,886,552 | 1,500,000 | 4,386,552 | 62,201,307 | - | ||||||||||||||||||||||
World Acceptance | 850,000 | - | 41,657 | 808,343 | 61,401,734 | - | |||||||||||||||||||||
See accompanying notes to financial statements.
38
> Notes to Statement of Investments
Security | Balance of Shares Held 12/31/13 | Purchases/ Additions | Sales/ Reductions | Balance of Shares Held 6/30/14 | Value | Dividend | |||||||||||||||||||||
Sarepta Therapeutics | 2,050,000 | - | - | 2,050,000 | $ | 61,069,500 | $ | - | |||||||||||||||||||
SPS Commerce | 900,000 | 190,000 | 150,000 | 940,000 | 59,398,600 | - | |||||||||||||||||||||
tw telecom (1) | 9,500,000 | - | 8,386,257 | 1,113,743 | 44,894,980 | - | |||||||||||||||||||||
Terreno Realty | 2,020,931 | 129,069 | - | 2,150,000 | 41,559,500 | 279,500 | |||||||||||||||||||||
H & E Equipment Services (1) | 2,508,816 | - | 1,388,816 | 1,120,000 | 40,700,800 | - | |||||||||||||||||||||
Cavco Industries | 460,000 | - | - | 460,000 | 39,238,000 | - | |||||||||||||||||||||
Coresite Realty | 1,170,000 | - | - | 1,170,000 | 38,691,900 | 819,000 | |||||||||||||||||||||
Insperity (1) | 1,400,000 | - | 256,000 | 1,144,000 | 37,752,000 | 411,840 | |||||||||||||||||||||
InContact | 3,740,596 | 404 | - | 3,741,000 | 34,379,790 | - | |||||||||||||||||||||
II-VI (1) | 3,640,000 | - | 1,301,000 | 2,339,000 | 33,821,940 | - | |||||||||||||||||||||
CAI International | 1,500,000 | - | - | 1,500,000 | 33,015,000 | - | |||||||||||||||||||||
Tangoe | 2,100,000 | - | - | 2,100,000 | 31,626,000 | - | |||||||||||||||||||||
First Busey | 4,841,882 | - | - | 4,841,882 | 28,131,334 | 435,769 | |||||||||||||||||||||
Blackhawk Network (1) | 900,000 | - | - | 900,000 | 24,165,000 | - | |||||||||||||||||||||
PGT | 738,564 | 1,761,436 | 2,500,000 | 21,175,000 | |||||||||||||||||||||||
Marlin Business Services | 1,091,000 | - | - | 1,091,000 | 19,845,290 | 240,020 | |||||||||||||||||||||
Petromanas | 51,359,500 | 10,640,500 | - | 62,000,000 | 19,755,400 | - | |||||||||||||||||||||
Hackett Group | 3,274,000 | - | - | 3,274,000 | 19,545,780 | - | |||||||||||||||||||||
Boingo Wireless | 2,500,000 | 272,402 | - | 2,772,402 | 18,935,506 | - | |||||||||||||||||||||
Kirkland Lake Gold | 4,900,000 | 600,000 | - | 5,500,000 | 18,298,112 | - | |||||||||||||||||||||
Gaiam | 1,500,000 | 561,000 | - | 2,061,000 | 15,828,480 | - | |||||||||||||||||||||
Petroamerica Oil | 35,000,000 | 7,000,000 | - | 42,000,000 | 14,366,712 | - | |||||||||||||||||||||
Castlight Health | - | 890,000 | 890,000 | 13,528,000 | |||||||||||||||||||||||
RGS Energy | 2,600,000 | 1,500,000 | - | 4,100,000 | 12,218,000 | - | |||||||||||||||||||||
Exa | 1,000,000 | - | - | 1,000,000 | 11,260,000 | - | |||||||||||||||||||||
Towerstream | 3,319,900 | 680,100 | - | 4,000,000 | 7,760,000 | - | |||||||||||||||||||||
Canadian Overseas Petroleum | 19,471,000 | 4,329,000 | - | 23,800,000 | 5,915,937 | - | |||||||||||||||||||||
Alimera Sciences (1) | 2,040,000 | - | 1,249,842 | 790,158 | 4,725,145 | - | |||||||||||||||||||||
Duluth Metals (1) | 7,025,500 | - | 1,046,500 | 5,979,000 | 3,305,946 | - | |||||||||||||||||||||
Petrodorado Energy | 26,000,000 | - | - | 26,000,000 | 974,650 | - | |||||||||||||||||||||
GLG Life Tech | 1,665,270 | - | - | 1,665,270 | 444,780 | - | |||||||||||||||||||||
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 | 343,885,327 | 34,344,618 | 25,324,847 | 352,905,098 | $ | 5,064,035,727 | $ | 14,146,596 | |||||||||||||||||||
(1) At June 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 June 30, 2014, was $2,222,412,177 and $4,563,467,066, respectively. Investments in affiliated companies represented 22.53% of the Fund's total net assets at June 30, 2014.
(c) All or a portion of this security was on loan at June 30, 2014. The total market value of securities on loan at June 30, 2014 was $308,680,544.
(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 June 30, 2014, the market value of these securities amounted to $65,202,101, which represented 0.32% of total net assets. Additional information on these securities is as follows:
Security | Acquisition Dates | Shares/Units | Cost | Value | |||||||||||||||
Ultragenyx Pharmaceutical | 12/19/12 | 1,151,982 | $ | 9,999,999 | $ | 48,609,724 | |||||||||||||
Union Agriculture Group | 12/8/10-6/27/12 | 1,306,818 | 15,000,000 | 13,630,112 | |||||||||||||||
Canadian Overseas Petroleum | 11/24/10 | 8,400,000 | 3,591,152 | 2,019,212 | |||||||||||||||
MicroDose Therapeutx Contingent Value Rights | 8/14/13 | 359,944 | - | 943,053 | |||||||||||||||
$ | 28,591,151 | $ | 65,202,101 | ||||||||||||||||
(e) Illiquid security.
See accompanying notes to financial statements.
39
Columbia Acorn® Fund
Statement of Investments (Unaudited), continued
> Notes to Statement of Investments
(f) On June 30, 2014, the market value of foreign securities represented 6.29% of total net assets. The Fund's foreign portfolio was diversified as follows:
Country | Value | Percentage of Net Assets | |||||||||
Canada | $ | 362,433,281 | 1.79 | ||||||||
Netherlands | 163,820,933 | 0.81 | |||||||||
Sweden | 94,263,996 | 0.46 | |||||||||
India | 65,203,138 | 0.32 | |||||||||
Denmark | 64,602,845 | 0.32 | |||||||||
Colombia | 60,040,298 | 0.30 | |||||||||
South Africa | 58,778,017 | 0.29 | |||||||||
Hong Kong | 53,300,996 | 0.26 | |||||||||
France | 49,764,042 | 0.25 | |||||||||
Germany | 44,133,849 | 0.22 | |||||||||
Israel | 39,870,629 | 0.20 | |||||||||
Japan | 38,967,130 | 0.19 | |||||||||
Brazil | 34,548,540 | 0.17 | |||||||||
Chile | 25,867,775 | 0.13 | |||||||||
Spain | 23,542,747 | 0.12 | |||||||||
Singapore | 23,059,680 | 0.11 | |||||||||
Korea | 20,256,473 | 0.10 | |||||||||
United Kingdom | 15,345,887 | 0.08 | |||||||||
Uruguay | 13,630,112 | 0.07 | |||||||||
Iraq | 10,818,080 | 0.05 | |||||||||
Iceland | 9,285,175 | 0.04 | |||||||||
China | 2,791,364 | 0.01 | |||||||||
Total Foreign Portfolio | $ | 1,274,324,987 | 6.29 | ||||||||
(g) Investment made with cash collateral received from securities lending activity.
(h) At June 30, 2014, for federal income tax purposes, the cost of investments was $11,051,324,586 and net unrealized appreciation was $9,519,067,720 consisting of gross unrealized appreciation of $9,793,427,959 and gross unrealized depreciation of $274,360,239.
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.
See accompanying notes to financial statements.
40
> Notes to Statement of Investments
For investments categorized as Level 3, the significant unobservable inputs used in the fair value measurement of the Funds' securities may include: (i) data specific to the issuer or comparable issuers, (ii) general market or specific sector news and (iii) quoted prices and specific or similar security transactions. The Committee considers this data and any changes from prior periods in order to assess the reasonableness of observable and unobservable inputs, any assumptions or internal models used to value those securities and changes in fair value. Significant changes in any of these factors could result in lower or higher fair value measurements. Various factors impact the frequency of monitoring (which may occur as often as daily), however the Committee may determine that changes to inputs, assumptions and models are not required with the same frequency.
The following table summarizes the inputs used, as of June 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 | $ | 5,095,462,153 | $ | 151,210,095 | $ | - | $ | 5,246,672,248 | |||||||||||
Industrial Goods & Services | 4,403,252,341 | 248,070,193 | - | 4,651,322,534 | |||||||||||||||
Consumer Goods & Services | 2,784,161,290 | 75,536,110 | - | 2,859,697,400 | |||||||||||||||
Finance | 2,204,750,485 | 48,203,123 | - | 2,252,953,608 | |||||||||||||||
Health Care | 1,854,914,335 | 48,609,724 | 943,053 | 1,904,467,112 | |||||||||||||||
Energy & Minerals | 1,500,498,984 | 2,019,212 | 13,630,112 | 1,516,148,308 | |||||||||||||||
Other Industries | 1,242,492,720 | 42,696,930 | - | 1,285,189,650 | |||||||||||||||
Total Equities | 19,085,532,308 | 616,345,387 | 14,573,165 | 19,716,450,860 | |||||||||||||||
Total Short-Term Investments | 536,626,833 | - | - | 536,626,833 | |||||||||||||||
Total Securities Lending Collateral | 317,314,613 | - | - | 317,314,613 | |||||||||||||||
Total Investments | $ | 19,939,473,754 | $ | 616,345,387 | $ | 14,573,165 | $ | 20,570,392,306 | |||||||||||
The Fund's assets assigned to the Level 2 input category are generally valued using a market approach, in which a security's value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Foreign equities are generally valued at the last sale price on the foreign exchange or market on which they trade. The Fund may use a statistical fair valuation model, in accordance with the policy adopted by the Board, provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. These models take into account available market data including intraday index, ADR, and ETF movements. Securities acquired via private placement that have a holding period or an extended settlement period are valued at a discount to the same shares that are trading freely on the market. These discounts are determined by the investment manager's experience with similar securities or situations. Factors may include, but are not limited to, trade volume, shares outstanding and stock price.
There were no transfers of financial assets between levels during the period.
The Fund does not hold any significant investments categorized as Level 3.
Certain securities classified as Level 3 are valued at fair value, using a market approach, as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. To determine fair value for these securities, for which no market exists, the Committee utilizes the valuation technique it deems most appropriate in the circumstances, using some unobservable inputs, which may include, but are not limited to estimated earnings of the company and the position of the security within the company's capital structure. The Committee also may use some observable inputs, which may include, but are not limited to, trades of similar securities and market multiples derived from a set of comparable companies. Significant increases or decreases to any of these inputs could result in a significantly lower or higher fair value measurement.
See accompanying notes to financial statements.
41
Columbia Acorn International®
Major Portfolio Changes in the Second Quarter (Unaudited)
Number of Shares | |||||||||||
3/31/14 | 6/30/14 | ||||||||||
Purchases | |||||||||||
Asia | |||||||||||
| > Japan | |||||||||||
Aeon Mall | 960,000 | 1,740,000 | |||||||||
Disco | 388,400 | 461,400 | |||||||||
FamilyMart | 532,000 | 1,050,000 | |||||||||
Glory | 1,521,900 | 1,600,000 | |||||||||
Moshi Moshi Hotline | 0 | 2,241,000 | |||||||||
NGK Insulators | 1,567,000 | 1,953,000 | |||||||||
Nippon Kayaku | 2,709,000 | 2,958,000 | |||||||||
OBIC | 755,000 | 931,000 | |||||||||
Rohto Pharmaceutical | 518,100 | 1,400,000 | |||||||||
Stanley Electric | 0 | 408,200 | |||||||||
Ushio | 2,350,000 | 2,900,000 | |||||||||
Wacom | 3,948,000 | 4,338,000 | |||||||||
| > Taiwan | |||||||||||
Delta Electronics | 7,306,000 | 7,651,000 | |||||||||
Hermes Microvision | 223,000 | 349,750 | |||||||||
Largan Precision | 0 | 322,000 | |||||||||
Lite-On Technology | 11,716,253 | 13,116,253 | |||||||||
Novatek Microelectronics | 4,305,000 | 5,410,000 | |||||||||
President Chain Store | 2,930,000 | 4,956,000 | |||||||||
| > Hong Kong | |||||||||||
| Mapletree Greater China Commercial Trust | 40,000,000 | 50,000,000 | |||||||||
Sa Sa International | 38,000,000 | 47,509,000 | |||||||||
| > Korea | |||||||||||
CJ Corp | 246,300 | 329,844 | |||||||||
KT&G | 0 | 507,000 | |||||||||
LS Industrial Systems | 519,217 | 631,865 | |||||||||
| > China | |||||||||||
BitAuto - ADR | 606,476 | 663,431 | |||||||||
CIMC Enric | 0 | 17,890,000 | |||||||||
Jumei International - ADR | 0 | 580,600 | |||||||||
NewOcean Energy | 17,994,000 | 29,072,000 | |||||||||
Sihuan Pharmaceuticals | 18,460,000 | 64,516,000 | |||||||||
| > Singapore | |||||||||||
Mapletree Commercial Trust | 40,000,000 | 40,564,179 | |||||||||
Mapletree Logistics Trust | 19,032,000 | 19,349,750 | |||||||||
| > India | |||||||||||
United Breweries | 1,655,000 | 2,085,000 | |||||||||
Zee Entertainment Enterprises | 9,885,176 | 13,478,000 | |||||||||
| > Indonesia | |||||||||||
Surya Citra Media | 58,000,000 | 85,000,000 | |||||||||
| > Philippines | |||||||||||
| Melco Crown (Philippines) Resorts | 60,000,000 | 78,170,000 | |||||||||
Puregold Price Club | 19,000,000 | 27,000,000 | |||||||||
Robinsons Retail Holdings | 12,138,840 | 16,736,330 | |||||||||
Universal Robina | 1,486,250 | 3,112,380 | |||||||||
Number of Shares | |||||||||||
3/31/14 | 6/30/14 | ||||||||||
| > Malaysia | |||||||||||
7-Eleven Malaysia Holdings | 0 | 51,801,200 | |||||||||
Aeon | 5,000,000 | 26,000,000 | |||||||||
Europe | |||||||||||
| > United Kingdom | |||||||||||
Abcam | 3,740,000 | 4,550,000 | |||||||||
Babcock International | 2,450,000 | 3,590,000 | |||||||||
Connect Group | 10,026,000 | 11,184,000 | |||||||||
Ocado | 2,971,319 | 4,712,000 | |||||||||
Polypipe | 0 | 6,534,800 | |||||||||
Rightmove | 564,000 | 1,134,000 | |||||||||
Shaftesbury | 3,921,500 | 4,550,000 | |||||||||
Whitbread | 466,940 | 606,940 | |||||||||
| > Germany | |||||||||||
MTU Aero Engines | 300,000 | 365,000 | |||||||||
| > France | |||||||||||
Eutelsat | 0 | 767,000 | |||||||||
Saft | 708,000 | 729,096 | |||||||||
| > Spain | |||||||||||
Bolsas y Mercados Españoles | 720,000 | 830,000 | |||||||||
DIA | 7,055,000 | 7,828,000 | |||||||||
Prosegur | 4,050,000 | 5,042,000 | |||||||||
Viscofan | 700,000 | 794,000 | |||||||||
| > Netherlands | |||||||||||
Arcadis | 1,068,478 | 1,091,670 | |||||||||
| > Finland | |||||||||||
Sponda | 0 | 7,377,602 | |||||||||
Other Countries | |||||||||||
| > Canada | |||||||||||
Baytex | 690,857 | 1,108,857 | |||||||||
| Canadian Energy Services & Technology | 0 | 841,000 | |||||||||
Rona | 0 | 959,416 | |||||||||
| > Australia | |||||||||||
Amcor | 6,520,000 | 7,030,000 | |||||||||
Austbrokers | 1,670,000 | 2,189,620 | |||||||||
IAG | 13,800,000 | 14,000,000 | |||||||||
Spotless | 0 | 25,500,000 | |||||||||
| > United States | |||||||||||
Chart Industries | 0 | 225,000 | |||||||||
Synageva BioPharma | 0 | 350,000 | |||||||||
| > New Zealand | |||||||||||
Ryman Healthcare | 0 | 3,287,830 | |||||||||
Latin America | |||||||||||
| > Chile | |||||||||||
| Sociedad Quimica y Minera de Chile - ADR | 840,872 | 868,556 | |||||||||
See accompanying notes to financial statements.
42
Number of Shares | |||||||||||
3/31/14 | 6/30/14 | ||||||||||
Sales | |||||||||||
Asia | |||||||||||
| > Japan | |||||||||||
Ain Pharmaciez | 429,492 | 0 | |||||||||
Hamamatsu Photonics | 602,500 | 527,500 | |||||||||
Hoshizaki Electric | 780,000 | 700,000 | |||||||||
Itochu Techno-Science | 566,700 | 0 | |||||||||
Kintetsu World Express | �� | 816,000 | 750,000 | ||||||||
Miraca Holdings | 59,106 | 0 | |||||||||
MonotaRO | 1,000,000 | 866,500 | |||||||||
Nakanishi | 975,000 | 900,000 | |||||||||
NGK Spark Plug | 1,350,000 | 1,250,000 | |||||||||
Nippon Paint | 1,658,000 | 1,408,000 | |||||||||
Nippon Prologis REIT | 12,800 | 0 | |||||||||
Park24 | 2,100,000 | 1,850,000 | |||||||||
Rinnai | 501,000 | 355,000 | |||||||||
Sanrio | 744,000 | 0 | |||||||||
Santen Pharmaceutical | 661,600 | 561,600 | |||||||||
Shimano | 293,000 | 245,000 | |||||||||
Start Today | 864,200 | 0 | |||||||||
| > Taiwan | |||||||||||
Advantech | 4,499,000 | 3,238,000 | |||||||||
Chroma Ate | 6,413,000 | 4,627,000 | |||||||||
CTCI Corp | 11,600,000 | 0 | |||||||||
| > Hong Kong | |||||||||||
Vitasoy International | 20,000,000 | 19,282,000 | |||||||||
| > Korea | |||||||||||
KCC | 74,400 | 0 | |||||||||
| KEPCO Plant Service & Engineering | 465,540 | 388,540 | |||||||||
Samsung Securities | 815,000 | 0 | |||||||||
| > China | |||||||||||
SouFun - ADR | 1,540,150 | 0 | |||||||||
Want Want | 11,020,000 | 0 | |||||||||
| > India | |||||||||||
| Adani Ports & Special Economic Zone | 7,500,000 | 6,095,000 | |||||||||
Redington India | 12,909,000 | 3,002,768 | |||||||||
| > Indonesia | |||||||||||
Tower Bersama Infrastructure | 48,000,000 | 40,000,000 | |||||||||
| > Philippines | |||||||||||
SM Prime Holdings | 21,994,200 | 0 | |||||||||
| > Thailand | |||||||||||
Home Product Center | 133,333,333 | 95,761,333 | |||||||||
Robinson's Department Store | 16,000,000 | 15,703,000 | |||||||||
Samui Airport Property Fund | 10,000,000 | 1,210,900 | |||||||||
Number of Shares | |||||||||||
3/31/14 | 6/30/14 | ||||||||||
Europe | |||||||||||
| > United Kingdom | |||||||||||
Elementis | 7,250,000 | 6,424,803 | |||||||||
PureCircle | 3,234,993 | 2,834,000 | |||||||||
Smith & Nephew | 3,240,000 | 2,490,000 | |||||||||
Spirax Sarco | 1,500,000 | 1,323,842 | |||||||||
| > Germany | |||||||||||
Deutsche Beteiligungs | 72,393 | 0 | |||||||||
| > Switzerland | |||||||||||
Zehnder | 283,306 | 119,285 | |||||||||
| > Netherlands | |||||||||||
Gemalto | 531,700 | 237,700 | |||||||||
TKH Group | 1,178,288 | 0 | |||||||||
| > Norway | |||||||||||
Atea | 2,814,434 | 2,613,864 | |||||||||
| > Russia | |||||||||||
Yandex | 1,980,874 | 0 | |||||||||
Other Countries | |||||||||||
| > Canada | |||||||||||
CCL Industries | 961,772 | 926,772 | |||||||||
Onex Capital | 653,200 | 490,200 | |||||||||
| > Australia | |||||||||||
SAI Global | 10,000,000 | 7,300,000 | |||||||||
| > South Africa | |||||||||||
Coronation Fund Managers | 14,231,161 | 14,021,217 | |||||||||
Latin America | |||||||||||
| > Brazil | |||||||||||
Linx | 1,500,000 | 1,184,000 | |||||||||
See accompanying notes to financial statements.
43
Columbia Acorn International®
Statement of Investments (Unaudited), June 30, 2014
Number of Shares | Value | ||||||||||
Equities: 97.0% | |||||||||||
Asia 42.5% | |||||||||||
| > Japan 19.0% | |||||||||||
4,784,600 | Kansai Paint | $ | 79,971,197 | ||||||||
| Paint Producer in Japan, India, China & Southeast Asia | |||||||||||
1,600,000 | Glory | 52,184,996 | |||||||||
| Currency Handling Systems & Related Equipment | |||||||||||
1,105,800 | Benesse | 47,964,256 | |||||||||
Education Service Provider | |||||||||||
1,740,000 | Aeon Mall | 45,878,421 | |||||||||
| Suburban Shopping Mall Developer, Owner & Operator | |||||||||||
1,050,000 | FamilyMart | 45,268,426 | |||||||||
Convenience Store Operator | |||||||||||
32,000 | Orix JREIT | 44,885,144 | |||||||||
Diversified REIT | |||||||||||
1,953,000 | NGK Insulators | 44,334,638 | |||||||||
| Ceramic Products for Auto, Power & Electronics | |||||||||||
630,000 | Makita | 38,936,489 | |||||||||
Power Tools | |||||||||||
1,300,000 | Japan Airport Terminal | 38,589,125 | |||||||||
| Airport Terminal Operator at Haneda | |||||||||||
2,958,000 | Nippon Kayaku | 38,512,137 | |||||||||
| Functional Chemicals, Pharmaceuticals & Auto Safety Systems | |||||||||||
1,456,000 | Ariake Japan | 38,320,741 | |||||||||
Commercial Soup & Sauce Extracts | |||||||||||
2,900,000 | Ushio | 37,371,102 | |||||||||
Industrial Light Sources | |||||||||||
900,000 | Nakanishi | 36,917,603 | |||||||||
Dental Tools & Machinery | |||||||||||
11,000,000 | Aozora Bank | 36,165,787 | |||||||||
Commercial Bank | |||||||||||
1,658,000 | Aica Kogyo | 35,433,788 | |||||||||
| Laminated Sheets, Building Materials & Chemical Adhesives | |||||||||||
1,600,000 | Nabtesco | 35,409,616 | |||||||||
Machinery Components | |||||||||||
1,250,000 | NGK Spark Plug | 35,292,636 | |||||||||
Automobile Parts | |||||||||||
700,000 | Hoshizaki Electric | 34,939,140 | |||||||||
Commercial Kitchen Equipment | |||||||||||
355,000 | Rinnai | 34,271,726 | |||||||||
| Gas Appliances for Home & Commercial Use | |||||||||||
1,850,000 | Park24 | 33,646,400 | |||||||||
Parking Lot Operator | |||||||||||
2,100,000 | Asahi Diamond Industrial | 33,359,831 | |||||||||
Consumable Diamond Tools | |||||||||||
6,002 | Kenedix Office Investment (a) | 32,673,564 | |||||||||
Tokyo Mid-size Office REIT | |||||||||||
750,000 | Kintetsu World Express | 31,841,935 | |||||||||
Airfreight Logistics | |||||||||||
1,638,000 | Suruga Bank | 31,816,614 | |||||||||
Regional Bank | |||||||||||
Number of Shares | Value | ||||||||||
561,600 | Santen Pharmaceutical | $ | 31,637,771 | ||||||||
| Specialty Pharma (Ophthalmic Medicine) | |||||||||||
4,407,000 | NOF | 31,510,033 | |||||||||
| Specialty Chemicals, Life Science & Rocket Fuels | |||||||||||
461,400 | Disco | 31,006,183 | |||||||||
| Semiconductor Dicing & Grinding Equipment | |||||||||||
931,000 | OBIC | 30,704,418 | |||||||||
Computer Software | |||||||||||
203,400 | Hirose Electric | 30,237,808 | |||||||||
Electrical Connectors | |||||||||||
709,000 | Omron | 29,898,239 | |||||||||
| Electric Components for Factory Automation | |||||||||||
1,408,000 | Nippon Paint | 29,812,096 | |||||||||
| Paints for Automotive, Decorative & Industrial Usage | |||||||||||
930,000 | JIN (a) | 29,682,541 | |||||||||
Eyeglasses Retailer | |||||||||||
1,600,000 | OSG | 29,478,201 | |||||||||
Consumable Cutting Tools | |||||||||||
1,050,000 | Misumi Group | 28,888,180 | |||||||||
Industrial Components Distributor | |||||||||||
1,580,000 | Daiseki | 28,376,371 | |||||||||
Waste Disposal & Recycling | |||||||||||
1,600,000 | Doshisha | 28,206,630 | |||||||||
Consumer Goods Wholesaler | |||||||||||
6,712,000 | Seven Bank | 27,446,432 | |||||||||
ATM Processing Services | |||||||||||
245,000 | Shimano | 27,186,665 | |||||||||
| Manufacturer of Bicycle Components & Fishing Tackle | |||||||||||
1,132,000 | Tamron (a) | 27,120,446 | |||||||||
Camera Lenses | |||||||||||
3,000 | Industrial & Infrastructure Fund (a) | 26,863,814 | |||||||||
Industrial REIT in Japan | |||||||||||
527,500 | Hamamatsu Photonics | 25,889,065 | |||||||||
| Optical Sensors for Medical & Industrial Applications | |||||||||||
4,338,000 | Wacom (a) | 24,758,758 | |||||||||
Computer Graphic Illustration Devices | |||||||||||
1,065,780 | Nihon Parkerizing | 24,436,640 | |||||||||
| Metal Surface Treatment Agents & Processing Service | |||||||||||
866,500 | MonotaRO (a) | 23,942,406 | |||||||||
| Online MRO (Maintenance, Repair and Operations) Goods Distributor in Japan | |||||||||||
749,900 | Toyo Suisan Kaisha | 23,115,366 | |||||||||
Instant Noodles & Processed Foods | |||||||||||
2,241,000 | Moshi Moshi Hotline | 22,098,105 | |||||||||
Call Center Operator | |||||||||||
1,400,000 | Rohto Pharmaceutical | 21,776,785 | |||||||||
| Pharmaceutical, Health & Beauty Products | |||||||||||
835,000 | Icom (b) | 20,573,347 | |||||||||
| Two Way Radio Communication Equipment | |||||||||||
See accompanying notes to financial statements.
44
Number of Shares | Value | ||||||||||
| > Japan—continued | |||||||||||
255,800 | Hikari Tsushin | $ | 19,318,270 | ||||||||
| Office IT/Mobiles/Insurance Distribution | |||||||||||
571,080 | Milbon | 19,283,455 | |||||||||
Hair Products for Salons | |||||||||||
408,200 | Stanley Electric | 10,650,097 | |||||||||
| Automobile Lighting & LED Equipment | |||||||||||
1,575,000 | Lifenet Insurance (c) | 7,106,078 | |||||||||
| Online Life Insurance Company in Japan | |||||||||||
2,099 | Global One Real Estate | 6,185,802 | |||||||||
Office REIT | |||||||||||
1,681,175,314 | |||||||||||
| > Taiwan 4.4% | |||||||||||
29,700,000 | Far EasTone Telecom | 67,655,315 | |||||||||
| Taiwan's Third Largest Mobile Operator | |||||||||||
7,651,000 | Delta Electronics | 55,723,345 | |||||||||
| Industrial Automation, Switching Power Supplies & Passive Components | |||||||||||
1,747,000 | St. Shine Optical | 43,166,136 | |||||||||
| World's Leading Disposable Contact Lens OEM (Original Equipment Manufacturer) | |||||||||||
4,956,000 | President Chain Store | 39,717,885 | |||||||||
| Taiwan's Number One Convenience Chain Store Operator | |||||||||||
1,750,000 | Ginko International | 30,307,271 | |||||||||
Largest Contact Lens Maker in China | |||||||||||
3,238,000 | Advantech | 27,654,152 | |||||||||
Industrial PC & Components | |||||||||||
5,410,000 | Novatek Microelectronics | 26,607,668 | |||||||||
| Display-related Integrated Circuits Designer | |||||||||||
322,000 | Largan Precision | 25,688,609 | |||||||||
| Mobile Device Camera Lenses & Modules | |||||||||||
2,027,000 | PChome Online | 22,495,499 | |||||||||
Taiwanese Internet Retail Company | |||||||||||
13,116,253 | Lite-On Technology | 21,905,763 | |||||||||
| Mobile Device, LED & PC Server Component Supplier | |||||||||||
349,750 | Hermes Microvision | 13,888,405 | |||||||||
| E-beam Inspection Systems for Semiconductor Integrated Circuits | |||||||||||
4,627,000 | Chroma Ate | 12,951,146 | |||||||||
| Automatic Test Systems, Testing & Measurement Instruments | |||||||||||
387,761,194 | |||||||||||
| > Hong Kong 3.5% | |||||||||||
2,500,000 | Melco Crown Entertainment - ADR | 89,275,000 | |||||||||
Macau Casino Operator | |||||||||||
20,000,000 | Melco International | 60,462,846 | |||||||||
Macau Casino Operator | |||||||||||
50,000,000 | Mapletree Greater China Commercial Trust | 34,693,760 | |||||||||
Retail & Office Property Landlord | |||||||||||
Number of Shares | Value | ||||||||||
10,000,000 | MGM China Holdings | $ | 34,681,255 | ||||||||
Macau Casino Operator | |||||||||||
47,509,000 | Sa Sa International (a) | 32,799,250 | |||||||||
Cosmetics Retailer | |||||||||||
19,282,000 | Vitasoy International | 24,624,137 | |||||||||
Soy Food Brand | |||||||||||
10,000,000 | Lifestyle International | 19,586,086 | |||||||||
| Mid- to High-end Department Store Operator in Hong Kong & China | |||||||||||
6,287,000 | Kingboard Chemicals | 12,962,031 | |||||||||
| Paper & Glass Laminates, PCB, Specialty Chemicals & Properties | |||||||||||
309,084,365 | |||||||||||
| > Korea 3.0% | |||||||||||
1,424,261 | Paradise Co | 52,656,550 | |||||||||
Korean Casino Operator | |||||||||||
329,844 | CJ Corp | 45,645,395 | |||||||||
| Holding Company of Korean Consumer Conglomerate | |||||||||||
507,000 | KT&G | 44,847,302 | |||||||||
Tobacco & Ginseng Products | |||||||||||
631,865 | LS Industrial Systems | 41,152,674 | |||||||||
Electrical & Automation Equipment | |||||||||||
332,580 | Coway | 27,836,414 | |||||||||
Household Appliance Rentals | |||||||||||
388,540 | KEPCO Plant Service & Engineering | 26,567,452 | |||||||||
Power Plant & Grid Maintenance | |||||||||||
17,583 | AmorePacific Group | 12,981,322 | |||||||||
| Holding Company of Korean Cosmetics Manufacturer | |||||||||||
359,000 | Soulbrain | 12,232,226 | |||||||||
Electronic Chemical Producer | |||||||||||
263,919,335 | |||||||||||
| > China 2.8% | |||||||||||
2,500,000 | WuXi PharmaTech - ADR (c) | 82,150,000 | |||||||||
| Largest Contract Research Organization Business in China | |||||||||||
64,516,000 | Sihuan Pharmaceuticals | 39,457,613 | |||||||||
| Leading Chinese Generic Drug Manufacturer | |||||||||||
663,431 | BitAuto - ADR (c) | 32,309,090 | |||||||||
| Automotive Research Website for Buyers & Dealers | |||||||||||
17,890,000 | CIMC Enric | 23,564,664 | |||||||||
| Produces Tanks & Equipment to Supply Natural Gas & Liquefied Natural Gas | |||||||||||
29,072,000 | NewOcean Energy | 21,747,731 | |||||||||
| Southern China Liquefied Petroleum Gas Distributor | |||||||||||
3,850,000 | Biostime | 21,346,317 | |||||||||
| Pediatric Nutrition & Baby Care Products Provider | |||||||||||
580,600 | Jumei International - ADR (a)(c) | 15,792,320 | |||||||||
| Online Beauty & Apparel Products Retailer | |||||||||||
35,119,000 | AMVIG Holdings | 12,385,220 | |||||||||
| Chinese Tobacco Packaging Material Supplier | |||||||||||
248,752,955 | |||||||||||
See accompanying notes to financial statements.
45
Columbia Acorn International®
Statement of Investments (Unaudited), continued
Number of Shares | Value | ||||||||||
| > Singapore 2.3% | |||||||||||
40,564,179 | Mapletree Commercial Trust | $ | 44,604,071 | ||||||||
Retail & Office Property Landlord | |||||||||||
20,000,000 | CDL Hospitality Trust | 28,238,046 | |||||||||
Hotel Owner Operator | |||||||||||
8,900,000 | Petra Foods | 27,837,036 | |||||||||
| Chocolate Manufacturer in Southeast Asia | |||||||||||
13,500,000 | Ascendas REIT | 24,946,839 | |||||||||
Industrial Property Landlord | |||||||||||
19,560,000 | Super Group (a) | 22,140,355 | |||||||||
| Instant Food & Beverages in Southeast Asia | |||||||||||
3,800,000 | Singapore Exchange | 21,195,171 | |||||||||
| Singapore Equity & Derivatives Market Operator | |||||||||||
19,349,750 | Mapletree Logistics Trust | 18,089,510 | |||||||||
Industrial Property Landlord | |||||||||||
11,851,934 | Mapletree Industrial Trust | 13,601,446 | |||||||||
Industrial Property Landlord | |||||||||||
200,652,474 | |||||||||||
| > India 2.2% | |||||||||||
13,478,000 | Zee Entertainment Enterprises | 65,780,328 | |||||||||
| India's Leading Programmer of Pay TV Content | |||||||||||
3,423,265 | Asian Paints | 33,800,346 | |||||||||
India's Largest Paint Company | |||||||||||
6,095,000 | Adani Ports & Special Economic Zone | 24,700,182 | |||||||||
Indian West Coast Shipping Port | |||||||||||
2,085,000 | United Breweries | 24,231,916 | |||||||||
India's Largest Brewer | |||||||||||
920,000 | Colgate Palmolive India | 23,075,868 | |||||||||
Consumer Products in Oral Care | |||||||||||
90,000 | Bosch | 20,286,549 | |||||||||
Automotive Parts | |||||||||||
3,002,768 | Redington India | 5,204,731 | |||||||||
| Supply Chain Solutions for IT & Mobile Handsets in Emerging Markets | |||||||||||
1,032,077 | SKIL Ports and Logistics (c) | 1,351,217 | |||||||||
Indian Container Port Project | |||||||||||
198,431,137 | |||||||||||
| > Indonesia 1.9% | |||||||||||
31,764,600 | Archipelago Resources (b)(d)(e)(f) | 35,215,387 | |||||||||
| Gold Mining Projects in Indonesia, Vietnam & the Philippines | |||||||||||
400,000,000 | Ace Indonesia | 29,712,847 | |||||||||
Home Improvement Retailer | |||||||||||
40,000,000 | Tower Bersama Infrastructure | 27,161,535 | |||||||||
Communications Towers | |||||||||||
85,000,000 | Surya Citra Media | 25,708,467 | |||||||||
Free to Air TV Station in Indonesia | |||||||||||
15,200,000 | Matahari Department Store | 17,700,237 | |||||||||
| Largest Department Store Chain in Indonesia | |||||||||||
5,600,000 | Mayora Indah | 13,897,913 | |||||||||
| Consumer Branded Food Manufacturer | |||||||||||
Number of Shares | Value | ||||||||||
149,822,800 | Arwana Citramulia | $ | 12,764,321 | ||||||||
Ceramic Tiles for Home Decoration | |||||||||||
49,000,000 | MNC Skyvision | 8,920,695 | |||||||||
| Largest Satellite Pay TV Operator in Indonesia | |||||||||||
171,081,402 | |||||||||||
| > Philippines 1.2% | |||||||||||
16,736,330 | Robinsons Retail Holdings (c) | 27,963,684 | |||||||||
| Multi-format Retailer in the Philippines | |||||||||||
27,000,000 | Puregold Price Club | 26,837,243 | |||||||||
| Supermarket Operator in the Philippines | |||||||||||
78,170,000 | Melco Crown (Philippines) Resorts (c) | 20,527,469 | |||||||||
Integrated Resort Operator in Manila | |||||||||||
6,960,000 | Security Bank | 19,663,381 | |||||||||
Commercial Bank in the Philippines | |||||||||||
3,112,380 | Universal Robina | 11,000,441 | |||||||||
| Branded Consumer Food Manufacturer in the Philippines | |||||||||||
105,992,218 | |||||||||||
| > Thailand 0.9% | |||||||||||
95,761,333 | Home Product Center | 28,492,515 | |||||||||
Home Improvement Retailer | |||||||||||
15,703,000 | Robinson's Department Store | 27,590,661 | |||||||||
| Department Store Operator in Thailand | |||||||||||
4,360,000 | Airports of Thailand | 26,669,656 | |||||||||
Airport Operator of Thailand | |||||||||||
1,210,900 | Samui Airport Property Fund | 630,773 | |||||||||
Thai Airport Operator | |||||||||||
83,383,605 | |||||||||||
| > Malaysia 0.7% | |||||||||||
26,000,000 | Aeon | 32,226,721 | |||||||||
| Shopping Center & Department Store Operator | |||||||||||
51,801,200 | 7-Eleven Malaysia Holdings (c) | 26,941,141 | |||||||||
| Exclusive 7-Eleven Franchisor for Malaysia | |||||||||||
59,167,862 | |||||||||||
| > Cambodia 0.6% | |||||||||||
60,000,000 | Nagacorp | 52,877,098 | |||||||||
| Casino & Entertainment Complex in Cambodia | |||||||||||
Asia: Total | 3,762,278,959 | ||||||||||
Europe 32.2% | |||||||||||
| > United Kingdom 10.3% | |||||||||||
4,560,000 | Jardine Lloyd Thompson Group | 81,161,424 | |||||||||
| International Business Insurance Broker | |||||||||||
3,590,000 | Babcock International | 71,392,412 | |||||||||
Public Sector Outsourcer | |||||||||||
1,323,842 | Spirax Sarco | 61,919,475 | |||||||||
| Steam Systems for Manufacturing & Process Industries | |||||||||||
4,550,000 | Shaftesbury | 51,081,861 | |||||||||
London Prime Retail REIT | |||||||||||
See accompanying notes to financial statements.
46
Number of Shares | Value | ||||||||||
| > United Kingdom—continued | |||||||||||
3,937,000 | Telecity | $ | 50,802,869 | ||||||||
European Data Center Provider | |||||||||||
606,940 | Whitbread | 45,797,032 | |||||||||
| The UK's Leading Hotelier & Coffee Shop | |||||||||||
2,430,000 | WH Smith | 44,498,106 | |||||||||
| Newsprint, Books & General Stationery Retailer | |||||||||||
2,490,000 | Smith & Nephew | 44,275,796 | |||||||||
Medical Equipment & Supplies | |||||||||||
1,134,000 | Rightmove | 41,609,195 | |||||||||
Internet Real Estate Listings | |||||||||||
958,646 | Fidessa Group | 36,323,472 | |||||||||
| Software for Financial Trading Systems | |||||||||||
960,100 | Croda International | 36,164,960 | |||||||||
| Oleochemicals & Industrial Chemicals | |||||||||||
11,184,000 | Connect Group (b) | 34,883,188 | |||||||||
Newspaper & Magazine Distributor | |||||||||||
908,500 | AVEVA | 31,686,961 | |||||||||
Engineering Software | |||||||||||
4,712,000 | Ocado (c) | 29,942,062 | |||||||||
Leading Online Grocery Retailer | |||||||||||
35,245,747 | Cable and Wireless | 29,707,386 | |||||||||
| Leading Telecoms Service Provider in the Caribbean | |||||||||||
4,550,000 | Abcam | 29,590,103 | |||||||||
Online Sales of Antibodies | |||||||||||
2,834,000 | PureCircle (a)(c) | 29,343,148 | |||||||||
Natural Sweeteners | |||||||||||
6,424,803 | Elementis | 28,621,043 | |||||||||
Specialty Chemicals | |||||||||||
6,534,800 | Polypipe (c) | 27,959,139 | |||||||||
| Manufacturer of Plastic Piping & Fittings | |||||||||||
975,602 | Aggreko | 27,549,144 | |||||||||
| Temporary Power & Temperature Control Services | |||||||||||
3,218,000 | Halford's | 26,038,442 | |||||||||
| The UK's Leading Retailer of Leisure Goods & Auto Parts | |||||||||||
2,660,000 | Domino's Pizza UK & Ireland | 23,854,175 | |||||||||
| Pizza Delivery in UK, Ireland, Germany | |||||||||||
4,988,000 | RPS Group | 23,731,365 | |||||||||
| Consultant Specializing in Energy, Water, Urban Planning, Health & Safety | |||||||||||
907,932,758 | |||||||||||
| > Germany 3.2% | |||||||||||
1,663,000 | Wirecard (a) | 71,798,425 | |||||||||
| Online Payment Processing & Risk Management | |||||||||||
148,295 | Rational | 47,932,404 | |||||||||
Commercial Ovens | |||||||||||
795,000 | NORMA Group | 43,984,630 | |||||||||
| Clamps for Automotive & Industrial Applications | |||||||||||
Number of Shares | Value | ||||||||||
365,000 | MTU Aero Engines | $ | 33,581,199 | ||||||||
| Airplane Engine Components & Services | |||||||||||
795,000 | Aurelius | 29,043,681 | |||||||||
European Turnaround Investor | |||||||||||
2,350,000 | TAG Immobilien (a) | 28,674,312 | |||||||||
| Owner of Residential Properties in Germany | |||||||||||
595,000 | Elringklinger (a) | 24,551,999 | |||||||||
Automobile Components | |||||||||||
279,566,650 | |||||||||||
| > Sweden 2.8% | |||||||||||
2,308,522 | Hexagon | 74,422,198 | |||||||||
| Design, Measurement & Visualization Software & Equipment | |||||||||||
1,580,000 | Swedish Match (a) | 54,861,522 | |||||||||
Market Leader in Swedish Snus | |||||||||||
3,255,024 | Sweco | 54,440,801 | |||||||||
Engineering Consultants | |||||||||||
784,000 | Unibet | 38,956,230 | |||||||||
European Online Gaming Operator | |||||||||||
1,044,000 | Mekonomen | 26,797,075 | |||||||||
| Leading Nordic Integrated Wholesaler/Retailer of Automotive Parts & Service | |||||||||||
427,409 | Kambi Group (c) | 2,206,915 | |||||||||
| Spinoff from Unibet of its Business-to-business Sports Betting Platform | |||||||||||
251,684,741 | |||||||||||
| > France 2.6% | |||||||||||
1,350,000 | Neopost | 101,115,980 | |||||||||
Postage Meter Machines | |||||||||||
146,000 | Eurofins Scientific | 44,901,547 | |||||||||
| Food, Pharmaceuticals & Materials Screening & Testing | |||||||||||
729,096 | Saft | 27,973,805 | |||||||||
Niche Battery Manufacturer | |||||||||||
767,000 | Eutelsat | 26,650,178 | |||||||||
Fixed Satellite Services | |||||||||||
163,400 | Norbert Dentressangle | 23,983,084 | |||||||||
| Leading European Logistics & Transport Group | |||||||||||
1,831,204 | Hi-Media (a)(c) | 6,820,313 | |||||||||
Online Advertiser in Europe | |||||||||||
231,444,907 | |||||||||||
| > Switzerland 2.6% | |||||||||||
263,500 | Partners Group | 72,025,711 | |||||||||
Private Markets Asset Management | |||||||||||
16,300 | Sika | 66,648,399 | |||||||||
| Chemicals for Construction & Industrial Applications | |||||||||||
179,000 | Geberit | 62,835,701 | |||||||||
Plumbing Supplies | |||||||||||
72,500 | INFICON | 23,627,086 | |||||||||
Gas Detection Instruments | |||||||||||
119,285 | Zehnder | 5,111,446 | |||||||||
| Radiators & Heat Recovery Ventilation Systems | |||||||||||
230,248,343 | |||||||||||
See accompanying notes to financial statements.
47
Columbia Acorn International®
Statement of Investments (Unaudited), continued
Number of Shares | Value | ||||||||||
| > Spain 2.2% | |||||||||||
7,828,000 | DIA | $ | 72,073,767 | ||||||||
| Leading Hard Discounter in Spain, Latin America & the Eastern Mediterranean | |||||||||||
794,000 | Viscofan | 47,337,752 | |||||||||
Sausage Casings Maker | |||||||||||
830,000 | Bolsas y Mercados Españoles | 39,636,108 | |||||||||
Spanish Stock Markets | |||||||||||
5,042,000 | Prosegur | 36,177,023 | |||||||||
Security Guards | |||||||||||
195,224,650 | |||||||||||
| > Netherlands 2.1% | |||||||||||
2,491,770 | Aalberts Industries | 81,358,696 | |||||||||
Flow Control & Heat Treatment | |||||||||||
1,091,670 | Arcadis | 37,624,721 | |||||||||
Engineering Consultants | |||||||||||
237,700 | Gemalto | 24,639,039 | |||||||||
Digital Security Solutions | |||||||||||
143,395 | Core Labs | 23,955,569 | |||||||||
Oil & Gas Reservoir Consulting | |||||||||||
404,124 | Vopak (a) | 19,755,206 | |||||||||
| World's Largest Operator of Petroleum & Chemical Storage Terminals | |||||||||||
187,333,231 | |||||||||||
| > Denmark 1.9% | |||||||||||
1,315,800 | Novozymes | 65,997,223 | |||||||||
Industrial Enzymes | |||||||||||
1,702,063 | SimCorp | 58,612,599 | |||||||||
Software for Investment Managers | |||||||||||
709,000 | Jyske Bank (c) | 40,249,392 | |||||||||
Danish Bank | |||||||||||
164,859,214 | |||||||||||
| > Finland 1.8% | |||||||||||
1,226,866 | Vacon | 49,810,457 | |||||||||
| Leading Independent Manufacturer of Variable Speed Alternating Current Drives | |||||||||||
1,669,000 | Tikkurila | 45,707,243 | |||||||||
| Decorative & Industrial Paint in Scandinavia, Central & Eastern Europe | |||||||||||
7,377,602 | Sponda | 39,398,395 | |||||||||
Office, Retail & Logistics Properties | |||||||||||
711,000 | Konecranes | 22,956,840 | |||||||||
| Manufacture & Service of Industrial Cranes & Port Handling Equipment | |||||||||||
157,872,935 | |||||||||||
| > Norway 1.0% | |||||||||||
4,154,000 | Orkla | 37,010,377 | |||||||||
| Food & Brands, Aluminum, Chemicals Conglomerate | |||||||||||
2,613,864 | Atea | 29,829,631 | |||||||||
| Leading Nordic IT Hardware/Software Reseller & Installation Company | |||||||||||
1,321,000 | Subsea 7 | 24,637,446 | |||||||||
Offshore Subsea Contractor | |||||||||||
91,477,454 | |||||||||||
Number of Shares | Value | ||||||||||
| > Kazakhstan 0.6% | |||||||||||
5,143,000 | Halyk Savings Bank of Kazakhstan - GDR (a) | $ | 55,647,260 | ||||||||
| Largest Retail Bank & Insurer in Kazakhstan | |||||||||||
| > Italy 0.4% | |||||||||||
1,959,000 | Pirelli | 31,438,423 | |||||||||
Global Tire Supplier | |||||||||||
| > Iceland 0.3% | |||||||||||
28,312,499 | Marel (c)(g) | 22,196,306 | |||||||||
7,670,000 | Marel (c)(g) | 7,121,729 | |||||||||
| Largest Manufacturer of Poultry & Fish Processing Equipment | |||||||||||
29,318,035 | |||||||||||
| > Belgium 0.2% | |||||||||||
437,465 | EVS Broadcast Equipment | 21,732,480 | |||||||||
| Digital Live Mobile Production Software & Systems | |||||||||||
| > Turkey 0.2% | |||||||||||
1,785,000 | Bizim Toptan | 15,881,832 | |||||||||
Cash & Carry Stores in Turkey | |||||||||||
Europe: Total | 2,851,662,913 | ||||||||||
Other Countries 17.6% | |||||||||||
| > Canada 4.8% | |||||||||||
926,772 | CCL Industries | 89,242,138 | |||||||||
Largest Global Label Converter | |||||||||||
1,067,730 | ShawCor | 59,377,816 | |||||||||
Oil & Gas Pipeline Products | |||||||||||
1,108,857 | Baytex (a) | 51,179,614 | |||||||||
Oil & Gas Producer in Canada | |||||||||||
3,188,000 | CAE | 41,707,961 | |||||||||
| Flight Simulator Equipment & Training Centers | |||||||||||
| 2,168,377 | DeeThree Exploration (c) | 23,166,204 | |||||||||
| 1,130,000 | DeeThree Exploration (c)(e) | 11,831,086 | |||||||||
Canadian Oil & Gas Producer | |||||||||||
490,200 | Onex Capital | 30,329,416 | |||||||||
Private Equity | |||||||||||
841,000 | Canadian Energy Services & Technology | 26,340,115 | |||||||||
| North American Drilling Fluids & Chemicals | |||||||||||
| 514,001 | AG Growth | 22,837,531 | |||||||||
| Leading Manufacturer of Augers & Grain Handling Equipment | |||||||||||
709,576 | Black Diamond Group | 22,822,406 | |||||||||
| Provides Accommodations/Equipment for Oil Sands Development | |||||||||||
766,000 | Trilogy Energy | 20,961,717 | |||||||||
Oil & Gas Producer in Canada | |||||||||||
1,901,514 | Horizon North Logistics (a) | 13,650,342 | |||||||||
| Provides Diversified Oil Service Offering in Northern Canada | |||||||||||
| 959,416 | Rona | 10,322,005 | |||||||||
| Leading Canadian Home Improvement Retailer | |||||||||||
423,768,351 | |||||||||||
See accompanying notes to financial statements.
48
Number of Shares | Value | ||||||||||
| > Australia 4.4% | |||||||||||
14,000,000 | IAG | $ | 77,111,300 | ||||||||
General Insurance Provider | |||||||||||
10,653,000 | Challenger Financial | 74,727,254 | |||||||||
Largest Annuity Provider | |||||||||||
3,500,000 | Domino's Pizza Enterprises | 70,839,064 | |||||||||
| Domino's Pizza Operator in Australia & New Zealand | |||||||||||
7,030,000 | Amcor | 69,143,880 | |||||||||
| Global Leader in Flexible & Rigid Packaging | |||||||||||
25,500,000 | Spotless (c) | 39,674,607 | |||||||||
| Largest Facility Management & Catering Company | |||||||||||
7,300,000 | SAI Global | 35,234,194 | |||||||||
| Publishing, Certification, Compliance Services | |||||||||||
2,189,620 | Austbrokers | 22,278,129 | |||||||||
| Local Australian Small Business Insurance Broker | |||||||||||
389,008,428 | |||||||||||
| > South Africa 4.4% | |||||||||||
14,021,217 | Coronation Fund Managers | 125,920,680 | |||||||||
South African Fund Manager | |||||||||||
777,188 | Naspers | 91,494,065 | |||||||||
| Media in Africa, China, Russia & Other Emerging Markets | |||||||||||
19,098,300 | Rand Merchant Insurance | 58,866,222 | |||||||||
| Directly Sold Property & Casualty Insurance; Holdings in Other Insurers | |||||||||||
2,644,083 | Mr. Price | 44,953,140 | |||||||||
| South African Retailer of Apparel, Household & Sporting Goods | |||||||||||
8,679,940 | Northam Platinum (c) | 37,135,616 | |||||||||
Platinum Mining in South Africa | |||||||||||
2,230,504 | Massmart Holdings (a) | 27,684,676 | |||||||||
| General Merchandise, Food & Home Improvement Stores; Wal-Mart Subsidiary | |||||||||||
386,054,399 | |||||||||||
| > United States 2.6% | |||||||||||
1,272,297 | Textainer Group Holdings (a) | 49,136,110 | |||||||||
Top International Container Leaser | |||||||||||
601,213 | FMC Technologies (c) | 36,716,078 | |||||||||
Oil & Gas Well Head Manufacturer | |||||||||||
350,000 | Synageva BioPharma (c) | 36,680,000 | |||||||||
Biotech Focused on Orphan Diseases | |||||||||||
592,080 | Atwood Oceanics (c) | 31,072,358 | |||||||||
Offshore Drilling Contractor | |||||||||||
634,500 | Hornbeck Offshore (a)(c) | 29,770,740 | |||||||||
| Supply Vessel Operator in U.S. Gulf of Mexico | |||||||||||
685,900 | Rowan | 21,900,787 | |||||||||
Contract Offshore Driller | |||||||||||
225,000 | Chart Industries (c) | 18,616,500 | |||||||||
| Manufacturer of Natural Gas Processing/Storage Equipment | |||||||||||
33,468 | Bladex | 992,996 | |||||||||
| Leading Latin American Trade Financing House | |||||||||||
224,885,569 | |||||||||||
Number of Shares | Value | ||||||||||
| > New Zealand 1.0% | |||||||||||
10,800,000 | Auckland International Airport | $ | 36,874,769 | ||||||||
Auckland Airport Operator | |||||||||||
8,000,000 | Sky City Entertainment | 27,867,522 | |||||||||
Casino & Entertainment Complex | |||||||||||
3,287,830 | Ryman Healthcare | 24,612,878 | |||||||||
Retirement Village Operator | |||||||||||
89,355,169 | |||||||||||
| > Israel 0.4% | |||||||||||
791,000 | Caesarstone | 38,822,280 | |||||||||
Quartz Countertops | |||||||||||
Other Countries: Total | 1,551,894,196 | ||||||||||
Latin America 4.7% | |||||||||||
| > Mexico 1.7% | |||||||||||
15,876,000 | Qualitas | 45,828,512 | |||||||||
| Leading Auto Insurer in Mexico & Central America | |||||||||||
15,347,000 | Genomma Lab Internacional (c) | 41,580,688 | |||||||||
| Develops, Markets & Distributes Consumer Products | |||||||||||
3,466,000 | Gruma (c) | 41,481,930 | |||||||||
Tortilla Producer & Distributor | |||||||||||
200,000 | Grupo Aeroportuario del Sureste - ADR | 25,404,000 | |||||||||
Mexican Airport Operator | |||||||||||
154,295,130 | |||||||||||
| > Brazil 1.7% | |||||||||||
4,000,000 | Localiza Rent A Car | 65,806,744 | |||||||||
Car Rental | |||||||||||
58,937,078 | Beadell Resources (b)(c) | 34,423,968 | |||||||||
Gold Mining in Brazil | |||||||||||
1,184,000 | Linx | 27,870,486 | |||||||||
| Retail Management Software in Brazil | |||||||||||
6,000,000 | Odontoprev | 25,879,158 | |||||||||
Dental Insurance | |||||||||||
153,980,356 | |||||||||||
| > Guatemala 0.5% | |||||||||||
1,626,600 | Tahoe Resources (c) | 42,591,447 | |||||||||
Silver Project in Guatemala | |||||||||||
| > Chile 0.3% | |||||||||||
868,556 | Sociedad Quimica y Minera de Chile - ADR | 25,457,376 | |||||||||
| Producer of Specialty Fertilizers, Lithium & Iodine | |||||||||||
| > Colombia 0.3% | |||||||||||
14,729,000 | Isagen | 24,319,521 | |||||||||
Leading Colombian Electricity Provider | |||||||||||
| > Uruguay 0.2% | |||||||||||
1,306,818 | Union Agriculture Group (c)(d)(e) | 13,630,112 | |||||||||
Farmland Operator in Uruguay | |||||||||||
Latin America: Total | 414,273,942 | ||||||||||
| Total Equities: 97.0% (Cost: $5,970,863,731) | 8,580,110,010 | (h) | |||||||||
See accompanying notes to financial statements.
49
Columbia Acorn International®
Statement of Investments (Unaudited), continued
Number of Shares | Value | ||||||||||
Short-Term Investments 2.6% | |||||||||||
220,000,000 | JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.01%) | $ | 220,000,000 | ||||||||
6,295,328 | JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%) | 6,295,328 | |||||||||
| Total Short-Term Investments: 2.6% (Cost: $226,295,328) | 226,295,328 | ||||||||||
Securities Lending Collateral 2.2% | |||||||||||
194,974,772 | Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (i) | 194,974,772 | |||||||||
| Total Securities Lending Collateral: 2.2% (Cost: $194,974,772) | 194,974,772 | ||||||||||
| Total Investments: 101.8% (Cost: $6,392,133,831)(j) | 9,001,380,110 | ||||||||||
| Obligation to Return Collateral for Securities Loaned: (2.2)% | (194,974,772 | ) | |||||||||
Cash and Other Assets Less Liabilities: 0.4% | 37,872,800 | ||||||||||
Net Assets: 100.0% | $ | 8,844,278,138 | |||||||||
ADR - American Depositary Receipts
GDR - Global Depositary Receipts
REIT - Real Estate Investment Trust
> Notes to Statement of Investments
(a) All or a portion of this security was on loan at June 30, 2014. The total market value of securities on loan at June 30, 2014 was $187,288,900.
(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 June 30, 2014, are as follows:
Security | Balance of Shares Held 12/31/13 | Purchases/ Additions | Sales/ Reductions | Balance of Shares Held 6/30/14 | Value | Dividend | |||||||||||||||||||||
Archipelago Resources | 31,764,600 | - | - | 31,764,600 | $ | 35,215,387 | $ | - | |||||||||||||||||||
Connect Group | 10,944,000 | 1,158,321 | 918,321 | 11,184,000 | 34,883,188 | 1,906,952 | |||||||||||||||||||||
Beadell Resources | 58,937,078 | - | - | 58,937,078 | 34,423,968 | - | |||||||||||||||||||||
Icom | 835,000 | - | - | 835,000 | 20,573,347 | 123,022 | |||||||||||||||||||||
Empresas Hites (1) | 23,162,664 | - | 23,162,664 | - | — | - | |||||||||||||||||||||
Total of Affiliated Transactions | 125,643,342 | 1,158,321 | 24,080,985 | 102,720,678 | $ | 125,095,890 | $ | 2,029,974 | |||||||||||||||||||
(1) At June 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 June 30, 2014, was $123,678,159 and $125,095,890, respectively. Investments in affiliated companies represented 1.41% of the Fund's total net assets at June 30, 2014.
(c) Non-income producing security.
(d) Illiquid security.
See accompanying notes to financial statements.
50
> 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 June 30, 2014, the market value of these securities amounted to $60,676,585, which represented 0.69% 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 | $ | 35,215,387 | |||||||||||||
Union Agriculture Group | 12/8/10-6/27/12 | 1,306,818 | 15,000,000 | 13,630,112 | |||||||||||||||
DeeThree Exploration | 9/7/10 | 1,130,000 | 2,950,812 | 11,831,086 | |||||||||||||||
$ | 36,327,669 | $ | 60,676,585 | ||||||||||||||||
(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 | August 13, 2014 | $ | 0 | |||||||||||||
GBP - British Pound
(1) Archipelago Resources is expected to restructure into a new company during 2014. From January 31, 2014, the option is exercisable until the earlier of (i) the date the company is restructured and prices the shares for its initial public offering or (ii) August 13, 2014, subject to extension until the date the company is restructured and prices the shares for its initial public offering (but not later than September 26, 2016). After August 13, 2014, the valuation of the option will fluctuate based upon its fair market value as determined in accordance with the put option agreement. These put options are valued at fair value determined in good faith under consistently applied procedures established by the Fund's Board of Trustees.
(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 June 30, 2014, the Fund's total equity investments were denominated in currencies as follows:
Currency | Value | Percentage of Net Assets | |||||||||
Japanese Yen | $ | 1,681,175,314 | 19.0 | ||||||||
Euro | 1,080,657,708 | 12.2 | |||||||||
British Pound | 944,499,362 | 10.7 | |||||||||
United States Dollar | 627,328,576 | 7.1 | |||||||||
Canadian Dollar | 466,359,798 | 5.3 | |||||||||
| Other currencies less than 5% of total net assets | 3,780,089,252 | 42.7 | |||||||||
Total Equities | $ | 8,580,110,010 | 97.0 | ||||||||
(i) Investment made with cash collateral received from securities lending activity.
(j) At June 30, 2014, for federal income tax purposes, the cost of investments was $6,392,133,831 and net unrealized appreciation was $2,609,246,279 consisting of gross unrealized appreciation of $2,782,160,935 and gross unrealized depreciation of $172,914,656.
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.
See accompanying notes to financial statements.
51
Columbia Acorn International®
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 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 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 June 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 | $ | 219,526,410 | $ | 3,507,537,162 | $ | 35,215,387 | $ | 3,762,278,959 | |||||||||||
Europe | 23,955,569 | 2,827,707,344 | - | 2,851,662,913 | |||||||||||||||
Other Countries | 675,645,114 | 876,249,082 | - | 1,551,894,196 | |||||||||||||||
Latin America | 366,219,862 | 34,423,968 | 13,630,112 | 414,273,942 | |||||||||||||||
Total Equities | 1,285,346,955 | 7,245,917,556 | 48,845,499 | 8,580,110,010 | |||||||||||||||
Total Short-Term Investments | 226,295,328 | - | - | 226,295,328 | |||||||||||||||
Total Securities Lending Collateral | 194,974,772 | - | - | 194,974,772 | |||||||||||||||
Total Investments | $ | 1,706,617,055 | $ | 7,245,917,556 | $ | 48,845,499 | $ | 9,001,380,110 | |||||||||||
The Fund's assets assigned to the Level 2 input category are generally valued using a market approach, in which a security's value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Foreign equities are generally valued at the last sale price on the foreign exchange or market on which they trade. The Fund may use a statistical fair valuation model, in accordance with the policy adopted by the Board, provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. These models take into account available market data including intraday index, ADR, and ETF movements. Securities acquired via private placement that have a holding period or an extended settlement period are valued at a discount to the same shares that are trading freely on the market. These discounts are determined by the investment manager's experience with similar securities or situations. Factors may include, but are not limited to, trade volume, shares outstanding and stock price.
There were no transfers of financial assets between levels during the period.
The Fund does not hold any significant investments categorized as Level 3.
Certain securities classified as Level 3 are valued at fair value, using a market approach, as determined in good faith under consistently applied procedures established by and under the general supervision of the Board. To determine fair value for these securities, for which no market exists, the Committee utilizes the valuation technique it deems most appropriate in the circumstances, using some unobservable inputs, which may include, but are not limited to estimated earnings of the company and the position of the security within the company's capital structure. The Committee also may use some observable inputs, which may include, but are not limited to, trades of similar securities and market multiples derived from a set of comparable companies. Significant increases or decreases to any of these inputs could result in a significantly lower or higher fair value measurement.
See accompanying notes to financial statements.
52
Columbia Acorn International®
Portfolio Diversification (Unaudited)
At June 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 | $ | 686,112,160 | 7.7 | ||||||||
Machinery | 621,851,467 | 7.0 | |||||||||
Other Industrial Services | 447,575,217 | 5.1 | |||||||||
Electrical Components | 260,778,723 | 2.9 | |||||||||
Outsourcing Services | 173,811,494 | 2.0 | |||||||||
Conglomerates | 147,412,754 | 1.7 | |||||||||
Construction | 90,794,840 | 1.0 | |||||||||
Industrial Distribution | 23,942,406 | 0.3 | |||||||||
2,452,279,061 | 27.7 | ||||||||||
| > Consumer Goods & Services | |||||||||||
Retail | 685,619,756 | 7.8 | |||||||||
Food & Beverage | 425,183,967 | 4.8 | |||||||||
Casinos & Gaming | 379,510,885 | 4.3 | |||||||||
Nondurables | 229,711,688 | 2.6 | |||||||||
Other Durable Goods | 143,950,992 | 1.6 | |||||||||
Restaurants | 140,490,272 | 1.6 | |||||||||
Consumer Goods Distribution | 110,688,687 | 1.3 | |||||||||
Travel | 65,806,744 | 0.8 | |||||||||
Educational Services | 47,964,257 | 0.5 | |||||||||
Other Consumer Services | 47,422,500 | 0.5 | |||||||||
Furniture & Textiles | 38,822,280 | 0.4 | |||||||||
Consumer Electronics | 27,120,446 | 0.3 | |||||||||
2,342,292,474 | 26.5 | ||||||||||
| > Information | |||||||||||
Business Software | 259,620,136 | 2.9 | |||||||||
Internet Related | 181,204,669 | 2.1 | |||||||||
| Computer Hardware & Related Equipment | 176,413,538 | 2.0 | |||||||||
Mobile Communications | 115,390,197 | 1.3 | |||||||||
Financial Processors | 92,993,597 | 1.1 | |||||||||
Computer Services | 80,632,500 | 0.9 | |||||||||
| Semiconductors & Related Equipment | 71,502,256 | 0.8 | |||||||||
Entertainment Processors | 65,780,328 | 0.7 | |||||||||
Instrumentation | 38,840,211 | 0.4 | |||||||||
Satellite Broadcasting & Services | 35,570,872 | 0.4 | |||||||||
Telephone & Data Services | 29,707,386 | 0.3 | |||||||||
TV Broadcasting | 25,708,467 | 0.3 | |||||||||
Telecommunications Equipment | 25,688,609 | 0.3 | |||||||||
| Business Information & Marketing Services | 22,098,105 | 0.3 | |||||||||
Advertising | 6,820,313 | 0.1 | |||||||||
1,227,971,184 | 13.9 | ||||||||||
Value | Percentage of Net Assets | ||||||||||
| > Finance | |||||||||||
Insurance | $ | 392,958,077 | 4.4 | ||||||||
Banks | 211,981,863 | 2.4 | |||||||||
Brokerage & Money Management | 197,946,391 | 2.2 | |||||||||
Finance Companies | 79,465,527 | 0.9 | |||||||||
Financial Processors | 39,636,108 | 0.5 | |||||||||
921,987,966 | 10.4 | ||||||||||
| > Energy & Minerals | |||||||||||
Oil Services | 284,904,588 | 3.2 | |||||||||
Mining | 173,321,986 | 2.0 | |||||||||
Oil & Gas Producers | 107,138,620 | 1.2 | |||||||||
| Oil Refining, Marketing & Distribution | 41,502,937 | 0.5 | |||||||||
Agricultural Commodities | 13,630,112 | 0.1 | |||||||||
620,498,243 | 7.0 | ||||||||||
| > Other Industries | |||||||||||
Real Estate | 439,814,986 | 5.0 | |||||||||
Transportation | 152,151,406 | 1.7 | |||||||||
Regulated Utilities | 24,319,520 | 0.3 | |||||||||
616,285,912 | 7.0 | ||||||||||
| > Health Care | |||||||||||
Pharmaceuticals | 153,245,385 | 1.7 | |||||||||
Medical Supplies | 103,063,509 | 1.2 | |||||||||
Medical Equipment & Devices | 81,193,398 | 0.9 | |||||||||
Biotechnology & Drug Delivery | 36,680,000 | 0.4 | |||||||||
Health Care Services | 24,612,878 | 0.3 | |||||||||
398,795,170 | 4.5 | ||||||||||
Total Equities: | 8,580,110,010 | 97.0 | |||||||||
Short-Term Investments: | 226,295,328 | 2.6 | |||||||||
Securities Lending Collateral: | 194,974,772 | 2.2 | |||||||||
Total Investments: | 9,001,380,110 | 101.8 | |||||||||
| Obligation to Return Collateral for Securities Loaned: | (194,974,772 | ) | (2.2 | ) | |||||||
| Cash and Other Assets Less Liabilities: | 37,872,800 | 0.4 | |||||||||
Net Assets: | $ | 8,844,278,138 | 100.0 | ||||||||
See accompanying notes to financial statements.
53
Columbia Acorn USA®
Major Portfolio Changes in the Second Quarter (Unaudited)
Number of Shares | |||||||||||
3/31/14 | 6/30/14 | ||||||||||
Purchases | |||||||||||
Information | |||||||||||
Bankrate | 0 | 63,643 | |||||||||
Boingo Wireless | 364,000 | 568,229 | |||||||||
Five9 | 0 | 346,769 | |||||||||
Measurement Specialties | 19,118 | 42,711 | |||||||||
Vonage | 0 | 951,000 | |||||||||
Industrial Goods & Services | |||||||||||
Graham | 0 | 53,593 | |||||||||
Consumer Goods & Services | |||||||||||
Boulder Brands | 372,705 | 612,705 | |||||||||
Burlington Stores | 101,500 | 207,500 | |||||||||
HomeAway | 135,000 | 281,000 | |||||||||
Michaels Stores | 0 | 195,000 | |||||||||
United Natural Foods | 79,000 | 117,000 | |||||||||
Heath Care | |||||||||||
Akorn | 699,200 | 795,200 | |||||||||
Bio-Techne | 87,000 | 125,000 | |||||||||
Castlight Health | 6,000 | 83,000 | |||||||||
Medidata Solutions | 62,000 | 129,000 | |||||||||
Energy & Minerals | |||||||||||
Chart Industries | 54,384 | 84,000 | |||||||||
Clayton Williams | 46,000 | 77,000 | |||||||||
Gulfport Energy | 0 | 51,000 | |||||||||
Parsley Energy | 0 | 61,373 | |||||||||
Number of Shares | |||||||||||
3/31/14 | 6/30/14 | ||||||||||
Sales | |||||||||||
Information | |||||||||||
Ellie Mae | 125,000 | 0 | |||||||||
Hittite Microwave | 45,000 | 0 | |||||||||
II-VI | 128,000 | 0 | |||||||||
SBA Communications | 197,000 | 48,000 | |||||||||
tw telecom | 1,200,000 | 140,684 | |||||||||
Industrial Goods & Services | |||||||||||
Forward Air | 109,000 | 0 | |||||||||
Consumer Goods & Services | |||||||||||
Avis Budget Group | 1,183,950 | 1,015,950 | |||||||||
Casey's General Stores | 238,000 | 204,931 | |||||||||
Lifetime Fitness | 293,000 | 161,000 | |||||||||
Pier 1 Imports | 620,000 | 432,000 | |||||||||
Prestige Brands Holdings | 166,000 | 0 | |||||||||
Quiksilver | 475,000 | 0 | |||||||||
Restoration Hardware Holdings | 46,400 | 0 | |||||||||
Finance | |||||||||||
Berkshire Hills Bancorp | 128,000 | 0 | |||||||||
City National | 173,000 | 130,000 | |||||||||
First Commonwealth | 571,000 | 379,000 | |||||||||
H & E Equipment Services | 39,641 | 0 | |||||||||
Simplicity Bancorp | 154,268 | 0 | |||||||||
ViewPoint Financial | 393,487 | 373,487 | |||||||||
Health Care | |||||||||||
Alimera Sciences | 331,180 | 128,273 | |||||||||
Allscripts Healthcare Solutions | 960,000 | 798,000 | |||||||||
BioMarin Pharmaceutical | 97,000 | 83,000 | |||||||||
InterMune | 156,200 | 0 | |||||||||
NPS Pharmaceuticals | 295,500 | 179,600 | |||||||||
Sirona Dental Systems | 120,000 | 0 | |||||||||
Other Industries | |||||||||||
American Residential Properties | 90,000 | 0 | |||||||||
Energy & Minerals | |||||||||||
Atwood Oceanics | 113,000 | 52,000 | |||||||||
Bill Barrett Corporation | 205,000 | 148,809 | |||||||||
PDC Energy | 134,000 | 104,000 | |||||||||
WPX Energy | 240,000 | 129,000 | |||||||||
See accompanying notes to financial statements.
54
Columbia Acorn USA®
Statement of Investments (Unaudited), June 30, 2014
Number of Shares | Value | ||||||||||
Equities: 97.3% | |||||||||||
Information 22.5% | |||||||||||
| > Business Software 7.4% | |||||||||||
744,999 | Informatica (a) | $ | 26,559,250 | ||||||||
| Enterprise Data Integration Software | |||||||||||
343,000 | Ansys (a) | 26,006,260 | |||||||||
| Simulation Software for Engineers & Designers | |||||||||||
265,000 | SPS Commerce (a) | 16,745,350 | |||||||||
| Supply Chain Management Software Delivered via the Web | |||||||||||
170,000 | NetSuite (a) | 14,769,600 | |||||||||
| End-to-end IT Systems Solution Delivered via the Web | |||||||||||
85,000 | Concur Technologies (a) | 7,933,900 | |||||||||
| Web Enabled Expense Management Software | |||||||||||
275,000 | RealPage (a) | 6,182,000 | |||||||||
| Software for Managing Rental Properties Delivered via the Web | |||||||||||
60,000 | Demandware (a) | 4,162,200 | |||||||||
| eCommerce Website Platform for Retailers & Apparel Manufacturers | |||||||||||
82,000 | Envestnet (a) | 4,011,440 | |||||||||
| Technology Platform for Investment Advisors | |||||||||||
394,187 | InContact (a) | 3,622,578 | |||||||||
| Call Center Systems Delivered via the Web & Telco Services | |||||||||||
310,000 | Exa (a) | 3,490,600 | |||||||||
Simulation Software | |||||||||||
126,000 | E2open (a) | 2,604,420 | |||||||||
| Supply Chain Management Software & Supplier/Partner Network | |||||||||||
346,769 | Five9 (a)(b) | 2,496,737 | |||||||||
Call Center Software | |||||||||||
50,000 | Commvault Systems (a) | 2,458,500 | |||||||||
Data Storage Management | |||||||||||
40,256 | Textura (a) | 951,652 | |||||||||
| Construction Vendor Management Software | |||||||||||
95,950 | Covisint (a)(b) | 466,317 | |||||||||
| Collaboration Software Platform Provider | |||||||||||
122,460,804 | |||||||||||
| > Instrumentation 5.1% | |||||||||||
164,000 | Mettler-Toledo International (a) | 41,521,520 | |||||||||
Laboratory Equipment | |||||||||||
427,000 | IPG Photonics (a)(b) | 29,377,600 | |||||||||
Fiber Lasers | |||||||||||
274,000 | Trimble Navigation (a) | 10,124,300 | |||||||||
GPS-based Instruments | |||||||||||
42,711 | Measurement Specialties (a) | 3,676,136 | |||||||||
Sensors | |||||||||||
84,699,556 | |||||||||||
| > Computer Services 2.1% | |||||||||||
506,000 | ExlService Holdings (a) | 14,901,700 | |||||||||
Business Process Outsourcing | |||||||||||
327,000 | WNS - ADR (India) (a) | 6,271,860 | |||||||||
| Offshore BPO (Business Process Outsourcing) Services | |||||||||||
Number of Shares | Value | ||||||||||
175,000 | Virtusa (a) | $ | 6,265,000 | ||||||||
Offshore IT Outsourcing | |||||||||||
582,000 | RCM Technologies (a) | 3,701,520 | |||||||||
Technology & Engineering Services | |||||||||||
591,000 | Hackett Group | 3,528,270 | |||||||||
IT Integration & Best Practice Research | |||||||||||
34,668,350 | |||||||||||
| > Semiconductors & Related Equipment 1.5% | |||||||||||
255,000 | Monolithic Power Systems | 10,799,250 | |||||||||
| High Performance Analog & Mixed Signal Integrated Circuits | |||||||||||
970,000 | Atmel (a) | 9,088,900 | |||||||||
| Microcontrollers, Radio Frequency & Memory Semiconductors | |||||||||||
238,000 | Ultratech (a) | 5,278,840 | |||||||||
Semiconductor Equipment | |||||||||||
25,166,990 | |||||||||||
| > Gaming Equipment & Services 1.5% | |||||||||||
370,110 | Bally Technologies (a) | 24,323,629 | |||||||||
Slot Machines & Software | |||||||||||
| > Telecommunications Equipment 1.4% | |||||||||||
426,000 | Finisar (a) | 8,413,500 | |||||||||
Optical Subsystems & Components | |||||||||||
281,000 | CalAmp (a) | 6,086,460 | |||||||||
Machine-to-machine Communications | |||||||||||
464,278 | Infinera (a) | 4,271,358 | |||||||||
Optical Networking Equipment | |||||||||||
369,000 | Ixia (a) | 4,217,670 | |||||||||
Telecom Network Test Equipment | |||||||||||
22,988,988 | |||||||||||
| > Financial Processors 0.7% | |||||||||||
139,000 | Global Payments | 10,126,150 | |||||||||
Credit Card Processor | |||||||||||
153,000 | Liquidity Services (a) | 2,411,280 | |||||||||
| E-Auctions for Surplus & Salvage Goods | |||||||||||
12,537,430 | |||||||||||
| > Computer Hardware & Related Equipment 0.6% | |||||||||||
101,000 | Rogers (a) | 6,701,350 | |||||||||
| Printed Circuit Materials & High-performance Foams | |||||||||||
53,000 | Belden | 4,142,480 | |||||||||
Specialty Cable | |||||||||||
10,843,830 | |||||||||||
| > Telephone & Data Services 0.6% | |||||||||||
140,684 | tw telecom (a) | 5,670,972 | |||||||||
Fiber Optic Telephone/Data Services | |||||||||||
568,229 | Boingo Wireless (a) | 3,881,004 | |||||||||
Wholesale & Retail Wi-Fi Networks | |||||||||||
9,551,976 | |||||||||||
| > Contract Manufacturing 0.6% | |||||||||||
215,000 | Plexus (a) | 9,307,350 | |||||||||
Electronic Manufacturing Services | |||||||||||
See accompanying notes to financial statements.
55
Columbia Acorn USA®
Statement of Investments (Unaudited), continued
Number of Shares | Value | ||||||||||
| > Internet Related 0.4% | |||||||||||
141,831 | RetailMeNot (a)(b) | $ | 3,774,123 | ||||||||
Digital Coupon Marketplace | |||||||||||
951,000 | Vonage (a) | 3,566,250 | |||||||||
| Business & Consumer Internet Telephony | |||||||||||
7,340,373 | |||||||||||
| > Business Information & Marketing Services 0.3% | |||||||||||
230,000 | RPX (a) | 4,082,500 | |||||||||
| Patent Aggregation & Defensive Patent Consulting | |||||||||||
63,643 | Bankrate (a) | 1,116,298 | |||||||||
| Internet Advertising for the Insurance, Credit Card & Banking Markets | |||||||||||
5,198,798 | |||||||||||
| > Mobile Communications 0.3% | |||||||||||
48,000 | SBA Communications (a) | 4,910,400 | |||||||||
Communications Towers | |||||||||||
Information: Total | 373,998,474 | ||||||||||
Industrial Goods & Services 21.7% | |||||||||||
| > Machinery 15.9% | |||||||||||
590,000 | Nordson | 47,312,100 | |||||||||
| Dispensing Systems for Adhesives & Coatings | |||||||||||
871,000 | Ametek | 45,535,880 | |||||||||
Aerospace/Industrial Instruments | |||||||||||
855,000 | Donaldson | 36,183,600 | |||||||||
Industrial Air Filtration | |||||||||||
436,000 | Moog (a) | 31,780,040 | |||||||||
| Motion Control Products for Aerospace, Defense & Industrial Markets | |||||||||||
757,500 | HEICO | 30,754,500 | |||||||||
| FAA-approved Aircraft Replacement Parts | |||||||||||
237,000 | Toro | 15,073,200 | |||||||||
Turf Maintenance Equipment | |||||||||||
360,000 | ESCO Technologies | 12,470,400 | |||||||||
| Industrial Filtration & Advanced Measurement Equipment | |||||||||||
264,000 | Kennametal | 12,217,920 | |||||||||
Consumable Cutting Tools | |||||||||||
245,000 | Generac (a) | 11,941,300 | |||||||||
Standby Power Generators | |||||||||||
138,000 | Middleby (a) | 11,415,360 | |||||||||
Manufacturer of Cooking Equipment | |||||||||||
134,000 | Dorman Products (a) | 6,608,880 | |||||||||
Aftermarket Auto Parts Distributor | |||||||||||
53,593 | Graham | 1,865,572 | |||||||||
| Designs & Builds Vacuum & Heat Transfer Equipment for Process Industries | |||||||||||
263,158,752 | |||||||||||
| > Industrial Materials & Specialty Chemicals 2.4% | |||||||||||
539,000 | Drew Industries | 26,955,390 | |||||||||
| RV & Manufactured Home Components | |||||||||||
Number of Shares | Value | ||||||||||
290,000 | PolyOne | $ | 12,220,600 | ||||||||
| Intermediate Stage Chemicals Producer | |||||||||||
39,175,990 | |||||||||||
| > Electrical Components 1.7% | |||||||||||
152,000 | Acuity Brands | 21,014,000 | |||||||||
Commercial Lighting Fixtures | |||||||||||
248,708 | Thermon (a) | 6,545,995 | |||||||||
Global Engineered Thermal Solutions | |||||||||||
27,559,995 | |||||||||||
| > Industrial Distribution 0.8% | |||||||||||
90,000 | WESCO International (a) | 7,774,200 | |||||||||
Industrial Distributor | |||||||||||
217,000 | MRC Global (a) | 6,138,930 | |||||||||
Industrial Distributor | |||||||||||
13,913,130 | |||||||||||
| > Construction 0.4% | |||||||||||
449,000 | PGT (a) | 3,803,030 | |||||||||
Wind Resistant Windows & Doors | |||||||||||
86,000 | Fortune Brands Home & Security | 3,433,980 | |||||||||
| Home Building Supplies & Small Locks | |||||||||||
7,237,010 | |||||||||||
| > Other Industrial Services 0.3% | |||||||||||
151,000 | KAR Auction Services | 4,812,370 | |||||||||
Auto Auctions | |||||||||||
| > Waste Management 0.2% | |||||||||||
82,000 | Waste Connections | 3,981,100 | |||||||||
Solid Waste Management | |||||||||||
Industrial Goods & Services: Total | 359,838,347 | ||||||||||
Consumer Goods & Services 16.6% | |||||||||||
| > Travel 5.7% | |||||||||||
1,015,950 | Avis Budget Group (a) | 60,642,056 | |||||||||
| Second Largest Car Rental Company | |||||||||||
614,000 | Hertz (a) | 17,210,420 | |||||||||
Largest U.S. Rental Car Operator | |||||||||||
281,000 | HomeAway (a) | 9,784,420 | |||||||||
Vacation Rental Online Marketplace | |||||||||||
100,666 | Choice Hotels | 4,742,375 | |||||||||
Franchisor of Budget Hotel Brands | |||||||||||
29,000 | Vail Resorts | 2,238,220 | |||||||||
Ski Resort Operator & Developer | |||||||||||
94,617,491 | |||||||||||
| > Retail 3.1% | |||||||||||
204,931 | Casey's General Stores | 14,404,600 | |||||||||
| Owner/Operator of Convenience Stores | |||||||||||
185,991 | Shutterfly (a) | 8,008,772 | |||||||||
Internet Photo-centric Retailer | |||||||||||
201,000 | The Fresh Market (a)(b) | 6,727,470 | |||||||||
Specialty Food Retailer | |||||||||||
432,000 | Pier 1 Imports | 6,657,120 | |||||||||
Home Furnishing Retailer | |||||||||||
See accompanying notes to financial statements.
56
Number of Shares | Value | ||||||||||
| > Retail—continued | |||||||||||
207,500 | Burlington Stores (a) | $ | 6,610,950 | ||||||||
Off-price Apparel Retailer | |||||||||||
135,000 | Kate Spade & Company (a) | 5,148,900 | |||||||||
Global Lifestyle Brand | |||||||||||
195,000 | Michaels Stores (a) | 3,324,750 | |||||||||
Craft & Hobby Specialty Retailer | |||||||||||
50,882,562 | |||||||||||
| > Furniture & Textiles 2.5% | |||||||||||
333,814 | Caesarstone (Israel) | 16,383,591 | |||||||||
Quartz Countertops | |||||||||||
688,000 | Interface | 12,961,920 | |||||||||
Modular Carpet | |||||||||||
640,000 | Knoll | 11,091,200 | |||||||||
Office Furniture | |||||||||||
40,436,711 | |||||||||||
| > Consumer Goods Distribution 2.1% | |||||||||||
358,000 | Pool | 20,248,480 | |||||||||
| Swimming Pool Supplies & Equipment Distributor | |||||||||||
117,000 | United Natural Foods (a) | 7,616,700 | |||||||||
| Distributor of Natural/Organic Foods to Grocery Stores | |||||||||||
353,000 | The Chefs' Warehouse (a) | 6,978,810 | |||||||||
| Distributor of Specialty Foods to Fine Dining Restaurants | |||||||||||
34,843,990 | |||||||||||
| > Other Durable Goods 1.3% | |||||||||||
187,000 | Cavco Industries (a) | 15,951,100 | |||||||||
Manufactured Homes | |||||||||||
297,000 | Select Comfort (a) | 6,136,020 | |||||||||
Specialty Mattresses | |||||||||||
22,087,120 | |||||||||||
| > Other Consumer Services 0.9% | |||||||||||
161,000 | Lifetime Fitness (a)(b) | 7,847,140 | |||||||||
Sport & Fitness Club Operator | |||||||||||
252,000 | Blackhawk Network (a) | 6,766,200 | |||||||||
| Third Party Distributer of Prepaid Content, Mostly Gift Cards | |||||||||||
14,613,340 | |||||||||||
| > Food & Beverage 0.7% | |||||||||||
612,705 | Boulder Brands (a) | 8,688,157 | |||||||||
Healthy Food Products | |||||||||||
100,000 | B&G Foods | 3,269,000 | |||||||||
Acquirer of Small Food Brands | |||||||||||
11,957,157 | |||||||||||
| > Restaurants 0.3% | |||||||||||
112,000 | Fiesta Restaurant Group (a) | 5,197,920 | |||||||||
| Owns/Operates Two Restaurant Chains: Pollo Tropical & Taco Cabana | |||||||||||
| > Educational Services —% | |||||||||||
34,350 | ITT Educational Services (a)(b) | 573,302 | |||||||||
Postsecondary Degree Services | |||||||||||
Consumer Goods & Services: Total | 275,209,593 | ||||||||||
Number of Shares | Value | ||||||||||
Finance 13.0% | |||||||||||
| > Banks 7.9% | |||||||||||
801,000 | MB Financial | $ | 21,667,050 | ||||||||
Chicago Bank | |||||||||||
164,000 | SVB Financial Group (a) | 19,125,680 | |||||||||
Bank to Venture Capitalists | |||||||||||
993,000 | Associated Banc-Corp | 17,953,440 | |||||||||
Midwest Bank | |||||||||||
392,597 | Lakeland Financial | 14,981,501 | |||||||||
Indiana Bank | |||||||||||
130,000 | City National | 9,848,800 | |||||||||
Bank & Asset Manager | |||||||||||
1,615,986 | First Busey | 9,388,879 | |||||||||
Illinois Bank | |||||||||||
228,000 | Hancock Holding | 8,052,960 | |||||||||
Gulf Coast Bank | |||||||||||
487,000 | TCF Financial | 7,972,190 | |||||||||
Great Lakes Bank | |||||||||||
566,750 | Valley National Bancorp (b) | 5,616,492 | |||||||||
New Jersey/New York Bank | |||||||||||
695,000 | TrustCo Bank | 4,642,600 | |||||||||
New York State Bank | |||||||||||
171,826 | Sandy Spring Bancorp | 4,280,186 | |||||||||
Baltimore & Washington, D.C. Bank | |||||||||||
379,000 | First Commonwealth | 3,494,380 | |||||||||
Western Pennsylvania Bank | |||||||||||
154,849 | Guaranty Bancorp | 2,152,401 | |||||||||
Colorado Bank | |||||||||||
89,700 | Hudson Valley | 1,619,085 | |||||||||
Metro New York City Bank | |||||||||||
130,795,644 | |||||||||||
| > Finance Companies 3.4% | |||||||||||
389,000 | Textainer Group Holdings (b) | 15,023,180 | |||||||||
Top International Container Leaser | |||||||||||
673,208 | CAI International (a) | 14,817,308 | |||||||||
International Container Leasing | |||||||||||
180,689 | World Acceptance (a) | 13,725,137 | |||||||||
Personal Loans | |||||||||||
315,000 | McGrath Rentcorp | 11,576,250 | |||||||||
Mini-rental Conglomerate | |||||||||||
91,000 | Marlin Business Services | 1,655,290 | |||||||||
Small Equipment Leasing | |||||||||||
56,797,165 | |||||||||||
| > Insurance 0.6% | |||||||||||
35,000 | Enstar Group (a) | 5,275,550 | |||||||||
| Insurance/Reinsurance & Related Services | |||||||||||
135,000 | Allied World Assurance Company Holdings | 5,132,700 | |||||||||
| Commercial Lines Insurance/ Reinsurance | |||||||||||
10,408,250 | |||||||||||
| > Savings & Loans 0.6% | |||||||||||
373,487 | ViewPoint Financial | 10,050,535 | |||||||||
Texas Thrift | |||||||||||
See accompanying notes to financial statements.
57
Columbia Acorn USA®
Statement of Investments (Unaudited), continued
Number of Shares | Value | ||||||||||
| > Brokerage & Money Management 0.5% | |||||||||||
139,000 | SEI Investments | $ | 4,555,030 | ||||||||
| Mutual Fund Administration & Investment Management | |||||||||||
132,000 | Kennedy-Wilson Holdings | 3,540,240 | |||||||||
Global Distressed Real Estate | |||||||||||
8,095,270 | |||||||||||
Finance: Total | 216,146,864 | ||||||||||
Health Care 11.0% | |||||||||||
| > Biotechnology & Drug Delivery 5.2% | |||||||||||
300,380 | Synageva BioPharma (a) | 31,479,824 | |||||||||
Biotech Focused on Orphan Diseases | |||||||||||
516,000 | Seattle Genetics (a) | 19,737,000 | |||||||||
Antibody-based Therapies for Cancer | |||||||||||
265,000 | Sarepta Therapeutics (a)(b) | 7,894,350 | |||||||||
Biotech Focused On Rare Diseases | |||||||||||
179,600 | NPS Pharmaceuticals (a) | 5,935,780 | |||||||||
Orphan Drugs & Healthy Royalties | |||||||||||
354,000 | Celldex Therapeutics (a)(b) | 5,777,280 | |||||||||
Biotech Developing Drugs for Cancer | |||||||||||
83,000 | BioMarin Pharmaceutical (a) | 5,163,430 | |||||||||
Biotech Focused on Orphan Diseases | |||||||||||
78,700 | Alnylam Pharmaceuticals (a) | 4,971,479 | |||||||||
| Biotech Developing Drugs for Rare Diseases | |||||||||||
12,000 | Intercept Pharmaceuticals (a) | 2,839,560 | |||||||||
| Biotech Developing Drugs for Several Diseases | |||||||||||
61,185 | Ultragenyx Pharmaceutical (a)(b) | 2,746,595 | |||||||||
| Biotech Focused on "Ultra-Orphan" Drugs | |||||||||||
228 | CymaBay Therapeutics (a) | 1,368 | |||||||||
Diabetes Drug Development | |||||||||||
86,546,666 | |||||||||||
| > Medical Supplies 2.3% | |||||||||||
552,600 | Cepheid (a) | 26,491,644 | |||||||||
Molecular Diagnostics | |||||||||||
125,000 | Bio-Techne | 11,571,250 | |||||||||
| Cytokines, Antibodies & Other Reagents for Life Science | |||||||||||
38,062,894 | |||||||||||
| > Health Care Services 1.8% | |||||||||||
798,000 | Allscripts Healthcare Solutions (a) | 12,807,900 | |||||||||
Health Care IT | |||||||||||
129,000 | Medidata Solutions (a) | 5,522,490 | |||||||||
Cloud-based Software for Drug Studies | |||||||||||
150,000 | HealthSouth | 5,380,500 | |||||||||
Inpatient Rehabilitation Facilities | |||||||||||
112,000 | Envision Healthcare Holdings (a) | 4,021,920 | |||||||||
| Provider of Health Care Outsourcing Services | |||||||||||
83,000 | Castlight Health (a)(b) | 1,261,600 | |||||||||
| Provider of Cloud-based Software for Managing Health Care Costs | |||||||||||
28,994,410 | |||||||||||
Number of Shares | Value | ||||||||||
| > Pharmaceuticals 1.7% | |||||||||||
795,200 | Akorn (a) | $ | 26,440,400 | ||||||||
| Develops, Manufactures & Sells Specialty Generic Drugs | |||||||||||
36,000 | Revance Therapeutics (a)(b) | 1,224,000 | |||||||||
Drug Developer Focused on Aesthetics | |||||||||||
128,273 | Alimera Sciences (a)(b) | 767,072 | |||||||||
| Ophthalmology-focused Pharmaceutical Company | |||||||||||
28,431,472 | |||||||||||
| > Medical Equipment & Devices —% | |||||||||||
15,998 | Wright Medical Group (a) | 502,337 | |||||||||
Leader in Foot & Ankle Replacement | |||||||||||
Health Care: Total | 182,537,779 | ||||||||||
Other Industries 6.9% | |||||||||||
| > Real Estate 5.7% | |||||||||||
832,000 | Extra Space Storage | 44,304,000 | |||||||||
Self Storage Facilities | |||||||||||
986,800 | EdR | 10,598,232 | |||||||||
Student Housing | |||||||||||
356,000 | St. Joe (a)(b) | 9,053,080 | |||||||||
Florida Panhandle Landowner | |||||||||||
1,255,000 | Kite Realty Group | 7,705,700 | |||||||||
Community Shopping Centers | |||||||||||
223,000 | Coresite Realty | 7,374,610 | |||||||||
Data Centers | |||||||||||
871,000 | DCT Industrial Trust | 7,150,910 | |||||||||
Industrial Properties | |||||||||||
91,000 | Post Properties | 4,864,860 | |||||||||
Multi-family Properties | |||||||||||
196,200 | Biomed Realty Trust | 4,283,046 | |||||||||
Life Science-focused Office Buildings | |||||||||||
95,334,438 | |||||||||||
| > Transportation 1.2% | |||||||||||
468,091 | Rush Enterprises, Class A (a) | 16,228,715 | |||||||||
105,000 | Rush Enterprises, Class B (a) | 3,302,250 | |||||||||
Truck Sales & Service | |||||||||||
19,530,965 | |||||||||||
Other Industries: Total | 114,865,403 | ||||||||||
Energy & Minerals 5.6% | |||||||||||
| > Oil & Gas Producers 3.5% | |||||||||||
237,000 | Rosetta Resources (a) | 12,999,450 | |||||||||
| Oil & Gas Producer Exploring in Texas | |||||||||||
77,000 | Clayton Williams (a) | 10,577,490 | |||||||||
Oil & Gas Producer | |||||||||||
89,000 | SM Energy | 7,484,900 | |||||||||
Oil & Gas Producer | |||||||||||
95,000 | Carrizo Oil & Gas (a) | 6,579,700 | |||||||||
Oil & Gas Producer | |||||||||||
104,000 | PDC Energy (a) | 6,567,600 | |||||||||
Oil & Gas Producer in U.S. | |||||||||||
159,000 | Laredo Petroleum (a) | 4,925,820 | |||||||||
Permian Basin Oil Producer | |||||||||||
See accompanying notes to financial statements.
58
Number of Shares | Value | ||||||||||
| > Oil & Gas Producers—continued | |||||||||||
148,809 | Bill Barrett Corporation (a) | $ | 3,985,105 | ||||||||
Oil & Gas Producer in U.S. Rockies | |||||||||||
129,000 | WPX Energy (a) | 3,084,390 | |||||||||
| Oil & Gas Produced in U.S. & Argentina | |||||||||||
61,373 | Parsley Energy (a) | 1,477,248 | |||||||||
| Permian-Midland Basin Oil & Gas Producer | |||||||||||
45,000 | Rice Energy (a) | 1,370,250 | |||||||||
Natural Gas Producer | |||||||||||
59,051,953 | |||||||||||
| > Oil Services 1.4% | |||||||||||
224,000 | Hornbeck Offshore (a) | 10,510,080 | |||||||||
| Supply Vessel Operator in U.S. Gulf of Mexico | |||||||||||
84,000 | Chart Industries (a) | 6,950,160 | |||||||||
| Manufacturer of Natural Gas Processing/Storage Equipment | |||||||||||
51,000 | Gulfport Energy (a) | 3,202,800 | |||||||||
| Oil & Gas Producer Focused on Utica Shale in Ohio | |||||||||||
52,000 | Atwood Oceanics (a) | 2,728,960 | |||||||||
Offshore Drilling Contractor | |||||||||||
23,392,000 | |||||||||||
| > Mining 0.7% | |||||||||||
70,000 | Core Labs (Netherlands) | 11,694,200 | |||||||||
Oil & Gas Reservoir Consulting | |||||||||||
Energy & Minerals: Total | 94,138,153 | ||||||||||
| Total Equities: 97.3% (Cost: $852,088,094) | 1,616,734,613 | (c) | |||||||||
Number of Shares | Value | ||||||||||
Short-Term Investments 2.6% | |||||||||||
43,011,935 | JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%) | $ | 43,011,935 | ||||||||
| Total Short-Term Investments: 2.6% (Cost: $43,011,935) | 43,011,935 | ||||||||||
Securities Lending Collateral 2.9% | |||||||||||
47,372,925 | Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (d) | 47,372,925 | |||||||||
| Total Securities Lending Collateral: 2.9% (Cost: $47,372,925) | 47,372,925 | ||||||||||
| Total Investments: 102.8% (Cost: $942,472,954)(e) | 1,707,119,473 | ||||||||||
| Obligation to Return Collateral for Securities Loaned: (2.9)% | (47,372,925 | ) | |||||||||
Cash and Other Assets Less Liabilities: 0.1% | 569,452 | ||||||||||
Net Assets: 100.0% | $ | 1,660,316,000 | |||||||||
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 June 30, 2014. The total market value of securities on loan at June 30, 2014 was $46,428,810.
(c) On June 30, 2014, the market value of foreign securities represented 2.07% of total net assets. The Fund's foreign portfolio was diversified as follows:
Country | Value | Percentage of Net Assets | |||||||||
Israel | $ | 16,383,591 | 0.99 | ||||||||
Netherlands | 11,694,200 | 0.70 | |||||||||
India | 6,271,860 | 0.38 | |||||||||
Total Foreign Portfolio | $ | 34,349,651 | 2.07 | ||||||||
(d) Investment made with cash collateral received from securities lending activity.
(e) At June 30, 2014, for federal income tax purposes, the cost of investments was $942,472,954 and net unrealized appreciation was $764,646,519 consisting of gross unrealized appreciation of $787,604,192 and gross unrealized depreciation of $22,957,673.
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)
See accompanying notes to financial statements.
59
Columbia Acorn USA®
Statement of Investments (Unaudited), continued
> Notes to Statement of Investments
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 June 30, 2014, in valuing the Fund's assets:
Investment Type | (Level 1) | Other Significant Observable Quoted Prices (Level 2) | Significant Unobservable Inputs (Level 3) | Inputs Total | |||||||||||||||
Equities | |||||||||||||||||||
Information | $ | 373,998,474 | $ | - | $ | - | $ | 373,998,474 | |||||||||||
Industrial Goods & Services | 359,838,347 | - | - | 359,838,347 | |||||||||||||||
Consumer Goods & Services | 275,209,593 | - | - | 275,209,593 | |||||||||||||||
Finance | 216,146,864 | - | - | 216,146,864 | |||||||||||||||
Health Care | 182,537,779 | - | - | 182,537,779 | |||||||||||||||
Other Industries | 114,865,403 | - | - | 114,865,403 | |||||||||||||||
Energy & Minerals | 94,138,153 | - | - | 94,138,153 | |||||||||||||||
Total Equities | 1,616,734,613 | - | - | 1,616,734,613 | |||||||||||||||
Total Short-Term Investments | 43,011,935 | - | - | 43,011,935 | |||||||||||||||
Total Securities Lending Collateral | 47,372,925 | - | - | 47,372,925 | |||||||||||||||
Total Investments | $ | 1,707,119,473 | $ | - | $ | - | $ | 1,707,119,473 | |||||||||||
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.
See accompanying notes to financial statements.
60
Columbia Acorn International SelectSM
Major Portfolio Changes in the Second Quarter (Unaudited)
Number of Shares | |||||||||||
3/31/14 | 6/30/14 | ||||||||||
Purchases | |||||||||||
Asia | |||||||||||
| > Japan | |||||||||||
Japan Tobacco | 0 | 212,000 | |||||||||
Secom | 0 | 88,300 | |||||||||
| > Korea | |||||||||||
CJ Corp | 47,500 | 72,726 | |||||||||
KT&G | 97,400 | 173,000 | |||||||||
| > Singapore | |||||||||||
Mapletree Logistics Trust | 8,571,000 | 8,714,098 | |||||||||
| > Hong Kong | |||||||||||
Melco Crown Entertainment - ADR | 170,000 | 200,000 | |||||||||
Europe | |||||||||||
| > United Kingdom | |||||||||||
Babcock International | 310,000 | 479,000 | |||||||||
| > Sweden | |||||||||||
Swedish Match | 169,000 | 307,000 | |||||||||
| > Switzerland | |||||||||||
Swatch | 0 | 30,000 | |||||||||
Other Countries | |||||||||||
| > Australia | |||||||||||
Crown Resorts | 465,000 | 565,000 | |||||||||
IAG | 2,200,000 | 2,640,000 | |||||||||
| > Canada | |||||||||||
Baytex | 0 | 322,000 | |||||||||
Goldcorp | 159,000 | 180,000 | |||||||||
| > United States | |||||||||||
Denbury Resources | 0 | 190,000 | |||||||||
Number of Shares | |||||||||||
3/31/14 | 6/30/14 | ||||||||||
Sales | |||||||||||
Asia | |||||||||||
| > Japan | |||||||||||
FamilyMart | 91,000 | 0 | |||||||||
Park24 | 206,000 | 0 | |||||||||
Rinnai | 108,700 | 82,900 | |||||||||
Seven Bank | 1,726,000 | 965,000 | |||||||||
| > Korea | |||||||||||
| KEPCO Plant Service & Engineering | 108,700 | 53,700 | |||||||||
| > Hong Kong | |||||||||||
Melco International | 1,000,000 | 0 | |||||||||
| > Taiwan | |||||||||||
Far EasTone Telecom | 6,700,000 | 0 | |||||||||
Hermes Microvision | 34,000 | 0 | |||||||||
Europe | |||||||||||
| > United Kingdom | |||||||||||
Smith & Nephew | 440,000 | 200,000 | |||||||||
| > Denmark | |||||||||||
SimCorp | 131,474 | 0 | |||||||||
| > Norway | |||||||||||
Subsea 7 | 180,000 | 0 | |||||||||
| > France | |||||||||||
Neopost | 169,300 | 0 | |||||||||
| > Netherlands | |||||||||||
Gemalto | 33,000 | 0 | |||||||||
Other Countries | |||||||||||
| > Australia | |||||||||||
Amcor | 790,000 | 540,000 | |||||||||
| > South Africa | |||||||||||
Coronation Fund Managers | 710,000 | 390,000 | |||||||||
See accompanying notes to financial statements.
61
Columbia Acorn International SelectSM
Statement of Investments (Unaudited), June 30, 2014
Number of Shares | Value | ||||||||||
Equities: 93.9% | |||||||||||
Asia 38.1% | |||||||||||
| > Japan 17.0% | |||||||||||
350,000 | NGK Spark Plug | $ | 9,881,938 | ||||||||
Automobile Parts | |||||||||||
82,900 | Rinnai | 8,003,172 | |||||||||
| Gas Appliances for Home & Commercial Use | |||||||||||
3,410 | Nippon Prologis REIT | 7,952,594 | |||||||||
Logistics REIT in Japan | |||||||||||
212,000 | Japan Tobacco | 7,729,968 | |||||||||
Cigarettes | |||||||||||
172,000 | Dentsu | 7,004,670 | |||||||||
Advertising Agency | |||||||||||
4,205 | Orix JREIT | 5,898,188 | |||||||||
Diversified REIT | |||||||||||
88,300 | Secom | 5,390,313 | |||||||||
Security Services | |||||||||||
74,000 | Makita | 4,573,492 | |||||||||
Power Tools | |||||||||||
965,000 | Seven Bank | 3,946,038 | |||||||||
ATM Processing Services | |||||||||||
60,380,373 | |||||||||||
| > Korea 8.2% | |||||||||||
173,000 | KT&G | 15,302,925 | |||||||||
Tobacco & Ginseng Products | |||||||||||
72,726 | CJ Corp | 10,064,173 | |||||||||
| Holding Company of Korean Consumer Conglomerate | |||||||||||
53,700 | KEPCO Plant Service & Engineering | 3,671,880 | |||||||||
Power Plant & Grid Maintenance | |||||||||||
29,038,978 | |||||||||||
| > Singapore 7.2% | |||||||||||
9,514,000 | Ascendas REIT | 17,581,054 | |||||||||
Industrial Property Landlord | |||||||||||
8,714,098 | Mapletree Logistics Trust | 8,146,553 | |||||||||
Industrial Property Landlord | |||||||||||
25,727,607 | |||||||||||
| > Indonesia 3.7% | |||||||||||
11,903,000 | Archipelago Resources (a)(b)(c) | 13,196,097 | |||||||||
| Gold Mining Projects in Indonesia, Vietnam & the Philippines | |||||||||||
| > Hong Kong 2.0% | |||||||||||
200,000 | Melco Crown Entertainment - ADR | 7,142,000 | |||||||||
Macau Casino Operator | |||||||||||
Asia: Total | 135,485,055 | ||||||||||
Europe 24.9% | |||||||||||
| > United Kingdom 9.8% | |||||||||||
720,000 | Jardine Lloyd Thompson Group | 12,814,962 | |||||||||
| International Business Insurance Broker | |||||||||||
479,000 | Babcock International | 9,525,617 | |||||||||
Public Sector Outsourcer | |||||||||||
70,442 | Whitbread | 5,315,244 | |||||||||
| The UK's Leading Hotelier & Coffee Shop | |||||||||||
Number of Shares | Value | ||||||||||
200,000 | Smith & Nephew | $ | 3,556,289 | ||||||||
Medical Equipment & Supplies | |||||||||||
270,000 | Telecity | 3,484,068 | |||||||||
European Data Center Provider | |||||||||||
34,696,180 | |||||||||||
| > Sweden 3.9% | |||||||||||
307,000 | Swedish Match | 10,659,802 | |||||||||
Market Leader in Swedish Snus | |||||||||||
99,000 | Hexagon | 3,191,565 | |||||||||
| Design, Measurement & Visualization Software & Equipment | |||||||||||
13,851,367 | |||||||||||
| > Switzerland 2.9% | |||||||||||
26,100 | Partners Group | 7,134,235 | |||||||||
Private Markets Asset Management | |||||||||||
30,000 | Swatch | 3,332,206 | |||||||||
Watch Manufacturer | |||||||||||
10,466,441 | |||||||||||
| > Germany 2.8% | |||||||||||
630,000 | Telefonica Deutschland | 5,209,599 | |||||||||
| Mobile & Fixed-line Communications in Germany | |||||||||||
107,400 | Wirecard | 4,636,891 | |||||||||
| Online Payment Processing & Risk Management | |||||||||||
9,846,490 | |||||||||||
| > Denmark 2.6% | |||||||||||
104,500 | Novozymes | 5,241,457 | |||||||||
Industrial Enzymes | |||||||||||
67,300 | Jyske Bank (d) | 3,820,570 | |||||||||
Danish Bank | |||||||||||
9,062,027 | |||||||||||
| > Norway 1.8% | |||||||||||
724,000 | Orkla | 6,450,533 | |||||||||
| Food & Brands, Aluminum, Chemicals Conglomerate | |||||||||||
| > Spain 1.1% | |||||||||||
66,000 | Viscofan | 3,934,876 | |||||||||
Sausage Casings Maker | |||||||||||
Europe: Total | 88,307,914 | ||||||||||
Other Countries 24.0% | |||||||||||
| > Australia 11.9% | |||||||||||
2,640,000 | IAG | 14,540,988 | |||||||||
General Insurance Provider | |||||||||||
1,674,000 | Challenger Financial | 11,742,554 | |||||||||
Largest Annuity Provider | |||||||||||
565,000 | Crown Resorts | 8,053,208 | |||||||||
Australian Casino Operator | |||||||||||
540,000 | Amcor | 5,311,194 | |||||||||
| Global Leader in Flexible & Rigid Packaging | |||||||||||
1,700,000 | Regis Resources | 2,661,802 | |||||||||
Gold Mining in Australia | |||||||||||
42,309,746 | |||||||||||
See accompanying notes to financial statements.
62
Number of Shares | Value | ||||||||||
| > Canada 8.5% | |||||||||||
322,000 | Baytex (e) | $ | 14,862,003 | ||||||||
Oil & Gas Producer in Canada | |||||||||||
107,000 | CCL Industries | 10,303,406 | |||||||||
Largest Global Label Converter | |||||||||||
180,000 | Goldcorp | 5,023,800 | |||||||||
Gold Mining | |||||||||||
30,189,209 | |||||||||||
| > South Africa 2.6% | |||||||||||
50,000 | Naspers | 5,886,225 | |||||||||
| Media in Africa, China, Russia & Other Emerging Markets | |||||||||||
390,000 | Coronation Fund Managers | 3,502,482 | |||||||||
South African Fund Manager | |||||||||||
9,388,707 | |||||||||||
| > United States 1.0% | |||||||||||
190,000 | Denbury Resources | 3,507,400 | |||||||||
Oil Producer Using Co2 Injection | |||||||||||
Other Countries: Total | 85,395,062 | ||||||||||
Latin America 6.9% | |||||||||||
| > Guatemala 4.3% | |||||||||||
588,000 | Tahoe Resources (d) | 15,396,392 | |||||||||
Silver Project in Guatemala | |||||||||||
| > Brazil 2.0% | |||||||||||
12,057,582 | Beadell Resources (d) | 7,042,593 | |||||||||
Gold Mining in Brazil | |||||||||||
| > Uruguay 0.6% | |||||||||||
191,666 | Union Agriculture Group (a)(b)(d) | 1,999,076 | |||||||||
Farmland Operator in Uruguay | |||||||||||
Latin America: Total | 24,438,061 | ||||||||||
| Total Equities: 93.9% (Cost: $261,238,355) | 333,626,092 | (f) | |||||||||
Number of Shares | Value | ||||||||||
Short-Term Investments 6.5% | |||||||||||
20,000,000 | JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.01%) | $ | 20,000,000 | ||||||||
2,864,987 | JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%) | 2,864,987 | |||||||||
| Total Short-Term Investments: 6.5% (Cost: $22,864,987) | 22,864,987 | ||||||||||
Securities Lending Collateral 1.4% | |||||||||||
4,966,000 | Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (g) | 4,966,000 | |||||||||
| Total Securities Lending Collateral: 1.4% (Cost: $4,966,000) | 4,966,000 | ||||||||||
| Total Investments: 101.8% (Cost: $289,069,342)(h) | 361,457,079 | ||||||||||
| Obligation to Return Collateral for Securities Loaned: (1.4)% | (4,966,000 | ) | |||||||||
Cash and Other Assets Less Liabilities: (0.4)% | (1,297,935 | ) | |||||||||
Net Assets: 100.0% | $ | 355,193,144 | |||||||||
ADR - American Depositary Receipts
REIT - Real Estate Investment Trust
> Notes to Statement of Investments
(a) Denotes a restricted security, which is subject to restrictions on resale under federal securities laws. These securities are valued at fair value determined in good faith under consistently applied procedures established by the Fund's Board of Trustees. At June 30, 2014, the market value of these securities amounted to $15,195,173, which represented 4.28% 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 | $ | 13,196,097 | |||||||||||||
Union Agriculture Group | 12/8/10-6/27/12 | 191,666 | 2,200,000 | 1,999,076 | |||||||||||||||
$ | 14,266,977 | $ | 15,195,173 | ||||||||||||||||
(b) Illiquid security.
(c) The Fund also received put options through a transaction related to a proposed company restructuring of Archipelago Resources. Additional information on the put options received is as follows:
Security | Option Shares | Exercise Price | Expiration Date | Value | |||||||||||||||
Option (1) | 11,903,000 | GBP | 0.58 | August 13, 2014 | $ | 0 | |||||||||||||
GBP - British Pound
(1) Archipelago Resources is expected to restructure into a new company during 2014. From January 31, 2014, the option is exercisable until the earlier of (i) the date the company is restructured and prices the shares for its initial public offering or (ii) August 13, 2014, subject to extension until the date the company is restructured and
See accompanying notes to financial statements.
63
Columbia Acorn International SelectSM
Statement of Investments (Unaudited), continued
> Notes to Statement of Investments
prices the shares for its initial public offering (but not later than September 26, 2016). After August 13, 2014, the valuation of the option will fluctuate based upon its fair market value as determined in accordance with the put option agreement. These put options are valued at fair value determined in good faith under consistently applied procedures established by the Fund's Board of Trustees.
(d) Non-income producing security.
(e) All or a portion of this security was on loan at June 30, 2014. The total market value of securities on loan at June 30, 2014 was $4,808,712.
(f) On June 30, 2014, the Fund's total equity investments were denominated in currencies as follows:
Currency | Value | Percentage of Net Assets | |||||||||
Japanese Yen | $ | 60,380,373 | 17.0 | ||||||||
Australian Dollar | 49,352,338 | 13.9 | |||||||||
British Pound | 47,892,277 | 13.5 | |||||||||
Canadian Dollar | 40,561,801 | 11.4 | |||||||||
South Korean Won | 29,038,978 | 8.2 | |||||||||
Singapore Dollar | 25,727,607 | 7.2 | |||||||||
| Other currencies less than 5% of total net assets | 80,672,718 | 22.7 | |||||||||
Total Equities | $ | 333,626,092 | 93.9 | ||||||||
(g) Investment made with cash collateral received from securities lending activity.
(h) At June 30, 2014, for federal income tax purposes, the cost of investments was $289,069,342 and net unrealized appreciation was $72,387,737 consisting of gross unrealized appreciation of $84,038,185 and gross unrealized depreciation of $11,650,448.
At June 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 | 96,615,000 | $ | 9,000,000 | 7/15/14 | $ | (63,164 | ) | |||||||||||||||
The counterparty for all forward foreign currency exchange contracts is Morgan Stanley.
USD - United States Dollar
ZAR - South African Rand
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.
See accompanying notes to financial statements.
64
> Notes to Statement of Investments
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 June 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 | $ | 7,142,000 | $ | 115,146,958 | $ | 13,196,097 | $ | 135,485,055 | |||||||||||
Europe | - | 88,307,914 | - | 88,307,914 | |||||||||||||||
Other Countries | 33,696,609 | 51,698,453 | - | 85,395,062 | |||||||||||||||
Latin America | 15,396,392 | 7,042,593 | 1,999,076 | 24,438,061 | |||||||||||||||
Total Equities | 56,235,001 | 262,195,918 | 15,195,173 | 333,626,092 | |||||||||||||||
Total Short-Term Investments | 22,864,987 | - | - | 22,864,987 | |||||||||||||||
Total Securities Lending Collateral | 4,966,000 | - | - | 4,966,000 | |||||||||||||||
Total Investments | $ | 84,065,988 | $ | 262,195,918 | $ | 15,195,173 | $ | 361,457,079 | |||||||||||
Unrealized Depreciation on: | |||||||||||||||||||
Forward Foreign Currency Exchange Contracts | - | (63,164 | ) | - | (63,164 | ) | |||||||||||||
Total | $ | 84,065,988 | $ | 262,132,754 | $ | 15,195,173 | $ | 361,393,915 | |||||||||||
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 June 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 June 30, 2014 | |||||||||||||||||||||||||||
Equities | |||||||||||||||||||||||||||||||||||
Asia | $ | 10,249,601 | $ | - | $ | 2,946,496 | $ | - | $ | - | $ | - | $ | - | $ | 13,196,097 | |||||||||||||||||||
| Latin America | 2,048,910 | - | (49,834 | ) | - | - | - | - | 1,999,076 | ||||||||||||||||||||||||||
Option | |||||||||||||||||||||||||||||||||||
Asia | 985,539 | - | (985,539 | ) | - | - | - | - | 0 | ||||||||||||||||||||||||||
$ | 13,284,050 | $ | - | $ | 1,911,123 | $ | - | $ | - | $ | - | $ | - | $ | 15,195,173 | ||||||||||||||||||||
The information in the above reconciliation table represents fiscal year to date activity for any securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period.
The change in unrealized appreciation attributed to securities owned at June 30, 2014, which were valued using significant unobservable inputs (Level 3), amounted to $1,911,123.
See accompanying notes to financial statements.
65
Columbia Acorn International SelectSM
Statement of Investments (Unaudited), continued
> Notes to Statement of Investments
Quantitative information pertaining to Level 3 unobservable fair value measurements
| Fair Value at 6/30/14 | Valuation Technique(s) | Unobservable Input(s) | Range (Weighted Average) | ||||||||||||||||
Equities | |||||||||||||||||||
Asia | $ | 13,196,097 | Discounted cash flow | Enterprise valuation and illiquid discount | 9.8 | % to 17.8% | |||||||||||||
Latin America | 1,999,076 | Market comparable companies | Discount for lack of marketability | 8 | % to 13% | ||||||||||||||
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.
See accompanying notes to financial statements.
66
Columbia Acorn International SelectSM
Portfolio Diversification (Unaudited)
At June 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 | $ | 33,336,300 | 9.4 | ||||||||
Food & Beverage | 24,658,851 | 6.9 | |||||||||
Other Durable Goods | 21,217,316 | 6.0 | |||||||||
Casinos & Gaming | 15,195,208 | 4.3 | |||||||||
Restaurants | 5,315,244 | 1.5 | |||||||||
99,722,919 | 28.1 | ||||||||||
> Energy & Minerals | |||||||||||
Mining | 43,320,684 | 12.2 | |||||||||
Oil & Gas Producers | 18,369,403 | 5.2 | |||||||||
Agricultural Commodities | 1,999,076 | 0.5 | |||||||||
63,689,163 | 17.9 | ||||||||||
> Finance | |||||||||||
Insurance | 39,098,503 | 11.0 | |||||||||
Brokerage & Money Management | 10,636,718 | 3.0 | |||||||||
Banks | 7,766,608 | 2.2 | |||||||||
57,501,829 | 16.2 | ||||||||||
> Industrial Goods & Services | |||||||||||
Outsourcing Services | 13,197,497 | 3.7 | |||||||||
| Industrial Materials & Specialty Chemicals | 10,552,652 | 3.0 | |||||||||
Conglomerates | 6,450,533 | 1.8 | |||||||||
Other Industrial Services | 5,390,312 | 1.5 | |||||||||
Machinery | 4,573,492 | 1.3 | |||||||||
40,164,486 | 11.3 | ||||||||||
> Other Industries | |||||||||||
Real Estate | 39,578,389 | 11.1 | |||||||||
39,578,389 | 11.1 | ||||||||||
Value | Percentage of Net Assets | ||||||||||
> Information | |||||||||||
Advertising | $ | 7,004,669 | 2.0 | ||||||||
Internet Related | 5,886,225 | 1.6 | |||||||||
Telephone & Data Services | 5,209,599 | 1.5 | |||||||||
Financial Processors | 4,636,891 | 1.3 | |||||||||
Computer Services | 3,484,068 | 1.0 | |||||||||
Business Software | 3,191,565 | 0.9 | |||||||||
29,413,017 | 8.3 | ||||||||||
> Health Care | |||||||||||
Medical Equipment & Devices | 3,556,289 | 1.0 | |||||||||
3,556,289 | 1.0 | ||||||||||
Total Equities: | 333,626,092 | 93.9 | |||||||||
Short-Term Investments: | 22,864,987 | 6.5 | |||||||||
Securities Lending Collateral: | 4,966,000 | 1.4 | |||||||||
Total Investments: | 361,457,079 | 101.8 | |||||||||
| Obligation to Return Collateral for Securities Loaned: | (4,966,000 | ) | (1.4 | ) | |||||||
| Cash and Other Assets Less Liabilities: | (1,297,935 | ) | (0.4 | ) | |||||||
Net Assets: | $ | 355,193,144 | 100.0 | ||||||||
See accompanying notes to financial statements.
67
Columbia Acorn SelectSM
Major Portfolio Changes in the Second Quarter (Unaudited)
Number of Shares | |||||||||||
3/31/14 | 6/30/14 | ||||||||||
Purchases | |||||||||||
Industrial Goods & Services | |||||||||||
LKQ | 400,000 | 670,000 | |||||||||
Information | |||||||||||
Ansys | 180,000 | 200,000 | |||||||||
Atmel | 360,000 | 535,000 | |||||||||
Consumer Goods & Services | |||||||||||
The Fresh Market | 0 | 440,000 | |||||||||
United Natural Foods | 0 | 134,000 | |||||||||
Vail Resorts | 220,000 | 233,000 | |||||||||
Other Industries | |||||||||||
EdR | 0 | 1,006,250 | |||||||||
Number of Shares | |||||||||||
3/31/14 | 6/30/14 | ||||||||||
Sales | |||||||||||
Industrial Goods & Services | |||||||||||
FMC Corporation | 190,000 | 138,000 | |||||||||
Kennametal | 505,000 | 460,000 | |||||||||
Pall | 220,000 | 192,000 | |||||||||
Quanta Services | 670,000 | 610,000 | |||||||||
Information | |||||||||||
Sanmina-SCI | 440,000 | 135,000 | |||||||||
SBA Communications | 270,000 | 114,300 | |||||||||
Consumer Goods & Services | |||||||||||
Casey's General Stores | 205,000 | 141,799 | |||||||||
Hertz | 950,000 | 718,000 | |||||||||
Lifetime Fitness | 340,000 | 0 | |||||||||
Finance | |||||||||||
City National | 333,000 | 230,000 | |||||||||
Discover Financial Services | 604,000 | 510,000 | |||||||||
Energy & Minerals | |||||||||||
Canacol | 3,025,000 | 1,880,000 | |||||||||
Pacific Rubiales Energy | 410,000 | 0 | |||||||||
See accompanying notes to financial statements.
68
Columbia Acorn SelectSM
Statement of Investments (Unaudited), June 30, 2014
Number of Shares | Value | ||||||||||
Equities: 98.7% | |||||||||||
Industrial Goods & Services 27.0% | |||||||||||
| > Machinery 18.1% | |||||||||||
895,000 | Ametek | $ | 46,790,600 | ||||||||
Aerospace/Industrial Instruments | |||||||||||
800,000 | Donaldson | 33,856,000 | |||||||||
Industrial Air Filtration | |||||||||||
270,000 | Nordson | 21,651,300 | |||||||||
| Dispensing Systems for Adhesives & Coatings | |||||||||||
460,000 | Kennametal | 21,288,800 | |||||||||
Consumable Cutting Tools | |||||||||||
192,000 | Pall | 16,394,880 | |||||||||
| Life Science, Water & Industrial Filtration | |||||||||||
139,981,580 | |||||||||||
| > Outsourcing Services 2.7% | |||||||||||
610,000 | Quanta Services (a) | 21,093,800 | |||||||||
| Electrical & Telecom Construction Services | |||||||||||
| > Industrial Distribution 2.7% | |||||||||||
190,000 | Airgas | 20,692,900 | |||||||||
Industrial Gas Distributor | |||||||||||
| > Other Industrial Services 2.3% | |||||||||||
670,000 | LKQ (a) | 17,882,300 | |||||||||
Alternative Auto Parts Distribution | |||||||||||
| > Industrial Materials & Specialty Chemicals 1.2% | |||||||||||
138,000 | FMC Corporation | 9,824,220 | |||||||||
Niche Specialty Chemicals | |||||||||||
Industrial Goods & Services: Total | 209,474,800 | ||||||||||
Information 21.8% | |||||||||||
| > Instrumentation 5.7% | |||||||||||
95,000 | Mettler-Toledo International (a) | 24,052,100 | |||||||||
Laboratory Equipment | |||||||||||
550,000 | Trimble Navigation (a) | 20,322,500 | |||||||||
GPS-based Instruments | |||||||||||
44,374,600 | |||||||||||
| > Computer Hardware & Related Equipment 3.9% | |||||||||||
315,000 | Amphenol | 30,347,100 | |||||||||
Electronic Connectors | |||||||||||
| > Computer Services 3.8% | |||||||||||
1,510,000 | WNS - ADR (India) (a) | 28,961,800 | |||||||||
| Offshore BPO (Business Process Outsourcing) Services | |||||||||||
| > Business Software 3.2% | |||||||||||
200,000 | Ansys (a) | 15,164,000 | |||||||||
| Simulation Software for Engineers & Designers | |||||||||||
275,000 | Informatica (a) | 9,803,750 | |||||||||
| Enterprise Data Integration Software | |||||||||||
24,967,750 | |||||||||||
Number of Shares | Value | ||||||||||
| > Telecommunications Equipment 2.6% | |||||||||||
180,000 | F5 Networks (a) | $ | 20,059,200 | ||||||||
| Internet Traffic Management Equipment | |||||||||||
| > Mobile Communications 1.5% | |||||||||||
114,300 | SBA Communications (a) | 11,692,890 | |||||||||
Communications Towers | |||||||||||
| > Semiconductors & Related Equipment 0.7% | |||||||||||
535,000 | Atmel (a) | 5,012,950 | |||||||||
| Microcontrollers, Radio Frequency & Memory Semiconductors | |||||||||||
| > Contract Manufacturing 0.4% | |||||||||||
135,000 | Sanmina-SCI (a) | 3,075,300 | |||||||||
Electronic Manufacturing Services | |||||||||||
Information: Total | 168,491,590 | ||||||||||
Consumer Goods & Services 15.3% | |||||||||||
| > Travel 5.7% | |||||||||||
718,000 | Hertz (a) | 20,125,540 | |||||||||
Largest U.S. Rental Car Operator | |||||||||||
233,000 | Vail Resorts | 17,982,940 | |||||||||
Ski Resort Operator & Developer | |||||||||||
130,000 | Choice Hotels | 6,124,300 | |||||||||
Franchisor of Budget Hotel Brands | |||||||||||
44,232,780 | |||||||||||
| > Retail 5.3% | |||||||||||
440,000 | The Fresh Market (a)(b) | 14,726,800 | |||||||||
Specialty Food Retailer | |||||||||||
115,000 | ULTA (a) | 10,512,150 | |||||||||
Specialty Beauty Product Retailer | |||||||||||
141,799 | Casey's General Stores | 9,967,052 | |||||||||
| Owner/Operator of Convenience Stores | |||||||||||
195,000 | Best Buy | 6,046,950 | |||||||||
| Consumer Electronic Specialty Retailer | |||||||||||
41,252,952 | |||||||||||
| > Other Consumer Services 1.4% | |||||||||||
400,000 | Blackhawk Network (a) | 10,740,000 | |||||||||
| Third Party Distributer of Prepaid Content, Mostly Gift Cards | |||||||||||
308,168 | IFM Investments (Century 21 China RE) - ADR (China) (a) | 397,537 | |||||||||
| Provide Real Estate Services in China | |||||||||||
11,137,537 | |||||||||||
| > Apparel 1.4% | |||||||||||
89,000 | PVH | 10,377,400 | |||||||||
Apparel Wholesaler & Retailer | |||||||||||
| > Consumer Goods Distribution 1.1% | |||||||||||
134,000 | United Natural Foods (a) | 8,723,400 | |||||||||
| Distributor of Natural/Organic Foods to Grocery Stores | |||||||||||
See accompanying notes to financial statements.
69
Columbia Acorn SelectSM
Statement of Investments (Unaudited), continued
Number of Shares | Value | ||||||||||
| > Educational Services 0.3% | |||||||||||
120,000 | ITT Educational Services (a)(b) | $ | 2,002,800 | ||||||||
Postsecondary Degree Services | |||||||||||
| > Food & Beverage 0.1% | |||||||||||
1,500,000 | GLG Life Tech (Canada) (a) | 400,637 | |||||||||
| Produces an All-natural Sweetener Extracted from the Stevia Plant | |||||||||||
Consumer Goods & Services: Total | 118,127,506 | ||||||||||
Finance 15.2% | |||||||||||
| > Insurance 4.3% | |||||||||||
1,875,000 | CNO Financial Group | 33,375,000 | |||||||||
| Life, Long-term Care & Medical Supplement Insurance | |||||||||||
| > Credit Cards 4.1% | |||||||||||
510,000 | Discover Financial Services | 31,609,800 | |||||||||
Credit Card Company | |||||||||||
| > Banks 4.0% | |||||||||||
230,000 | City National | 17,424,800 | |||||||||
Bank & Asset Manager | |||||||||||
755,000 | Associated Banc-Corp | 13,650,400 | |||||||||
Midwest Bank | |||||||||||
31,075,200 | |||||||||||
| > Brokerage & Money Management 2.8% | |||||||||||
665,000 | SEI Investments | 21,792,050 | |||||||||
| Mutual Fund Administration & Investment Management | |||||||||||
Finance: Total | 117,852,050 | ||||||||||
Energy & Minerals 8.0% | |||||||||||
| > Oil & Gas Producers 4.5% | |||||||||||
1,880,000 | Canacol (Colombia) (a) | 12,244,975 | |||||||||
Oil Producer in South America | |||||||||||
20,600,000 | Shamaran Petroleum (Iraq) (a) | 8,011,808 | |||||||||
| Oil Exploration & Production in Kurdistan | |||||||||||
22,500,000 | Canadian Overseas Petroleum (United Kingdom) (a)(c)(d) | 5,408,603 | |||||||||
| Oil & Gas Exploration/Production in the North Sea | |||||||||||
58,300 | Antero Resources (a) | 3,826,229 | |||||||||
Utica & Marcellus Shale | |||||||||||
12,000,000 | Petromanas (Canada) (a)(b) | 3,823,626 | |||||||||
Exploring for Oil in Albania | |||||||||||
33,700,000 | Petrodorado Energy (Colombia) (a)(c) | 1,263,296 | |||||||||
| Oil & Gas Exploration & Production in Colombia, Peru & Paraguay | |||||||||||
34,578,537 | |||||||||||
| > Agricultural Commodities 2.3% | |||||||||||
1,742,424 | Union Agriculture Group (Uruguay) (a)(d)(e) | 18,173,482 | |||||||||
Farmland Operator in Uruguay | |||||||||||
Number of Shares | Value | ||||||||||
| > Oil Services 0.7% | |||||||||||
173,000 | Rowan | $ | 5,523,890 | ||||||||
Contract Offshore Driller | |||||||||||
| > Alternative Energy 0.5% | |||||||||||
2,000,000 | Synthesis Energy Systems (China) (a) | 3,760,000 | |||||||||
| Owner/Operator of Gasification Plants/Technology Licenses | |||||||||||
Energy & Minerals: Total | 62,035,909 | ||||||||||
Health Care 5.7% | |||||||||||
| > Medical Supplies 4.2% | |||||||||||
142,000 | Henry Schein (a) | 16,851,140 | |||||||||
| Largest Distributor of Healthcare Products | |||||||||||
330,000 | Cepheid (a) | 15,820,200 | |||||||||
Molecular Diagnostics | |||||||||||
32,671,340 | |||||||||||
| > Biotechnology & Drug Delivery 1.5% | |||||||||||
310,000 | Seattle Genetics (a) | 11,857,500 | |||||||||
| Antibody-based Therapies for Cancer | |||||||||||
Health Care: Total | 44,528,840 | ||||||||||
Other Industries 5.7% | |||||||||||
| > Real Estate 5.7% | |||||||||||
395,000 | Post Properties | 21,116,700 | |||||||||
Multi-family Properties | |||||||||||
230,000 | Extra Space Storage | 12,247,500 | |||||||||
Self Storage Facilities | |||||||||||
1,006,250 | EdR | 10,807,125 | |||||||||
Student Housing | |||||||||||
44,171,325 | |||||||||||
Other Industries: Total | 44,171,325 | ||||||||||
| Total Equities: 98.7% (Cost: $497,398,010) | 764,682,020 | (f) | |||||||||
Short-Term Investments 1.3% | |||||||||||
9,817,920 | JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%) | 9,817,920 | |||||||||
| Total Short-Term Investments: 1.3% (Cost: $9,817,920) | 9,817,920 | ||||||||||
See accompanying notes to financial statements.
70
Number of Shares | Value | ||||||||||
Securities Lending Collateral 1.7% | |||||||||||
13,114,850 | Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (g) | $ | 13,114,850 | ||||||||
| Total Securities Lending Collateral: 1.7% (Cost: $13,114,850) | 13,114,850 | ||||||||||
| Total Investments: 101.7% (Cost: $520,330,780)(h) | 787,614,790 | ||||||||||
| Obligation to Return Collateral for Securities Loaned: (1.7)% | (13,114,850 | ) | |||||||||
Cash and Other Assets Less Liabilities: —% | 174,052 | ||||||||||
Net Assets: 100.0% | $ | 774,673,992 | |||||||||
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 June 30, 2014. The total market value of securities on loan at June 30, 2014 was $12,729,465.
(c) An affiliated person of the Fund, as defined in the Investment Company Act of 1940, may include any company in which the Fund owns five percent or more of its outstanding voting shares. Holdings and transactions in these affiliated companies during the period ended June 30, 2014, are as follows:
Security | Balance of Shares Held 12/31/13 | Purchases/ Additions | Sales/ Reductions | Balance of Shares Held 6/30/14 | Value | Dividend | |||||||||||||||||||||
Canadian Overseas Petroleum | 24,000,000 | - | 1,500,000 | 22,500,000 | $ | 5,408,603 | $ | - | |||||||||||||||||||
Petrodorado Energy | 33,700,000 | - | - | 33,700,000 | 1,263,296 | - | |||||||||||||||||||||
| IFM Investments (Century 21 China RE) - ADR (1) | 898,852 | - | 590,684 | 308,168 | 397,537 | - | |||||||||||||||||||||
Total of Affiliated Transactions | 58,598,852 | - | 2,090,684 | 56,508,168 | $ | 7,069,436 | $ | - | |||||||||||||||||||
(1) At June 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 June 30, 2014, was $23,207,418 and $6,671,899, respectively. Investments in affiliated companies represented 0.86% of the Fund's total net assets at June 30, 2014.
(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 June 30, 2014, the market value of these securities amounted to $23,582,085, which represented 3.04% 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 | $ | 18,173,482 | |||||||||||||
Canadian Overseas Petroleum | 11/24/10 | 22,500,000 | 9,596,330 | 5,408,603 | |||||||||||||||
$ | 29,596,330 | $ | 23,582,085 | ||||||||||||||||
See accompanying notes to financial statements.
71
Columbia Acorn SelectSM
Statement of Investments (Unaudited), continued
> Notes to Statement of Investments
(e) Illiquid security.
(f) On June 30, 2014, the market value of foreign securities represented 10.64% of total net assets. The Fund's foreign portfolio was diversified as follows:
Country | Value | Percentage of Net Assets | |||||||||
India | $ | 28,961,800 | 3.74 | ||||||||
Uruguay | 18,173,482 | 2.34 | |||||||||
Colombia | 13,508,271 | 1.74 | |||||||||
Iraq | 8,011,808 | 1.03 | |||||||||
United Kingdom | 5,408,603 | 0.70 | |||||||||
Canada | 4,224,263 | 0.55 | |||||||||
China | 4,157,537 | 0.54 | |||||||||
Total Foreign Portfolio | $ | 82,445,764 | 10.64 | ||||||||
(g) Investment made with cash collateral received from securities lending activity.
(h) At June 30, 2014, for federal income tax purposes, the cost of investments was $520,330,780 and net unrealized appreciation was $267,284,010 consisting of gross unrealized appreciation of $302,647,717 and gross unrealized depreciation of $35,363,707.
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.
See accompanying notes to financial statements.
72
> Notes to Statement of Investments
The following table summarizes the inputs used, as of June 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 | $ | 209,474,800 | $ | - | $ | - | $ | 209,474,800 | |||||||||||
Information | 168,491,590 | - | - | 168,491,590 | |||||||||||||||
Consumer Goods & Services | 118,127,506 | - | - | 118,127,506 | |||||||||||||||
Finance | 117,852,050 | - | - | 117,852,050 | |||||||||||||||
Energy & Minerals | 38,453,824 | 5,408,603 | 18,173,482 | 62,035,909 | |||||||||||||||
Health Care | 44,528,840 | - | - | 44,528,840 | |||||||||||||||
Other Industries | 44,171,325 | - | - | 44,171,325 | |||||||||||||||
Total Equities | 741,099,935 | 5,408,603 | 18,173,482 | 764,682,020 | |||||||||||||||
Total Short-Term Investments | 9,817,920 | - | - | 9,817,920 | |||||||||||||||
Total Securities Lending Collateral | 13,114,850 | - | - | 13,114,850 | |||||||||||||||
Total Investments | $ | 764,032,705 | $ | 5,408,603 | $ | 18,173,482 | $ | 787,614,790 | |||||||||||
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. Securities acquired via private placement that have a holding period or an extended settlement period are valued at a discount to the same shares that are trading freely on the market. These discounts are determined by the investment manager's experience with similar securities or situations. Factors may include, but are not limited to, trade volume, shares outstanding and stock price.
There were no transfers of financial assets between levels during the period.
The following table reconciles asset balances for the period ending June 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 June 30, 2014 | |||||||||||||||||||||||||||
Equities | |||||||||||||||||||||||||||||||||||
Energy & Minerals | $ | 18,626,513 | $ | - | $ | (453,031 | ) | $ | - | $ | - | $ | - | $ | - | $ | 18,173,482 | ||||||||||||||||||
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 June 30, 2014, which were valued using significant unobservable inputs (Level 3), amounted to $453,031.
Quantitative information pertaining to Level 3 unobservable fair value measurements
| Fair Value at 6/30/14 | Valuation Technique(s) | Unobservable Input(s) | Range (Weighted Average) | ||||||||||||||||
| Equities Energy & Minerals | $ | 18,173,482 | Market comparable companies | Discount for lack of marketability | 8 | % to 13% | |||||||||||||
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.
See accompanying notes to financial statements.
73
Columbia Thermostat FundSM
Statement of Investments (Unaudited), June 30, 2014
Number of Shares | Value | ||||||||||
| > Affiliated Bond Funds 84.9% | |||||||||||
44,084,831 | Columbia Short Term Bond Fund, Class I (a) | $ | 439,966,619 | ||||||||
29,816,904 | Columbia Intermediate Bond Fund, Class I (a) | 275,210,023 | |||||||||
21,439,610 | Columbia Income Opportunities Fund, Class I (a) | 220,613,592 | |||||||||
30,258,668 | Columbia U.S. Government Mortgage Fund, Class I (a) | 165,514,912 | |||||||||
| Total Affiliated Bond Funds: (Cost: $1,087,281,091) | 1,101,305,146 | ||||||||||
| > Affiliated Stock Funds 15.0% | |||||||||||
796,529 | Columbia Acorn International, Class I (a) | 39,021,952 | |||||||||
2,008,889 | Columbia Dividend Income Fund, Class I (a) | 38,711,292 | |||||||||
777,755 | Columbia Acorn Fund, Class I (a)(b) | 29,212,461 | |||||||||
1,328,826 | Columbia Contrarian Core Fund, Class I (a) | 29,088,010 | |||||||||
1,083,210 | Columbia Select Large Cap Growth Fund, Class I (a)(b) | 19,508,612 | |||||||||
Number of Shares | Value | ||||||||||
750,431 | Columbia Acorn Select, Class I (a)(b) | $ | 19,406,148 | ||||||||
970,695 | Columbia Large Cap Enhanced Core Fund, Class I (a) | 19,375,070 | |||||||||
| Total Affiliated Stock Funds: (Cost: $151,846,202) | 194,323,545 | ||||||||||
| > Short-Term Investments 0.8% | |||||||||||
9,980,000 | JPMorgan U.S. Government Money Market Fund, Agency Shares (7 day yield of 0.01%) | 9,980,000 | |||||||||
| Total Short-Term Investments: (Cost: $9,980,000) | 9,980,000 | ||||||||||
| Total Investments: 100.7% (Cost: $1,249,107,293)(c) | 1,305,608,691 | ||||||||||
Cash and Other Assets Less Liabilities: (0.7)% | (8,653,992 | ) | |||||||||
Net Assets: 100.0% | $ | 1,296,954,699 | |||||||||
> 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 June 30, 2014, are as follows:
Security | Balance of Shares Held 12/31/13 | Purchases/ Additions | Sales/ Reductions | Balance of Shares Held 6/30/14 | Value | Dividend | |||||||||||||||||||||
Columbia Short Term Bond Fund, Class I | 47,811,438 | 8,617,032 | 12,343,639 | 44,084,831 | $ | 439,966,619 | $ | 2,701,043 | |||||||||||||||||||
| Columbia Intermediate Bond Fund, Class I | 39,903,530 | 6,467,480 | 16,554,106 | 29,816,904 | 275,210,023 | 4,411,946 | |||||||||||||||||||||
| Columbia Income Opportunities Fund, Class I | 35,741,824 | 4,616,786 | 18,919,000 | 21,439,610 | 220,613,592 | 7,694,269 | |||||||||||||||||||||
| Columbia U.S. Government Mortgage Fund, Class I | - | 32,207,493 | 1,948,825 | 30,258,668 | 165,514,912 | 780,990 | |||||||||||||||||||||
Columbia Acorn International, Class I | 583,352 | 1,133,356 | 920,179 | 796,529 | 39,021,952 | 13,232 | |||||||||||||||||||||
Columbia Dividend Income Fund, Class I | 1,469,969 | 2,912,692 | 2,373,772 | 2,008,889 | 38,711,292 | 380,949 | |||||||||||||||||||||
Columbia Acorn Fund, Class I | 545,386 | 1,154,817 | 922,448 | 777,755 | 29,212,461 | - | |||||||||||||||||||||
Columbia Contrarian Core Fund, Class I | 984,664 | 1,948,826 | 1,604,664 | 1,328,826 | 29,088,010 | - | |||||||||||||||||||||
| Columbia Select Large Cap Growth Fund, Class I | 700,545 | 1,589,288 | 1,206,623 | 1,083,210 | 19,508,612 | - | |||||||||||||||||||||
Columbia Acorn Select, Class I | 509,430 | 1,089,522 | 848,521 | 750,431 | 19,406,148 | - | |||||||||||||||||||||
| Columbia Large Cap Enhanced Core Fund, Class I | 720,935 | 1,411,678 | 1,161,918 | 970,695 | 19,375,070 | 44,404 | |||||||||||||||||||||
Total of Affiliated Transactions | 128,971,073 | 63,148,970 | 58,803,695 | 133,316,348 | $ | 1,295,628,691 | $ | 16,026,833 | |||||||||||||||||||
The aggregate cost and value of these companies at June 30, 2014, was $1,239,127,293 and $1,295,628,691, respectively. Investments in affiliated companies represented 99.90% of the Fund's total net assets at June 30, 2014.
(b) Non-income producing security.
(c) At June 30, 2014, for federal income tax purposes, the cost of investments was $1,249,107,293 and net unrealized appreciation was $56,501,398 consisting of gross unrealized appreciation of $56,524,776 and gross unrealized depreciation of $23,378.
See accompanying notes to financial statements.
74
> Notes to Statement of Investments
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 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 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 June 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 | $ | 1,101,305,146 | $ | - | $ | - | $ | 1,101,305,146 | |||||||||||
Total Affiliated Stock Funds | 194,323,545 | - | - | 194,323,545 | |||||||||||||||
Total Short-Term Investments | 9,980,000 | - | - | 9,980,000 | |||||||||||||||
Total Investments | $ | 1,305,608,691 | $ | - | $ | - | $ | 1,305,608,691 | |||||||||||
There were no transfers of financial assets between levels during the period.
See accompanying notes to financial statements.
75
Columbia Acorn Emerging Markets FundSM
Major Portfolio Changes in the Second Quarter (Unaudited)
Number of Shares | |||||||||||
3/31/14 | 6/30/14 | ||||||||||
Purchases | |||||||||||
Asia | |||||||||||
| > Taiwan | |||||||||||
Chroma Ate | 1,797,990 | 1,906,990 | |||||||||
Far EasTone Telecom | 3,561,000 | 3,617,000 | |||||||||
Ginko International | 280,000 | 295,000 | |||||||||
Largan Precision | 0 | 51,000 | |||||||||
PChome Online | 653,000 | 725,000 | |||||||||
President Chain Store | 0 | 648,000 | |||||||||
St. Shine Optical | 196,000 | 243,000 | |||||||||
| > Indonesia | |||||||||||
Mayora Indah | 2,039,100 | 2,183,600 | |||||||||
Tower Bersama Infrastructure | 9,323,409 | 9,357,209 | |||||||||
| > China | |||||||||||
AMVIG Holdings | 13,122,000 | 13,822,000 | |||||||||
Biostime | 668,000 | 830,000 | |||||||||
BitAuto - ADR | 134,948 | 147,558 | |||||||||
Jumei International - ADR | 0 | 212,636 | |||||||||
NewOcean Energy | 5,774,000 | 11,330,000 | |||||||||
Sihuan Pharmaceuticals | 4,090,000 | 12,567,000 | |||||||||
WuXi PharmaTech - ADR | 276,445 | 313,642 | |||||||||
| > Phillipines | |||||||||||
| Melco Crown (Philippines) Resorts | 43,342,000 | 55,239,300 | |||||||||
Puregold Price Club | 5,094,500 | 6,989,500 | |||||||||
RFM Corporation | 42,417,600 | 52,460,400 | |||||||||
Robinsons Retail Holdings | 3,491,580 | 4,382,470 | |||||||||
Security Bank | 2,435,328 | 2,459,048 | |||||||||
| > India | |||||||||||
Colgate Palmolive India | 220,390 | 222,910 | |||||||||
United Breweries | 359,450 | 445,596 | |||||||||
Zee Entertainment Enterprises | 1,518,065 | 2,422,982 | |||||||||
| > Hong Kong | |||||||||||
Melco International | 4,336,000 | 5,181,000 | |||||||||
Sa Sa International | 11,307,799 | 15,134,799 | |||||||||
Vitasoy International | 3,418,000 | 3,920,000 | |||||||||
| > Thailand | |||||||||||
Samui Airport Property Fund | 10,055,200 | 10,340,200 | |||||||||
| > Singapore | |||||||||||
Petra Foods | 1,798,000 | 1,829,000 | |||||||||
Super Group | 5,402,000 | 5,566,000 | |||||||||
| > Malaysia | |||||||||||
7-Eleven Malaysia Holdings | 0 | 10,810,900 | |||||||||
Aeon | 1,135,300 | 4,592,100 | |||||||||
| > Cambodia | |||||||||||
Nagacorp | 9,228,000 | 11,570,000 | |||||||||
Number of Shares | |||||||||||
3/31/14 | 6/30/14 | ||||||||||
Europe | |||||||||||
| > Finland | |||||||||||
Vacon | 247,840 | 265,727 | |||||||||
| > Sweden | |||||||||||
Hexagon | 303,638 | 347,064 | |||||||||
| > United Kingdom | |||||||||||
Cable and Wireless | 8,957,839 | 9,054,086 | |||||||||
| > France | |||||||||||
Eutelsat | 0 | 163,000 | |||||||||
Latin America | |||||||||||
| > Brazil | |||||||||||
Beadell Resources | 9,580,580 | 11,145,526 | |||||||||
| > Mexico | |||||||||||
Genomma Lab Internacional | 2,050,000 | 2,180,100 | |||||||||
| > Colombia | |||||||||||
Isagen | 3,344,904 | 3,448,782 | |||||||||
| > Chile | |||||||||||
Forus | 1,117,409 | 1,258,078 | |||||||||
Other Countries | |||||||||||
| > South Africa | |||||||||||
Massmart Holdings | 446,313 | 463,782 | |||||||||
| > United States | |||||||||||
Atwood Oceanics | 111,249 | 117,583 | |||||||||
Bladex | 0 | 7,193 | |||||||||
Textainer Group Holdings | 215,040 | 217,351 | |||||||||
| > Canada | |||||||||||
CAE | 486,425 | 507,892 | |||||||||
| > Morocco | |||||||||||
Holcim | 0 | 2,447 | |||||||||
See accompanying notes to financial statements.
76
Number of Shares | |||||||||||
3/31/14 | 6/30/14 | ||||||||||
Sales | |||||||||||
Asia | |||||||||||
| > Taiwan | |||||||||||
Advantech | 967,169 | 772,169 | |||||||||
| > China | |||||||||||
SouFun - ADR | 354,045 | 0 | |||||||||
| > India | |||||||||||
Redington India | 4,166,996 | 969,287 | |||||||||
| > Thailand | |||||||||||
Home Product Center | 28,029,009 | 20,003,409 | |||||||||
Robinson's Department Store | 4,672,400 | 3,737,700 | |||||||||
Europe | |||||||||||
| > Russia | |||||||||||
Yandex | 295,239 | 0 | |||||||||
Other Countries | |||||||||||
| > South Africa | |||||||||||
Coronation Fund Managers | 2,081,394 | 2,048,460 | |||||||||
See accompanying notes to financial statements.
77
Columbia Acorn Emerging Markets FundSM
Statement of Investments (Unaudited), June 30, 2014
Number of Shares | Value | ||||||||||
Equities: 95.5% | |||||||||||
Asia 60.0% | |||||||||||
| > Taiwan 10.5% | |||||||||||
3,617,000 | Far EasTone Telecom | $ | 8,239,369 | ||||||||
| Taiwan's Third Largest Mobile Operator | |||||||||||
725,000 | PChome Online | 8,045,997 | |||||||||
Taiwanese Internet Retail Company | |||||||||||
772,169 | Advantech | 6,594,713 | |||||||||
Industrial PC & Components | |||||||||||
848,000 | Delta Electronics | 6,176,107 | |||||||||
| Industrial Automation, Switching Power Supplies & Passive Components | |||||||||||
243,000 | St. Shine Optical | 6,004,219 | |||||||||
| World's Leading Disposable Contact Lens OEM (Original Equipment Manufacturer) | |||||||||||
3,529,631 | Lite-On Technology | 5,894,920 | |||||||||
| Mobile Device, LED & PC Server Component Supplier | |||||||||||
1,906,990 | Chroma Ate | 5,337,736 | |||||||||
| Automatic Test Systems, Testing & Measurement Instruments | |||||||||||
648,000 | President Chain Store | 5,193,138 | |||||||||
| Taiwan's Number One Convenience Chain Store Operator | |||||||||||
295,000 | Ginko International | 5,108,940 | |||||||||
Largest Contact Lens Maker in China | |||||||||||
51,000 | Largan Precision | 4,068,693 | |||||||||
| Mobile Device Camera Lenses & Modules | |||||||||||
60,663,832 | |||||||||||
| > Indonesia 8.6% | |||||||||||
54,833,000 | MNC Skyvision | 9,982,621 | |||||||||
| Largest Satellite Pay TV Operator in Indonesia | |||||||||||
6,677,000 | Matahari Department Store | 7,775,295 | |||||||||
| Largest Department Store Chain in Indonesia | |||||||||||
21,295,479 | Surya Citra Media | 6,440,872 | |||||||||
Free to Air TV Station in Indonesia | |||||||||||
9,357,209 | Tower Bersama Infrastructure | 6,353,904 | |||||||||
Communications Towers | |||||||||||
82,889,190 | Ace Indonesia | 6,157,185 | |||||||||
Home Improvement Retailer | |||||||||||
66,827,700 | Arwana Citramulia | 5,693,461 | |||||||||
Ceramic Tiles for Home Decoration | |||||||||||
2,183,600 | Mayora Indah | 5,419,193 | |||||||||
| Consumer Branded Food Manufacturer | |||||||||||
1,591,929 | Archipelago Resources (a)(b)(c)(d)(e) | 1,764,870 | |||||||||
| Gold Mining Projects in Indonesia, Vietnam & the Philippines | |||||||||||
49,587,401 | |||||||||||
| > China 8.5% | |||||||||||
313,642 | WuXi PharmaTech - ADR (a) | 10,306,276 | |||||||||
| Largest Contract Research Organization Business in China | |||||||||||
Number of Shares | Value | ||||||||||
11,330,000 | NewOcean Energy | $ | 8,475,571 | ||||||||
| Southern China Liquefied Petroleum Gas Distributor | |||||||||||
12,567,000 | Sihuan Pharmaceuticals | 7,685,905 | |||||||||
| Leading Chinese Generic Drug Manufacturer | |||||||||||
147,558 | BitAuto - ADR (a) | 7,186,074 | |||||||||
| Automotive Research Website for Buyers & Dealers | |||||||||||
212,636 | Jumei International - ADR (a)(b) | 5,783,699 | |||||||||
| Online Beauty & Apparel Products Retailer | |||||||||||
13,822,000 | AMVIG Holdings | 4,874,527 | |||||||||
| Chinese Tobacco Packaging Material Supplier | |||||||||||
830,000 | Biostime | 4,601,933 | |||||||||
| Pediatric Nutrition & Baby Care Products Provider | |||||||||||
48,913,985 | |||||||||||
| > Philippines 7.5% | |||||||||||
55,239,300 | Melco Crown (Philippines) Resorts (a) | 14,505,859 | |||||||||
Integrated Resort Operator in Manila | |||||||||||
4,382,470 | Robinsons Retail Holdings (a) | 7,322,394 | |||||||||
| Multi-format Retailer in the Philippines | |||||||||||
52,460,400 | RFM Corporation | 7,271,144 | |||||||||
| Flour, Bread, Pasta & Ice Cream Manufacturer/Distributor in the Philippines | |||||||||||
6,989,500 | Puregold Price Club | 6,947,367 | |||||||||
| Supermarket Operator in the Philippines | |||||||||||
2,459,048 | Security Bank | 6,947,299 | |||||||||
Commercial Bank in the Philippines | |||||||||||
42,994,063 | |||||||||||
| > India 7.0% | |||||||||||
2,422,982 | Zee Entertainment Enterprises | 11,825,534 | |||||||||
| India's Leading Programmer of Pay TV Content | |||||||||||
37,774 | Bosch | 8,514,490 | |||||||||
Automotive Parts | |||||||||||
1,808,593 | Adani Ports & Special Economic Zone | 7,329,381 | |||||||||
Indian West Coast Shipping Port | |||||||||||
222,910 | Colgate Palmolive India | 5,591,132 | |||||||||
Consumer Products in Oral Care | |||||||||||
445,596 | United Breweries | 5,178,727 | |||||||||
India's Largest Brewer | |||||||||||
969,287 | Redington India | 1,680,076 | |||||||||
| Supply Chain Solutions for IT & Mobile Handsets in Emerging Markets | |||||||||||
40,119,340 | |||||||||||
| > Hong Kong 5.4% | |||||||||||
5,181,000 | Melco International | 15,662,900 | |||||||||
Macau Casino Operator | |||||||||||
15,134,799 | Sa Sa International (b) | 10,448,758 | |||||||||
Cosmetics Retailer | |||||||||||
3,920,000 | Vitasoy International | 5,006,048 | |||||||||
Soy Food Brand | |||||||||||
31,117,706 | |||||||||||
See accompanying notes to financial statements.
78
Number of Shares | Value | ||||||||||
| > Thailand 3.1% | |||||||||||
3,737,700 | Robinson's Department Store | $ | 6,567,256 | ||||||||
| Department Store Operator in Thailand | |||||||||||
20,003,409 | Home Product Center | 5,951,749 | |||||||||
Home Improvement Retailer | |||||||||||
10,340,200 | Samui Airport Property Fund | 5,386,339 | |||||||||
Thai Airport Operator | |||||||||||
17,905,344 | |||||||||||
| > Korea 2.2% | |||||||||||
172,818 | Paradise Co | 6,389,278 | |||||||||
Korean Casino Operator | |||||||||||
259,888 | Koh Young Technology | 6,200,203 | |||||||||
| Inspection Systems for Printed Circuit Boards | |||||||||||
12,589,481 | |||||||||||
| > Singapore 2.1% | |||||||||||
5,566,000 | Super Group (b) | 6,300,267 | |||||||||
| Instant Food & Beverages in Southeast Asia | |||||||||||
1,829,000 | Petra Foods | 5,720,667 | |||||||||
| Chocolate Manufacturer in Southeast Asia | |||||||||||
12,020,934 | |||||||||||
| > Malaysia 2.0% | |||||||||||
4,592,100 | Aeon | 5,691,858 | |||||||||
| Shopping Center & Department Store Operator | |||||||||||
10,810,900 | 7-Eleven Malaysia Holdings (a) | 5,622,611 | |||||||||
| Exclusive 7-Eleven Franchisor for Malaysia | |||||||||||
11,314,469 | |||||||||||
| > Cambodia 1.8% | |||||||||||
11,570,000 | Nagacorp | 10,196,467 | |||||||||
| Casino & Entertainment Complex in Cambodia | |||||||||||
| > Japan 1.3% | |||||||||||
447,760 | Kansai Paint | 7,483,991 | |||||||||
| Paint Producer in Japan, India, China & Southeast Asia | |||||||||||
Asia: Total | 344,907,013 | ||||||||||
Europe 12.7% | |||||||||||
| > Finland 3.3% | |||||||||||
265,727 | Vacon | 10,788,451 | |||||||||
| Leading Independent Manufacturer of Variable Speed Alternating Current Drives | |||||||||||
290,000 | Tikkurila | 7,941,941 | |||||||||
| Decorative & Industrial Paint in Scandinavia, Central & Eastern Europe | |||||||||||
18,730,392 | |||||||||||
| > Kazakhstan 2.4% | |||||||||||
1,268,483 | Halyk Savings Bank of Kazakhstan - GDR | 13,724,986 | |||||||||
| Largest Retail Bank & Insurer in Kazakhstan | |||||||||||
Number of Shares | Value | ||||||||||
| > Sweden 1.9% | |||||||||||
347,064 | Hexagon | $ | 11,188,659 | ||||||||
| Design, Measurement & Visualization Software & Equipment | |||||||||||
| > United Kingdom 1.3% | |||||||||||
9,054,086 | Cable and Wireless | 7,631,367 | |||||||||
| Leading Telecoms Service Provider in the Caribbean | |||||||||||
| > Spain 1.0% | |||||||||||
840,828 | Prosegur | 6,033,053 | |||||||||
Security Guards | |||||||||||
| > France 1.0% | |||||||||||
163,000 | Eutelsat | 5,663,597 | |||||||||
Fixed Satellite Services | |||||||||||
| > Italy 0.9% | |||||||||||
324,156 | Pirelli | 5,202,120 | |||||||||
Global Tire Supplier | |||||||||||
| > Turkey 0.9% | |||||||||||
569,979 | Bizim Toptan | 5,071,323 | |||||||||
Cash & Carry Stores in Turkey | |||||||||||
Europe: Total | 73,245,497 | ||||||||||
Latin America 11.8% | |||||||||||
| > Brazil 5.2% | |||||||||||
718,970 | Localiza Rent A Car | 11,828,269 | |||||||||
Car Rental | |||||||||||
11,145,526 | Beadell Resources (a) | 6,509,879 | |||||||||
Gold Mining in Brazil | |||||||||||
255,000 | Linx | 6,002,512 | |||||||||
| Retail Management Software in Brazil | |||||||||||
1,275,100 | Odontoprev | 5,499,752 | |||||||||
Dental Insurance | |||||||||||
29,840,412 | |||||||||||
| > Mexico 4.7% | |||||||||||
652,200 | Gruma (a) | 7,805,688 | |||||||||
Tortilla Producer & Distributor | |||||||||||
2,687,000 | Qualitas | 7,756,438 | |||||||||
| Leading Auto Insurer in Mexico & Central America | |||||||||||
2,180,100 | Genomma Lab Internacional (a) | 5,906,696 | |||||||||
| Develops, Markets & Distributes Consumer Products | |||||||||||
42,927 | Grupo Aeroportuario del Sureste - ADR | 5,452,587 | |||||||||
Mexican Airport Operator | |||||||||||
26,921,409 | |||||||||||
| > Colombia 1.0% | |||||||||||
3,448,782 | Isagen | 5,694,394 | |||||||||
| Leading Colombian Electricity Provider | |||||||||||
| > Chile 0.9% | |||||||||||
1,258,078 | Forus | 5,209,621 | |||||||||
| Multi-brand Latin American Wholesaler & Retailer | |||||||||||
Latin America: Total | 67,665,836 | ||||||||||
See accompanying notes to financial statements.
79
Columbia Acorn Emerging Markets FundSM
Statement of Investments (Unaudited), continued
Number of Shares | Value | ||||||||||
Other Countries 11.0% | |||||||||||
| > South Africa 7.2% | |||||||||||
2,048,460 | Coronation Fund Managers | $ | 18,396,654 | ||||||||
South African Fund Manager | |||||||||||
3,469,702 | Rand Merchant Insurance | 10,694,577 | |||||||||
| Directly Sold Property & Casualty Insurance; Holdings in Other Insurers | |||||||||||
399,378 | Mr. Price | 6,789,989 | |||||||||
| South African Retailer of Apparel, Household & Sporting Goods | |||||||||||
463,782 | Massmart Holdings | 5,756,392 | |||||||||
| General Merchandise, Food & Home Improvement Stores; Wal-Mart Subsidiary | |||||||||||
41,637,612 | |||||||||||
| > United States 2.6% | |||||||||||
217,351 | Textainer Group Holdings (b) | 8,394,096 | |||||||||
Top International Container Leaser | |||||||||||
117,583 | Atwood Oceanics (a) | 6,170,756 | |||||||||
Offshore Drilling Contractor | |||||||||||
7,193 | Bladex | 213,416 | |||||||||
| Leading Latin American Trade Financing House | |||||||||||
14,778,268 | |||||||||||
| > Canada 1.1% | |||||||||||
507,892 | CAE | 6,644,649 | |||||||||
| Flight Simulator Equipment & Training Centers | |||||||||||
| > Morocco 0.1% | |||||||||||
2,447 | Holcim | 518,789 | |||||||||
Largest Cement Player in Morocco | |||||||||||
Other Countries: Total | 63,579,318 | ||||||||||
| Total Equities: 95.5% (Cost: $491,617,582) | 549,397,664(f) | ||||||||||
Number of Shares | Value | ||||||||||
Short-Term Investments 4.2% | |||||||||||
23,993,833 | JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.01%) | $ | 23,993,833 | ||||||||
| Total Short-Term Investments: 4.2% (Cost: $23,993,833) | 23,993,833 | ||||||||||
Securities Lending Collateral 2.2% | |||||||||||
12,644,377 | Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (g) | 12,644,377 | |||||||||
| Total Securities Lending Collateral: 2.2% (Cost: $12,644,377) | 12,644,377 | ||||||||||
| Total Investments: 101.9% (Cost: $528,255,792)(h) | 586,035,874 | ||||||||||
| Obligation to Return Collateral for Securities Loaned: (2.2)% | (12,644,377 | ) | |||||||||
Cash and Other Assets Less Liabilities: 0.3% | 1,463,139 | ||||||||||
Net Assets: 100.0% | $ | 574,854,636 | |||||||||
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 June 30, 2014. The total market value of securities on loan at June 30, 2014 was $12,191,201.
(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 June 30, 2014, the market value of this security amounted to $1,764,870, which represented 0.31% 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 | $ | 1,764,870 | |||||||||||||
(d) Illiquid security.
(e) The Fund also received put options through a transaction related to a proposed company restructuring of Archipelago Resources. Additional information on the put options received is as follows:
Security | Option Shares | Exercise Price | Expiration Date | Value | |||||||||||||||
Option (1) | 1,591,929 | GBP | 0.58 | August 13, 2014 | $ | 0 | |||||||||||||
GBP - British Pound
(1) Archipelago Resources is expected to restructure into a new company during 2014. From January 31, 2014, the option is exercisable until the earlier of (i) the date the company is restructured and prices the shares for its initial public offering or (ii) August 13, 2014, subject to extension until the date the company is restructured and prices the shares for its initial public offering (but not later than September 26, 2016). After August 13, 2014, the valuation of the option will fluctuate based upon its
See accompanying notes to financial statements.
80
> Notes to Statement of Investments
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.
(f) On June 30, 2014, the Fund's total equity investments were denominated in currencies as follows:
Currency | Value | Percentage of Net Assets | |||||||||
Hong Kong Dollar | $ | 66,952,109 | 11.6 | ||||||||
Taiwan Dollar | 60,663,832 | 10.6 | |||||||||
United States Dollar | 57,231,891 | 10.0 | |||||||||
Indonesian Rupiah | 47,822,531 | 8.3 | |||||||||
Philippine Peso | 42,994,063 | 7.5 | |||||||||
South African Rand | 41,637,612 | 7.2 | |||||||||
Indian Rupee | 40,119,340 | 7.0 | |||||||||
Euro | 35,629,163 | 6.2 | |||||||||
Other currencies less | |||||||||||
than 5% of total net assets | 156,347,123 | 27.1 | |||||||||
Total Equities | $ | 549,397,664 | 95.5 | ||||||||
(g) Investment made with cash collateral received from securities lending activity.
(h) At June 30, 2014, for federal income tax purposes, the cost of investments was $528,255,792 and net unrealized appreciation was $57,780,082 consisting of gross unrealized appreciation of $73,076,629 and gross unrealized depreciation of $15,296,547.
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 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.
See accompanying notes to financial statements.
81
Columbia Acorn Emerging Markets FundSM
Statement of Investments (Unaudited), continued
> Notes to Statement of Investments
The following table summarizes the inputs used, as of June 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 | $ | 23,276,049 | $ | 319,866,094 | $ | 1,764,870 | $ | 344,907,013 | |||||||||||
Europe | - | 73,245,497 | - | 73,245,497 | |||||||||||||||
Latin America | 61,155,957 | 6,509,879 | - | 67,665,836 | |||||||||||||||
Other Countries | 21,422,917 | 42,156,401 | - | 63,579,318 | |||||||||||||||
Total Equities | 105,854,923 | 441,777,871 | 1,764,870 | 549,397,664 | |||||||||||||||
Total Short-Term Investments | 23,993,833 | - | - | 23,993,833 | |||||||||||||||
Total Securities Lending Collateral | 12,644,377 | - | - | 12,644,377 | |||||||||||||||
Total Investments | $ | 142,493,133 | $ | 441,777,871 | $ | 1,764,870 | $ | 586,035,874 | |||||||||||
The Fund's assets assigned to the Level 2 input category are generally valued using a market approach, in which a security's value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Foreign equities are generally valued at the last sale price on the foreign exchange or market on which they trade. The Fund may use a statistical fair valuation model, in accordance with the policy adopted by the Board, provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. These models take into account available market data including intraday index, ADR, and ETF movements.
There were no transfers of financial assets between levels during the period.
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.
See accompanying notes to financial statements.
82
Columbia Acorn Emerging Markets FundSM
Portfolio Diversification (Unaudited)
At June 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 | $ | 98,550,931 | 17.2 | ||||||||
Food & Beverage | 47,303,667 | 8.2 | |||||||||
Casinos & Gaming | 46,754,505 | 8.1 | |||||||||
Travel | 11,828,269 | 2.1 | |||||||||
Consumer Goods Distribution | 7,271,208 | 1.3 | |||||||||
Nondurables | 5,906,696 | 1.0 | |||||||||
Other Durable Goods | 5,202,120 | 0.9 | |||||||||
222,817,396 | 38.8 | ||||||||||
| > Information | |||||||||||
| Computer Hardware & Related Equipment | 18,665,740 | 3.2 | |||||||||
Business Software | 17,191,171 | 3.0 | |||||||||
Satellite Broadcasting & Services | 15,646,218 | 2.7 | |||||||||
Mobile Communications | 14,593,274 | 2.5 | |||||||||
Internet Related | 12,969,774 | 2.3 | |||||||||
Entertainment Programming | 11,825,534 | 2.1 | |||||||||
Instrumentation | 11,537,939 | 2.0 | |||||||||
Telephone & Data Services | 7,631,367 | 1.3 | |||||||||
TV Broadcasting | 6,440,872 | 1.1 | |||||||||
Telecommunications Equipment | 4,068,693 | 0.7 | |||||||||
120,570,582 | 20.9 | ||||||||||
| > Finance | |||||||||||
Insurance | 23,950,768 | 4.2 | |||||||||
Banks | 20,885,701 | 3.6 | |||||||||
Brokerage & Money Management | 18,396,654 | 3.2 | |||||||||
Finance Companies | 8,394,096 | 1.5 | |||||||||
71,627,219 | 12.5 | ||||||||||
| > Industrial Goods & Services | |||||||||||
| Industrial Materials & Specialty Chemicals | 26,512,709 | 4.6 | |||||||||
Other Industrial Services | 13,974,029 | 2.4 | |||||||||
Electrical Components | 10,788,451 | 1.9 | |||||||||
Machinery | 8,514,490 | 1.5 | |||||||||
Outsourcing Services | 6,033,053 | 1.0 | |||||||||
65,822,732 | 11.4 | ||||||||||
Value | Percentage of Net Assets | ||||||||||
| > Health Care | |||||||||||
Pharmaceuticals | $ | 17,992,181 | 3.1 | ||||||||
Medical Supplies | 11,113,159 | 1.9 | |||||||||
29,105,340 | 5.0 | ||||||||||
| > Energy & Minerals | |||||||||||
Oil Refining, Marketing & Distribution | 8,475,570 | 1.5 | |||||||||
Mining | 8,274,749 | 1.4 | |||||||||
Oil Services | 6,170,756 | 1.1 | |||||||||
22,921,075 | 4.0 | ||||||||||
| > Other Industries | |||||||||||
Transportation | 10,838,926 | 1.9 | |||||||||
Regulated Utilities | 5,694,394 | 1.0 | |||||||||
16,533,320 | 2.9 | ||||||||||
Total Equities: | 549,397,664 | 95.5 | |||||||||
Short-Term Investments: | 23,993,833 | 4.2 | |||||||||
Securities Lending Collateral: | 12,644,377 | 2.2 | |||||||||
Total Investments: | 586,035,874 | 101.9 | |||||||||
| Obligation to Return Collateral for Securities Loaned: | (12,644,377 | ) | (2.2 | ) | |||||||
| Cash and Other Assets Less Liabilities: | 1,463,139 | 0.3 | |||||||||
Net Assets: | $ | 574,854,636 | 100.0 | ||||||||
See accompanying notes to financial statements.
83
Columbia Acorn European FundSM
Major Portfolio Changes in the Second Quarter (Unaudited)
Number of Shares | |||||||||||
3/31/14 | 6/30/14 | ||||||||||
Purchases | |||||||||||
Europe | |||||||||||
| > United Kingdom | |||||||||||
Abcam | 110,450 | 162,450 | |||||||||
Aggreko | 18,141 | 22,193 | |||||||||
Assura | 1,809,310 | 2,269,260 | |||||||||
AVEVA | 15,870 | 16,800 | |||||||||
Babcock International | 35,030 | 55,000 | |||||||||
Cable and Wireless | 569,003 | 757,113 | |||||||||
Charles Taylor | 195,540 | 239,970 | |||||||||
Connect Group | 178,590 | 233,620 | |||||||||
Croda International | 12,230 | 14,670 | |||||||||
Dialight | 33,000 | 40,490 | |||||||||
Domino's Pizza UK & Ireland | 50,140 | 71,040 | |||||||||
Elementis | 104,990 | 130,220 | |||||||||
Fidessa Group | 12,070 | 15,370 | |||||||||
Halford's | 65,820 | 81,180 | |||||||||
Jardine Lloyd Thompson Group | 78,940 | 106,750 | |||||||||
Ocado | 55,180 | 112,090 | |||||||||
Polypipe | 0 | 140,660 | |||||||||
Rightmove | 11,380 | 24,010 | |||||||||
| RPS Group | 87,630 | 123,520 | |||||||||
Shaftesbury | 64,730 | 77,460 | |||||||||
Spirax Sarco | 24,770 | 27,048 | |||||||||
Telecity | 68,350 | 75,080 | |||||||||
WH Smith | 39,380 | 53,360 | |||||||||
Whitbread | 6,965 | 12,925 | |||||||||
| > France | |||||||||||
| 1000 mercis | 8,780 | 9,106 | |||||||||
AKKA Technologies | 15,818 | 18,823 | |||||||||
Bonduelle | 17,330 | 21,480 | |||||||||
Cegedim | 13,340 | 23,340 | |||||||||
Eurofins Scientific | 2,560 | 3,100 | |||||||||
Eutelsat | 0 | 18,000 | |||||||||
Hi-Media | 155,350 | 242,500 | |||||||||
Neopost | 17,230 | 25,240 | |||||||||
Norbert Dentressangle | 4,050 | 4,220 | |||||||||
Saft | 13,730 | 18,291 | |||||||||
| > Germany | |||||||||||
Aurelius | 26,000 | 34,420 | |||||||||
Elringklinger | 13,430 | 14,500 | |||||||||
MTU Aero Engines | 5,500 | 6,520 | |||||||||
NORMA Group | 17,730 | 21,440 | |||||||||
Rational | 1,470 | 1,950 | |||||||||
TAG Immobilien | 40,480 | 48,860 | |||||||||
Telefonica Deutschland | 60,230 | 76,750 | |||||||||
Wirecard | 14,130 | 17,500 | |||||||||
Number of Shares | |||||||||||
3/31/14 | 6/30/14 | ||||||||||
| > Sweden | |||||||||||
Hexagon | 24,100 | 38,690 | |||||||||
Recipharm | 0 | 50,620 | |||||||||
Sweco | 39,560 | 42,940 | |||||||||
Unibet | 12,450 | 13,030 | |||||||||
| > Finland | |||||||||||
Konecranes | 14,130 | 16,690 | |||||||||
Munksjo | 83,680 | 91,440 | |||||||||
Sponda | 0 | 144,842 | |||||||||
Tikkurila | 24,981 | 29,171 | |||||||||
Vacon | 28,980 | 31,120 | |||||||||
| > Switzerland | |||||||||||
Geberit | 3,120 | 3,530 | |||||||||
INFICON | 1,340 | 1,900 | |||||||||
Partners Group | 3,620 | 4,540 | |||||||||
| > Spain | |||||||||||
DIA | 120,310 | 145,730 | |||||||||
Prosegur | 87,060 | 109,520 | |||||||||
Viscofan | 14,560 | 17,550 | |||||||||
| > Netherlands | |||||||||||
Aalberts Industries | 25,230 | 38,130 | |||||||||
Arcadis | 16,970 | 19,759 | |||||||||
Core Labs | 2,520 | 4,080 | |||||||||
| > Norway | |||||||||||
Subsea 7 | 41,610 | 46,740 | |||||||||
| > Denmark | |||||||||||
Jyske Bank | 9,200 | 10,470 | |||||||||
SimCorp | 13,310 | 15,330 | |||||||||
| > Austria | |||||||||||
Schoeller-Bleckmann | 0 | 5,000 | |||||||||
| > Italy | |||||||||||
Pirelli | 29,040 | 37,640 | |||||||||
| > Turkey | |||||||||||
Bizim Toptan | 54,270 | 56,810 | |||||||||
| > Belguim | |||||||||||
EVS Broadcast Equipment | 7,900 | 9,690 | |||||||||
See accompanying notes to financial statements.
84
Number of Shares | |||||||||||
3/31/14 | 6/30/14 | ||||||||||
Sales | |||||||||||
Europe | |||||||||||
| > Netherlands | |||||||||||
Gemalto | 9,110 | 5,510 | |||||||||
TKH Group | 15,220 | 0 | |||||||||
| > Russia | |||||||||||
Yandex | 14,500 | 0 | |||||||||
See accompanying notes to financial statements.
85
Columbia Acorn European FundSM
Statement of Investments (Unaudited), June 30, 2014
Number of Shares | Value | ||||||||||
Equities: 95.8% | |||||||||||
Europe 95.4% | |||||||||||
| > United Kingdom 32.7% | |||||||||||
106,750 | Jardine Lloyd Thompson Group | $ | 1,899,996 | ||||||||
| International Business Insurance Broker | |||||||||||
2,269,260 | Assura | 1,660,244 | |||||||||
| UK Primary Health Care Property Developer | |||||||||||
27,048 | Spirax Sarco | 1,265,104 | |||||||||
| Steam Systems for Manufacturing & Process Industries | |||||||||||
55,000 | Babcock International | 1,093,756 | |||||||||
Public Sector Outsourcer | |||||||||||
162,450 | Abcam | 1,056,464 | |||||||||
Online Sales of Antibodies | |||||||||||
53,360 | WH Smith | 977,127 | |||||||||
| Newsprint, Books & General Stationery Retailer | |||||||||||
12,925 | Whitbread | 975,264 | |||||||||
| The UK's Leading Hotelier & Coffee Shop | |||||||||||
75,080 | Telecity | 968,829 | |||||||||
European Data Center Provider | |||||||||||
239,970 | Charles Taylor | 944,575 | |||||||||
Insurance Services | |||||||||||
24,010 | Rightmove | 880,985 | |||||||||
Internet Real Estate Listings | |||||||||||
77,460 | Shaftesbury | 869,626 | |||||||||
London Prime Retail REIT | |||||||||||
233,620 | Connect Group | 728,667 | |||||||||
Newspaper & Magazine Distributor | |||||||||||
112,090 | Ocado (a) | 712,268 | |||||||||
Leading Online Grocery Retailer | |||||||||||
81,180 | Halford's | 656,868 | |||||||||
| The UK's Leading Retailer of Leisure Goods & Auto Parts | |||||||||||
757,113 | Cable and Wireless | 638,143 | |||||||||
| Leading Telecoms Service Provider in the Caribbean | |||||||||||
71,040 | Domino's Pizza UK & Ireland | 637,068 | |||||||||
| Pizza Delivery in UK, Ireland, Germany | |||||||||||
22,193 | Aggreko | 626,688 | |||||||||
| Temporary Power & Temperature Control Services | |||||||||||
40,490 | Dialight | 617,068 | |||||||||
| LED Products for Hazardous & Industrial Environments | |||||||||||
140,660 | Polypipe (a) | 601,814 | |||||||||
| Manufacturer of Plastic Piping & Fittings | |||||||||||
123,520 | RPS Group | 587,670 | |||||||||
| Consultant Specializing in Energy, Water, Urban Planning, Health & Safety | |||||||||||
16,800 | AVEVA | 585,956 | |||||||||
Engineering Software | |||||||||||
15,370 | Fidessa Group | 582,375 | |||||||||
| Software for Financial Trading Systems | |||||||||||
Number of Shares | Value | ||||||||||
130,220 | Elementis | $ | 580,101 | ||||||||
Specialty Chemicals | |||||||||||
14,670 | Croda International | 552,588 | |||||||||
Oleochemicals & Industrial Chemicals | |||||||||||
20,699,244 | |||||||||||
| > France 13.3% | |||||||||||
25,240 | Neopost | 1,890,494 | |||||||||
Postage Meter Machines | |||||||||||
3,100 | Eurofins Scientific | 953,389 | |||||||||
| Food, Pharmaceuticals & Materials Screening & Testing | |||||||||||
242,500 | Hi-Media (a) | 903,191 | |||||||||
Online Advertiser in Europe | |||||||||||
23,340 | Cegedim (a) | 820,719 | |||||||||
Medical Market Research/IT Services | |||||||||||
18,291 | Saft | 701,785 | |||||||||
Niche Battery Manufacturer | |||||||||||
18,823 | AKKA Technologies | 670,391 | |||||||||
Engineering Consultancy | |||||||||||
21,480 | Bonduelle | 629,723 | |||||||||
| Producer of Canned, Deep-frozen & Fresh Vegetables | |||||||||||
18,000 | Eutelsat | 625,428 | |||||||||
Fixed Satellite Services | |||||||||||
4,220 | Norbert Dentressangle | 619,392 | |||||||||
| Leading European Logistics & Transport Group | |||||||||||
9,106 | 1000 | mercis | 611,597 | ||||||||
Interactive Advertising & Marketing | |||||||||||
8,426,109 | |||||||||||
| > Germany 9.9% | |||||||||||
34,420 | Aurelius | 1,257,464 | |||||||||
European Turnaround Investor | |||||||||||
21,440 | NORMA Group | 1,186,202 | |||||||||
| Clamps for Automotive & Industrial Applications | |||||||||||
17,500 | Wirecard | 755,546 | |||||||||
| Online Payment Processing & Risk Management | |||||||||||
76,750 | Telefonica Deutschland | 634,661 | |||||||||
| Mobile & Fixed-line Communications in Germany | |||||||||||
1,950 | Rational | 630,285 | |||||||||
Commercial Ovens | |||||||||||
6,520 | MTU Aero Engines | 599,861 | |||||||||
| Airplane Engine Components & Services | |||||||||||
14,500 | Elringklinger | 598,326 | |||||||||
Automobile Components | |||||||||||
48,860 | TAG Immobilien (b) | 596,182 | |||||||||
| Owner of Residential Properties in Germany | |||||||||||
6,258,527 | |||||||||||
| > Sweden 7.6% | |||||||||||
38,690 | Hexagon | 1,247,289 | |||||||||
| Design, Measurement & Visualization Software & Equipment | |||||||||||
28,110 | Swedish Match | 976,049 | |||||||||
Market Leader in Swedish Snus | |||||||||||
See accompanying notes to financial statements.
86
Number of Shares | Value | ||||||||||
| > Sweden—continued | |||||||||||
42,940 | Sweco | $ | 718,178 | ||||||||
Engineering Consultants | |||||||||||
50,620 | Recipharm (a) | 704,576 | |||||||||
| Contract Development Manufacturing Organization | |||||||||||
13,030 | Unibet | 647,449 | |||||||||
European Online Gaming Operator | |||||||||||
19,560 | Mekonomen | 502,060 | |||||||||
| Leading Nordic Integrated Wholesaler/Retailer of Automotive Parts & Service | |||||||||||
6,787 | Kambi Group (a) | 35,045 | |||||||||
| Spinoff from Unibet of its Business-to-business Sports Betting Platform | |||||||||||
4,830,646 | |||||||||||
| > Finland 6.6% | |||||||||||
31,120 | Vacon | 1,263,464 | |||||||||
| Leading Independent Manufacturer of Variable Speed Alternating Current Drives | |||||||||||
91,440 | Munksjo | 840,151 | |||||||||
Specialty Paper Maker | |||||||||||
29,171 | Tikkurila | 798,877 | |||||||||
| Decorative & Industrial Paint in Scandinavia, Central & Eastern Europe | |||||||||||
144,842 | Sponda | 773,496 | |||||||||
Office, Retail & Logistics Properties | |||||||||||
16,690 | Konecranes | 538,889 | |||||||||
| Manufacture & Service of Industrial Cranes & Port Handling Equipment | |||||||||||
4,214,877 | |||||||||||
| > Switzerland 5.9% | |||||||||||
4,540 | Partners Group | 1,240,974 | |||||||||
Private Markets Asset Management | |||||||||||
3,530 | Geberit | 1,239,162 | |||||||||
Plumbing Supplies | |||||||||||
1,900 | INFICON | 619,193 | |||||||||
Gas Detection Instruments | |||||||||||
150 | Sika | 613,329 | |||||||||
| Chemicals for Construction & Industrial Applications | |||||||||||
3,712,658 | |||||||||||
| > Spain 5.8% | |||||||||||
145,730 | DIA | 1,341,762 | |||||||||
| Leading Hard Discounter in Spain, Latin America & the Eastern Mediterranean | |||||||||||
17,550 | Viscofan | 1,046,319 | |||||||||
Sausage Casings Maker | |||||||||||
109,520 | Prosegur | 785,820 | |||||||||
Security Guards | |||||||||||
10,500 | Bolsas y Mercados Españoles | 501,421 | |||||||||
Spanish Stock Markets | |||||||||||
3,675,322 | |||||||||||
| > Netherlands 5.0% | |||||||||||
38,130 | Aalberts Industries | 1,244,981 | |||||||||
Flow Control & Heat Treatment | |||||||||||
Number of Shares | Value | ||||||||||
4,080 | Core Labs | $ | 681,605 | ||||||||
Oil & Gas Reservoir Consulting | |||||||||||
19,759 | Arcadis | 681,000 | |||||||||
Engineering Consultants | |||||||||||
5,510 | Gemalto | 571,145 | |||||||||
Digital Security Solutions | |||||||||||
3,178,731 | |||||||||||
| > Norway 3.3% | |||||||||||
46,740 | Subsea 7 | 871,729 | |||||||||
Offshore Subsea Contractor | |||||||||||
80,730 | Orkla | 719,270 | |||||||||
| Food & Brands, Aluminum, Chemicals Conglomerate | |||||||||||
46,070 | Atea | 525,755 | |||||||||
| Leading Nordic IT Hardware/Software Reseller & Installation Company | |||||||||||
2,116,754 | |||||||||||
| > Denmark 1.8% | |||||||||||
10,470 | Jyske Bank (a) | 594,374 | |||||||||
Danish Bank | |||||||||||
15,330 | SimCorp | 527,907 | |||||||||
Software for Investment Managers | |||||||||||
1,122,281 | |||||||||||
| > Austria 1.0% | |||||||||||
5,000 | Schoeller-Bleckmann | 645,214 | |||||||||
| Manufacturer of Components for Directional Drilling | |||||||||||
| > Italy 0.9% | |||||||||||
37,640 | Pirelli | 604,054 | |||||||||
Global Tire Supplier | |||||||||||
| > Turkey 0.8% | |||||||||||
56,810 | Bizim Toptan | 505,460 | |||||||||
Cash & Carry Stores in Turkey | |||||||||||
| > Belgium 0.8% | |||||||||||
9,690 | EVS Broadcast Equipment | 481,382 | |||||||||
| Digital Live Mobile Production Software & Systems | |||||||||||
Europe: Total | 60,471,259 | ||||||||||
Other Countries 0.4% | |||||||||||
| > United States 0.4% | |||||||||||
5,277 | Gulfmark Offshore | 238,415 | |||||||||
Operator of Offshore Supply Vessels | |||||||||||
Other Countries: Total | 238,415 | ||||||||||
| Total Equities: 95.8% (Cost: $56,604,085) | 60,709,674 | (c) | |||||||||
Short-Term Investments 3.1% | |||||||||||
1,925,350 | JPMorgan U.S. Government Money Market Fund, IM Shares (7 day yield of 0.01%) | 1,925,350 | |||||||||
| Total Short-Term Investments: 3.1% (Cost: $1,925,350) | 1,925,350 | ||||||||||
See accompanying notes to financial statements.
87
Columbia Acorn European FundSM
Statement of Investments (Unaudited), continued
Number of Shares | Value | ||||||||||
Securities Lending Collateral 0.3% | |||||||||||
185,001 | Dreyfus Government Cash Management Fund, Institutional Shares (7 day yield of 0.01%) (d) | $ | 185,001 | ||||||||
| Total Securities Lending Collateral: 0.3% (Cost: $185,001) | 185,001 | ||||||||||
| Total Investments: 99.2% (Cost: $58,714,436)(e) | 62,820,025 | ||||||||||
| Obligation to Return Collateral for Securities Loaned: (0.3)% | (185,001 | ) | |||||||||
Cash and Other Assets Less Liabilities: 1.1% | 714,509 | ||||||||||
Net Assets: 100.0% | $ | 63,349,533 | |||||||||
REIT - Real Estate Investment Trust
> Notes to Statement of Investments
(a) Non-income producing security.
(b) All or a portion of this security was on loan at June 30, 2014. The total market value of securities on loan at June 30, 2014 was $175,651.
(c) On June 30, 2014, the Fund's total equity investments were denominated in currencies as follows:
Currency | Value | Percentage of Net Assets | |||||||||
Euro | $ | 26,802,611 | 42.3 | ||||||||
British Pound | 20,699,244 | 32.7 | |||||||||
Swedish Krona | 4,830,646 | 7.6 | |||||||||
Swiss Franc | 3,712,658 | 5.8 | |||||||||
Other currencies less | |||||||||||
than 5% of total net assets | 4,664,515 | 7.4 | |||||||||
Total Equities | $ | 60,709,674 | 95.8 | ||||||||
(d) Investment made with cash collateral received from securities lending activity.
(e) At June 30, 2014, for federal income tax purposes, the cost of investments was $58,714,436 and net unrealized appreciation was $4,105,589 consisting of gross unrealized appreciation of $4,848,326 and gross unrealized depreciation of $742,737.
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.
See accompanying notes to financial statements.
88
> 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 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 June 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 | $ | 681,605 | $ | 59,789,654 | $ | - | $ | 60,471,259 | |||||||||||
Other Countries | 238,415 | - | - | 238,415 | |||||||||||||||
Total Equities | 920,020 | 59,789,654 | - | 60,709,674 | |||||||||||||||
Total Short-Term Investments | 1,925,350 | - | - | 1,925,350 | |||||||||||||||
Total Securities Lending Collateral | 185,001 | - | - | 185,001 | |||||||||||||||
Total Investments | $ | 3,030,371 | $ | 59,789,654 | $ | - | $ | 62,820,025 | |||||||||||
The Fund's assets assigned to the Level 2 input category are generally valued using a market approach, in which a security's value is determined through its correlation to prices and information from observable market transactions for similar or identical assets. Foreign equities are generally valued at the last sale price on the foreign exchange or market on which they trade. The Fund may use a statistical fair valuation model, in accordance with the policy adopted by the Board, provided by an independent third party to value securities principally traded in foreign markets in order to adjust for possible stale pricing that may occur between the close of the foreign exchanges and the time for valuation. These models take into account available market data including intraday index, ADR, and ETF movements.
There were no transfers of financial assets between levels during the period.
See accompanying notes to financial statements.
89
Columbia Acorn European FundSM
Portfolio Diversification (Unaudited)
At June 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 | $ | 6,130,167 | 9.7 | ||||||||
Other Industrial Services | 4,166,786 | 6.5 | |||||||||
| Industrial Materials & Specialty Chemicals | 3,983,372 | 6.3 | |||||||||
Conglomerates | 3,221,715 | 5.1 | |||||||||
Electrical Components | 2,582,318 | 4.1 | |||||||||
Outsourcing Services | 2,549,967 | 4.0 | |||||||||
Construction | 1,840,976 | 2.9 | |||||||||
24,475,301 | 38.6 | ||||||||||
| > Information | |||||||||||
Business Software | 2,943,528 | 4.6 | |||||||||
Computer Services | 2,315,303 | 3.6 | |||||||||
Telephone & Data Services | 1,272,805 | 2.0 | |||||||||
Financial Processors | 1,256,966 | 2.0 | |||||||||
| Computer Hardware & Related Equipment | 1,052,527 | 1.7 | |||||||||
Advertising | 903,190 | 1.4 | |||||||||
Internet Related | 880,985 | 1.4 | |||||||||
Satellite Broadcasting & Services | 625,428 | 1.0 | |||||||||
| Business Information & Marketing Services | 611,597 | 1.0 | |||||||||
11,862,329 | 18.7 | ||||||||||
| > Consumer Goods & Services | |||||||||||
Retail | 4,695,545 | 7.4 | |||||||||
Food & Beverage | 2,652,092 | 4.2 | |||||||||
Restaurants | 1,612,332 | 2.5 | |||||||||
Consumer Goods Distribution | 728,667 | 1.1 | |||||||||
Casinos & Gaming | 682,493 | 1.1 | |||||||||
Other Durable Goods | 604,054 | 1.0 | |||||||||
10,975,183 | 17.3 | ||||||||||
Value | Percentage of Net Assets | ||||||||||
| > Finance | |||||||||||
Insurance | $ | 2,844,571 | 4.5 | ||||||||
Brokerage & Money Management | 1,240,974 | 2.0 | |||||||||
Banks | 594,374 | 0.9 | |||||||||
4,679,919 | 7.4 | ||||||||||
| > Other Industries | |||||||||||
Real Estate | 3,899,547 | 6.1 | |||||||||
Transportation | 619,392 | 1.0 | |||||||||
4,518,939 | 7.1 | ||||||||||
| > Energy & Minerals | |||||||||||
Oil Services | 1,755,358 | 2.8 | |||||||||
Mining | 681,605 | 1.1 | |||||||||
2,436,963 | 3.9 | ||||||||||
| > Health Care | |||||||||||
Medical Supplies | 1,056,464 | 1.7 | |||||||||
Pharmaceuticals | 704,576 | 1.1 | |||||||||
1,761,040 | 2.8 | ||||||||||
Total Equities: | 60,709,674 | 95.8 | |||||||||
Short-Term Investments: | 1,925,350 | 3.1 | |||||||||
Securities Lending Collateral: | 185,001 | 0.3 | |||||||||
Total Investments: | 62,820,025 | 99.2 | |||||||||
| Obligation to Return Collateral for Securities Loaned: | (185,001 | ) | (0.3 | ) | |||||||
| Cash and Other Assets Less Liabilities: | 714,509 | 1.1 | |||||||||
Net Assets: | $ | 63,349,533 | 100.0 | ||||||||
See accompanying notes to financial statements.
90
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91
Columbia Acorn Family of Funds
Statements of Assets and Liabilities (Unaudited)
June 30, 2014 | Columbia Acorn® Fund | Columbia Acorn InternationalSM | Columbia Acorn USA® | Columbia Acorn International SelectSM | |||||||||||||||
Assets: | |||||||||||||||||||
Unaffiliated investments, at cost | $ | 8,828,912,409 | $ | 6,268,455,672 | $ | 942,472,954 | $ | 289,069,342 | |||||||||||
Affiliated investments, at cost | 2,222,412,177 | 123,678,159 | — | — | |||||||||||||||
| Unaffiliated investments, at value (including securities on loan: Columbia Acorn Fund $308,680,544; Columbia Acorn International $187,288,900; Columbia Acorn USA $46,428,810; Columbia Acorn International Select $4,808,712; Columbia Acorn Select $12,729,465; Columbia Thermostat Fund $—; Columbia Acorn Emerging Markets Fund $12,191,201; Columbia Acorn European Fund $175,651) | $ | 16,006,925,240 | $ | 8,876,284,220 | $ | 1,707,119,473 | $ | 361,457,079 | |||||||||||
Affiliated investments, at value | 4,563,467,066 | 125,095,890 | — | — | |||||||||||||||
Cash | 26,227 | — | — | 10,960 | |||||||||||||||
| Foreign currency (cost: Columbia Acorn Fund $2; Columbia Acorn International $1,752,142; Columbia Acorn USA $—; Columbia Acorn International Select $213; Columbia Acorn Select $—; Columbia Thermostat Fund $—; Columbia Acorn Emerging Markets Fund $386,057; Columbia Acorn European Fund $6,900) | 2 | 1,751,921 | — | 215 | |||||||||||||||
Receivable for: | |||||||||||||||||||
Investments sold | 71,681,020 | 20,133,825 | 6,030,895 | 3,043,917 | |||||||||||||||
Fund shares sold | 17,989,752 | 26,062,931 | 781,816 | 314,154 | |||||||||||||||
Dividends and interest | 8,965,641 | 7,322,134 | 636,187 | 213,881 | |||||||||||||||
Securities lending income | 465,479 | 197,467 | 22,965 | 1,363 | |||||||||||||||
Foreign tax reclaims | 378,006 | 6,566,730 | — | 269,875 | |||||||||||||||
Expense reimbursement due from Investment Manager | — | 3,961 | — | — | |||||||||||||||
Trustees' deferred compensation plan | 3,809,220 | 1,186,723 | 326,357 | — | |||||||||||||||
Prepaid expenses | 77,888 | 30,523 | 6,429 | 1,397 | |||||||||||||||
Other assets | 162,421 | 66,965 | 13,160 | 2,788 | |||||||||||||||
Total Assets | 20,673,947,962 | 9,064,703,290 | 1,714,937,282 | 365,315,629 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Collateral on securities loaned | 317,314,613 | 194,974,772 | 47,372,925 | 4,966,000 | |||||||||||||||
Unrealized depreciation on forward foreign currency exchange contracts | — | — | — | 63,164 | |||||||||||||||
Payable for: | |||||||||||||||||||
Investments purchased | 61,116,279 | 12,878,842 | 5,380,722 | 4,059,045 | |||||||||||||||
Fund shares redeemed | 34,232,350 | 8,927,337 | 927,889 | 831,496 | |||||||||||||||
Investment advisory fee | 1,063,216 | 543,573 | 117,447 | 27,283 | |||||||||||||||
Administration fee | 61,700 | 26,751 | 5,063 | 1,077 | |||||||||||||||
12b-1 Service and Distribution fees | 149,831 | 34,045 | 7,190 | 2,484 | |||||||||||||||
Reports to shareholders | 519,187 | 295,248 | 62,483 | 21,572 | |||||||||||||||
Transfer agent fees | 2,980,374 | 844,217 | 371,501 | 33,119 | |||||||||||||||
Trustees' fees | 4,645 | 3,725 | 428 | 57,097 | |||||||||||||||
Custody fees | 97,569 | 498,180 | 6,407 | 23,609 | |||||||||||||||
Professional fee | 247,095 | 145,132 | 41,973 | 33,150 | |||||||||||||||
Deferred foreign capital gains tax payable | 89,341 | — | — | — | |||||||||||||||
Trustees' deferred compensation plan | 3,809,220 | 1,186,723 | 326,357 | — | |||||||||||||||
Other liabilities | 1,408 | 66,607 | 897 | 3,389 | |||||||||||||||
Total Liabilities | 421,686,828 | 220,425,152 | 54,621,282 | 10,122,485 | |||||||||||||||
Net Assets | $ | 20,252,261,134 | $ | 8,844,278,138 | $ | 1,660,316,000 | $ | 355,193,144 | |||||||||||
Composition of Net Assets: | |||||||||||||||||||
Paid-in capital | $ | 9,544,390,991 | $ | 6,100,285,686 | $ | 762,158,832 | $ | 263,574,449 | |||||||||||
Undistributed (Overdistributed) net investment income (loss) | (33,332,414 | ) | (60,494,138 | ) | (3,666,614 | ) | (10,246,547 | ) | |||||||||||
Accumulated net realized gain (loss) | 1,222,204,959 | 195,001,104 | 137,177,263 | 29,541,598 | |||||||||||||||
Net unrealized appreciation (depreciation) on: | |||||||||||||||||||
Unaffiliated investments | 7,178,012,831 | 2,607,828,548 | 764,646,519 | 72,387,737 | |||||||||||||||
Affiliated investments | 2,341,054,889 | 1,417,731 | — | — | |||||||||||||||
Foreign currency translations | 19,219 | 239,207 | — | (929 | ) | ||||||||||||||
Forward foreign currency exchange contracts | — | — | — | (63,164 | ) | ||||||||||||||
Foreign capital gains tax | (89,341 | ) | — | — | — | ||||||||||||||
Net Assets | $ | 20,252,261,134 | $ | 8,844,278,138 | $ | 1,660,316,000 | $ | 355,193,144 | |||||||||||
Net asset value per share – Class A (a) | $ | 35.86 | $ | 48.82 | $ | 34.52 | $ | 29.37 | |||||||||||
(Net assets/shares) | ($ | 3,642,339,924/ | ($ | 1,145,719,445/ | ($ | 192,045,283/ | ($ | 76,505,479/ | |||||||||||
| 101,557,845 | ) | 23,470,353 | ) | 5,562,613 | ) | 2,604,607 | ) | |||||||||||
Maximum offering price per share – Class A (b) | $ | 38.05 | $ | 51.80 | $ | 36.63 | $ | 31.16 | |||||||||||
(Net asset value per share/front-end sales charge) | ($35.86/0.9425) | ($48.82/0.9425) | ($34.52/0.9425) | ($29.37/0.9425) | |||||||||||||||
Net asset value and offering price per share – Class B (a) | $ | 32.14 | $ | 47.17 | $ | 30.84 | $ | 27.77 | |||||||||||
(Net assets/shares) | ($ | 11,715,585/ | ($ | 9,847,698/ | ($ | 348,136/ | ($ | 631,516/ | |||||||||||
| 364,531 | ) | 208,750 | ) | 11,289 | ) | 22,743 | ) | |||||||||||
Net asset value and offering price per share – Class C (a) | $ | 31.51 | $ | 46.96 | $ | 30.50 | $ | 27.60 | |||||||||||
(Net assets/shares) | ($ | 907,378,087/ | ($ | 119,569,512/ | ($ | 39,462,816/ | ($ | 10,707,807/ | |||||||||||
| 28,795,362 | ) | 2,546,204 | ) | 1,293,800 | ) | 387,930 | ) | |||||||||||
Net asset value and offering price per share – Class I (d) | $ | 37.56 | $ | 48.99 | $ | 36.49 | (c) | $ | 29.74 | (c) | |||||||||
(Net assets/shares) | ($29,212,097/777,821) | ($41,070,788/838,305) | ($2,562/70) | ($2,741/92) | |||||||||||||||
Net asset value and offering price per share – Class R (d) | $ | — | $ | 48.69 | $ | — | $ | — | |||||||||||
(Net assets/shares) | ($ | —/— | ) | ($7,475,243/153,528) | ($ | —/— | ) | ($ | —/— | ) | |||||||||
Net asset value and offering price per share – Class R4 (d) | $ | 38.07 | $ | 49.24 | $ | 37.03 | $ | 29.90 | |||||||||||
(Net assets/shares) | ($ | 108,023,038/ | ($ | 417,159,810/ | ($ | 7,543,935/ | ($ | 901,558/ | |||||||||||
| 2,837,282 | ) | 8,471,539 | ) | 203,729 | ) | 30,150 | ) | |||||||||||
Net asset value and offering price per share – Class R5 (d) | $ | 38.09 | $ | 48.93 | $ | 37.03 | $ | 29.89 | |||||||||||
(Net assets/shares) | ($ | 571,750,840/ | ($ | 382,174,768/ | ($ | 30,982,352/ | ($ | 1,702,946/ | |||||||||||
| 15,008,835 | ) | 7,810,859 | ) | 836,765 | ) | 56,973 | ) | |||||||||||
Net asset value and offering price per share – Class Y (d) | $ | 38.15 | $ | 49.29 | $ | 37.10 | $ | 29.89 | |||||||||||
(Net assets/shares) | ($ | 1,177,766,052/ | ($ | 211,826,199/ | ($ | 32,271,571/ | ($ | 15,492,290/ | |||||||||||
| 30,875,536 | ) | 4,297,267 | ) | 869,863 | ) | 518,378 | ) | |||||||||||
Net asset value and offering price per share – Class Z (d) | $ | 37.50 | $ | 48.95 | $ | 36.36 | $ | 29.73 | |||||||||||
(Net assets/shares) | ($ | 13,804,075,511/ | ($ | 6,509,434,675/ | ($ | 1,357,659,345/ | ($ | 249,248,807/ | |||||||||||
| 368,143,193 | ) | 132,992,118 | ) | 37,336,292 | ) | 8,383,470 | ) | |||||||||||
(a) Redemption price per share is equal to net asset value less any applicable contingent deferred sales charge.
(b) On sales of $50,000 or more the offering price is reduced.
(c) Net asset value per share rounds to this amount due to fractional shares outstanding.
(d) Redemption price per share is equal to net asset value.
See accompanying notes to financial statements.
92
June 30, 2014 | Columbia Acorn SelectSM | Columbia Thermostat FundSM | Columbia Acorn Emerging Markets FundSM | Columbia Acorn European FundSM | |||||||||||||||
Assets: | |||||||||||||||||||
Unaffiliated investments, at cost | $ | 497,123,362 | $ | 9,980,000 | $ | 528,255,792 | $ | 58,714,436 | |||||||||||
Affiliated investments, at cost | 23,207,418 | 1,239,127,293 | — | — | |||||||||||||||
| Unaffiliated investments, at value (including securities on loan: Columbia Acorn Fund $308,680,544; Columbia Acorn International $187,288,900; Columbia Acorn USA $46,428,810; Columbia Acorn International Select $4,808,712; Columbia Acorn Select $12,729,465; Columbia Thermostat Fund $—; Columbia Acorn Emerging Markets Fund $12,191,201; Columbia Acorn European Fund $175,651) | $ | 780,942,891 | $ | 9,980,000 | $ | 586,035,874 | $ | 62,820,025 | |||||||||||
Affiliated investments, at value | 6,671,899 | 1,295,628,691 | — | — | |||||||||||||||
Cash | — | — | — | — | |||||||||||||||
| Foreign currency (cost: Columbia Acorn Fund $2; Columbia Acorn International $1,752,142; Columbia Acorn USA $—; Columbia Acorn International Select $213; Columbia Acorn Select $—; Columbia Thermostat Fund $—; Columbia Acorn Emerging Markets Fund $386,057; Columbia Acorn European Fund $6,900) | — | — | 386,058 | 6,900 | |||||||||||||||
Receivable for: | |||||||||||||||||||
Investments sold | 1,034,343 | — | 17,782 | 224,766 | |||||||||||||||
Fund shares sold | 713,486 | 3,294,091 | 2,848,772 | 412,233 | |||||||||||||||
Dividends and interest | 395,595 | 2,225,294 | 539,302 | 88,996 | |||||||||||||||
Securities lending income | 3,449 | — | 14,531 | 69 | |||||||||||||||
Foreign tax reclaims | — | — | 3,370 | 35,536 | |||||||||||||||
Expense reimbursement due from Investment Manager | 7 | 1,218 | — | 1,224 | |||||||||||||||
Trustees' deferred compensation plan | 353,016 | — | — | — | |||||||||||||||
Prepaid expenses | 3,485 | 5,428 | 784 | 35 | |||||||||||||||
Other assets | 6,155 | 27,565 | 6,257 | 26,178 | |||||||||||||||
Total Assets | 790,124,326 | 1,311,162,287 | 589,852,730 | 63,615,962 | |||||||||||||||
Liabilities: | |||||||||||||||||||
Collateral on securities loaned | 13,114,850 | — | 12,644,377 | 185,001 | |||||||||||||||
Unrealized depreciation on forward foreign currency exchange contracts | — | — | — | — | |||||||||||||||
Payable for: | |||||||||||||||||||
Investments purchased | 680,000 | 5,692,939 | 762,920 | 5,424 | |||||||||||||||
Fund shares redeemed | 1,005,215 | 8,197,835 | 780,505 | 11,273 | |||||||||||||||
Investment advisory fee | 53,751 | 10,705 | 47,605 | 6,133 | |||||||||||||||
Administration fee | 2,361 | 3,974 | 1,732 | 191 | |||||||||||||||
12b-1 Service and Distribution fees | 11,020 | 44,888 | 8,872 | 1,143 | |||||||||||||||
Reports to shareholders | 67,979 | 54,561 | 17,592 | 6,821 | |||||||||||||||
Transfer agent fees | 118,178 | 118,776 | 75,182 | 5,449 | |||||||||||||||
Trustees' fees | 431 | 59,673 | 8,564 | 1,129 | |||||||||||||||
Custody fees | 4,625 | 1,071 | 53,203 | 12,604 | |||||||||||||||
Professional fee | 35,093 | 23,166 | 28,500 | 31,261 | |||||||||||||||
Deferred foreign capital gains tax payable | — | — | 569,042 | — | |||||||||||||||
Trustees' deferred compensation plan | 353,016 | — | — | — | |||||||||||||||
Other liabilities | 3,815 | — | — | — | |||||||||||||||
Total Liabilities | 15,450,334 | 14,207,588 | 14,998,094 | 266,429 | |||||||||||||||
Net Assets | $ | 774,673,992 | $ | 1,296,954,699 | $ | 574,854,636 | $ | 63,349,533 | |||||||||||
Composition of Net Assets: | |||||||||||||||||||
Paid-in capital | $ | 427,543,600 | $ | 1,220,380,825 | $ | 530,480,550 | $ | 58,848,718 | |||||||||||
Undistributed (Overdistributed) net investment income (loss) | (2,229,402 | ) | 11,340,090 | (660,703 | ) | 455,690 | |||||||||||||
Accumulated net realized gain (loss) | 82,075,784 | 8,732,386 | (12,181,862 | ) | (61,660 | ) | |||||||||||||
Net unrealized appreciation (depreciation) on: | |||||||||||||||||||
Unaffiliated investments | 283,819,529 | — | 57,780,082 | 4,105,589 | |||||||||||||||
Affiliated investments | (16,535,519 | ) | 56,501,398 | — | — | ||||||||||||||
Foreign currency translations | — | — | 5,611 | 1,196 | |||||||||||||||
Forward foreign currency exchange contracts | — | — | — | — | |||||||||||||||
Foreign capital gains tax | — | — | (569,042 | ) | — | ||||||||||||||
Net Assets | $ | 774,673,992 | $ | 1,296,954,699 | $ | 574,854,636 | $ | 63,349,533 | |||||||||||
Net asset value per share – Class A (a) | $ | 24.56 | $ | 15.07 | $ | 13.80 | $ | 15.96 | |||||||||||
(Net assets/shares) | ($ | 305,102,975/ | ($ | 504,899,891/ | ($ | 254,044,139/ | ($ | 37,074,958/ | |||||||||||
| 12,421,585 | ) | 33,495,450 | ) | 18,410,240 | ) | 2,323,369 | ) | |||||||||||
Maximum offering price per share – Class A (b) | $ | 26.06 | $ | 15.99 | $ | 14.64 | $ | 16.93 | |||||||||||
(Net asset value per share/front-end sales charge) | ($24.56/0.9425) | ($15.07/0.9425) | ($13.80/0.9425) | ($15.96/0.9425) | |||||||||||||||
Net asset value and offering price per share – Class B (a) | $ | 21.68 | $ | 15.14 | $ | — | $ | — | |||||||||||
(Net assets/shares) | ($ | 1,720,222/ | ($ | 1,553,144/ | ($ | —/— | ) | ($ | —/— | ) | |||||||||
| 79,363 | ) | 102,553 | ) | |||||||||||||||
Net asset value and offering price per share – Class C (a) | $ | 21.33 | $ | 15.12 | $ | 13.70 | $ | 15.77 | |||||||||||
(Net assets/shares) | ($ | 56,403,402/ | ($ | 418,086,860/ | ($ | 45,713,963/ | ($ | 4,770,891/ | |||||||||||
| 2,644,434 | ) | 27,649,399 | ) | 3,336,077 | ) | 302,576 | ) | |||||||||||
Net asset value and offering price per share – Class I (d) | $ | 25.86 | $ | — | $ | 13.86 | (c) | $ | 15.97 | (c) | |||||||||
(Net assets/shares) | ($19,407,541/750,525) | ($ | —/— | ) | ($2,732/197) | ($2,664/167) | |||||||||||||
Net asset value and offering price per share – Class R (d) | $ | — | $ | — | $ | — | $ | — | |||||||||||
(Net assets/shares) | ($ | —/— | ) | ($ | —/— | ) | ($ | —/— | ) | ($ | —/— | ) | |||||||
Net asset value and offering price per share – Class R4 (d) | $ | 26.24 | $ | 14.97 | $ | 13.94 | $ | 16.04 | (c) | ||||||||||
(Net assets/shares) | ($ | 1,558,744/ | ($ | 19,261,294/ | ($ | 14,512,635/ | ($2,530/158) | ||||||||||||
| 59,413 | ) | 1,286,335 | ) | 1,041,411 | ) | |||||||||||||
Net asset value and offering price per share – Class R5 (d) | $ | 26.25 | $ | 14.99 | $ | 13.93 | $ | 16.12 | |||||||||||
(Net assets/shares) | ($ | 11,080,705/ | ($ | 3,104,889/ | ($ | 23,712,750/ | ($ | 3,664,115/ | |||||||||||
| 422,107 | ) | 207,167 | ) | 1,702,530 | ) | 227,272 | ) | |||||||||||
Net asset value and offering price per share – Class Y (d) | $ | 26.33 | $ | 14.98 | $ | 13.81 | (c) | $ | — | ||||||||||
(Net assets/shares) | ($ | 4,159,900/ | ($ | 408,894/ | ($2,618/190) | ($ | —/— | ) | |||||||||||
| 157,994 | ) | 27,304 | ) | |||||||||||||||
Net asset value and offering price per share – Class Z (d) | $ | 25.76 | $ | 14.91 | $ | 13.84 | $ | 15.98 | |||||||||||
(Net assets/shares) | ($ | 375,240,503/ | ($ | 349,639,727/ | ($ | 236,865,799/ | ($ | 17,834,375/ | |||||||||||
| 14,565,087 | ) | 23,456,550 | ) | 17,115,384 | ) | 1,116,162 | ) | |||||||||||
See accompanying notes to financial statements.
93
Columbia Acorn Family of Funds
Statements of Operations (Unaudited) For the Six Months Ended June 30, 2014
| Columbia Acorn® Fund | Columbia Acorn International® | Columbia Acorn USA® | Columbia Acorn International SelectSM | ||||||||||||||||
Investment Income: | |||||||||||||||||||
Dividends | $ | 76,384,200 | $ | 110,415,858 | $ | 5,690,547 | $ | 5,136,516 | |||||||||||
Dividends from affiliates | 14,146,596 | 2,029,974 | — | — | |||||||||||||||
Dividends from affiliated investment company shares | — | — | — | — | |||||||||||||||
Interest | 20 | 91 | — | 1,321 | |||||||||||||||
Income from securities lending – net | 4,369,362 | 1,423,176 | 311,270 | 47,860 | |||||||||||||||
94,900,178 | 113,869,099 | 6,001,817 | 5,185,697 | ||||||||||||||||
Foreign taxes withheld | (2,416,296 | ) | (12,462,606 | ) | (10,500 | ) | (574,390 | ) | |||||||||||
Total Investment Income | 92,483,882 | 101,406,493 | 5,991,317 | 4,611,307 | |||||||||||||||
Expenses: | |||||||||||||||||||
Investment advisory fee | 65,083,271 | 31,422,119 | 7,199,921 | 1,639,479 | |||||||||||||||
Administration fee | 3,779,839 | 1,546,079 | 310,659 | 64,782 | |||||||||||||||
12b-1 Service and Distribution fees: | |||||||||||||||||||
Class A | 4,598,727 | 1,351,811 | 241,069 | 90,998 | |||||||||||||||
Class B | 55,982 | 42,132 | 1,526 | 2,680 | |||||||||||||||
Class C | 4,502,157 | 561,270 | 194,241 | 51,118 | |||||||||||||||
Class R | — | 17,043 | — | — | |||||||||||||||
Transfer agent fees: | |||||||||||||||||||
Class A | 2,198,564 | 860,673 | 136,235 | 45,184 | |||||||||||||||
Class B | 20,492 | 21,889 | 1,082 | 936 | |||||||||||||||
Class C | 305,451 | 74,983 | 11,313 | 7,136 | |||||||||||||||
Class R | — | 9,438 | — | — | |||||||||||||||
Class R4 | 53,215 | 331,329 | 4,177 | 448 | |||||||||||||||
Class R5 | 133,573 | 82,645 | 4,090 | 368 | |||||||||||||||
Class Z | 5,828,161 | 2,315,720 | 956,555 | 99,005 | |||||||||||||||
Trustees' fees | 395,834 | 156,008 | 32,901 | 10,764 | |||||||||||||||
Custody fees | 153,191 | 827,163 | 10,502 | 29,972 | |||||||||||||||
Registration and blue sky fees | 100,656 | 121,238 | 53,430 | 50,967 | |||||||||||||||
Reports to shareholders | 866,277 | 673,717 | 95,342 | 46,304 | |||||||||||||||
Audit fees | 46,728 | 77,111 | 23,242 | 28,797 | |||||||||||||||
Legal fees | 418,776 | 161,947 | 34,901 | 7,116 | |||||||||||||||
Chief compliance officer expenses | 419,828 | 170,792 | 34,456 | 7,147 | |||||||||||||||
Other expenses | 264,968 | 224,562 | 25,432 | 9,955 | |||||||||||||||
Total Expenses | 89,225,690 | 41,049,669 | 9,371,074 | 2,193,156 | |||||||||||||||
Less reimbursement of expenses by Investment Manager | — | (229,201 | ) | — | — | ||||||||||||||
Net Expenses | 89,225,690 | 40,820,468 | 9,371,074 | 2,193,156 | |||||||||||||||
Net Investment Income (Loss) | 3,258,192 | 60,586,025 | (3,379,757 | ) | 2,418,151 | ||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments: | |||||||||||||||||||
Net realized gain (loss) on: | |||||||||||||||||||
Unaffiliated investments | 929,439,056 | 262,888,328 | 137,972,867 | 29,683,402 | |||||||||||||||
Affiliated investments | 303,744,613 | 717,016 | — | — | |||||||||||||||
Distributions from affiliated investment company shares | — | — | — | — | |||||||||||||||
Foreign currency translations | (152,829 | ) | (487,977 | ) | — | (14,208 | ) | ||||||||||||
Forward foreign currency exchange contracts | — | — | — | (20,909 | ) | ||||||||||||||
Net realized gain (loss) | 1,233,030,840 | 263,117,367 | 137,972,867 | 29,648,285 | |||||||||||||||
Net change in net unrealized appreciation (depreciation) on: | |||||||||||||||||||
Unaffiliated investments | (845,443,917 | ) | 175,964,231 | (93,625,206 | ) | 1,614,305 | |||||||||||||
Affiliated investments | 112,546,165 | 151,699 | — | — | |||||||||||||||
Foreign currency translations | (22,316 | ) | 94,270 | — | 1,793 | ||||||||||||||
Forward foreign currency exchange contracts | — | — | — | (128,982 | ) | ||||||||||||||
Unaffiliated options | — | — | — | (985,539 | ) | ||||||||||||||
Affiliated options | — | (2,630,029 | ) | — | — | ||||||||||||||
Foreign capital gains tax | (89,341 | ) | — | — | — | ||||||||||||||
Net change in unrealized appreciation (depreciation) | (733,009,409 | ) | 173,580,171 | (93,625,206 | ) | 501,577 | |||||||||||||
Net realized and unrealized gain | 500,021,431 | 436,697,538 | 44,347,661 | 30,149,862 | |||||||||||||||
Net Increase in Net Assets from Operations | $ | 503,279,623 | $ | 497,283,563 | $ | 40,967,904 | $ | 32,568,013 | |||||||||||
See accompanying notes to financial statements.
94
| Columbia Acorn SelectSM | Columbia Thermostat FundSM | Columbia Acorn Emerging Markets FundSM | Columbia Acorn European FundSM | ||||||||||||||||
Investment Income: | |||||||||||||||||||
Dividends | $ | 3,072,756 | $ | 76 | $ | 5,142,430 | $ | 1,033,398 | |||||||||||
Dividends from affiliates | — | — | — | — | |||||||||||||||
Dividends from affiliated investment company shares | — | 16,026,833 | — | — | |||||||||||||||
Interest | — | — | 2 | 17 | |||||||||||||||
Income from securities lending – net | 22,412 | — | 29,687 | 6,293 | |||||||||||||||
3,095,168 | 16,026,909 | 5,172,119 | 1,039,708 | ||||||||||||||||
Foreign taxes withheld | (10,148 | ) | — | (446,297 | ) | (116,475 | ) | ||||||||||||
Total Investment Income | 3,085,020 | 16,026,909 | 4,725,822 | 923,233 | |||||||||||||||
Expenses: | |||||||||||||||||||
Investment advisory fee | 3,357,780 | 649,374 | 2,540,139 | 290,619 | |||||||||||||||
Administration fee | 147,830 | 241,194 | 90,376 | 9,073 | |||||||||||||||
12b-1 Service and Distribution fees: | |||||||||||||||||||
Class A | 384,635 | 628,187 | 268,542 | 37,658 | |||||||||||||||
Class B | 8,436 | 6,912 | — | — | |||||||||||||||
Class C | 291,021 | 2,103,276 | 189,545 | 16,619 | |||||||||||||||
Class R | — | — | — | — | |||||||||||||||
Transfer agent fees: | |||||||||||||||||||
Class A | 186,299 | 189,347 | 120,399 | 14,947 | |||||||||||||||
Class B | 4,553 | 1,987 | — | — | |||||||||||||||
Class C | 27,087 | 157,060 | 22,348 | 1,952 | |||||||||||||||
Class R | — | — | — | — | |||||||||||||||
Class R4 | 1,422 | 6,189 | 4,788 | — | |||||||||||||||
Class R5 | 2,798 | 370 | 4,903 | 412 | |||||||||||||||
Class Z | 191,920 | 117,253 | 134,181 | 7,134 | |||||||||||||||
Trustees' fees | 16,270 | 28,150 | 10,221 | 937 | |||||||||||||||
Custody fees | 4,409 | 662 | 104,423 | 35,872 | |||||||||||||||
Registration and blue sky fees | 51,752 | 79,526 | 66,540 | 38,868 | |||||||||||||||
Reports to shareholders | 94,942 | 122,571 | 58,571 | 12,491 | |||||||||||||||
Audit fees | 23,242 | 17,074 | 26,545 | 19,050 | |||||||||||||||
Legal fees | 17,108 | 26,892 | 11,289 | 1,008 | |||||||||||||||
Chief compliance officer expenses | 16,318 | 26,742 | 10,103 | 1,007 | |||||||||||||||
Other expenses | 36,062 | 20,378 | 33,656 | 4,831 | |||||||||||||||
Total Expenses | 4,863,884 | 4,423,144 | 3,696,569 | 492,478 | |||||||||||||||
Less reimbursement of expenses by Investment Manager | (89 | ) | (68,689 | ) | — | (71,752 | ) | ||||||||||||
Net Expenses | 4,863,795 | 4,354,455 | 3,696,569 | 420,726 | |||||||||||||||
Net Investment Income (Loss) | (1,778,775 | ) | 11,672,454 | 1,029,253 | 502,507 | ||||||||||||||
Net Realized and Unrealized Gain (Loss) on Investments: | |||||||||||||||||||
Net realized gain (loss) on: | |||||||||||||||||||
Unaffiliated investments | 88,972,552 | — | (6,018,452 | ) | (36,651 | ) | |||||||||||||
Affiliated investments | (5,412,123 | ) | 7,652,566 | — | — | ||||||||||||||
Distributions from affiliated investment company shares | — | 4,904,892 | — | — | |||||||||||||||
Foreign currency translations | (10,038 | ) | — | (133,569 | ) | 5,642 | |||||||||||||
Forward foreign currency exchange contracts | — | — | — | — | |||||||||||||||
Net realized gain (loss) | 83,550,391 | 12,557,458 | (6,152,021 | ) | (31,009 | ) | |||||||||||||
Net change in net unrealized appreciation (depreciation) on: | |||||||||||||||||||
Unaffiliated investments | (77,564,386 | ) | — | 26,390,626 | 564,659 | ||||||||||||||
Affiliated investments | 5,295,333 | 25,177,927 | — | — | |||||||||||||||
Foreign currency translations | — | — | 20,013 | 685 | |||||||||||||||
Forward foreign currency exchange contracts | — | — | — | — | |||||||||||||||
Unaffiliated options | — | — | (131,808 | ) | — | ||||||||||||||
Affiliated options | — | — | — | — | |||||||||||||||
Foreign capital gains tax | — | — | (569,042 | ) | — | ||||||||||||||
Net change in unrealized appreciation (depreciation) | (72,269,053 | ) | 25,177,927 | 25,709,789 | 565,344 | ||||||||||||||
Net realized and unrealized gain | 11,281,338 | 37,735,385 | 19,557,768 | 534,335 | |||||||||||||||
Net Increase in Net Assets from Operations | $ | 9,502,563 | $ | 49,407,839 | $ | 20,587,021 | $ | 1,036,842 | |||||||||||
See accompanying notes to financial statements.
95
Columbia Acorn Family of Funds
Statements of Changes in Net Assets
| Columbia Acorn® Fund | Columbia Acorn International® | Columbia Acorn USA® | Columbia Acorn International SelectSM | ||||||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets | (Unaudited) Six months ended June 30, | Year ended December 31, | (Unaudited) Six months ended June 30, | Year ended December 31, | (Unaudited) Six months ended June 30, | Year ended December 31, | (Unaudited) Six months ended June 30, | Year ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Operations: | |||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | 3,258,192 | $ | 5,803,936 | $ | 60,586,025 | $ | 94,506,163 | $ | (3,379,757 | ) | $ | (4,042,574 | ) | $ | 2,418,151 | $ | 4,636,217 | |||||||||||||||||
| Net realized gain (loss) on investments, foreign currency translations, forward foreign currency exchange contracts and foreign capital gains tax | 929,286,227 | 1,401,573,106 | 262,400,351 | 523,273,919 | 137,972,867 | 160,973,633 | 29,648,285 | 29,669,962 | |||||||||||||||||||||||||||
| Net realized gain (loss) on affiliated investments and distributions from affiliated investment company shares | 303,744,613 | 222,109,404 | 717,016 | 76,804,823 | — | — | — | — | |||||||||||||||||||||||||||
| Net change in net unrealized appreciation (depreciation) on investments, foreign currency translations, forward foreign currency exchange contracts, options and foreign capital gains tax | (845,555,574 | ) | 2,882,264,973 | 176,058,501 | 906,950,318 | (93,625,206 | ) | 306,146,936 | 501,577 | 13,943,403 | |||||||||||||||||||||||||
| Net change in net unrealized appreciation (depreciation) on affiliated investments, affiliated options and affiliated investment company shares | 112,546,165 | 742,076,449 | (2,478,330 | ) | (67,324,444 | ) | — | 392,095 | — | — | |||||||||||||||||||||||||
Net Increase in Net Assets from Operations | 503,279,623 | 5,253,827,868 | 497,283,563 | 1,534,210,779 | 40,967,904 | 463,470,090 | 32,568,013 | 48,249,582 | |||||||||||||||||||||||||||
Distributions to Shareholders From: | |||||||||||||||||||||||||||||||||||
Net investment income – Class A | — | (4,469,883 | ) | (229,697 | ) | (25,492,504 | ) | — | — | — | (995,831 | ) | |||||||||||||||||||||||
Net realized gain – Class A | (77,946,578 | ) | (242,979,462 | ) | (11,891,217 | ) | (42,739,072 | ) | (2,673,240 | ) | (16,332,703 | ) | (293,914 | ) | (5,217,634 | ) | |||||||||||||||||||
Net investment income – Class B | — | — | (2,163 | ) | (249,782 | ) | — | — | — | (6,430 | ) | ||||||||||||||||||||||||
Net realized gain – Class B | (294,913 | ) | (1,474,831 | ) | (112,050 | ) | (556,329 | ) | (5,502 | ) | (57,712 | ) | (2,621 | ) | (67,482 | ) | |||||||||||||||||||
Net investment income – Class C | — | — | (24,674 | ) | (1,667,787 | ) | — | — | — | (60,907 | ) | ||||||||||||||||||||||||
Net realized gain – Class C | (21,982,633 | ) | (65,282,509 | ) | (1,278,942 | ) | (4,540,816 | ) | (621,209 | ) | (3,645,977 | ) | (43,201 | ) | (740,564 | ) | |||||||||||||||||||
Net investment income – Class I | — | (44,509 | ) | (13,650 | ) | (1,200,147 | ) | — | — | — | (44 | ) | |||||||||||||||||||||||
Net realized gain – Class I | (1,015,658 | ) | (1,462,421 | ) | (707,504 | ) | (1,173,000 | ) | (34 | ) | (310 | ) | (10 | ) | (183 | ) | |||||||||||||||||||
Net investment income – Class R | — | — | (1,513 | ) | (88,738 | ) | — | — | — | — | |||||||||||||||||||||||||
Net realized gain – Class R | — | — | (78,401 | ) | (220,182 | ) | — | — | — | — | |||||||||||||||||||||||||
Net investment income – Class R4 | — | (39,853 | ) | (81,943 | ) | (5,132,184 | ) | — | — | — | (6,112 | ) | |||||||||||||||||||||||
Net realized gain – Class R4 | (2,115,560 | ) | (3,609,537 | ) | (4,192,267 | ) | (13,386,984 | ) | (96,791 | ) | (464,529 | ) | (3,285 | ) | (20,623 | ) | |||||||||||||||||||
Net investment income – Class R5 | — | (132,214 | ) | (74,479 | ) | (6,226,444 | ) | — | — | — | (15,307 | ) | |||||||||||||||||||||||
Net realized gain – Class R5 | (11,349,530 | ) | (24,670,758 | ) | (3,860,499 | ) | (11,061,862 | ) | (401,064 | ) | (450,508 | ) | (6,260 | ) | (50,485 | ) | |||||||||||||||||||
Net investment income – Class Y | — | (1,014,881 | ) | (40,747 | ) | (3,420,841 | ) | — | — | — | (202,646 | ) | |||||||||||||||||||||||
Net realized gain – Class Y | (23,245,366 | ) | (67,636,681 | ) | (2,112,036 | ) | (7,136,853 | ) | (411,787 | ) | (2,875,291 | ) | (57,130 | ) | (590,564 | ) | |||||||||||||||||||
Net investment income – Class Z | — | (15,891,591 | ) | (1,303,692 | ) | (155,452,351 | ) | — | — | — | (4,109,073 | ) | |||||||||||||||||||||||
Net realized gain – Class Z | (286,234,743 | ) | (900,665,248 | ) | (67,574,559 | ) | (249,192,931 | ) | (17,998,644 | ) | (117,566,025 | ) | (969,063 | ) | (18,050,611 | ) | |||||||||||||||||||
Total Distributions to Shareholders | (424,184,981 | ) | (1,329,374,378 | ) | (93,580,033 | ) | (528,938,807 | ) | (22,208,271 | ) | (141,393,055 | ) | (1,375,484 | ) | (30,134,496 | ) | |||||||||||||||||||
Share Transactions: | |||||||||||||||||||||||||||||||||||
Subscriptions – Class A | 244,380,675 | 557,145,668 | 133,312,563 | 388,100,963 | 15,103,684 | 45,008,746 | 7,948,139 | 25,343,455 | |||||||||||||||||||||||||||
Distributions reinvested – Class A | 73,602,159 | 233,381,519 | 11,747,372 | 65,876,765 | 2,465,094 | 15,114,156 | 287,794 | 6,095,501 | |||||||||||||||||||||||||||
Redemptions – Class A | (552,044,906 | ) | (858,688,706 | ) | (139,683,767 | ) | (530,170,862 | ) | (29,050,236 | ) | (44,053,671 | ) | (12,121,170 | ) | (35,337,785 | ) | |||||||||||||||||||
Net Increase (Decrease) – Class A | (234,062,072 | ) | (68,161,519 | ) | 5,376,168 | (76,193,134 | ) | (11,481,458 | ) | 16,069,231 | (3,885,237 | ) | (3,898,829 | ) | |||||||||||||||||||||
Distributions reinvested – Class B | 289,583 | 1,460,482 | 113,359 | 818,689 | 5,488 | 57,565 | 2,720 | 73,716 | |||||||||||||||||||||||||||
Redemptions – Class B | (7,718,248 | ) | (21,005,008 | ) | (3,893,575 | ) | (7,611,506 | ) | (225,775 | ) | (704,340 | ) | (304,272 | ) | (502,159 | ) | |||||||||||||||||||
Net Increase (Decrease) – Class B | (7,428,665 | ) | (19,544,526 | ) | (3,780,216 | ) | (6,792,817 | ) | (220,287 | ) | (646,775 | ) | (301,552 | ) | (428,443 | ) | |||||||||||||||||||
Subscriptions – Class C | 35,338,593 | 102,078,253 | 12,122,152 | 18,300,360 | 1,596,928 | 3,731,266 | 594,015 | 2,209,150 | |||||||||||||||||||||||||||
Distributions reinvested – Class C | 18,208,384 | 53,482,078 | 1,148,145 | 5,389,019 | 580,653 | 3,400,514 | 39,541 | 731,141 | |||||||||||||||||||||||||||
Redemptions – Class C | (81,322,780 | ) | (127,416,912 | ) | (9,424,829 | ) | (18,680,336 | ) | (3,359,387 | ) | (4,271,383 | ) | (1,103,127 | ) | (2,895,556 | ) | |||||||||||||||||||
Net Increase (Decrease) – Class C | (27,775,803 | ) | 28,143,419 | 3,845,468 | 5,009,043 | (1,181,806 | ) | 2,860,397 | (469,571 | ) | 44,735 | ||||||||||||||||||||||||
Subscriptions – Class I | 40,691,968 | 62,857,281 | 52,110,676 | 88,004,757 | — | — | — | — | |||||||||||||||||||||||||||
Distributions reinvested – Class I | 1,015,607 | 1,506,709 | 721,126 | 2,371,517 | — | — | — | — | |||||||||||||||||||||||||||
Redemptions – Class I | (34,518,663 | ) | (116,462,027 | ) | (44,412,154 | ) | (175,245,774 | ) | (1,200 | ) | — | (100 | ) | — | |||||||||||||||||||||
Net Increase (Decrease) – Class I | 7,188,912 | (52,098,037 | ) | 8,419,648 | (84,869,500 | ) | (1,200 | ) | — | (100 | ) | — | |||||||||||||||||||||||
(a) Class Y shares reflect activity for the period from June 13, 2013 (commencement of operations) through December 31, 2013.
(b) Class R4 shares reflect activity for the period June 25, 2014 (commencement of operations) through June 30, 2014.
See accompanying notes to financial statements.
96
| Columbia Acorn SelectSM | Columbia Thermostat FundSM | Columbia Acorn Emerging Markets FundSM | Columbia Acorn European FundSM | ||||||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets | (Unaudited) Six months ended June 30, | Year ended December 31, | (Unaudited) Six months ended June 30, | Year ended December 31, | (Unaudited) Six months ended June 30, | Year ended December 31, | (Unaudited) Six months ended June 30, | Year ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 (a) | 2014 (b) | 2013 | ||||||||||||||||||||||||||||
Operations: | |||||||||||||||||||||||||||||||||||
Net investment income (loss) | $ | (1,778,775 | ) | $ | (3,787,764 | ) | $ | 11,672,454 | $ | 21,177,510 | $ | 1,029,253 | $ | 1,192,356 | $ | 502,507 | $ | 16,515 | |||||||||||||||||
| Net realized gain (loss) on investments, foreign currency translations, forward foreign currency exchange contracts and foreign capital gains tax | 88,962,514 | 199,126,634 | — | — | (6,152,021 | ) | (5,903,007 | ) | (31,009 | ) | 290,295 | ||||||||||||||||||||||||
| Net realized gain (loss) on affiliated investments and distributions from affiliated investment company shares | (5,412,123 | ) | 1,096,550 | 12,557,458 | 87,967,259 | — | — | — | — | ||||||||||||||||||||||||||
| Net change in net unrealized appreciation (depreciation) on investments, foreign currency translations, forward foreign currency exchange contracts, options and foreign capital gains tax | (77,564,386 | ) | 59,584,538 | — | — | 25,709,789 | 30,064,776 | 565,344 | 3,148,647 | ||||||||||||||||||||||||||
| Net change in net unrealized appreciation (depreciation) on affiliated investments, affiliated options and affiliated investment company shares | 5,295,333 | 7,543,133 | 25,177,927 | (12,732,372 | ) | — | — | — | — | ||||||||||||||||||||||||||
Net Increase in Net Assets from Operations | 9,502,563 | 263,563,091 | 49,407,839 | �� | 96,412,397 | 20,587,021 | 25,354,125 | 1,036,842 | 3,455,457 | ||||||||||||||||||||||||||
Distributions to Shareholders From: | |||||||||||||||||||||||||||||||||||
Net investment income – Class A | — | (779,067 | ) | (404,684 | ) | (8,405,645 | ) | (155,386 | ) | (982,830 | ) | (13,158 | ) | (19,726 | ) | ||||||||||||||||||||
Net realized gain – Class A | (15,535,596 | ) | (74,628,738 | ) | (2,119,498 | ) | (24,911,710 | ) | — | — | (169,484 | ) | (17,284 | ) | |||||||||||||||||||||
Net investment income – Class B | — | — | (1,295 | ) | (26,642 | ) | — | — | — | — | |||||||||||||||||||||||||
Net realized gain – Class B | (105,832 | ) | (860,295 | ) | (6,784 | ) | (109,193 | ) | — | — | — | — | |||||||||||||||||||||||
Net investment income – Class C | — | — | (338,331 | ) | (3,912,583 | ) | — | — | — | — | |||||||||||||||||||||||||
Net realized gain – Class C | (3,326,404 | ) | (15,474,668 | ) | (1,772,209 | ) | (20,870,877 | ) | — | — | (21,838 | ) | (1,176 | ) | |||||||||||||||||||||
Net investment income – Class I | — | (134,582 | ) | — | — | (2 | ) | (63 | ) | (1 | ) | (31 | ) | ||||||||||||||||||||||
Net realized gain – Class I | (1,583,504 | ) | (3,544,269 | ) | — | — | — | — | (13 | ) | (8 | ) | |||||||||||||||||||||||
Net investment income – Class R | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Net realized gain – Class R | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Net investment income – Class R4 | — | (361 | ) | (15,132 | ) | (279,538 | ) | (8,859 | ) | (121,494 | ) | — | — | ||||||||||||||||||||||
Net realized gain – Class R4 | (75,426 | ) | (146,391 | ) | (79,258 | ) | (732,207 | ) | — | — | — | — | |||||||||||||||||||||||
Net investment income – Class R5 | — | (2,205 | ) | (2,475 | ) | (17,560 | ) | (14,427 | ) | (121,239 | ) | (1,111 | ) | (5,749 | ) | ||||||||||||||||||||
Net realized gain – Class R5 | (519,018 | ) | (2,031,137 | ) | (12,966 | ) | (45,621 | ) | — | — | (14,316 | ) | (1,913 | ) | |||||||||||||||||||||
Net investment income – Class Y | — | (184 | ) | (330 | ) | (55 | ) | (2 | ) | (27 | ) | — | — | ||||||||||||||||||||||
Net realized gain – Class Y | (195,596 | ) | (819,712 | ) | (1,726 | ) | (133 | ) | — | — | — | — | |||||||||||||||||||||||
Net investment income – Class Z | — | (2,355,271 | ) | (290,874 | ) | (7,145,972 | ) | (140,049 | ) | (1,332,785 | ) | (6,339 | ) | (15,666 | ) | ||||||||||||||||||||
Net realized gain – Class Z | (18,560,720 | ) | (101,354,640 | ) | (1,523,569 | ) | (18,354,791 | ) | — | — | (81,656 | ) | (4,486 | ) | |||||||||||||||||||||
Total Distributions to Shareholders | (39,902,096 | ) | (202,131,520 | ) | (6,569,131 | ) | (84,812,527 | ) | (318,725 | ) | (2,558,438 | ) | (307,916 | ) | (66,039 | ) | |||||||||||||||||||
Share Transactions: | |||||||||||||||||||||||||||||||||||
Subscriptions – Class A | 12,548,114 | 65,389,229 | 63,184,725 | 269,301,297 | 96,557,867 | 179,677,591 | 23,892,601 | 19,592,036 | |||||||||||||||||||||||||||
Distributions reinvested – Class A | 14,483,688 | 70,987,772 | 2,290,871 | 30,672,808 | 154,739 | 978,630 | 181,608 | 31,783 | |||||||||||||||||||||||||||
Redemptions – Class A | (42,915,964 | ) | (88,198,756 | ) | (90,865,840 | ) | (113,768,855 | ) | (28,957,922 | ) | (16,017,690 | ) | (6,512,388 | ) | (3,060,376 | ) | |||||||||||||||||||
Net Increase (Decrease) – Class A | (15,884,162 | ) | 48,178,245 | (25,390,244 | ) | 186,205,250 | 67,754,684 | 164,638,531 | 17,561,821 | 16,563,443 | |||||||||||||||||||||||||
Distributions reinvested – Class B | 103,655 | 857,139 | 8,026 | 134,520 | — | — | — | — | |||||||||||||||||||||||||||
Redemptions – Class B | (1,213,218 | ) | (8,581,439 | ) | (776,322 | ) | (2,504,093 | ) | — | — | — | — | |||||||||||||||||||||||
Net Increase (Decrease) – Class B | (1,109,563 | ) | (7,724,300 | ) | (768,296 | ) | (2,369,573 | ) | — | — | — | — | |||||||||||||||||||||||
Subscriptions – Class C | 1,733,343 | 4,254,216 | 38,469,915 | 215,445,550 | 13,410,644 | 30,902,660 | 3,584,679 | 1,250,413 | |||||||||||||||||||||||||||
Distributions reinvested – Class C | 2,749,374 | 12,694,116 | 1,608,548 | 18,856,243 | — | — | 21,837 | 1,175 | |||||||||||||||||||||||||||
Redemptions – Class C | (6,706,917 | ) | (14,117,603 | ) | (64,822,214 | ) | (60,357,649 | ) | (1,776,529 | ) | (732,599 | ) | (281,168 | ) | (56,761 | ) | |||||||||||||||||||
Net Increase (Decrease) – Class C | (2,224,200 | ) | 2,830,729 | (24,743,751 | ) | 173,944,144 | 11,634,115 | 30,170,061 | 3,325,348 | 1,194,827 | |||||||||||||||||||||||||
Subscriptions – Class I | 26,817,505 | 41,439,706 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Distributions reinvested – Class I | 1,583,383 | 3,678,143 | — | — | — | 63 | 14 | 39 | |||||||||||||||||||||||||||
Redemptions – Class I | (22,327,800 | ) | (77,746,294 | ) | — | — | (4,198 | ) | — | (5,500 | ) | — | |||||||||||||||||||||||
Net Increase (Decrease) – Class I | 6,073,088 | (32,628,445 | ) | — | — | (4,198 | ) | 63 | (5,486 | ) | 39 | ||||||||||||||||||||||||
See accompanying notes to financial statements.
97
Columbia Acorn Family of Funds
Statements of Changes in Net Assets, continued
| Columbia Acorn® Fund | Columbia Acorn International® | Columbia Acorn USA® | Columbia Acorn International SelectSM | ||||||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets | (Unaudited) Six months ended June 30, | Year ended December 31, | (Unaudited) Six months ended June 30, | Year ended December 31, | (Unaudited) Six months ended June 30, | Year ended December 31, | (Unaudited) Six months ended June 30, | Year ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Subscriptions – Class R | — | — | 2,514,432 | 3,579,789 | — | — | — | — | |||||||||||||||||||||||||||
Distributions reinvested – Class R | — | — | 74,179 | 280,476 | — | — | — | — | |||||||||||||||||||||||||||
Redemptions – Class R | — | — | (1,258,044 | ) | (1,384,671 | ) | — | — | — | — | |||||||||||||||||||||||||
Net Increase – Class R | — | — | 1,330,567 | 2,475,594 | — | — | — | — | |||||||||||||||||||||||||||
Subscriptions – Class R4 | 43,526,667 | 70,679,921 | 88,101,921 | 346,765,044 | 1,365,512 | 6,157,899 | 494,105 | 383,885 | |||||||||||||||||||||||||||
Distributions reinvested – Class R4 | 2,115,560 | 3,598,586 | 4,253,646 | 18,510,730 | 96,791 | 463,030 | 3,274 | 25,563 | |||||||||||||||||||||||||||
Redemptions – Class R4 | (12,917,193 | ) | (5,189,707 | ) | (49,153,198 | ) | (7,666,126 | ) | (471,331 | ) | (397,344 | ) | (79,839 | ) | (158 | ) | |||||||||||||||||||
Net Increase – Class R4 | 32,725,034 | 69,088,800 | 43,202,369 | 357,609,648 | 990,972 | 6,223,585 | 417,540 | 409,290 | |||||||||||||||||||||||||||
Subscriptions – Class R5 | 112,065,818 | 491,001,376 | 114,563,564 | 285,865,026 | 25,267,158 | 5,875,204 | 724,214 | 959,653 | |||||||||||||||||||||||||||
Distributions reinvested – Class R5 | 11,176,026 | 24,452,455 | 3,934,172 | 17,278,109 | 401,030 | 450,258 | 6,249 | 65,594 | |||||||||||||||||||||||||||
Redemptions – Class R5 | (52,414,438 | ) | (47,781,358 | ) | (28,310,933 | ) | (47,512,031 | ) | (1,488,066 | ) | (553,703 | ) | (120,890 | ) | (79,732 | ) | |||||||||||||||||||
Net Increase (Decrease) – Class R5 | 70,827,406 | 467,672,473 | 90,186,803 | 255,631,104 | 24,180,122 | 5,771,759 | 609,573 | 945,515 | |||||||||||||||||||||||||||
Subscriptions – Class Y | 112,930,782 | 1,048,816,289 | 55,057,014 | 165,373,208 | 20,482,423 | 44,461,461 | 1,458,389 | 13,106,279 | |||||||||||||||||||||||||||
Distributions reinvested – Class Y | 23,245,366 | 68,651,368 | 2,152,783 | 8,485,714 | 411,754 | 2,875,042 | 57,120 | 793,011 | |||||||||||||||||||||||||||
Redemptions – Class Y | (194,520,258 | ) | (76,908,863 | ) | (9,604,820 | ) | (60,678,159 | ) | (36,284,523 | ) | (321,655 | ) | (610,692 | ) | (353,711 | ) | |||||||||||||||||||
Net Increase (Decrease) – Class Y | (58,344,110 | ) | 1,040,558,794 | 47,604,977 | 113,180,763 | (15,390,346 | ) | 47,014,848 | 904,817 | 13,545,579 | |||||||||||||||||||||||||
Subscriptions – Class Z | 488,721,463 | 1,365,381,996 | 404,120,768 | 952,243,095 | 56,076,356 | 192,666,998 | 17,023,864 | 56,693,525 | |||||||||||||||||||||||||||
Distributions reinvested – Class Z | 249,007,552 | 797,203,097 | 53,309,832 | 317,702,278 | 15,832,877 | 102,958,421 | 580,482 | 12,763,349 | |||||||||||||||||||||||||||
Redemptions – Class Z | (1,698,664,423 | ) | (3,725,592,700 | ) | (540,362,376 | ) | (1,257,745,052 | ) | (227,535,266 | ) | (494,803,769 | ) | (46,768,335 | ) | (122,754,727 | ) | |||||||||||||||||||
Net Increase (Decrease) – Class Z | (960,935,408 | ) | (1,563,007,607 | ) | (82,931,776 | ) | 12,200,321 | (155,626,033 | ) | (199,178,350 | ) | (29,163,989 | ) | (53,297,853 | ) | ||||||||||||||||||||
Net Increase (Decrease) from Share Transactions | (1,177,804,706 | ) | (97,348,203 | ) | 113,254,008 | 578,251,022 | (158,730,036 | ) | (121,885,305 | ) | (31,888,519 | ) | (42,680,006 | ) | |||||||||||||||||||||
Total Increase (Decrease) in Net Assets | (1,098,710,064 | ) | 3,827,105,287 | 516,957,538 | 1,583,522,994 | (139,970,403 | ) | 200,191,730 | (695,990 | ) | (24,564,920 | ) | |||||||||||||||||||||||
Net Assets: | |||||||||||||||||||||||||||||||||||
Beginning of period | 21,350,971,198 | 17,523,865,911 | 8,327,320,600 | 6,743,797,606 | 1,800,286,403 | 1,600,094,673 | 355,889,134 | 380,454,054 | |||||||||||||||||||||||||||
End of period | $ | 20,252,261,134 | $ | 21,350,971,198 | $ | 8,844,278,138 | $ | 8,327,320,600 | $ | 1,660,316,000 | $ | 1,800,286,403 | $ | 355,193,144 | $ | 355,889,134 | |||||||||||||||||||
Undistributed (Overdistributed) net investment income (loss) | $ | (33,332,414 | ) | $ | (36,590,606 | ) | $ | (60,494,138 | ) | $ | (119,307,605 | ) | $ | (3,666,614 | ) | $ | (286,857 | ) | $ | (10,246,547 | ) | $ | (12,664,698 | ) | |||||||||||
(a) Class Y shares reflect activity for the period from June 13, 2013 (commencement of operations) through December 31, 2013.
(b) Class R4 shares reflect activity for the period June 25, 2014 (commencement of operations) through June 30, 2014.
See accompanying notes to financial statements.
98
| Columbia Acorn SelectSM | Columbia Thermostat FundSM | Columbia Acorn Emerging Markets FundSM | Columbia Acorn European FundSM | ||||||||||||||||||||||||||||||||
Increase (Decrease) in Net Assets | (Unaudited) Six months ended June 30, | Year ended December 31, | (Unaudited) Six months ended June 30, | Year ended December 31, | (Unaudited) Six months ended June 30, | Year ended December 31, | (Unaudited) Six months ended June 30, | Year ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 (a) | 2014 (b) | 2013 | ||||||||||||||||||||||||||||
Subscriptions – Class R | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Distributions reinvested – Class R | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Redemptions – Class R | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Net Increase – Class R | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Subscriptions – Class R4 | 398,127 | 1,409,186 | 5,594,579 | 16,841,816 | 2,557,486 | 13,932,169 | 2,500 | — | |||||||||||||||||||||||||||
Distributions reinvested – Class R4 | 75,426 | 142,707 | 94,374 | 1,010,634 | 8,857 | 121,336 | — | — | |||||||||||||||||||||||||||
Redemptions – Class R4 | (244,131 | ) | (144,546 | ) | (1,655,851 | ) | (2,678,147 | ) | (2,137,289 | ) | (1,223,601 | ) | — | — | |||||||||||||||||||||
Net Increase – Class R4 | 229,422 | 1,407,347 | 4,033,102 | 15,174,303 | 429,054 | 12,829,904 | 2,500 | — | |||||||||||||||||||||||||||
Subscriptions – Class R5 | 1,067,675 | 10,681,076 | 2,317,982 | 1,172,670 | 11,984,580 | 13,005,283 | 2,999,832 | 1,696,121 | |||||||||||||||||||||||||||
Distributions reinvested – Class R5 | 518,897 | 2,032,665 | 15,441 | 62,995 | 14,427 | 121,213 | 15,415 | 7,648 | |||||||||||||||||||||||||||
Redemptions – Class R5 | (2,138,849 | ) | (532,781 | ) | (254,708 | ) | (221,359 | ) | (2,798,246 | ) | (155,394 | ) | (1,286,807 | ) | (51,126 | ) | |||||||||||||||||||
Net Increase (Decrease) – Class R5 | (552,277 | ) | 12,180,960 | 2,078,715 | 1,014,306 | 9,200,761 | 12,971,102 | 1,728,440 | 1,652,643 | ||||||||||||||||||||||||||
Subscriptions – Class Y | 318,405 | 4,652,097 | 420,908 | — | — | 2,500 | — | — | |||||||||||||||||||||||||||
Distributions reinvested – Class Y | 195,475 | 819,220 | 2,042 | — | — | — | — | — | |||||||||||||||||||||||||||
Redemptions – Class Y | (1,052,474 | ) | (557,993 | ) | (25,310 | ) | — | (200 | ) | — | — | — | |||||||||||||||||||||||
Net Increase (Decrease) – Class Y | (538,594 | ) | 4,913,324 | 397,640 | — | (200 | ) | 2,500 | — | — | |||||||||||||||||||||||||
Subscriptions – Class Z | 20,026,994 | 46,215,005 | 58,937,081 | 241,074,077 | 84,832,187 | 173,769,882 | 13,773,920 | 1,188,594 | |||||||||||||||||||||||||||
Distributions reinvested – Class Z | 13,932,744 | 71,082,424 | 1,142,164 | 15,861,661 | 130,705 | 1,254,500 | 87,595 | 19,797 | |||||||||||||||||||||||||||
Redemptions – Class Z | (76,423,470 | ) | (311,970,231 | ) | (98,375,557 | ) | (180,321,598 | ) | (34,095,422 | ) | (14,317,387 | ) | (638,056 | ) | (502,271 | ) | |||||||||||||||||||
Net Increase (Decrease) – Class Z | (42,463,732 | ) | (194,672,802 | ) | (38,296,312 | ) | 76,614,140 | 50,867,470 | 160,706,995 | 13,223,459 | 706,120 | ||||||||||||||||||||||||
Net Increase (Decrease) from Share Transactions | (56,470,018 | ) | (165,514,942 | ) | (82,689,146 | ) | 450,582,570 | 139,881,686 | 381,319,156 | 35,836,082 | 20,117,072 | ||||||||||||||||||||||||
Total Increase (Decrease) in Net Assets | (86,869,551 | ) | (104,083,371 | ) | (39,850,438 | ) | 462,182,440 | 160,149,982 | 404,114,843 | 36,565,008 | 23,506,490 | ||||||||||||||||||||||||
Net Assets: | |||||||||||||||||||||||||||||||||||
Beginning of period | 861,543,543 | 965,626,914 | 1,336,805,137 | 874,622,697 | 414,704,654 | 10,589,811 | 26,784,525 | 3,278,035 | |||||||||||||||||||||||||||
End of period | $ | 774,673,992 | $ | 861,543,543 | $ | 1,296,954,699 | $ | 1,336,805,137 | $ | 574,854,636 | $ | 414,704,654 | $ | 63,349,533 | $ | 26,784,525 | |||||||||||||||||||
Undistributed (Overdistributed) net investment income (loss) | $ | (2,229,402 | ) | $ | (450,627 | ) | $ | 11,340,090 | $ | 720,757 | $ | (660,703 | ) | $ | (1,371,231 | ) | $ | 455,690 | $ | (26,208 | ) | ||||||||||||||
See accompanying notes to financial statements.
99
Columbia Acorn Family of Funds
Statements of Changes in Net Assets, continued
| Columbia Acorn® Fund | Columbia Acorn International® | Columbia Acorn USA® | Columbia Acorn International SelectSM | ||||||||||||||||||||||||||||||||
Changes in Shares of Beneficial Interest: | (Unaudited) Six months ended June 30, | Year ended December 31, | (Unaudited) Six months ended June 30, | Year ended December 31, | (Unaudited) Six months ended June 30, | Year ended December 31, | (Unaudited) Six months ended June 30, | Year ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 | 2014 | 2013 | ||||||||||||||||||||||||||||
Subscriptions – Class A | 6,899,859 | 16,772,784 | 2,845,263 | 8,721,860 | 445,720 | 1,394,169 | 285,461 | 953,061 | |||||||||||||||||||||||||||
Shares issued in reinvestment and capital gains – Class A | 2,137,733 | 6,939,430 | 245,915 | 1,475,191 | 74,950 | 468,483 | 10,126 | 233,959 | |||||||||||||||||||||||||||
Less shares redeemed – Class A | (15,642,054 | ) | (25,665,267 | ) | (2,982,638 | ) | (11,526,833 | ) | (859,891 | ) | (1,355,276 | ) | (437,457 | ) | (1,336,213 | ) | |||||||||||||||||||
Net Increase (Decrease) – Class A | (6,604,462 | ) | (1,953,053 | ) | 108,540 | (1,329,782 | ) | (339,221 | ) | 507,376 | (141,870 | ) | (149,193 | ) | |||||||||||||||||||||
Shares issued in reinvestment and capital gains – Class B | 9,378 | 48,181 | 2,451 | 18,918 | 188 | 1,984 | 100 | 2,974 | |||||||||||||||||||||||||||
Less shares redeemed – Class B | (242,692 | ) | (705,007 | ) | (85,871 | ) | (178,171 | ) | (7,366 | ) | (24,425 | ) | (11,561 | ) | (20,013 | ) | |||||||||||||||||||
Net Increase (Decrease) – Class B | (233,314 | ) | (656,826 | ) | (83,420 | ) | (159,253 | ) | (7,178 | ) | (22,441 | ) | (11,461 | ) | (17,039 | ) | |||||||||||||||||||
Subscriptions – Class C | 1,135,133 | 3,426,567 | 268,298 | 425,390 | 53,145 | 128,459 | 22,847 | 88,935 | |||||||||||||||||||||||||||
Shares issued in reinvestment and capital gains – Class C | 601,532 | 1,792,288 | 24,971 | 124,854 | 19,974 | 118,609 | 1,480 | 29,744 | |||||||||||||||||||||||||||
Less shares redeemed – Class C | (2,609,169 | ) | (4,279,659 | ) | (208,868 | ) | (436,255 | ) | (111,218 | ) | (147,379 | ) | (42,490 | ) | (115,611 | ) | |||||||||||||||||||
Net Increase (Decrease) – Class C | (872,504 | ) | 939,196 | 84,401 | 113,989 | (38,099 | ) | 99,689 | (18,163 | ) | 3,068 | ||||||||||||||||||||||||
Subscriptions – Class I | 1,126,645 | 1,885,590 | 1,120,067 | 2,038,998 | — | — | — | — | |||||||||||||||||||||||||||
Shares issued in reinvestment and capital gains – Class I | 28,172 | 43,283 | 15,045 | 53,236 | — | — | — | — | |||||||||||||||||||||||||||
Less shares redeemed – Class I | (922,475 | ) | (3,308,111 | ) | (926,636 | ) | (3,848,404 | ) | (33 | ) | — | (4 | ) | — | |||||||||||||||||||||
Net Increase (Decrease) – Class I | 232,342 | (1,379,238 | ) | 208,476 | (1,756,170 | ) | (33 | ) | — | (4 | ) | — | |||||||||||||||||||||||
Subscriptions – Class R | — | — | 54,040 | 81,299 | — | — | — | — | |||||||||||||||||||||||||||
Shares issued in reinvestment and capital gains – Class R | — | — | 1,556 | 6,268 | — | — | — | — | |||||||||||||||||||||||||||
Less shares redeemed – Class R | — | — | (27,007 | ) | (31,263 | ) | — | — | — | — | |||||||||||||||||||||||||
Net Increase – Class R | — | — | 28,589 | 56,304 | — | — | — | — | |||||||||||||||||||||||||||
Subscriptions – Class R4 | 1,167,324 | 1,998,028 | 1,861,744 | 7,323,105 | 37,805 | 173,989 | 17,620 | 13,801 | |||||||||||||||||||||||||||
Shares issued in reinvestment and capital gains – Class R4 | 57,881 | 100,520 | 88,287 | 408,790 | 2,744 | 13,409 | 113 | 962 | |||||||||||||||||||||||||||
Less shares redeemed – Class R4 | (346,219 | ) | (140,805 | ) | (1,047,111 | ) | (163,652 | ) | (13,057 | ) | (11,660 | ) | (2,840 | ) | (6 | ) | |||||||||||||||||||
Net Increase – Class R4 | 878,986 | 1,957,743 | 902,920 | 7,568,243 | 27,492 | 175,738 | 14,893 | 14,757 | |||||||||||||||||||||||||||
Subscriptions – Class R5 | 2,991,190 | 13,752,426 | 2,451,920 | 6,528,156 | 700,743 | 167,928 | 26,061 | 35,393 | |||||||||||||||||||||||||||
Shares issued in reinvestment and capital gains – Class R5 | 305,606 | 680,831 | 82,184 | 385,664 | 11,374 | 13,045 | 216 | 2,472 | |||||||||||||||||||||||||||
Less shares redeemed – Class R5 | (1,401,513 | ) | (1,319,787 | ) | (604,556 | ) | (1,038,451 | ) | (41,441 | ) | (14,967 | ) | (4,281 | ) | (2,971 | ) | |||||||||||||||||||
Net Increase (Decrease) – Class R5 | 1,895,283 | 13,113,470 | 1,929,548 | 5,875,369 | 670,676 | 166,006 | 21,996 | 34,894 | |||||||||||||||||||||||||||
Subscriptions – Class Y | 3,013,382 | 30,418,210 | 1,154,538 | 3,692,396 | 553,638 | 1,250,341 | 51,474 | 470,106 | |||||||||||||||||||||||||||
Shares issued in reinvestment and capital gains – Class Y | 634,946 | 1,921,971 | 44,636 | 187,806 | 11,655 | 83,147 | 1,976 | 29,869 | |||||||||||||||||||||||||||
Less shares redeemed – Class Y | (5,142,881 | ) | (2,138,695 | ) | (203,404 | ) | (1,329,828 | ) | (1,020,257 | ) | (8,744 | ) | (22,399 | ) | (12,731 | ) | |||||||||||||||||||
Net Increase (Decrease) – Class Y | (1,494,553 | ) | 30,201,486 | 995,770 | 2,550,374 | (454,964 | ) | 1,324,744 | 31,051 | 487,244 | |||||||||||||||||||||||||
Subscriptions – Class Z | 13,251,282 | 39,991,834 | 8,598,810 | 21,587,060 | 1,572,360 | 5,769,866 | 607,687 | 2,139,566 | |||||||||||||||||||||||||||
Shares issued in reinvestment and capital gains – Class Z | 6,918,798 | 22,754,352 | 1,113,169 | 7,096,454 | 457,201 | 3,036,499 | 20,184 | 484,755 | |||||||||||||||||||||||||||
Less shares redeemed – Class Z | (46,061,687 | ) | (107,868,830 | ) | (11,540,427 | ) | (28,414,984 | ) | (6,387,017 | ) | (15,174,383 | ) | (1,660,639 | ) | (4,625,116 | ) | |||||||||||||||||||
Net Increase (Decrease) – Class Z | (25,891,607 | ) | (45,122,644 | ) | (1,828,448 | ) | 268,530 | (4,357,456 | ) | (6,368,018 | ) | (1,032,768 | ) | (2,000,795 | ) | ||||||||||||||||||||
Net Increase (Decrease) in Shares of Beneficial Interest | (32,089,829 | ) | (2,899,866 | ) | 2,346,376 | 13,187,604 | (4,498,783 | ) | (4,116,906 | ) | (1,136,326 | ) | (1,627,064 | ) | |||||||||||||||||||||
(a) Class Y shares reflect activity for the period from June 13, 2013 (commencement of operations) through December 31, 2013.
(b) Class R4 shares reflect activity for the period June 25, 2014 (commencement of operations) through June 30, 2014.
See accompanying notes to financial statements.
100
| Columbia Acorn SelectSM | Columbia Thermostat FundSM | Columbia Acorn Emerging Markets FundSM | Columbia Acorn European FundSM | ||||||||||||||||||||||||||||||||
Changes in Shares of Beneficial Interest: | (Unaudited) Six months ended June 30, | Year ended December 31, | (Unaudited) Six months ended June 30, | Year ended December 31, | (Unaudited) Six months ended June 30, | Year ended December 31, | (Unaudited) Six months ended June 30, | Year ended December 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2014 | 2013 (a) | 2014 (b) | 2013 | ||||||||||||||||||||||||||||
Subscriptions – Class A | 501,493 | 2,409,551 | 4,252,216 | 17,981,201 | 7,357,840 | 14,185,095 | 1,513,035 | 1,389,036 | |||||||||||||||||||||||||||
Shares issued in reinvestment and capital gains – Class A | 599,739 | 2,880,725 | 153,133 | 2,106,160 | 11,378 | 75,048 | 11,351 | 2,142 | |||||||||||||||||||||||||||
Less shares redeemed – Class A | (1,709,109 | ) | (3,250,484 | ) | (6,121,876 | ) | (7,527,423 | ) | (2,206,901 | ) | (1,269,880 | ) | (417,794 | ) | (212,961 | ) | |||||||||||||||||||
Net Increase (Decrease) – Class A | (607,877 | ) | 2,039,792 | (1,716,527 | ) | 12,559,938 | 5,162,317 | 12,990,263 | 1,106,592 | 1,178,217 | |||||||||||||||||||||||||
Shares issued in reinvestment and capital gains – Class B | 4,862 | 38,348 | 534 | 9,173 | — | — | — | — | |||||||||||||||||||||||||||
Less shares redeemed – Class B | (54,322 | ) | (346,271 | ) | (52,103 | ) | (166,345 | ) | — | — | — | — | |||||||||||||||||||||||
Net Increase (Decrease) – Class B | (49,460 | ) | (307,923 | ) | (51,569 | ) | (157,172 | ) | — | — | — | — | |||||||||||||||||||||||
Subscriptions – Class C | 79,494 | 184,785 | 2,582,576 | 14,371,325 | 1,021,054 | 2,457,588 | 229,104 | 86,894 | |||||||||||||||||||||||||||
Shares issued in reinvestment and capital gains – Class C | 131,047 | 583,469 | 107,094 | 1,285,939 | — | — | 1,380 | 80 | |||||||||||||||||||||||||||
Less shares redeemed – Class C | (306,235 | ) | (577,080 | ) | (4,349,122 | ) | (3,977,289 | ) | (135,071 | ) | (58,728 | ) | (17,994 | ) | (4,470 | ) | |||||||||||||||||||
Net Increase (Decrease) – Class C | (95,694 | ) | 191,174 | (1,659,452 | ) | 11,679,975 | 885,983 | 2,398,860 | 212,490 | 82,504 | |||||||||||||||||||||||||
Subscriptions – Class I | 1,027,233 | 1,503,059 | — | — | — | — | — | — | |||||||||||||||||||||||||||
Shares issued in reinvestment and capital gains – Class I | 62,289 | 141,436 | — | — | — | 5 | 1 | 3 | |||||||||||||||||||||||||||
Less shares redeemed – Class I | (848,528 | ) | (2,658,803 | ) | — | — | (313 | ) | — | (346 | ) | — | |||||||||||||||||||||||
Net Increase (Decrease) – Class I | 240,994 | (1,014,308 | ) | — | — | (313 | ) | 5 | (345 | ) | 3 | ||||||||||||||||||||||||
Subscriptions – Class R | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Shares issued in reinvestment and capital gains – Class R | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Less shares redeemed – Class R | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Net Increase – Class R | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
Subscriptions – Class R4 | 14,783 | 49,613 | 379,596 | 1,120,984 | 193,872 | 1,090,642 | 158 | — | |||||||||||||||||||||||||||
Shares issued in reinvestment and capital gains – Class R4 | 2,925 | 5,524 | 6,351 | 69,981 | 645 | 9,227 | — | — | |||||||||||||||||||||||||||
Less shares redeemed – Class R4 | (9,139 | ) | (4,872 | ) | (112,588 | ) | (179,054 | ) | (160,347 | ) | (93,939 | ) | — | — | |||||||||||||||||||||
Net Increase – Class R4 | 8,569 | 50,265 | 273,359 | 1,011,911 | 34,170 | 1,005,930 | 158 | — | |||||||||||||||||||||||||||
Subscriptions – Class R5 | 39,983 | 381,566 | 155,897 | 77,722 | 900,890 | 1,013,748 | 187,375 | 122,328 | |||||||||||||||||||||||||||
Shares issued in reinvestment and capital gains – Class R5 | 20,112 | 78,762 | 1,038 | 4,359 | 1,051 | 9,225 | 954 | 511 | |||||||||||||||||||||||||||
Less shares redeemed – Class R5 | (79,042 | ) | (19,370 | ) | (17,380 | ) | (14,647 | ) | (210,526 | ) | (12,077 | ) | (80,578 | ) | (3,541 | ) | |||||||||||||||||||
Net Increase (Decrease) – Class R5 | (18,947 | ) | 440,958 | 139,555 | 67,434 | 691,415 | 1,010,896 | 107,751 | 119,298 | ||||||||||||||||||||||||||
Subscriptions – Class Y | 11,813 | 164,585 | 28,700 | — | — | 205 | — | — | |||||||||||||||||||||||||||
Shares issued in reinvestment and capital gains – Class Y | 7,553 | 31,675 | 137 | — | — | — | — | — | |||||||||||||||||||||||||||
Less shares redeemed – Class Y | (39,127 | ) | (18,601 | ) | (1,711 | ) | — | (15 | ) | — | — | — | |||||||||||||||||||||||
Net Increase (Decrease) – Class Y | (19,761 | ) | 177,659 | 27,126 | — | (15 | ) | 205 | — | — | |||||||||||||||||||||||||
Subscriptions – Class Z | 756,997 | 1,677,809 | 4,032,036 | 16,316,167 | 6,463,345 | 13,732,748 | 870,647 | 85,515 | |||||||||||||||||||||||||||
Shares issued in reinvestment and capital gains – Class Z | 550,266 | 2,759,330 | 77,225 | 1,102,717 | 9,583 | 96,057 | 5,468 | 1,334 | |||||||||||||||||||||||||||
Less shares redeemed – Class Z | (2,907,745 | ) | (11,254,870 | ) | (6,729,192 | ) | (12,064,146 | ) | (2,622,105 | ) | (1,131,598 | ) | (41,015 | ) | (37,709 | ) | |||||||||||||||||||
Net Increase (Decrease) – Class Z | (1,600,482 | ) | (6,817,731 | ) | (2,619,931 | ) | 5,354,738 | 3,850,823 | 12,697,207 | 835,100 | 49,140 | ||||||||||||||||||||||||
Net Increase (Decrease) in Shares of Beneficial Interest | (2,142,658 | ) | (5,240,114 | ) | (5,607,439 | ) | 30,516,824 | 10,624,380 | 30,103,366 | 2,261,746 | 1,429,162 | ||||||||||||||||||||||||
See accompanying notes to financial statements.
101
Columbia Acorn Family of Funds
Financial Highlights
The following tables are intended to help you understand the Fund's financial performance. Certain information reflects financial results for a single share of a class held for the periods shown. Per share net investment income (loss) amounts are calculated based on average shares outstanding during the period. Total return assumes reinvestment of all dividends and distributions, if any. Total return does not reflect payment of sales charges, if any. Total return and portfolio turnover are not annualized for periods of less than one year. The portfolio turnover rate is calculated without regard to purchase and sales transactions of short-term instruments and certain derivatives, if any. If such transactions were included, the Fund's portfolio turnover rate may be higher.
Columbia Acorn® Fund
Income from Investment Operations | Less Distributions to Shareholders | ||||||||||||||||||||||||||||||||||
| (Selected data for a share outstanding throughout each period) | Net Asset Value, Beginning of Period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Net investment income | Net realized gains | Total Distributions to Shareholders | Increase from regulatory settlements | |||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 35.78 | (0.03 | ) | 0.88 | 0.85 | — | (0.77 | ) | (0.77 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 29.36 | (0.06 | ) | 8.84 | 8.78 | (0.04 | ) | (2.32 | ) | (2.36 | ) | — | ||||||||||||||||||||||
Year Ended December 31, 2012 | $ | 26.63 | 0.08 | 4.53 | 4.61 | (0.06 | ) | (1.82 | ) | (1.88 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2011 | $ | 29.24 | (0.10 | ) | (1.30 | ) | (1.40 | ) | (0.02 | ) | (1.19 | ) | (1.21 | ) | — | ||||||||||||||||||||
Year Ended December 31, 2010 | $ | 23.98 | (0.06 | ) | 6.18 | 6.12 | (0.02 | ) | (0.84 | ) | (0.86 | ) | 0.00 | (d) | |||||||||||||||||||||
Year Ended December 31, 2009 | $ | 17.22 | (0.02 | ) | 6.78 | 6.76 | — | — | — | 0.00 | (d) | ||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 32.25 | (0.13 | ) | 0.79 | 0.66 | — | (0.77 | ) | (0.77 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 26.80 | (0.25 | ) | 8.02 | 7.77 | — | (2.32 | ) | (2.32 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2012 | $ | 24.53 | (0.11 | ) | 4.20 | 4.09 | — | (1.82 | ) | (1.82 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2011 | $ | 27.14 | (0.27 | ) | (1.15 | ) | (1.42 | ) | — | (1.19 | ) | (1.19 | ) | — | |||||||||||||||||||||
Year Ended December 31, 2010 | $ | 22.43 | (0.21 | ) | 5.76 | 5.55 | — | (0.84 | ) | (0.84 | ) | 0.00 | (d) | ||||||||||||||||||||||
Year Ended December 31, 2009 | $ | 16.21 | (0.14 | ) | 6.36 | 6.22 | — | — | — | 0.00 | (d) | ||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 31.64 | (0.13 | ) | 0.77 | 0.64 | — | (0.77 | ) | (0.77 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 26.34 | (0.26 | ) | 7.88 | 7.62 | — | (2.32 | ) | (2.32 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2012 | $ | 24.18 | (0.12 | ) | 4.10 | 3.98 | — | (1.82 | ) | (1.82 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2011 | $ | 26.85 | (0.29 | ) | (1.19 | ) | (1.48 | ) | — | (1.19 | ) | (1.19 | ) | — | |||||||||||||||||||||
Year Ended December 31, 2010 | $ | 22.23 | (0.24 | ) | 5.70 | 5.46 | — | (0.84 | ) | (0.84 | ) | 0.00 | (d) | ||||||||||||||||||||||
Year Ended December 31, 2009 | $ | 16.09 | (0.17 | ) | 6.31 | 6.14 | — | — | — | 0.00 | (d) | ||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 37.37 | 0.04 | 0.92 | 0.96 | — | (0.77 | ) | (0.77 | ) | — | ||||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 30.47 | 0.06 | 9.20 | 9.26 | (0.04 | ) | (2.32 | ) | (2.36 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2012 | $ | 27.57 | 0.26 | 4.62 | 4.88 | (0.16 | ) | (1.82 | ) | (1.98 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2011 | $ | 30.19 | 0.01 | (1.35 | ) | (1.34 | ) | (0.09 | ) | (1.19 | ) | (1.28 | ) | — | |||||||||||||||||||||
Year Ended December 31, 2010 (e) | $ | 26.80 | (0.01 | ) | 4.26 | 4.25 | (0.02 | ) | (0.84 | ) | (0.86 | ) | — | ||||||||||||||||||||||
Class R4 | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 37.88 | 0.02 | 0.94 | 0.96 | — | (0.77 | ) | (0.77 | ) | — | ||||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 30.90 | 0.06 | 9.29 | 9.35 | (0.05 | ) | (2.32 | ) | (2.37 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2012 (f) | $ | 30.59 | 0.05 | 1.84 | 1.89 | (0.12 | ) | (1.46 | ) | (1.58 | ) | — | |||||||||||||||||||||||
Class R5 | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 37.89 | 0.03 | 0.94 | 0.97 | — | (0.77 | ) | (0.77 | ) | — | ||||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 30.88 | 0.07 | 9.30 | 9.37 | (0.04 | ) | (2.32 | ) | (2.36 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2012 (g) | $ | 30.59 | 0.06 | 1.83 | 1.89 | (0.14 | ) | (1.46 | ) | (1.60 | ) | — | |||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 37.93 | 0.04 | 0.95 | 0.99 | — | (0.77 | ) | (0.77 | ) | — | ||||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 30.90 | 0.09 | 9.31 | 9.40 | (0.05 | ) | (2.32 | ) | (2.37 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2012 (h) | $ | 30.62 | 0.09 | 1.80 | 1.89 | (0.15 | ) | (1.46 | ) | (1.61 | ) | — | |||||||||||||||||||||||
Class Z | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 37.32 | 0.02 | 0.93 | 0.95 | — | (0.77 | ) | (0.77 | ) | — | ||||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 30.45 | 0.04 | 9.19 | 9.23 | (0.04 | ) | (2.32 | ) | (2.36 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2012 | $ | 27.56 | 0.17 | 4.69 | 4.86 | (0.15 | ) | (1.82 | ) | (1.97 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2011 | $ | 30.19 | (0.01 | ) | (1.34 | ) | (1.35 | ) | (0.09 | ) | (1.19 | ) | (1.28 | ) | — | ||||||||||||||||||||
Year Ended December 31, 2010 | $ | 24.68 | 0.02 | 6.37 | 6.39 | (0.04 | ) | (0.84 | ) | (0.88 | ) | 0.00 | (d) | ||||||||||||||||||||||
Year Ended December 31, 2009 | $ | 17.71 | 0.04 | 6.98 | 7.02 | (0.05 | ) | — | (0.05 | ) | 0.00 | (d) | |||||||||||||||||||||||
Notes to Financial Highlights | |||||||||||||||||||||||||||||||||||
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests, if any. Such indirect expenses are not included in the Fund's reported expense ratios.
(b) Annualized.
(c) The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.
(d) Rounds to zero.
(e) Class I shares commenced operations on September 27, 2010. Per share data and total return reflect activity from that date.
(f) Class R4 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
(g) Class R5 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
(h) Class Y shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
See accompanying notes to financial statements.
102
Ratio to Average Net Assets | Supplemental Data | ||||||||||||||||||||||||||||||
| (Selected data for a share outstanding throughout each period) | Net Asset Value, End of Period | Total Return | Total gross expenses (a) | Total net expenses (a) | Net investment income (loss) | Portfolio turnover rate | Net assets, end of period (000s) | ||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 35.86 | 2.47 | % | 1.07 | %(b) | 1.07 | %(b) | (0.16 | )%(b) | 9 | % | $ | 3,642,340 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 35.78 | 30.53 | % | 1.07 | % | 1.07 | % | (0.17 | )% | 18 | % | $ | 3,869,734 | |||||||||||||||||
Year Ended December 31, 2012 | $ | 29.36 | 17.62 | % | 1.06 | % | 1.06 | %(c) | 0.27 | % | 16 | % | $ | 3,233,494 | |||||||||||||||||
Year Ended December 31, 2011 | $ | 26.63 | (4.91 | )% | 1.06 | % | 1.06 | %(c) | (0.33 | )% | 18 | % | $ | 3,246,833 | |||||||||||||||||
Year Ended December 31, 2010 | $ | 29.24 | 25.61 | % | 1.07 | % | 1.07 | %(c) | (0.22 | )% | 28 | % | $ | 3,639,788 | |||||||||||||||||
Year Ended December 31, 2009 | $ | 23.98 | 39.26 | % | 1.07 | % | 1.07 | %(c) | (0.12 | )% | 27 | % | $ | 2,937,761 | |||||||||||||||||
Class B | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 32.14 | 2.15 | % | 1.73 | %(b) | 1.73 | %(b) | (0.83 | )%(b) | 9 | % | $ | 11,716 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 32.25 | 29.63 | % | 1.73 | % | 1.73 | % | (0.84 | )% | 18 | % | $ | 19,278 | |||||||||||||||||
Year Ended December 31, 2012 | $ | 26.80 | 16.98 | % | 1.65 | % | 1.64 | %(c) | (0.42 | )% | 16 | % | $ | 33,623 | |||||||||||||||||
Year Ended December 31, 2011 | $ | 24.53 | (5.34 | )% | 1.67 | % | 1.67 | %(c) | (0.98 | )% | 18 | % | $ | 67,153 | |||||||||||||||||
Year Ended December 31, 2010 | $ | 27.14 | 24.81 | % | 1.69 | % | 1.69 | %(c) | (0.88 | )% | 28 | % | $ | 287,650 | |||||||||||||||||
Year Ended December 31, 2009 | $ | 22.43 | 38.37 | % | 1.74 | % | 1.74 | %(c) | (0.77 | )% | 27 | % | $ | 525,072 | |||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 31.51 | 2.13 | % | 1.77 | %(b) | 1.77 | %(b) | (0.86 | )%(b) | 9 | % | $ | 907,378 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 31.64 | 29.58 | % | 1.78 | % | 1.78 | % | (0.88 | )% | 18 | % | $ | 938,644 | |||||||||||||||||
Year Ended December 31, 2012 | $ | 26.34 | 16.77 | % | 1.80 | % | 1.80 | %(c) | (0.46 | )% | 16 | % | $ | 756,709 | |||||||||||||||||
Year Ended December 31, 2011 | $ | 24.18 | (5.63 | )% | 1.82 | % | 1.82 | %(c) | (1.10 | )% | 18 | % | $ | 721,446 | |||||||||||||||||
Year Ended December 31, 2010 | $ | 26.85 | 24.63 | % | 1.85 | % | 1.85 | %(c) | (1.00 | )% | 28 | % | $ | 829,181 | |||||||||||||||||
Year Ended December 31, 2009 | $ | 22.23 | 38.16 | % | 1.89 | % | 1.89 | %(c) | (0.93 | )% | 27 | % | $ | 736,818 | |||||||||||||||||
Class I | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 37.56 | 2.66 | % | 0.70 | %(b) | 0.70 | %(b) | 0.24 | %(b) | 9 | % | $ | 29,212 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 37.37 | 30.99 | % | 0.70 | % | 0.70 | % | 0.16 | % | 18 | % | $ | 20,383 | |||||||||||||||||
Year Ended December 31, 2012 | $ | 30.47 | 18.02 | % | 0.72 | % | 0.72 | %(c) | 0.86 | % | 16 | % | $ | 58,652 | |||||||||||||||||
Year Ended December 31, 2011 | $ | 27.57 | (4.57 | )% | 0.72 | % | 0.72 | %(c) | 0.02 | % | 18 | % | $ | 16,397 | |||||||||||||||||
Year Ended December 31, 2010 (e) | $ | 30.19 | 15.94 | % | 0.71 | %(b) | 0.71 | %(b)(c) | (0.13 | )%(b) | 28 | % | $ | 11,627 | |||||||||||||||||
Class R4 | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 38.07 | 2.62 | % | 0.82 | %(b) | 0.82 | %(b) | 0.10 | %(b) | 9 | % | $ | 108,023 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 37.88 | 30.85 | % | 0.80 | % | 0.80 | % | 0.16 | % | 18 | % | $ | 74,188 | |||||||||||||||||
Year Ended December 31, 2012 (f) | $ | 30.90 | 6.31 | % | 0.87 | %(b) | 0.86 | %(b)(c) | 1.24 | %(b) | 16 | % | $ | 17 | |||||||||||||||||
Class R5 | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 38.09 | 2.65 | % | 0.75 | %(b) | 0.75 | %(b) | 0.16 | %(b) | 9 | % | $ | 571,751 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 37.89 | 30.94 | % | 0.75 | % | 0.75 | % | 0.20 | % | 18 | % | $ | 496,906 | |||||||||||||||||
Year Ended December 31, 2012 (g) | $ | 30.88 | 6.33 | % | 0.82 | %(b) | 0.81 | %(b)(c) | 1.29 | %(b) | 16 | % | $ | 3 | |||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 38.15 | 2.70 | % | 0.70 | %(b) | 0.70 | %(b) | 0.21 | %(b) | 9 | % | $ | 1,177,766 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 37.93 | 30.99 | % | 0.70 | % | 0.70 | % | 0.26 | % | 18 | % | $ | 1,227,891 | |||||||||||||||||
Year Ended December 31, 2012 (h) | $ | 30.90 | 6.34 | % | 0.75 | %(b) | 0.75 | %(b)(c) | 2.21 | %(b) | 16 | % | $ | 67,012 | |||||||||||||||||
Class Z | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 37.50 | 2.64 | % | 0.79 | %(b) | 0.79 | %(b) | 0.12 | %(b) | 9 | % | $ | 13,804,076 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 37.32 | 30.90 | % | 0.78 | % | 0.78 | % | 0.12 | % | 18 | % | $ | 14,703,948 | |||||||||||||||||
Year Ended December 31, 2012 | $ | 30.45 | 17.93 | % | 0.78 | % | 0.78 | %(c) | 0.57 | % | 16 | % | $ | 13,374,355 | |||||||||||||||||
Year Ended December 31, 2011 | $ | 27.56 | (4.61 | )% | 0.76 | % | 0.76 | %(c) | (0.03 | )% | 18 | % | $ | 12,284,748 | |||||||||||||||||
Year Ended December 31, 2010 | $ | 30.19 | 26.00 | % | 0.76 | % | 0.76 | %(c) | 0.09 | % | 28 | % | $ | 13,330,466 | |||||||||||||||||
Year Ended December 31, 2009 | $ | 24.68 | 39.65 | % | 0.77 | % | 0.77 | %(c) | 0.18 | % | 27 | % | $ | 10,527,500 | |||||||||||||||||
Notes to Financial Highlights | |||||||||||||||||||||||||||||||
See accompanying notes to financial statements.
103
Columbia Acorn Family of Funds
Financial Highlights, continued
Columbia Acorn International®
Income from Investment Operations | Less Distributions to Shareholders | ||||||||||||||||||||||||||||||||||||||
| (Selected data for a share outstanding throughout each period) | Net Asset Value, Beginning of Period | Net investment income (loss) | Net realized and unrealized gain (loss) | Reimbursement from affiliate | Total from investment operations | Net investment income | Net realized gains | Total Distributions to Shareholders | Redemption fees added to paid in capital | ||||||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 46.63 | 0.28 | 2.43 | �� | 2.71 | (0.01 | ) | (0.51 | ) | (0.52 | ) | — | ||||||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 40.79 | 0.45 | 8.37 | — | 8.82 | (1.05 | ) | (1.93 | ) | (2.98 | ) | — | ||||||||||||||||||||||||||
Year Ended December 31, 2012 | $ | 34.15 | 0.47 | 6.75 | — | 7.22 | (0.58 | ) | — | (0.58 | ) | — | |||||||||||||||||||||||||||
Year Ended December 31, 2011 | $ | 40.87 | 0.32 | (6.02 | ) | 0.00 | (d) | (5.70 | ) | (1.02 | ) | — | (1.02 | ) | — | ||||||||||||||||||||||||
Year Ended December 31, 2010 | $ | 34.13 | 0.22 | 7.21 | — | 7.43 | (0.69 | ) | — | (0.69 | ) | 0.00 | (d) | ||||||||||||||||||||||||||
Year Ended December 31, 2009 | $ | 23.03 | 0.23 | 11.27 | — | 11.50 | (0.41 | ) | — | (0.41 | ) | 0.00 | (d) | ||||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 45.24 | 0.09 | 2.36 | — | 2.45 | (0.01 | ) | (0.51 | ) | (0.52 | ) | — | ||||||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 39.67 | 0.12 | 8.10 | — | 8.22 | (0.72 | ) | (1.93 | ) | (2.65 | ) | — | ||||||||||||||||||||||||||
Year Ended December 31, 2012 | $ | 33.17 | 0.19 | 6.55 | — | 6.74 | (0.24 | ) | — | (0.24 | ) | — | |||||||||||||||||||||||||||
Year Ended December 31, 2011 | $ | 39.96 | 0.06 | (5.85 | ) | 0.00 | (d) | (5.79 | ) | (1.00 | ) | — | (1.00 | ) | — | ||||||||||||||||||||||||
Year Ended December 31, 2010 | $ | 33.22 | 0.03 | 7.02 | — | 7.05 | (0.31 | ) | — | (0.31 | ) | 0.00 | (d) | ||||||||||||||||||||||||||
Year Ended December 31, 2009 | $ | 22.41 | 0.08 | 10.92 | — | 11.00 | (0.20 | ) | — | (0.20 | ) | 0.00 | (d) | ||||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 45.04 | 0.11 | 2.33 | — | 2.44 | (0.01 | ) | (0.51 | ) | (0.52 | ) | — | ||||||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 39.50 | 0.10 | 8.08 | — | 8.18 | (0.71 | ) | (1.93 | ) | (2.64 | ) | — | ||||||||||||||||||||||||||
Year Ended December 31, 2012 | $ | 33.03 | 0.18 | 6.52 | — | 6.70 | (0.23 | ) | — | (0.23 | ) | — | |||||||||||||||||||||||||||
Year Ended December 31, 2011 | $ | 39.79 | 0.04 | (5.86 | ) | 0.00 | (d) | (5.82 | ) | (0.94 | ) | — | (0.94 | ) | — | ||||||||||||||||||||||||
Year Ended December 31, 2010 | $ | 33.08 | (0.05 | ) | 7.03 | — | 6.98 | (0.27 | ) | — | (0.27 | ) | 0.00 | (d) | |||||||||||||||||||||||||
Year Ended December 31, 2009 | $ | 22.30 | 0.02 | 10.89 | — | 10.91 | (0.14 | ) | — | (0.14 | ) | 0.00 | (d) | ||||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 46.71 | 0.39 | 2.41 | — | 2.80 | (0.01 | ) | (0.51 | ) | (0.52 | ) | — | ||||||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 40.86 | 0.66 | 8.34 | — | 9.00 | (1.22 | ) | (1.93 | ) | (3.15 | ) | — | ||||||||||||||||||||||||||
Year Ended December 31, 2012 | $ | 34.33 | 0.57 | 6.83 | — | 7.40 | (0.87 | ) | — | (0.87 | ) | — | |||||||||||||||||||||||||||
Year Ended December 31, 2011 | $ | 40.92 | 0.37 | (5.94 | ) | 0.00 | (d) | (5.57 | ) | (1.02 | ) | — | (1.02 | ) | — | ||||||||||||||||||||||||
Year Ended December 31, 2010 (g) | $ | 37.69 | 0.08 | 3.49 | — | 3.57 | (0.34 | ) | — | (0.34 | ) | 0.00 | (d) | ||||||||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 46.60 | 0.19 | 2.42 | — | 2.61 | (0.01 | ) | (0.51 | ) | (0.52 | ) | — | ||||||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 40.79 | 0.26 | 8.36 | — | 8.62 | (0.88 | ) | (1.93 | ) | (2.81 | ) | — | ||||||||||||||||||||||||||
Year Ended December 31, 2012 | $ | 34.11 | 0.21 | 6.89 | — | 7.10 | (0.42 | ) | — | (0.42 | ) | — | |||||||||||||||||||||||||||
Year Ended December 31, 2011 (h) | $ | 40.11 | (0.00 | )(d) | (6.00 | ) | 0.00 | (d) | (6.00 | ) | — | — | — | — | |||||||||||||||||||||||||
Class R4 | |||||||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 46.99 | 0.33 | 2.44 | — | 2.77 | (0.01 | ) | (0.51 | ) | (0.52 | ) | — | ||||||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 41.08 | 0.34 | 8.67 | — | 9.01 | (1.17 | ) | (1.93 | ) | (3.10 | ) | — | ||||||||||||||||||||||||||
Year Ended December 31, 2012 (i) | $ | 39.86 | (0.00 | )(d) | 1.81 | — | 1.81 | (0.59 | ) | — | (0.59 | ) | — | ||||||||||||||||||||||||||
Class R5 | |||||||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 46.66 | 0.37 | 2.42 | — | 2.79 | (0.01 | ) | (0.51 | ) | (0.52 | ) | — | ||||||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 40.81 | 0.63 | 8.34 | — | 8.97 | (1.19 | ) | (1.93 | ) | (3.12 | ) | — | ||||||||||||||||||||||||||
Year Ended December 31, 2012 | $ | 34.31 | 0.75 | 6.62 | — | 7.37 | (0.87 | ) | — | (0.87 | ) | — | |||||||||||||||||||||||||||
Year Ended December 31, 2011 (j) | $ | 40.24 | 0.09 | (6.02 | ) | 0.00 | (d) | (5.93 | ) | — | — | — | — | ||||||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 46.99 | 0.38 | 2.44 | — | 2.82 | (0.01 | ) | (0.51 | ) | (0.52 | ) | — | ||||||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 41.08 | 0.57 | 8.48 | — | 9.05 | (1.21 | ) | (1.93 | ) | (3.14 | ) | — | ||||||||||||||||||||||||||
Year Ended December 31, 2012 (k) | $ | 39.90 | 0.04 | 1.78 | — | 1.82 | (0.64 | ) | — | �� | (0.64 | ) | — | ||||||||||||||||||||||||||
Class Z | |||||||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 46.68 | 0.35 | 2.44 | — | 2.79 | (0.01 | ) | (0.51 | ) | (0.52 | ) | — | ||||||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 40.84 | 0.58 | 8.38 | — | 8.96 | (1.19 | ) | (1.93 | ) | (3.12 | ) | — | ||||||||||||||||||||||||||
Year Ended December 31, 2012 | $ | 34.31 | 0.59 | 6.78 | — | 7.37 | (0.84 | ) | — | (0.84 | ) | — | |||||||||||||||||||||||||||
Year Ended December 31, 2011 | $ | 40.92 | 0.48 | (6.07 | ) | 0.00 | (d) | (5.59 | ) | (1.02 | ) | — | (1.02 | ) | — | ||||||||||||||||||||||||
Year Ended December 31, 2010 | $ | 34.26 | 0.35 | 7.23 | — | 7.58 | (0.92 | ) | — | (0.92 | ) | 0.00 | (d) | ||||||||||||||||||||||||||
Year Ended December 31, 2009 | $ | 23.13 | 0.34 | 11.31 | — | 11.65 | (0.53 | ) | — | (0.53 | ) | 0.00 | (d) | ||||||||||||||||||||||||||
Notes to Financial Highlights | |||||||||||||||||||||||||||||||||||||||
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests, if any. Such indirect expenses are not included in the Fund's reported expense ratios.
(b) Had the Investment Manager and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.
(c) Annualized.
(d) Rounds to zero.
(e) The benefits derived from custody fees paid indirectly had an impact of 0.01%.
(f) During the year ended December 31, 2011, Columbia Management reimbursed the Fund for a loss on a trading error. Had the Fund not received this reimbursement, total return would have been lower by less than 0.01%.
(g) Class I shares commenced operations on September 27, 2010. Per share data and total return reflect activity from that date.
(h) Class R shares commenced operations on August 2, 2011. Per share data and total return reflect activity from that date.
(i) Class R4 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
(j) Class R5 shares commenced operations on August 2, 2011. Per share data and total return reflect activity from that date.
(k) Class Y shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
See accompanying notes to financial statements.
104
Ratio to Average Net Assets | Supplemental Data | ||||||||||||||||||||||||||||||||||
| (Selected data for a share outstanding throughout each period) | Increase from regulatory settlements | Net Asset Value, End of Period | Total Return | Total gross expenses (a) | Total net expenses (a) | Net investment income (loss) | Portfolio turnover rate | Net assets, end of period (000s) | |||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | — | $ | 48.82 | 5.84 | %(b) | 1.26 | %(c) | 1.22 | %(c) | 1.21 | %(c) | 16 | % | $ | 1,145,719 | ||||||||||||||||||||
Year Ended December 31, 2013 | — | $ | 46.63 | 22.00 | %(b) | 1.27 | % | 1.23 | % | 1.02 | % | 45 | % | $ | 1,089,263 | ||||||||||||||||||||
Year Ended December 31, 2012 | 0.00 | (d) | $ | 40.79 | 21.21 | %(b) | 1.28 | % | 1.24 | %(e) | 1.22 | % | 33 | % | $ | 1,007,236 | |||||||||||||||||||
Year Ended December 31, 2011 | 0.00 | (d) | $ | 34.15 | (14.37 | )%(b)(f) | 1.32 | % | 1.30 | %(e) | 0.84 | % | 32 | % | $ | 918,112 | |||||||||||||||||||
Year Ended December 31, 2010 | 0.00 | (d) | $ | 40.87 | 22.23 | % | 1.35 | % | 1.35 | %(e) | 0.62 | % | 25 | % | $ | 810,603 | |||||||||||||||||||
Year Ended December 31, 2009 | 0.01 | $ | 34.13 | 50.40 | % | 1.36 | % | 1.36 | %(e) | 0.85 | % | 31 | % | $ | 578,599 | ||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | — | $ | 47.17 | 5.45 | %(b) | 1.99 | %(c) | 1.96 | %(c) | 0.40 | %(c) | 16 | % | $ | 9,848 | ||||||||||||||||||||
Year Ended December 31, 2013 | — | $ | 45.24 | 21.08 | %(b) | 2.00 | % | 1.97 | % | 0.27 | % | 45 | % | $ | 13,218 | ||||||||||||||||||||
Year Ended December 31, 2012 | 0.00 | (d) | $ | 39.67 | 20.33 | %(b) | 2.00 | % | 1.97 | %(e) | 0.51 | % | 33 | % | $ | 17,910 | |||||||||||||||||||
Year Ended December 31, 2011 | 0.00 | (d) | $ | 33.17 | (14.92 | )%(b)(f) | 1.98 | % | 1.96 | %(e) | 0.15 | % | 32 | % | $ | 24,510 | |||||||||||||||||||
Year Ended December 31, 2010 | 0.00 | (d) | $ | 39.96 | 21.49 | % | 1.96 | % | 1.96 | %(e) | 0.08 | % | 25 | % | $ | 29,368 | |||||||||||||||||||
Year Ended December 31, 2009 | 0.01 | $ | 33.22 | 49.36 | % | 2.03 | % | 2.03 | %(e) | 0.29 | % | 31 | % | $ | 38,835 | ||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | — | $ | 46.96 | 5.45 | %(b) | 1.98 | %(c) | 1.96 | %(c) | 0.47 | %(c) | 16 | % | $ | 119,570 | ||||||||||||||||||||
Year Ended December 31, 2013 | — | $ | 45.04 | 21.07 | %(b) | 2.01 | % | 1.99 | % | 0.23 | % | 45 | % | $ | 110,875 | ||||||||||||||||||||
Year Ended December 31, 2012 | 0.00 | (d) | $ | 39.50 | 20.31 | %(b) | 2.02 | % | 2.00 | %(e) | 0.48 | % | 33 | % | $ | 92,748 | |||||||||||||||||||
Year Ended December 31, 2011 | 0.00 | (d) | $ | 33.03 | (15.02 | )%(b)(f) | 2.07 | % | 2.06 | %(e) | 0.10 | % | 32 | % | $ | 97,328 | |||||||||||||||||||
Year Ended December 31, 2010 | 0.00 | (d) | $ | 39.79 | 21.34 | % | 2.11 | % | 2.11 | %(e) | (0.13 | )% | 25 | % | $ | 110,931 | |||||||||||||||||||
Year Ended December 31, 2009 | 0.01 | $ | 33.08 | 49.12 | % | 2.17 | % | 2.17 | %(e) | 0.07 | % | 31 | % | $ | 85,625 | ||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | — | $ | 48.99 | 6.02 | % | 0.85 | %(c) | 0.85 | %(c) | 1.65 | %(c) | 16 | % | $ | 41,071 | ||||||||||||||||||||
Year Ended December 31, 2013 | — | $ | 46.71 | 22.43 | % | 0.85 | % | 0.85 | % | 1.49 | % | 45 | % | $ | 29,418 | ||||||||||||||||||||
Year Ended December 31, 2012 | 0.00 | (d) | $ | 40.86 | 21.69 | % | 0.88 | % | 0.88 | %(e) | 1.48 | % | 33 | % | $ | 97,484 | |||||||||||||||||||
Year Ended December 31, 2011 | 0.00 | (d) | $ | 34.33 | (14.02 | )%(f) | 0.91 | % | 0.91 | %(e) | 0.99 | % | 32 | % | $ | 50,335 | |||||||||||||||||||
Year Ended December 31, 2010 (g) | — | $ | 40.92 | 9.50 | % | 0.94 | %(c) | 0.94 | %(c)(e) | 0.77 | %(c) | 25 | % | $ | 66,581 | ||||||||||||||||||||
Class R | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | — | $ | 48.69 | 5.63 | % | 1.63 | %(c) | 1.63 | %(c) | 0.83 | %(c) | 16 | % | $ | 7,475 | ||||||||||||||||||||
Year Ended December 31, 2013 | — | $ | 46.60 | 21.50 | % | 1.63 | % | 1.63 | % | 0.58 | % | 45 | % | $ | 5,822 | ||||||||||||||||||||
Year Ended December 31, 2012 | 0.00 | (d) | $ | 40.79 | 20.83 | % | 1.52 | % | 1.51 | %(e) | 0.54 | % | 33 | % | $ | 2,799 | |||||||||||||||||||
Year Ended December 31, 2011 (h) | 0.00 | (d) | $ | 34.11 | (14.96 | )% | 1.59 | %(c) | 1.59 | %(c)(e) | (0.02 | )%(c) | 32 | % | $ | 2,130 | |||||||||||||||||||
Class R4 | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | — | $ | 49.24 | 5.92 | % | 1.03 | %(c) | 1.03 | %(c) | 1.41 | %(c) | 16 | % | $ | 417,160 | ||||||||||||||||||||
Year Ended December 31, 2013 | — | $ | 46.99 | 22.32 | % | 1.03 | % | 1.03 | % | 0.73 | % | 45 | % | $ | 355,616 | ||||||||||||||||||||
Year Ended December 31, 2012 (i) | — | $ | 41.08 | 4.57 | % | 1.03 | %(c) | 1.02 | %(c)(e) | (0.02 | )%(c) | 33 | % | $ | 15 | ||||||||||||||||||||
Class R5 | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | — | $ | 48.93 | 6.01 | % | 0.90 | %(c) | 0.90 | %(c) | 1.60 | %(c) | 16 | % | $ | 382,175 | ||||||||||||||||||||
Year Ended December 31, 2013 | — | $ | 46.66 | 22.38 | % | 0.91 | % | 0.91 | % | 1.40 | % | 45 | % | $ | 274,415 | ||||||||||||||||||||
Year Ended December 31, 2012 | 0.00 | (d) | $ | 40.81 | 21.61 | % | 0.89 | % | 0.89 | %(e) | 1.99 | % | 33 | % | $ | 242 | |||||||||||||||||||
Year Ended December 31, 2011 (j) | 0.00 | (d) | $ | 34.31 | (14.74 | )% | 0.91 | %(c) | 0.91 | %(c)(e) | 0.65 | %(c) | 32 | % | $ | 2,038 | |||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | — | $ | 49.29 | 6.03 | % | 0.85 | %(c) | 0.85 | %(c) | 1.62 | %(c) | 16 | % | $ | 211,826 | ||||||||||||||||||||
Year Ended December 31, 2013 | — | $ | 46.99 | 22.44 | % | 0.86 | % | 0.86 | % | 1.26 | % | 45 | % | $ | 155,140 | ||||||||||||||||||||
Year Ended December 31, 2012 (k) | — | $ | 41.08 | 4.59 | % | 0.91 | %(c) | 0.90 | %(c)(e) | 0.75 | %(c) | 33 | % | $ | 30,856 | ||||||||||||||||||||
Class Z | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | — | $ | 48.95 | 6.01 | % | 0.92 | %(c) | 0.92 | %(c) | 1.51 | %(c) | 16 | % | $ | 6,509,435 | ||||||||||||||||||||
Year Ended December 31, 2013 | — | $ | 46.68 | 22.33 | % | 0.93 | % | 0.93 | % | 1.30 | % | 45 | % | $ | 6,293,552 | ||||||||||||||||||||
Year Ended December 31, 2012 | 0.00 | (d) | $ | 40.84 | 21.60 | % | 0.93 | % | 0.93 | %(e) | 1.53 | % | 33 | % | $ | 5,494,506 | |||||||||||||||||||
Year Ended December 31, 2011 | 0.00 | (d) | $ | 34.31 | (14.06 | )%(f) | 0.95 | % | 0.95 | %(e) | 1.24 | % | 32 | % | $ | 4,322,500 | |||||||||||||||||||
Year Ended December 31, 2010 | 0.00 | (d) | $ | 40.92 | 22.70 | % | 0.97 | % | 0.97 | %(e) | 0.99 | % | 25 | % | $ | 5,107,580 | |||||||||||||||||||
Year Ended December 31, 2009 | 0.01 | $ | 34.26 | 50.97 | % | 0.99 | % | 0.99 | %(e) | 1.23 | % | 31 | % | $ | 3,727,679 | ||||||||||||||||||||
Notes to Financial Highlights | |||||||||||||||||||||||||||||||||||
See accompanying notes to financial statements.
105
Columbia Acorn Family of Funds
Financial Highlights, continued
Columbia Acorn USA®
Income from Investment Operations | Less Distributions to Shareholders | ||||||||||||||||||||||||||||||||||
| (Selected data for a share outstanding throughout each period) | Net Asset Value, Beginning of Period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Net investment income | Net realized gains | Total Distributions to Shareholders | Increase from regulatory settlements | |||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 34.15 | (0.10 | ) | 0.95 | 0.85 | — | (0.48 | ) | (0.48 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 28.21 | (0.15 | ) | 9.09 | 8.94 | — | (3.00 | ) | (3.00 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2012 | $ | 25.94 | 0.02 | 4.73 | 4.75 | (0.11 | ) | (2.37 | ) | (2.48 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2011 | $ | 27.54 | (0.22 | ) | (1.21 | ) | (1.43 | ) | — | (0.17 | ) | (0.17 | ) | — | |||||||||||||||||||||
Year Ended December 31, 2010 | $ | 22.43 | (0.15 | ) | 5.26 | 5.11 | — | — | — | — | |||||||||||||||||||||||||
Year Ended December 31, 2009 | $ | 15.90 | (0.11 | ) | 6.64 | 6.53 | — | — | — | 0.00 | (e) | ||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 30.70 | (0.23 | ) | 0.85 | 0.62 | — | (0.48 | ) | (0.48 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 25.81 | (0.39 | ) | 8.28 | 7.89 | — | (3.00 | ) | (3.00 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2012 | $ | 23.98 | (0.19 | ) | 4.39 | 4.20 | — | (2.37 | ) | (2.37 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2011 | $ | 25.60 | (0.37 | ) | (1.08 | ) | (1.45 | ) | — | (0.17 | ) | (0.17 | ) | — | |||||||||||||||||||||
Year Ended December 31, 2010 | $ | 20.99 | (0.30 | ) | 4.91 | 4.61 | — | — | — | — | |||||||||||||||||||||||||
Year Ended December 31, 2009 | $ | 14.98 | (0.22 | ) | 6.23 | 6.01 | — | — | — | 0.00 | (e) | ||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 30.33 | (0.19 | ) | 0.84 | 0.65 | — | (0.48 | ) | (0.48 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 25.49 | (0.33 | ) | 8.17 | 7.84 | — | (3.00 | ) | (3.00 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2012 | $ | 23.72 | (0.16 | ) | 4.30 | 4.14 | — | (2.37 | ) | (2.37 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2011 | $ | 25.39 | (0.39 | ) | (1.11 | ) | (1.50 | ) | — | (0.17 | ) | (0.17 | ) | — | |||||||||||||||||||||
Year Ended December 31, 2010 | $ | 20.84 | (0.31 | ) | 4.86 | 4.55 | — | — | — | — | |||||||||||||||||||||||||
Year Ended December 31, 2009 | $ | 14.89 | (0.24 | ) | 6.19 | 5.95 | — | — | — | 0.00 | (e) | ||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 35.99 | (0.03 | ) | 1.01 | 0.98 | — | (0.48 | ) | (0.48 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 29.47 | (0.02 | ) | 9.54 | 9.52 | — | (3.00 | ) | (3.00 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2012 | $ | 27.00 | (0.10 | ) | 5.16 | 5.06 | (0.22 | ) | (2.37 | ) | (2.59 | ) | — | ||||||||||||||||||||||
Year Ended December 31, 2011 | $ | 28.56 | (0.14 | ) | (1.25 | ) | (1.39 | ) | — | (0.17 | ) | (0.17 | ) | — | |||||||||||||||||||||
Year Ended December 31, 2010 (f) | $ | 24.24 | (0.03 | ) | 4.35 | 4.32 | — | — | — | — | |||||||||||||||||||||||||
Class R4 | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 36.55 | (0.06 | ) | 1.02 | 0.96 | — | (0.48 | ) | (0.48 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 29.92 | 0.00 | (e) | 9.63 | 9.63 | — | (3.00 | ) | (3.00 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2012 (g) | $ | 30.06 | 0.06 | 2.28 | 2.34 | (0.16 | ) | (2.32 | ) | (2.48 | ) | — | |||||||||||||||||||||||
Class R5 | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 36.53 | (0.03 | ) | 1.01 | 0.98 | — | (0.48 | ) | (0.48 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 29.90 | 0.02 | 9.61 | 9.63 | — | (3.00 | ) | (3.00 | ) | — | ||||||||||||||||||||||||
Year Ended December 31, 2012 (h) | $ | 30.06 | 0.07 | 2.27 | 2.34 | (0.18 | ) | (2.32 | ) | (2.50 | ) | — | |||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 36.59 | (0.05 | ) | 1.04 | 0.99 | — | (0.48 | ) | (0.48 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 29.93 | 0.02 | 9.64 | 9.66 | — | (3.00 | ) | (3.00 | ) | — | ||||||||||||||||||||||||
Year Ended December 31, 2012 (i) | $ | 30.10 | 0.07 | 2.27 | 2.34 | (0.19 | ) | (2.32 | ) | (2.51 | ) | — | |||||||||||||||||||||||
Class Z | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 35.90 | (0.06 | ) | 1.00 | 0.94 | — | (0.48 | ) | (0.48 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 29.45 | (0.07 | ) | 9.52 | 9.45 | — | (3.00 | ) | (3.00 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2012 | $ | 26.98 | 0.11 | 4.92 | 5.03 | (0.19 | ) | (2.37 | ) | (2.56 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2011 | $ | 28.56 | (0.14 | ) | (1.27 | ) | (1.41 | ) | — | (0.17 | ) | (0.17 | ) | — | |||||||||||||||||||||
Year Ended December 31, 2010 | $ | 23.19 | (0.08 | ) | 5.45 | 5.37 | — | — | — | — | |||||||||||||||||||||||||
Year Ended December 31, 2009 | $ | 16.39 | (0.07 | ) | 6.87 | 6.80 | — | — | — | 0.00 | (e) | ||||||||||||||||||||||||
Notes to Financial Highlights | |||||||||||||||||||||||||||||||||||
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests, if any. Such indirect expenses are not included in the Fund's reported expense ratios.
(b) Annualized.
(c) Ratios include line of credit interest expense which is less than 0.01%.
(d) The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.
(e) Rounds to zero.
(f) Class I shares commenced operations on September 27, 2010. Per share data and total return reflect activity from that date.
(g) Class R4 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
(h) Class R5 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
(i) Class Y shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
See accompanying notes to financial statements.
106
Ratio to Average Net Assets | Supplemental Data | ||||||||||||||||||||||||||||||
| (Selected data for a share outstanding throughout each period) | Net Asset Value, End of Period | Total Return | Total gross expenses (a) | Total net expenses (a) | Net investment income (loss) | Portfolio turnover rate | Net assets, end of period (000s) | ||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 34.52 | 2.57 | % | 1.33 | %(b) | 1.33 | %(b) | (0.61 | )%(b) | 7 | % | $ | 192,045 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 34.15 | 32.34 | % | 1.32 | % | 1.32 | % | (0.46 | )% | 17 | % | $ | 201,559 | |||||||||||||||||
Year Ended December 31, 2012 | $ | 28.21 | 18.67 | % | 1.32 | %(c) | 1.32 | %(c)(d) | 0.08 | % | 14 | % | $ | 152,164 | |||||||||||||||||
Year Ended December 31, 2011 | $ | 25.94 | (5.21 | )% | 1.30 | % | 1.30 | %(d) | (0.78 | )% | 20 | % | $ | 167,038 | |||||||||||||||||
Year Ended December 31, 2010 | $ | 27.54 | 22.78 | % | 1.30 | % | 1.30 | %(d) | (0.64 | )% | 32 | % | $ | 214,097 | |||||||||||||||||
Year Ended December 31, 2009 | $ | 22.43 | 41.07 | % | 1.32 | % | 1.32 | %(d) | (0.64 | )% | 28 | % | $ | 178,605 | |||||||||||||||||
Class B | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 30.84 | 2.11 | % | 2.21 | %(b) | 2.21 | %(b) | (1.51 | )%(b) | 7 | % | $ | 348 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 30.70 | 31.28 | % | 2.15 | % | 2.15 | % | (1.33 | )% | 17 | % | $ | 567 | |||||||||||||||||
Year Ended December 31, 2012 | $ | 25.81 | 17.87 | % | 1.99 | %(c) | 1.99 | %(c)(d) | (0.71 | )% | 14 | % | $ | 1,056 | |||||||||||||||||
Year Ended December 31, 2011 | $ | 23.98 | (5.68 | )% | 1.92 | % | 1.92 | %(d) | (1.42 | )% | 20 | % | $ | 2,253 | |||||||||||||||||
Year Ended December 31, 2010 | $ | 25.60 | 21.96 | % | 1.98 | % | 1.98 | %(d) | (1.37 | )% | 32 | % | $ | 9,222 | |||||||||||||||||
Year Ended December 31, 2009 | $ | 20.99 | 40.12 | % | 2.02 | % | 2.02 | %(d) | (1.33 | )% | 28 | % | $ | 20,903 | |||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 30.50 | 2.23 | % | 1.99 | %(b) | 1.99 | %(b) | (1.27 | )%(b) | 7 | % | $ | 39,463 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 30.33 | 31.47 | % | 2.00 | % | 2.00 | % | (1.14 | )% | 17 | % | $ | 40,395 | |||||||||||||||||
Year Ended December 31, 2012 | $ | 25.49 | 17.82 | % | 2.05 | %(c) | 2.05 | %(c)(d) | (0.61 | )% | 14 | % | $ | 31,410 | |||||||||||||||||
Year Ended December 31, 2011 | $ | 23.72 | (5.92 | )% | 2.05 | % | 2.05 | %(d) | (1.53 | )% | 20 | % | $ | 30,584 | |||||||||||||||||
Year Ended December 31, 2010 | $ | 25.39 | 21.83 | % | 2.08 | % | 2.08 | %(d) | (1.41 | )% | 32 | % | $ | 36,101 | |||||||||||||||||
Year Ended December 31, 2009 | $ | 20.84 | 39.96 | % | 2.13 | % | 2.13 | %(d) | (1.45 | )% | 28 | % | $ | 32,508 | |||||||||||||||||
Class I | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 36.49 | 2.80 | % | 0.88 | %(b) | 0.88 | %(b) | (0.17 | )%(b) | 7 | % | $ | 3 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 35.99 | 32.93 | % | 0.90 | % | 0.90 | % | (0.04 | )% | 17 | % | $ | 4 | |||||||||||||||||
Year Ended December 31, 2012 | $ | 29.47 | 19.10 | % | 0.96 | % | 0.96 | %(d) | (0.33 | )% | 14 | % | $ | 3 | |||||||||||||||||
Year Ended December 31, 2011 | $ | 27.00 | (4.88 | )% | 0.94 | % | 0.94 | %(d) | (0.47 | )% | 20 | % | $ | 2,635 | |||||||||||||||||
Year Ended December 31, 2010 (f) | $ | 28.56 | 17.82 | % | 0.94 | %(b) | 0.94 | %(b)(d) | (0.35 | )%(b) | 32 | % | $ | 28,993 | |||||||||||||||||
Class R4 | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 37.03 | 2.70 | % | 1.06 | %(b) | 1.06 | %(b) | (0.33 | )%(b) | 7 | % | $ | 7,544 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 36.55 | 32.80 | % | 1.00 | % | 1.00 | % | 0.01 | % | 17 | % | $ | 6,441 | |||||||||||||||||
Year Ended December 31, 2012 (g) | $ | 29.92 | 8.06 | % | 1.14 | %(b)(c) | 1.14 | %(b)(c)(d) | 1.51 | %(b) | 14 | % | $ | 15 | |||||||||||||||||
Class R5 | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 37.03 | 2.76 | % | 0.99 | %(b) | 0.99 | %(b) | (0.18 | )%(b) | 7 | % | $ | 30,982 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 36.53 | 32.83 | % | 0.97 | % | 0.97 | % | 0.06 | % | 17 | % | $ | 6,068 | |||||||||||||||||
Year Ended December 31, 2012 (h) | $ | 29.90 | 8.06 | % | 1.12 | %(b) | 1.12 | %(b)(d) | 1.53 | %(b) | 14 | % | $ | 2 | |||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 37.10 | 2.78 | % | 0.92 | %(b) | 0.92 | %(b) | (0.25 | )%(b) | 7 | % | $ | 32,272 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 36.59 | 32.89 | % | 0.93 | % | 0.93 | % | 0.07 | % | 17 | % | $ | 48,479 | |||||||||||||||||
Year Ended December 31, 2012 (i) | $ | 29.93 | 8.07 | % | 1.04 | %(b) | 1.04 | %(b)(d) | 1.62 | %(b) | 14 | % | $ | 2 | |||||||||||||||||
Class Z | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 36.36 | 2.69 | % | 1.07 | %(b) | 1.07 | %(b) | (0.36 | )%(b) | 7 | % | $ | 1,357,659 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 35.90 | 32.72 | % | 1.06 | % | 1.06 | % | (0.20 | )% | 17 | % | $ | 1,496,775 | |||||||||||||||||
Year Ended December 31, 2012 | $ | 29.45 | 18.98 | % | 1.07 | %(c) | 1.07 | %(c)(d) | 0.36 | % | 14 | % | $ | 1,415,442 | |||||||||||||||||
Year Ended December 31, 2011 | $ | 26.98 | (4.95 | )% | 1.00 | % | 1.00 | %(d) | (0.48 | )% | 20 | % | $ | 1,355,934 | |||||||||||||||||
Year Ended December 31, 2010 | $ | 28.56 | 23.16 | % | 1.01 | % | 1.01 | %(d) | (0.34 | )% | 32 | % | $ | 1,410,133 | |||||||||||||||||
Year Ended December 31, 2009 | $ | 23.19 | 41.49 | % | 1.03 | % | 1.03 | %(d) | (0.36 | )% | 28 | % | $ | 1,157,593 | |||||||||||||||||
Notes to Financial Highlights | |||||||||||||||||||||||||||||||
See accompanying notes to financial statements.
107
Columbia Acorn Family of Funds
Financial Highlights, continued
Columbia Acorn International SelectSM
Income from Investment Operations | Less Distributions to Shareholders | ||||||||||||||||||||||||||||||||||
| (Selected data for a share outstanding throughout each period) | Net Asset Value, Beginning of Period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Net investment income | Net realized gains | Total Distributions to Shareholders | Redemption fees added to paid in capital | |||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 26.91 | 0.16 | 2.41 | 2.57 | — | (0.11 | ) | (0.11 | ) | — | ||||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 25.61 | 0.29 | 3.29 | 3.58 | (0.37 | ) | (1.91 | ) | (2.28 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2012 | $ | 24.26 | 0.39 | 4.92 | 5.31 | (1.75 | ) | (2.21 | ) | (3.96 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2011 | $ | 28.01 | 0.18 | (2.95 | ) | (2.77 | ) | (0.59 | ) | (0.39 | ) | (0.98 | ) | — | |||||||||||||||||||||
Year Ended December 31, 2010 | $ | 23.39 | 0.08 | 4.84 | 4.92 | (0.30 | ) | — | (0.30 | ) | 0.00 | (f) | |||||||||||||||||||||||
Year Ended December 31, 2009 | $ | 17.99 | 0.10 | 5.43 | 5.53 | (0.15 | ) | — | (0.15 | ) | 0.00 | (f) | |||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 25.53 | 0.06 | 2.29 | 2.35 | — | (0.11 | ) | (0.11 | ) | — | ||||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 24.40 | 0.11 | 3.12 | 3.23 | (0.19 | ) | (1.91 | ) | (2.10 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2012 | $ | 23.27 | 0.23 | 4.69 | 4.92 | (1.58 | ) | (2.21 | ) | (3.79 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2011 | $ | 26.72 | 0.01 | (2.82 | ) | (2.81 | ) | (0.25 | ) | (0.39 | ) | (0.64 | ) | — | |||||||||||||||||||||
Year Ended December 31, 2010 | $ | 22.34 | (0.06 | ) | 4.62 | 4.56 | (0.18 | ) | — | �� | (0.18 | ) | 0.00 | (f) | |||||||||||||||||||||
Year Ended December 31, 2009 | $ | 17.16 | (0.01 | ) | 5.17 | 5.16 | — | — | — | 0.00 | (f) | ||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 25.39 | 0.05 | 2.27 | 2.32 | — | (0.11 | ) | (0.11 | ) | — | ||||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 24.28 | 0.08 | 3.10 | 3.18 | (0.16 | ) | (1.91 | ) | (2.07 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2012 | $ | 23.17 | 0.18 | 4.67 | 4.85 | (1.53 | ) | (2.21 | ) | (3.74 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2011 | $ | 26.58 | (0.04 | ) | (2.81 | ) | (2.85 | ) | (0.17 | ) | (0.39 | ) | (0.56 | ) | — | ||||||||||||||||||||
Year Ended December 31, 2010 | $ | 22.21 | (0.10 | ) | 4.60 | 4.50 | (0.13 | ) | — | (0.13 | ) | 0.00 | (f) | ||||||||||||||||||||||
Year Ended December 31, 2009 | $ | 17.08 | (0.06 | ) | 5.17 | 5.11 | — | — | — | 0.00 | (f) | ||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 27.19 | 0.21 | 2.45 | 2.66 | — | (0.11 | ) | (0.11 | ) | — | ||||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 25.85 | 0.39 | 3.32 | 3.71 | (0.46 | ) | (1.91 | ) | (2.37 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2012 | $ | 24.45 | 0.51 | 4.94 | 5.45 | (1.84 | ) | (2.21 | ) | (4.05 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2011 | $ | 28.33 | 0.31 | (2.97 | ) | (2.66 | ) | (0.83 | ) | (0.39 | ) | (1.22 | ) | — | |||||||||||||||||||||
Year Ended December 31, 2010 (h) | $ | 26.11 | 0.03 | 2.19 | 2.22 | — | — | — | — | ||||||||||||||||||||||||||
Class R4 | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 27.36 | 0.21 | 2.44 | 2.65 | — | (0.11 | ) | (0.11 | ) | — | ||||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 25.99 | 0.29 | 3.42 | 3.71 | (0.43 | ) | (1.91 | ) | (2.34 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2012 (i) | $ | 29.98 | (0.02 | ) | (0.09 | )(j) | (0.11 | ) | (1.79 | ) | (2.09 | ) | (3.88 | ) | — | ||||||||||||||||||||
Class R5 | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 27.34 | 0.22 | 2.44 | 2.66 | — | (0.11 | ) | (0.11 | ) | — | ||||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 25.98 | 0.38 | 3.35 | 3.73 | (0.46 | ) | (1.91 | ) | (2.37 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2012 (k) | $ | 29.98 | (0.02 | ) | (0.09 | )(j) | (0.11 | ) | (1.80 | ) | (2.09 | ) | (3.89 | ) | — | ||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 27.33 | 0.22 | 2.45 | 2.67 | — | (0.11 | ) | (0.11 | ) | — | ||||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 25.98 | 0.11 | 3.62 | 3.73 | (0.47 | ) | (1.91 | ) | (2.38 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2012 (l) | $ | 29.99 | (0.02 | ) | (0.09 | )(j) | (0.11 | ) | (1.81 | ) | (2.09 | ) | (3.90 | ) | — | ||||||||||||||||||||
Class Z | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 27.20 | 0.21 | 2.43 | 2.64 | — | (0.11 | ) | (0.11 | ) | — | ||||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 25.86 | 0.37 | 3.33 | 3.70 | (0.45 | ) | (1.91 | ) | (2.36 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2012 | $ | 24.46 | 0.49 | 4.95 | 5.44 | (1.83 | ) | (2.21 | ) | (4.04 | ) | — | |||||||||||||||||||||||
Year Ended December 31, 2011 | $ | 28.33 | 0.29 | (2.98 | ) | (2.69 | ) | (0.79 | ) | (0.39 | ) | (1.18 | ) | — | |||||||||||||||||||||
Year Ended December 31, 2010 | $ | 23.64 | 0.18 | 4.89 | 5.07 | (0.38 | ) | — | (0.38 | ) | 0.00 | (f) | |||||||||||||||||||||||
Year Ended December 31, 2009 | $ | 18.19 | 0.17 | 5.50 | 5.67 | (0.24 | ) | — | (0.24 | ) | 0.00 | (f) | |||||||||||||||||||||||
Notes to Financial Highlights | |||||||||||||||||||||||||||||||||||
(a) Annualized.
(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests, if any. Such indirect expenses are not included in the Fund's reported expense ratios.
(c) Ratios include line of credit interest expense which is less than 0.01%.
(d) The benefits derived from custody fees paid indirectly had an impact of 0.01%.
(e) The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.
(f) Rounds to zero.
(g) Had the Investment Manager and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.
(h) Class I shares commenced operations on September 27, 2010. Per share data and total return reflect activity from that date.
(i) Class R4 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
(j) Calculation of the net gain (loss) per share (both realized and unrealized) does not correlate to the aggregate realized and unrealized gain (loss) presented in the Statements of Operations due to the timing of subscriptions and redemptions of Fund shares in relation to fluctuations in the market value of the portfolio.
(k) Class R5 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
(l) Class Y shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
See accompanying notes to financial statements.
108
Ratio to Average Net Assets | Supplemental Data | ||||||||||||||||||||||||||||||||||
| (Selected data for a share outstanding throughout each period) | Increase from regulatory settlements | Net Asset Value, End of Period | Total Return | Total gross expenses | Total net expenses | Net investment income (loss) | Portfolio turnover rate | Net assets, end of period (000s) | |||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | — | $ | 29.37 | 9.57 | % | 1.46 | %(a)(b) | 1.46 | %(a)(b) | 1.18 | %(a) | 30 | % | $ | 76,505 | ||||||||||||||||||||
Year Ended December 31, 2013 | — | $ | 26.91 | 14.42 | % | 1.47 | %(b) | 1.47 | %(b) | 1.08 | % | 72 | % | $ | 73,911 | ||||||||||||||||||||
Year Ended December 31, 2012 | — | $ | 25.61 | 22.05 | % | 1.49 | %(b)(c) | 1.49 | %(b)(c)(d) | 1.43 | % | 63 | % | $ | 74,167 | ||||||||||||||||||||
Year Ended December 31, 2011 | — | $ | 24.26 | (10.11 | )% | 1.51 | %(b) | 1.51 | %(b)(e) | 0.66 | % | 44 | % | $ | 56,350 | ||||||||||||||||||||
Year Ended December 31, 2010 | 0.00 | (f) | $ | 28.01 | 21.41 | % | 1.56 | %(b) | 1.56 | %(b)(e) | 0.33 | % | 42 | % | $ | 71,668 | |||||||||||||||||||
Year Ended December 31, 2009 | 0.02 | $ | 23.39 | 31.01 | % | 1.56 | % | 1.56 | %(e) | 0.53 | % | 56 | % | $ | 64,664 | ||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | — | $ | 27.77 | 9.23 | % | 2.10 | %(a)(b) | 2.10 | %(a)(b) | 0.49 | %(a) | 30 | % | $ | 632 | ||||||||||||||||||||
Year Ended December 31, 2013 | — | $ | 25.53 | 13.67 | % | 2.14 | %(b) | 2.14 | %(b) | 0.43 | % | 72 | % | $ | 873 | ||||||||||||||||||||
Year Ended December 31, 2012 | — | $ | 24.40 | 21.29 | % | 2.11 | %(b)(c) | 2.10 | %(b)(c)(d) | 0.87 | % | 63 | % | $ | 1,250 | ||||||||||||||||||||
Year Ended December 31, 2011 | — | $ | 23.27 | (10.64 | )% | 2.14 | %(b) | 2.14 | %(b)(e) | 0.04 | % | 44 | % | $ | 1,774 | ||||||||||||||||||||
Year Ended December 31, 2010 | 0.00 | (f) | $ | 26.72 | 20.63 | %(g) | 2.24 | %(b) | 2.20 | %(b)(e) | (0.27 | )% | 42 | % | $ | 3,030 | |||||||||||||||||||
Year Ended December 31, 2009 | 0.02 | $ | 22.34 | 30.19 | %(g) | 2.32 | % | 2.20 | %(e) | (0.05 | )% | 56 | % | $ | 3,887 | ||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | — | $ | 27.60 | 9.16 | % | 2.23 | %(a)(b) | 2.23 | %(a)(b) | 0.41 | %(a) | 30 | % | $ | 10,708 | ||||||||||||||||||||
Year Ended December 31, 2013 | — | $ | 25.39 | 13.52 | % | 2.26 | %(b) | 2.26 | %(b) | 0.32 | % | 72 | % | $ | 10,311 | ||||||||||||||||||||
Year Ended December 31, 2012 | — | $ | 24.28 | 21.10 | % | 2.28 | %(b)(c) | 2.27 | %(b)(c)(d) | 0.67 | % | 63 | % | $ | 9,786 | ||||||||||||||||||||
Year Ended December 31, 2011 | — | $ | 23.17 | (10.81 | )% | 2.31 | %(b) | 2.31 | %(b)(e) | (0.14 | )% | 44 | % | $ | 8,704 | ||||||||||||||||||||
Year Ended December 31, 2010 | 0.00 | (f) | $ | 26.58 | 20.45 | % | 2.36 | %(b) | 2.36 | %(b)(e) | (0.45 | )% | 42 | % | $ | 11,885 | |||||||||||||||||||
Year Ended December 31, 2009 | 0.02 | $ | 22.21 | 30.04 | % | 2.42 | % | 2.42 | %(e) | (0.30 | )% | 56 | % | $ | 11,096 | ||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | — | $ | 29.74 | 9.80 | % | 1.10 | %(a)(b) | 1.10 | %(a)(b) | 1.54 | %(a) | 30 | % | $ | 3 | ||||||||||||||||||||
Year Ended December 31, 2013 | — | $ | 27.19 | 14.82 | % | 1.13 | %(b) | 1.13 | %(b) | 1.43 | % | 72 | % | $ | 3 | ||||||||||||||||||||
Year Ended December 31, 2012 | — | $ | 25.85 | 22.48 | % | 1.15 | %(b) | 1.14 | %(b)(d) | 1.84 | % | 63 | % | $ | 2 | ||||||||||||||||||||
Year Ended December 31, 2011 | — | $ | 24.45 | (9.68 | )% | 1.04 | %(b) | 1.04 | %(b)(e) | 1.12 | % | 44 | % | $ | 2 | ||||||||||||||||||||
Year Ended December 31, 2010 (h) | — | $ | 28.33 | 8.50 | % | 1.14 | %(a)(b) | 1.14 | %(a)(b)(e) | 0.44 | %(a) | 42 | % | $ | 3 | ||||||||||||||||||||
Class R4 | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | — | $ | 29.90 | 9.71 | % | 1.22 | %(a)(b) | 1.22 | %(a)(b) | 1.49 | %(a) | 30 | % | $ | 902 | ||||||||||||||||||||
Year Ended December 31, 2013 | — | $ | 27.36 | 14.72 | % | 1.24 | %(b) | 1.24 | %(b) | 1.06 | % | 72 | % | $ | 417 | ||||||||||||||||||||
Year Ended December 31, 2012 (i) | — | $ | 25.99 | (0.27 | )% | 1.30 | %(a)(b)(c) | 1.30 | %(a)(b)(c)(d) | (0.55 | )%(a) | 63 | % | $ | 13 | ||||||||||||||||||||
Class R5 | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | — | $ | 29.89 | 9.75 | % | 1.14 | %(a)(b) | 1.14 | %(a)(b) | 1.58 | %(a) | 30 | % | $ | 1,703 | ||||||||||||||||||||
Year Ended December 31, 2013 | — | $ | 27.34 | 14.80 | %(g) | 1.15 | %(b) | 1.15 | %(b) | 1.40 | % | 72 | % | $ | 956 | ||||||||||||||||||||
Year Ended December 31, 2012 (k) | — | $ | 25.98 | (0.27 | )% | 1.29 | %(a)(b) | 1.28 | %(a)(b)(d) | (0.55 | )%(a) | 63 | % | $ | 2 | ||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | — | $ | 29.89 | 9.79 | % | 1.09 | %(a)(b) | 1.09 | %(a)(b) | 1.56 | %(a) | 30 | % | $ | 15,492 | ||||||||||||||||||||
Year Ended December 31, 2013 | — | $ | 27.33 | 14.82 | % | 1.09 | %(b) | 1.09 | %(b) | 0.40 | % | 72 | % | $ | 13,318 | ||||||||||||||||||||
Year Ended December 31, 2012 (l) | — | $ | 25.98 | (0.25 | )% | 1.21 | %(a)(b) | 1.20 | %(a)(b)(d) | (0.48 | )%(a) | 63 | % | $ | 2 | ||||||||||||||||||||
Class Z | |||||||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | — | $ | 29.73 | 9.73 | % | 1.17 | %(a)(b) | 1.17 | %(a)(b) | 1.48 | %(a) | 30 | % | $ | 249,249 | ||||||||||||||||||||
Year Ended December 31, 2013 | — | $ | 27.20 | 14.75 | % | 1.19 | %(b) | 1.19 | %(b) | 1.37 | % | 72 | % | $ | 256,100 | ||||||||||||||||||||
Year Ended December 31, 2012 | — | $ | 25.86 | 22.42 | % | 1.20 | %(b)(c) | 1.19 | %(b)(c)(d) | 1.77 | % | 63 | % | $ | 295,231 | ||||||||||||||||||||
Year Ended December 31, 2011 | — | $ | 24.46 | (9.76 | )% | 1.14 | %(b) | 1.14 | %(b)(e) | 1.03 | % | 44 | % | $ | 259,553 | ||||||||||||||||||||
Year Ended December 31, 2010 | 0.00 | (f) | $ | 28.33 | 21.89 | % | 1.16 | %(b) | 1.16 | %(b)(e) | 0.75 | % | 42 | % | $ | 366,081 | |||||||||||||||||||
Year Ended December 31, 2009 | 0.02 | $ | 23.64 | 31.52 | % | 1.20 | % | 1.20 | %(e) | 0.84 | % | 56 | % | $ | 331,027 | ||||||||||||||||||||
Notes to Financial Highlights | |||||||||||||||||||||||||||||||||||
See accompanying notes to financial statements.
109
Columbia Acorn Family of Funds
Financial Highlights, continued
Columbia Acorn SelectSM
Income from Investment Operations | Less Distributions to Shareholders | ||||||||||||||||||||||||||||||||||
| (Selected data for a share outstanding throughout each period) | Net Asset Value, Beginning of Period | Net investment income (loss) | Net realized and unrealized gain (loss) | Reimbursement from affiliate | Total from investment operations | Net investment income | Net realized gains | Total Distributions to Shareholders | |||||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 25.57 | (0.07 | ) | 0.36 | — | 0.29 | — | (1.30 | ) | (1.30 | ) | |||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 24.72 | (0.15 | ) | 7.92 | — | 7.77 | (0.07 | ) | (6.85 | ) | (6.92 | ) | ||||||||||||||||||||||
Year Ended December 31, 2012 | $ | 22.95 | 0.03 | 3.78 | — | 3.81 | — | (2.04 | ) | (2.04 | ) | ||||||||||||||||||||||||
Year Ended December 31, 2011 | $ | 27.94 | (0.15 | ) | (4.46 | ) | — | (4.61 | ) | (0.38 | ) | — | (0.38 | ) | |||||||||||||||||||||
Year Ended December 31, 2010 | $ | 22.81 | (0.18 | ) | 5.31 | — | 5.13 | — | — | — | |||||||||||||||||||||||||
Year Ended December 31, 2009 | $ | 13.77 | (0.14 | ) | 9.18 | — | 9.04 | — | — | — | |||||||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 22.81 | (0.15 | ) | 0.32 | — | 0.17 | — | (1.30 | ) | (1.30 | ) | |||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 22.75 | (0.33 | ) | 7.24 | — | 6.91 | — | (6.85 | ) | (6.85 | ) | |||||||||||||||||||||||
Year Ended December 31, 2012 | $ | 21.40 | (0.15 | ) | 3.54 | — | 3.39 | — | (2.04 | ) | (2.04 | ) | |||||||||||||||||||||||
Year Ended December 31, 2011 | $ | 26.06 | (0.30 | ) | (4.13 | ) | — | (4.43 | ) | (0.23 | ) | — | (0.23 | ) | |||||||||||||||||||||
Year Ended December 31, 2010 | $ | 21.41 | (0.31 | ) | 4.96 | — | 4.65 | — | — | — | |||||||||||||||||||||||||
Year Ended December 31, 2009 | $ | 13.02 | (0.24 | ) | 8.63 | — | 8.39 | — | — | — | |||||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 22.46 | (0.14 | ) | 0.31 | — | 0.17 | — | (1.30 | ) | (1.30 | ) | |||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 22.48 | (0.32 | ) | 7.15 | — | 6.83 | — | (6.85 | ) | (6.85 | ) | |||||||||||||||||||||||
Year Ended December 31, 2012 | $ | 21.20 | (0.14 | ) | 3.46 | — | 3.32 | — | (2.04 | ) | (2.04 | ) | |||||||||||||||||||||||
Year Ended December 31, 2011 | $ | 25.83 | (0.32 | ) | (4.12 | ) | — | (4.44 | ) | (0.19 | ) | — | (0.19 | ) | |||||||||||||||||||||
Year Ended December 31, 2010 | $ | 21.25 | (0.34 | ) | 4.92 | — | 4.58 | — | — | — | |||||||||||||||||||||||||
Year Ended December 31, 2009 | $ | 12.94 | (0.26 | ) | 8.57 | — | 8.31 | — | — | — | |||||||||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 26.81 | (0.02 | ) | 0.37 | — | 0.35 | — | (1.30 | ) | (1.30 | ) | |||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 25.63 | (0.06 | ) | 8.25 | — | 8.19 | (0.16 | ) | (6.85 | ) | (7.01 | ) | ||||||||||||||||||||||
Year Ended December 31, 2012 | $ | 23.65 | 0.23 | 3.79 | — | 4.02 | — | (2.04 | ) | (2.04 | ) | ||||||||||||||||||||||||
Year Ended December 31, 2011 | $ | 28.74 | (0.03 | ) | (4.59 | ) | — | (4.62 | ) | (0.47 | ) | — | (0.47 | ) | |||||||||||||||||||||
Year Ended December 31, 2010 (f) | $ | 24.74 | 0.01 | 3.99 | — | 4.00 | — | — | — | ||||||||||||||||||||||||||
Class R4 | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 27.20 | (0.04 | ) | 0.38 | — | 0.34 | — | (1.30 | ) | (1.30 | ) | |||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 25.92 | (0.06 | ) | 8.32 | — | 8.26 | (0.13 | ) | (6.85 | ) | (6.98 | ) | ||||||||||||||||||||||
Year Ended December 31, 2012 (g) | $ | 25.91 | (0.00 | )(h) | 1.52 | — | 1.52 | — | (1.51 | ) | (1.51 | ) | |||||||||||||||||||||||
Class R5 | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 27.20 | (0.03 | ) | 0.38 | — | 0.35 | — | (1.30 | ) | (1.30 | ) | |||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 25.93 | (0.04 | ) | 8.31 | — | 8.27 | (0.15 | ) | (6.85 | ) | (7.00 | ) | ||||||||||||||||||||||
Year Ended December 31, 2012 (i) | $ | 25.91 | (0.00 | )(h) | 1.53 | — | 1.53 | — | (1.51 | ) | (1.51 | ) | |||||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 27.27 | (0.02 | ) | 0.38 | — | 0.36 | — | (1.30 | ) | (1.30 | ) | |||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 25.98 | (0.03 | ) | 8.34 | — | 8.31 | (0.17 | ) | (6.85 | ) | (7.02 | ) | ||||||||||||||||||||||
Year Ended December 31, 2012 (j) | $ | 25.96 | 0.01 | 1.52 | — | 1.53 | — | (1.51 | ) | (1.51 | ) | ||||||||||||||||||||||||
Class Z | |||||||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 26.72 | (0.04 | ) | 0.38 | — | 0.34 | — | (1.30 | ) | (1.30 | ) | |||||||||||||||||||||||
Year Ended December 31, 2013 | $ | 25.57 | (0.07 | ) | 8.21 | — | 8.14 | (0.14 | ) | (6.85 | ) | (6.99 | ) | ||||||||||||||||||||||
Year Ended December 31, 2012 | $ | 23.62 | 0.11 | 3.88 | — | 3.99 | — | (2.04 | ) | (2.04 | ) | ||||||||||||||||||||||||
Year Ended December 31, 2011 | $ | 28.73 | (0.07 | ) | (4.58 | ) | 0.00 | (h) | (4.65 | ) | (0.46 | ) | — | (0.46 | ) | ||||||||||||||||||||
Year Ended December 31, 2010 | $ | 23.38 | (0.10 | ) | 5.45 | — | 5.35 | — | — | — | |||||||||||||||||||||||||
Year Ended December 31, 2009 | $ | 14.07 | (0.08 | ) | 9.39 | — | 9.31 | — | — | — | |||||||||||||||||||||||||
Notes to Financial Highlights | |||||||||||||||||||||||||||||||||||
(a) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests, if any. Such indirect expenses are not included in the Fund's reported expense ratios.
(b) Annualized.
(c) Ratios include line of credit interest expense which is less than 0.01%.
(d) The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.
(e) Had the Investment Manager and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.
(f) Class I shares commenced operations on September 27, 2010. Per share data and total return reflect activity from that date.
(g) Class R4 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
(h) Rounds to zero.
(i) Class R5 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
(j) Class Y shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
(k) During the year ended December 31, 2011, the Fund received a reimbursement from an affiliate. Had the Fund not received this payment, the total return would have been lower by 0.01%.
See accompanying notes to financial statements.
110
Ratio to Average Net Assets | Supplemental Data | ||||||||||||||||||||||||||||||
| (Selected data for a share outstanding throughout each period) | Net Asset Value, End of Period | Total Return | Total gross expenses (a) | Total net expenses (a) | Net investment income (loss) | Portfolio turnover rate | Net assets, end of period (000s) | ||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 24.56 | 1.22 | % | 1.32 | %(b) | 1.32 | %(b) | (0.54 | )%(b) | 11 | % | $ | 305,103 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 25.57 | 33.77 | % | 1.31 | %(c) | 1.31 | %(c) | (0.54 | )% | 20 | % | $ | 333,193 | |||||||||||||||||
Year Ended December 31, 2012 | $ | 24.72 | 16.87 | % | 1.31 | %(c) | 1.31 | %(c)(d) | 0.13 | % | 15 | % | $ | 271,628 | |||||||||||||||||
Year Ended December 31, 2011 | $ | 22.95 | (16.65 | )% | 1.28 | % | 1.28 | %(d) | (0.57 | )% | 21 | % | $ | 340,325 | |||||||||||||||||
Year Ended December 31, 2010 | $ | 27.94 | 22.49 | % | 1.28 | % | 1.28 | %(d) | (0.73 | )% | 28 | % | $ | 555,263 | |||||||||||||||||
Year Ended December 31, 2009 | $ | 22.81 | 65.65 | % | 1.30 | % | 1.30 | %(d) | (0.78 | )% | 19 | % | $ | 522,443 | |||||||||||||||||
Class B | |||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 21.68 | 0.84 | %(e) | 2.10 | %(b) | 2.09 | %(b) | (1.35 | )%(b) | 11 | % | $ | 1,720 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 22.81 | 32.81 | %(e) | 2.05 | %(c) | 2.03 | %(c) | (1.32 | )% | 20 | % | $ | 2,938 | |||||||||||||||||
Year Ended December 31, 2012 | $ | 22.75 | 16.11 | % | 1.91 | %(c) | 1.90 | %(c)(d) | (0.62 | )% | 15 | % | $ | 9,938 | |||||||||||||||||
Year Ended December 31, 2011 | $ | 21.40 | (17.11 | )% | 1.88 | % | 1.88 | %(d) | (1.21 | )% | 21 | % | $ | 26,126 | |||||||||||||||||
Year Ended December 31, 2010 | $ | 26.06 | 21.72 | % | 1.92 | % | 1.92 | %(d) | (1.39 | )% | 28 | % | $ | 72,203 | |||||||||||||||||
Year Ended December 31, 2009 | $ | 21.41 | 64.44 | % | 2.01 | % | 2.01 | %(d) | (1.49 | )% | 19 | % | $ | 88,004 | |||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 21.33 | 0.85 | % | 2.04 | %(b) | 2.04 | %(b) | (1.26 | )%(b) | 11 | % | $ | 56,403 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 22.46 | 32.85 | % | 2.04 | %(c) | 2.04 | %(c) | (1.28 | )% | 20 | % | $ | 61,537 | |||||||||||||||||
Year Ended December 31, 2012 | $ | 22.48 | 15.93 | % | 2.07 | %(c) | 2.06 | %(c)(d) | (0.59 | )% | 15 | % | $ | 57,309 | |||||||||||||||||
Year Ended December 31, 2011 | $ | 21.20 | (17.27 | )% | 2.05 | % | 2.05 | %(d) | (1.34 | )% | 21 | % | $ | 62,887 | |||||||||||||||||
Year Ended December 31, 2010 | $ | 25.83 | 21.55 | % | 2.07 | % | 2.07 | %(d) | (1.52 | )% | 28 | % | $ | 98,445 | |||||||||||||||||
Year Ended December 31, 2009 | $ | 21.25 | 64.22 | % | 2.14 | % | 2.14 | %(d) | (1.62 | )% | 19 | % | $ | 93,121 | |||||||||||||||||
Class I | |||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 25.86 | 1.38 | % | 0.94 | %(b) | 0.94 | %(b) | (0.12 | )%(b) | 11 | % | $ | 19,408 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 26.81 | 34.31 | % | 0.94 | %(c) | 0.94 | %(c) | (0.21 | )% | 20 | % | $ | 13,660 | |||||||||||||||||
Year Ended December 31, 2012 | $ | 25.63 | 17.26 | % | 0.96 | %(c) | 0.95 | %(c)(d) | 0.89 | % | 15 | % | $ | 39,054 | |||||||||||||||||
Year Ended December 31, 2011 | $ | 23.65 | (16.25 | )% | 0.92 | % | 0.92 | %(d) | (0.12 | )% | 21 | % | $ | 10,944 | |||||||||||||||||
Year Ended December 31, 2010 (f) | $ | 28.74 | 16.17 | % | 0.91 | %(b) | 0.91 | %(b)(d) | 0.18 | %(b) | 28 | % | $ | 7,832 | |||||||||||||||||
Class R4 | |||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 26.24 | 1.33 | % | 1.14 | %(b) | 1.14 | %(b) | (0.34 | )%(b) | 11 | % | $ | 1,559 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 27.20 | 34.16 | % | 1.02 | %(c) | 1.02 | %(c) | (0.20 | )% | 20 | % | $ | 1,383 | |||||||||||||||||
Year Ended December 31, 2012 (g) | $ | 25.92 | 5.92 | % | 1.07 | %(b) | 1.06 | %(b)(d) | 0.02 | %(b) | 15 | % | $ | 15 | |||||||||||||||||
Class R5 | |||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 26.25 | 1.37 | % | 1.00 | %(b) | 1.00 | %(b) | (0.22 | )%(b) | 11 | % | $ | 11,081 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 27.20 | 34.21 | % | 0.97 | %(c) | 0.97 | %(c) | (0.13 | )% | 20 | % | $ | 11,996 | |||||||||||||||||
Year Ended December 31, 2012 (i) | $ | 25.93 | 5.96 | % | 0.99 | %(b) | 0.99 | %(b)(d) | 0.08 | %(b) | 15 | % | $ | 3 | |||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 26.33 | 1.40 | % | 0.95 | %(b) | 0.95 | %(b) | (0.18 | )%(b) | 11 | % | $ | 4,160 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 27.27 | 34.30 | % | 0.93 | %(c) | 0.93 | %(c) | (0.09 | )% | 20 | % | $ | 4,847 | |||||||||||||||||
Year Ended December 31, 2012 (j) | $ | 25.98 | 5.94 | % | 0.92 | %(b) | 0.92 | %(b)(d) | 0.15 | %(b) | 15 | % | $ | 3 | |||||||||||||||||
Class Z | |||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 25.76 | 1.35 | % | 1.04 | %(b) | 1.04 | %(b) | (0.27 | )%(b) | 11 | % | $ | 375,241 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 26.72 | 34.16 | % | 1.02 | %(c) | 1.02 | %(c) | (0.26 | )% | 20 | % | $ | 431,990 | |||||||||||||||||
Year Ended December 31, 2012 | $ | 25.57 | 17.15 | % | 1.03 | %(c) | 1.03 | %(c)(d) | 0.40 | % | 15 | % | $ | 587,678 | |||||||||||||||||
Year Ended December 31, 2011 | $ | 23.62 | (16.37 | )%(k) | 0.97 | % | 0.97 | %(d) | (0.28 | )% | 21 | % | $ | 850,338 | |||||||||||||||||
Year Ended December 31, 2010 | $ | 28.73 | 22.88 | % | 0.97 | % | 0.97 | %(d) | (0.41 | )% | 28 | % | $ | 1,549,112 | |||||||||||||||||
Year Ended December 31, 2009 | $ | 23.38 | 66.17 | % | 0.99 | % | 0.99 | %(d) | (0.47 | )% | 19 | % | $ | 1,241,277 | |||||||||||||||||
Notes to Financial Highlights | |||||||||||||||||||||||||||||||
See accompanying notes to financial statements.
111
Columbia Acorn Family of Funds
Financial Highlights, continued
Columbia Thermostat FundSM
Income from Investment Operations | Less Distributions to Shareholders | ||||||||||||||||||||||||||||||
| (Selected data for a share outstanding throughout each period) | Net Asset Value, Beginning of Period | Net investment income | Net realized and unrealized gain | Total from investment operations | Net investment income | Net realized gains | Total Distributions to Shareholders | ||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 14.58 | 0.14 | 0.43 | 0.57 | (0.02 | ) | (0.06 | ) | (0.08 | ) | ||||||||||||||||||||
Year Ended December 31, 2013 | $ | 14.29 | 0.29 | 1.00 | 1.29 | (0.25 | ) | (0.75 | ) | (1.00 | ) | ||||||||||||||||||||
Year Ended December 31, 2012 | $ | 12.82 | 0.32 | 1.39 | 1.71 | (0.24 | ) | — | (0.24 | ) | |||||||||||||||||||||
Year Ended December 31, 2011 | $ | 12.58 | 0.28 | 0.30 | 0.58 | (0.34 | ) | — | (0.34 | ) | |||||||||||||||||||||
Year Ended December 31, 2010 | $ | 10.90 | 0.19 | 1.67 | 1.86 | (0.18 | ) | — | (0.18 | ) | |||||||||||||||||||||
Year Ended December 31, 2009 | $ | 8.26 | 0.11 | 2.53 | 2.64 | (0.00 | )(e) | — | (0.00 | )(e) | |||||||||||||||||||||
Class B | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 14.68 | 0.11 | 0.43 | 0.54 | (0.02 | ) | (0.06 | ) | (0.08 | ) | ||||||||||||||||||||
Year Ended December 31, 2013 | $ | 14.39 | 0.19 | 1.03 | 1.22 | (0.18 | ) | (0.75 | ) | (0.93 | ) | ||||||||||||||||||||
Year Ended December 31, 2012 | $ | 12.91 | 0.20 | 1.45 | 1.65 | (0.17 | ) | — | (0.17 | ) | |||||||||||||||||||||
Year Ended December 31, 2011 | $ | 12.64 | 0.15 | 0.38 | 0.53 | (0.26 | ) | — | (0.26 | ) | |||||||||||||||||||||
Year Ended December 31, 2010 | $ | 10.93 | 0.13 | 1.67 | 1.80 | (0.09 | ) | — | (0.09 | ) | |||||||||||||||||||||
Year Ended December 31, 2009 | $ | 8.32 | 0.06 | 2.55 | 2.61 | — | — | — | |||||||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 14.68 | 0.09 | 0.43 | 0.52 | (0.02 | ) | (0.06 | ) | (0.08 | ) | ||||||||||||||||||||
Year Ended December 31, 2013 | $ | 14.39 | 0.18 | 1.00 | 1.18 | (0.14 | ) | (0.75 | ) | (0.89 | ) | ||||||||||||||||||||
Year Ended December 31, 2012 | $ | 12.91 | 0.22 | 1.39 | 1.61 | (0.13 | ) | — | (0.13 | ) | |||||||||||||||||||||
Year Ended December 31, 2011 | $ | 12.62 | 0.18 | 0.31 | 0.49 | (0.20 | ) | — | (0.20 | ) | |||||||||||||||||||||
Year Ended December 31, 2010 | $ | 10.91 | 0.10 | 1.68 | 1.78 | (0.07 | ) | — | (0.07 | ) | |||||||||||||||||||||
Year Ended December 31, 2009 | $ | 8.33 | 0.03 | 2.55 | 2.58 | — | — | — | |||||||||||||||||||||||
Class R4 | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 14.46 | 0.16 | 0.43 | 0.59 | (0.02 | ) | (0.06 | ) | (0.08 | ) | ||||||||||||||||||||
Year Ended December 31, 2013 | $ | 14.19 | 0.36 | 0.95 | 1.31 | (0.29 | ) | (0.75 | ) | (1.04 | ) | ||||||||||||||||||||
Year Ended December 31, 2012 (f) | $ | 14.08 | 0.09 | 0.28 | 0.37 | (0.26 | ) | — | (0.26 | ) | |||||||||||||||||||||
Class R5 | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 14.47 | 0.16 | 0.44 | 0.60 | (0.02 | ) | (0.06 | ) | (0.08 | ) | ||||||||||||||||||||
Year Ended December 31, 2013 | $ | 14.19 | 0.37 | 0.96 | 1.33 | (0.30 | ) | (0.75 | ) | (1.05 | ) | ||||||||||||||||||||
Year Ended December 31, 2012 (g) | $ | 14.08 | 0.09 | 0.27 | 0.36 | (0.25 | ) | — | (0.25 | ) | |||||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 14.46 | 0.16 | 0.44 | 0.60 | (0.02 | ) | (0.06 | ) | (0.08 | ) | ||||||||||||||||||||
Year Ended December 31, 2013 | $ | 14.18 | 0.33 | 1.01 | 1.34 | (0.31 | ) | (0.75 | ) | (1.06 | ) | ||||||||||||||||||||
Year Ended December 31, 2012 (h) | $ | 14.08 | 0.09 | 0.27 | 0.36 | (0.26 | ) | — | (0.26 | ) | |||||||||||||||||||||
Class Z | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 14.40 | 0.16 | 0.43 | 0.59 | (0.02 | ) | (0.06 | ) | (0.08 | ) | ||||||||||||||||||||
Year Ended December 31, 2013 | $ | 14.13 | 0.32 | 0.99 | 1.31 | (0.29 | ) | (0.75 | ) | (1.04 | ) | ||||||||||||||||||||
Year Ended December 31, 2012 | $ | 12.67 | 0.34 | 1.39 | 1.73 | (0.27 | ) | — | (0.27 | ) | |||||||||||||||||||||
Year Ended December 31, 2011 | $ | 12.44 | 0.31 | 0.29 | 0.60 | (0.37 | ) | — | (0.37 | ) | |||||||||||||||||||||
Year Ended December 31, 2010 | $ | 10.80 | 0.21 | 1.66 | 1.87 | (0.23 | ) | — | (0.23 | ) | |||||||||||||||||||||
Year Ended December 31, 2009 | $ | 8.19 | 0.13 | 2.51 | 2.64 | (0.03 | ) | — | (0.03 | ) | |||||||||||||||||||||
Notes to Financial Highlights | |||||||||||||||||||||||||||||||
(a) Had the Investment Manager and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.
(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of the underlying funds in which the Fund invests, if any. Such indirect expenses are not included in the Fund's reported expense ratios.
(c) Annualized.
(d) The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.
(e) Rounds to zero.
(f) Class R4 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
(g) Class R5 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
(h) Class Y shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
See accompanying notes to financial statements.
112
Ratio to Average Net Assets | Supplemental Data | ||||||||||||||||||||||||||||||
| (Selected data for a share outstanding throughout each period) | Net Asset Value, End of Period | Total Return (a) | Total gross expenses (b) | Total net expenses (b) | Net investment income | Portfolio turnover rate | Net assets, end of period (000s) | ||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 15.07 | 3.89 | % | 0.51 | %(c) | 0.50 | %(c) | 1.97 | %(c) | 49 | % | $ | 504,900 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 14.58 | 9.07 | % | 0.52 | % | 0.50 | % | 1.91 | % | 92 | % | $ | 513,293 | |||||||||||||||||
Year Ended December 31, 2012 | $ | 14.29 | 13.34 | % | 0.58 | % | 0.50 | %(d) | 2.28 | % | 109 | % | $ | 323,750 | |||||||||||||||||
Year Ended December 31, 2011 | $ | 12.82 | 4.62 | % | 0.67 | % | 0.50 | %(d) | 2.17 | % | 130 | % | $ | 79,744 | |||||||||||||||||
Year Ended December 31, 2010 | $ | 12.58 | 17.28 | % | 0.72 | % | 0.50 | %(d) | 1.64 | % | 118 | % | $ | 44,527 | |||||||||||||||||
Year Ended December 31, 2009 | $ | 10.90 | 31.98 | % | 0.78 | % | 0.50 | %(d) | 1.17 | % | 17 | % | $ | 42,976 | |||||||||||||||||
Class B | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 15.14 | 3.65 | % | 1.15 | %(c) | 1.00 | %(c) | 1.48 | %(c) | 49 | % | $ | 1,553 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 14.68 | 8.49 | % | 1.15 | % | 1.00 | % | 1.29 | % | 92 | % | $ | 2,263 | |||||||||||||||||
Year Ended December 31, 2012 | $ | 14.39 | 12.78 | % | 1.16 | % | 1.00 | %(d) | 1.47 | % | 109 | % | $ | 4,480 | |||||||||||||||||
Year Ended December 31, 2011 | $ | 12.91 | 4.19 | % | 1.23 | % | 1.00 | %(d) | 1.18 | % | 130 | % | $ | 11,318 | |||||||||||||||||
Year Ended December 31, 2010 | $ | 12.64 | 16.64 | % | 1.28 | % | 1.00 | %(d) | 1.10 | % | 118 | % | $ | 28,752 | |||||||||||||||||
Year Ended December 31, 2009 | $ | 10.93 | 31.37 | % | 1.32 | % | 1.00 | %(d) | 0.64 | % | 17 | % | $ | 32,758 | |||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 15.12 | 3.52 | % | 1.26 | %(c) | 1.25 | %(c) | 1.22 | %(c) | 49 | % | $ | 418,087 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 14.68 | 8.23 | % | 1.27 | % | 1.25 | % | 1.16 | % | 92 | % | $ | 430,173 | |||||||||||||||||
Year Ended December 31, 2012 | $ | 14.39 | 12.52 | % | 1.32 | % | 1.25 | %(d) | 1.56 | % | 109 | % | $ | 253,641 | |||||||||||||||||
Year Ended December 31, 2011 | $ | 12.91 | 3.87 | % | 1.43 | % | 1.25 | %(d) | 1.40 | % | 130 | % | $ | 33,378 | |||||||||||||||||
Year Ended December 31, 2010 | $ | 12.62 | 16.43 | % | 1.49 | % | 1.25 | %(d) | 0.88 | % | 118 | % | $ | 21,866 | |||||||||||||||||
Year Ended December 31, 2009 | $ | 10.91 | 30.97 | % | 1.55 | % | 1.25 | %(d) | 0.39 | % | 17 | % | $ | 21,090 | |||||||||||||||||
Class R4 | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 14.97 | 4.06 | % | 0.26 | %(c) | 0.25 | %(c) | 2.21 | %(c) | 49 | % | $ | 19,261 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 14.46 | 9.26 | % | 0.28 | % | 0.25 | % | 2.39 | % | 92 | % | $ | 14,651 | |||||||||||||||||
Year Ended December 31, 2012 (f) | $ | 14.19 | 2.60 | % | 0.42 | %(c) | 0.25 | %(c)(d) | 4.59 | %(c) | 109 | % | $ | 15 | |||||||||||||||||
Class R5 | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 14.99 | 4.12 | % | 0.24 | %(c) | 0.23 | %(c) | 2.21 | %(c) | 49 | % | $ | 3,105 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 14.47 | 9.35 | % | 0.25 | % | 0.23 | % | 2.44 | % | 92 | % | $ | 979 | |||||||||||||||||
Year Ended December 31, 2012 (g) | $ | 14.19 | 2.58 | % | 0.35 | %(c) | 0.27 | %(c)(d) | 4.60 | %(c) | 109 | % | $ | 3 | |||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 14.98 | 4.13 | % | 0.19 | %(c) | 0.18 | %(c) | 2.30 | %(c) | 49 | % | $ | 409 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 14.46 | 9.46 | % | 0.14 | % | 0.14 | % | 2.23 | % | 92 | % | $ | 3 | |||||||||||||||||
Year Ended December 31, 2012 (h) | $ | 14.18 | 2.55 | % | 0.30 | %(c) | 0.22 | %(c)(d) | 4.63 | %(c) | 109 | % | $ | 3 | |||||||||||||||||
Class Z | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 14.91 | 4.07 | % | 0.25 | %(c) | 0.25 | %(c) | 2.22 | %(c) | 49 | % | $ | 349,640 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 14.40 | 9.30 | % | 0.26 | % | 0.25 | % | 2.14 | % | 92 | % | $ | 375,444 | |||||||||||||||||
Year Ended December 31, 2012 | $ | 14.13 | 13.69 | % | 0.30 | % | 0.25 | %(d) | 2.48 | % | 109 | % | $ | 292,732 | |||||||||||||||||
Year Ended December 31, 2011 | $ | 12.67 | 4.85 | % | 0.34 | % | 0.25 | %(d) | 2.43 | % | 130 | % | $ | 65,167 | |||||||||||||||||
Year Ended December 31, 2010 | $ | 12.44 | 17.58 | % | 0.37 | % | 0.25 | %(d) | 1.87 | % | 118 | % | $ | 36,130 | |||||||||||||||||
Year Ended December 31, 2009 | $ | 10.80 | 32.29 | % | 0.39 | % | 0.25 | %(d) | 1.48 | % | 17 | % | $ | 41,765 | |||||||||||||||||
Notes to Financial Highlights | |||||||||||||||||||||||||||||||
See accompanying notes to financial statements.
113
Columbia Acorn Family of Funds
Financial Highlights, continued
Columbia Acorn Emerging Markets FundSM
Income from Investment Operations | Less Distributions to Shareholders | ||||||||||||||||||||||||||||||
| (Selected data for a share outstanding throughout each period) | Net Asset Value, Beginning of Period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Net investment income | Total Distributions to Shareholders | Net Asset Value, End of Period | ||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 13.37 | 0.03 | 0.41 | 0.44 | (0.01 | ) | (0.01 | ) | $ | 13.80 | ||||||||||||||||||||
Year Ended December 31, 2013 | $ | 12.04 | 0.07 | 1.34 | 1.41 | (0.08 | ) | (0.08 | ) | $ | 13.37 | ||||||||||||||||||||
Year Ended December 31, 2012 | $ | 9.26 | 0.08 | 2.78 | 2.86 | (0.08 | ) | (0.08 | ) | $ | 12.04 | ||||||||||||||||||||
Year Ended December 31, 2011 (e) | $ | 10.00 | (0.00 | )(f) | (0.74 | ) | (0.74 | ) | — | — | $ | 9.26 | |||||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 13.32 | (0.03 | ) | 0.41 | 0.38 | — | — | $ | 13.70 | |||||||||||||||||||||
Year Ended December 31, 2013 | $ | 12.01 | (0.03 | ) | 1.34 | 1.31 | — | — | $ | 13.32 | |||||||||||||||||||||
Year Ended December 31, 2012 | $ | 9.24 | (0.02 | ) | 2.79 | 2.77 | — | — | $ | 12.01 | |||||||||||||||||||||
Year Ended December 31, 2011 (h) | $ | 10.00 | (0.02 | ) | (0.74 | ) | (0.76 | ) | — | — | $ | 9.24 | |||||||||||||||||||
Class I | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 13.41 | 0.02 | 0.44 | 0.46 | (0.01 | ) | (0.01 | ) | $ | 13.86 | ||||||||||||||||||||
Year Ended December 31, 2013 | $ | 12.08 | 0.08 | 1.37 | 1.45 | (0.12 | ) | (0.12 | ) | $ | 13.41 | ||||||||||||||||||||
Year Ended December 31, 2012 | $ | 9.29 | 0.11 | 2.80 | 2.91 | (0.12 | ) | (0.12 | ) | $ | 12.08 | ||||||||||||||||||||
Year Ended December 31, 2011 (i) | $ | 10.00 | 0.01 | (0.72 | ) | (0.71 | ) | — | — | $ | 9.29 | ||||||||||||||||||||
Class R4 | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 13.49 | 0.04 | 0.42 | 0.46 | (0.01 | ) | (0.01 | ) | $ | 13.94 | ||||||||||||||||||||
Year Ended December 31, 2013 | $ | 12.14 | 0.12 | 1.35 | 1.47 | (0.12 | ) | (0.12 | ) | $ | 13.49 | ||||||||||||||||||||
Year Ended December 31, 2012 (j) | $ | 11.44 | (0.01 | ) | 0.81 | 0.80 | (0.10 | ) | (0.10 | ) | $ | 12.14 | |||||||||||||||||||
Class R5 | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 13.48 | 0.05 | 0.41 | 0.46 | (0.01 | ) | (0.01 | ) | $ | 13.93 | ||||||||||||||||||||
Year Ended December 31, 2013 | $ | 12.14 | 0.12 | 1.34 | 1.46 | (0.12 | ) | (0.12 | ) | $ | 13.48 | ||||||||||||||||||||
Year Ended December 31, 2012 (k) | $ | 11.44 | (0.00 | )(f) | 0.81 | 0.81 | (0.11 | ) | (0.11 | ) | $ | 12.14 | |||||||||||||||||||
Class Y | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 13.36 | 0.04 | 0.42 | 0.46 | (0.01 | ) | (0.01 | ) | $ | 13.81 | ||||||||||||||||||||
Year Ended December 31, 2013(l) | $ | 12.22 | 0.07 | 1.20 | 1.27 | (0.13 | ) | (0.13 | ) | $ | 13.36 | ||||||||||||||||||||
Class Z | |||||||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | $ | 13.40 | 0.04 | 0.41 | 0.45 | (0.01 | ) | (0.01 | ) | $ | 13.84 | ||||||||||||||||||||
Year Ended December 31, 2013 | $ | 12.07 | 0.11 | 1.33 | 1.44 | (0.11 | ) | (0.11 | ) | $ | 13.40 | ||||||||||||||||||||
Year Ended December 31, 2012 | $ | 9.28 | 0.12 | 2.79 | �� | 2.91 | (0.12 | ) | (0.12 | ) | $ | 12.07 | |||||||||||||||||||
Year Ended December 31, 2011 (m) | $ | 10.00 | 0.01 | (0.73 | ) | (0.72 | ) | — | — | $ | 9.28 | ||||||||||||||||||||
Notes to Financial Highlights | |||||||||||||||||||||||||||||||
(a) Annualized.
(b) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests, if any. Such indirect expenses are not included in the Fund's reported expense ratios.
(c) Had the Investment Manager and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.
(d) The benefits derived from custody fees paid indirectly had an impact of 0.01%.
(e) Class A shares commenced operations on August 19, 2011. Per share data and total return reflect activity from that date.
(f) Rounds to zero.
(g) The benefits derived from custody fees paid indirectly had an impact of less than 0.01%.
(h) Class C shares commenced operations on August 19, 2011. Per share data and total return reflect activity from that date.
(i) Class I shares commenced operations on August 19, 2011. Per share data and total return reflect activity from that date.
(j) Class R4 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
(k) Class R5 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
(l) Class Y shares commenced operations on June 13, 2013. Per share data and total return reflect activity from that date.
(m) Class Z shares commenced operations on August 19, 2011. Per share data and total return reflect activity from that date.
See accompanying notes to financial statements.
114
Ratio to Average Net Assets | Supplemental Data | ||||||||||||||||||||||||||
| (Selected data for a share outstanding throughout each period) | Total Return | Total gross expenses | Total net expenses | Net investment income (loss) | Portfolio turnover rate | Net assets, end of period (000s) | |||||||||||||||||||||
Class A | |||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | 3.28 | % | 1.58 | %(a)(b) | 1.58 | %(a)(b) | 0.40 | %(a) | 14 | % | $ | 254,044 | |||||||||||||||
Year Ended December 31, 2013 | 11.73 | %(c) | 1.80 | %(b) | 1.76 | %(b) | 0.52 | % | 36 | % | $ | 177,158 | |||||||||||||||
Year Ended December 31, 2012 | 30.86 | %(c) | 6.42 | %(b) | 1.77 | %(b)(d) | 0.77 | % | 30 | % | $ | 3,103 | |||||||||||||||
Year Ended December 31, 2011 (e) | (7.40 | )%(c) | 20.13 | %(a) | 1.85 | %(a)(g) | (0.01 | )%(a) | 9 | % | $ | 332 | |||||||||||||||
Class C | |||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | 2.85 | % | 2.33 | %(a)(b) | 2.33 | %(a)(b) | (0.39 | )%(a) | 14 | % | $ | 45,714 | |||||||||||||||
Year Ended December 31, 2013 | 10.91 | %(c) | 2.55 | %(b) | 2.51 | %(b) | (0.23 | )% | 36 | % | $ | 32,636 | |||||||||||||||
Year Ended December 31, 2012 | 29.98 | %(c) | 7.18 | %(b) | 2.56 | %(b)(d) | (0.15 | )% | 30 | % | $ | 615 | |||||||||||||||
Year Ended December 31, 2011 (h) | (7.60 | )%(c) | 25.06 | %(a) | 2.60 | %(a)(g) | (0.68 | )%(a) | 9 | % | $ | 127 | |||||||||||||||
Class I | |||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | 3.42 | % | 1.21 | %(a)(b) | 1.21 | %(a)(b) | 0.26 | %(a) | 14 | % | $ | 3 | |||||||||||||||
Year Ended December 31, 2013 | 12.06 | %(c) | 1.73 | %(b) | 1.39 | %(b) | 0.65 | % | 36 | % | $ | 7 | |||||||||||||||
Year Ended December 31, 2012 | 31.39 | %(c) | 6.18 | %(b) | 1.41 | %(b)(d) | 1.05 | % | 30 | % | $ | 6 | |||||||||||||||
Year Ended December 31, 2011 (i) | (7.10 | )%(c) | 19.31 | %(a) | 1.41 | %(a)(g) | 0.17 | %(a) | 9 | % | $ | 5 | |||||||||||||||
Class R4 | |||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | 3.40 | % | 1.28 | %(a)(b) | 1.28 | %(a)(b) | 0.59 | %(a) | 14 | % | $ | 14,513 | |||||||||||||||
Year Ended December 31, 2013 | 12.13 | %(c) | 1.44 | %(b) | 1.44 | %(b) | 0.92 | % | 36 | % | $ | 13,583 | |||||||||||||||
Year Ended December 31, 2012 (j) | 7.04 | %(c) | 5.86 | %(a)(b) | 1.54 | %(a)(b)(d) | (0.31 | )%(a) | 30 | % | $ | 16 | |||||||||||||||
Class R5 | |||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | 3.40 | % | 1.27 | %(a)(b) | 1.27 | %(a)(b) | 0.71 | %(a) | 14 | % | $ | 23,713 | |||||||||||||||
Year Ended December 31, 2013 | 12.07 | %(c) | 1.42 | %(b) | 1.42 | %(b) | 0.94 | % | 36 | % | $ | 13,625 | |||||||||||||||
Year Ended December 31, 2012 (k) | 7.11 | %(c) | 5.81 | %(a)(b) | 1.46 | %(a)(b)(d) | (0.22 | )%(a) | 30 | % | $ | 3 | |||||||||||||||
Class Y | |||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | 3.43 | % | 1.23 | %(a)(b) | 1.23 | %(a)(b) | 0.58 | %(a) | 14 | % | $ | 3 | |||||||||||||||
Year Ended December 31, 2013(l) | 10.43 | %(c) | 1.36 | %(a)(b) | 1.36 | %(a)(b) | 0.97 | %(a) | 36 | % | $ | 3 | |||||||||||||||
Class Z | |||||||||||||||||||||||||||
Six Months Ended June 30, 2014 (Unaudited) | 3.35 | % | 1.35 | %(a)(b) | 1.35 | %(a)(b) | 0.57 | %(a) | 14 | % | $ | 236,866 | |||||||||||||||
Year Ended December 31, 2013 | 11.92 | %(c) | 1.58 | %(b) | 1.54 | %(b) | 0.89 | % | 36 | % | $ | 177,693 | |||||||||||||||
Year Ended December 31, 2012 | 31.35 | %(c) | 6.15 | %(b) | 1.46 | %(b)(d) | 1.07 | % | 30 | % | $ | 6,846 | |||||||||||||||
Year Ended December 31, 2011 (m) | (7.20 | )%(c) | 19.52 | %(a) | 1.46 | %(a)(g) | 0.15 | %(a) | 9 | % | $ | 2,765 | |||||||||||||||
Notes to Financial Highlights | |||||||||||||||||||||||||||
See accompanying notes to financial statements.
115
Columbia Acorn Family of Funds
Financial Highlights, continued
Columbia Acorn European FundSM
Income from Investment Operations | Less Distributions to Shareholders | ||||||||||||||||||||||||||||||
| (Selected data for a share outstanding throughout each period) | Net Asset Value, Beginning of Period | Net investment income (loss) | Net realized and unrealized gain (loss) | Total from investment operations | Net investment income | Net realized gains | Total Distributions to Shareholders | ||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 15.68 | 0.16 | 0.20 | 0.36 | (0.00 | )(b) | (0.08 | ) | (0.08 | ) | ||||||||||||||||||||
Year Ended December 31, 2013 | $ | 11.76 | (0.02 | ) | 3.97 | 3.95 | (0.01 | ) | (0.02 | ) | (0.03 | ) | |||||||||||||||||||
Year Ended December 31, 2012 | $ | 9.43 | 0.03 | 2.37 | 2.40 | (0.07 | ) | (0.00 | )(b) | (0.07 | ) | ||||||||||||||||||||
Year Ended December 31, 2011 (f) | $ | 10.00 | (0.03 | ) | (0.46 | ) | (0.49 | ) | (0.06 | ) | (0.02 | ) | (0.08 | ) | |||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 15.54 | 0.12 | 0.19 | 0.31 | — | (0.08 | ) | (0.08 | ) | |||||||||||||||||||||
Year Ended December 31, 2013 | $ | 11.73 | (0.15 | ) | 3.98 | 3.83 | — | (0.02 | ) | (0.02 | ) | ||||||||||||||||||||
Year Ended December 31, 2012 | $ | 9.44 | (0.15 | ) | 2.46 | 2.31 | (0.02 | ) | (0.00 | )(b) | (0.02 | ) | |||||||||||||||||||
Year Ended December 31, 2011 (h) | $ | 10.00 | (0.06 | ) | (0.45 | ) | (0.51 | ) | (0.03 | ) | (0.02 | ) | (0.05 | ) | |||||||||||||||||
Class I | |||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 15.67 | 0.09 | 0.29 | 0.38 | (0.00 | )(b) | (0.08 | ) | (0.08 | ) | ||||||||||||||||||||
Year Ended December 31, 2013 | $ | 11.75 | 0.12 | 3.88 | 4.00 | (0.06 | ) | (0.02 | ) | (0.08 | ) | ||||||||||||||||||||
Year Ended December 31, 2012 | $ | 9.43 | 0.10 | 2.32 | 2.42 | (0.10 | ) | (0.00 | )(b) | (0.10 | ) | ||||||||||||||||||||
Year Ended December 31, 2011 (i) | $ | 10.00 | (0.02 | ) | (0.46 | ) | (0.48 | ) | (0.07 | ) | (0.02 | ) | (0.09 | ) | |||||||||||||||||
Class R4 | |||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited)(j) | $ | 15.85 | 0.01 | 0.18 | 0.19 | — | — | — | |||||||||||||||||||||||
Class R5 | |||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 15.82 | 0.18 | 0.20 | 0.38 | (0.00 | )(b) | (0.08 | ) | (0.08 | ) | ||||||||||||||||||||
Year Ended December 31, 2013 | $ | 11.86 | (0.04 | ) | 4.06 | 4.02 | (0.04 | ) | (0.02 | ) | (0.06 | ) | |||||||||||||||||||
Year Ended December 31, 2012 (k) | $ | 11.19 | (0.02 | ) | 0.77 | 0.75 | (0.08 | ) | — | (0.08 | ) | ||||||||||||||||||||
Class Z | |||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 15.68 | 0.18 | 0.20 | 0.38 | (0.00 | )(b) | (0.08 | ) | (0.08 | ) | ||||||||||||||||||||
Year Ended December 31, 2013 | $ | 11.76 | 0.11 | 3.88 | 3.99 | (0.05 | ) | (0.02 | ) | (0.07 | ) | ||||||||||||||||||||
Year Ended December 31, 2012 | $ | 9.44 | 0.08 | 2.34 | 2.42 | (0.10 | ) | (0.00 | )(b) | (0.10 | ) | ||||||||||||||||||||
Year Ended December 31, 2011 (l) | $ | 10.00 | (0.02 | ) | (0.46 | ) | (0.48 | ) | (0.06 | ) | (0.02 | ) | (0.08 | ) | |||||||||||||||||
Notes to Financial Highlights | |||||||||||||||||||||||||||||||
(a) Had the Investment Manager and/or Transfer Agent not waived fees and/or reimbursed a portion of expenses, total return would have been reduced.
(b) Rounds to zero.
(c) Annualized.
(d) In addition to the fees and expenses that the Fund bears directly, the Fund indirectly bears a pro rata share of the fees and expenses of any other funds in which it invests, if any. Such indirect expenses are not included in the Fund's reported expense ratios.
(e) The benefits derived from custody fees paid indirectly had an impact of 0.01%.
(f) Class A shares commenced operations on August 19, 2011. Per share data and total return reflect activity from that date.
(g) The benefits derived from custody fees paid indirectly had an impact of 0.02%.
(h) Class C shares commenced operations on August 19, 2011. Per share data and total return reflect activity from that date.
(i) Class I shares commenced operations on August 19, 2011. Per share data and total return reflect activity from that date.
(j) Class R4 shares commenced operations on June 25, 2014. Per share data and total return reflect activity from that date.
(k) Class R5 shares commenced operations on November 8, 2012. Per share data and total return reflect activity from that date.
(l) Class Z shares commenced operations on August 19, 2011. Per share data and total return reflect activity from that date.
See accompanying notes to financial statements.
116
Ratio to Average Net Assets | Supplemental Data | ||||||||||||||||||||||||||||||
| (Selected data for a share outstanding throughout each period) | Net Asset Value, End of Period | Total Return (a) | Total gross expenses | Total net expenses | Net investment income (loss) | Portfolio turnover rate | Net assets, end of period (000s) | ||||||||||||||||||||||||
Class A | |||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 15.96 | 2.31 | % | 2.04 | %(c)(d) | 1.75 | %(c)(d) | 2.01 | %(c) | 12 | % | $ | 37,075 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 15.68 | 33.64 | % | 3.33 | %(d) | 1.74 | %(d) | (0.11 | )% | 42 | % | $ | 19,078 | |||||||||||||||||
Year Ended December 31, 2012 | $ | 11.76 | 25.46 | % | 12.35 | %(d) | 1.61 | %(d)(e) | 0.23 | % | 37 | % | $ | 453 | |||||||||||||||||
Year Ended December 31, 2011 (f) | $ | 9.43 | (4.97 | )% | 33.59 | %(c) | 1.75 | %(c)(g) | (0.84 | )%(c) | 17 | % | $ | 154 | |||||||||||||||||
Class C | |||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 15.77 | 1.97 | % | 2.81 | %(c)(d) | 2.50 | %(c)(d) | 1.51 | %(c) | 12 | % | $ | 4,771 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 15.54 | 32.63 | % | 4.19 | %(d) | 2.50 | %(d) | (1.10 | )% | 42 | % | $ | 1,400 | |||||||||||||||||
Year Ended December 31, 2012 | $ | 11.73 | 24.46 | % | 12.83 | %(d) | 2.32 | %(d)(e) | (1.33 | )% | 37 | % | $ | 89 | |||||||||||||||||
Year Ended December 31, 2011 (h) | $ | 9.44 | (5.14 | )% | 35.79 | %(c) | 2.50 | %(c)(g) | (1.66 | )%(c) | 17 | % | $ | 5 | |||||||||||||||||
Class I | |||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 15.97 | 2.43 | % | 1.70 | %(c)(d) | 1.46 | %(c)(d) | 1.16 | %(c) | 12 | % | $ | 3 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 15.67 | 34.06 | % | 3.99 | %(d) | 1.41 | %(d) | 0.88 | % | 42 | % | $ | 8 | |||||||||||||||||
Year Ended December 31, 2012 | $ | 11.75 | 25.71 | % | 12.05 | %(d) | 1.31 | %(d)(e) | 0.94 | % | 37 | % | $ | 6 | |||||||||||||||||
Year Ended December 31, 2011 (i) | $ | 9.43 | (4.81 | )% | 30.00 | %(c) | 1.31 | %(c)(g) | (0.47 | )%(c) | 17 | % | $ | 5 | |||||||||||||||||
Class R4 | |||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited)(j) | $ | 16.04 | 1.20 | % | 3.48 | %(c)(d) | 1.49 | %(c)(d) | 3.95 | %(c) | 12 | % | $ | 3 | |||||||||||||||||
Class R5 | |||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 16.12 | 2.41 | % | 1.76 | %(c)(d) | 1.52 | %(c)(d) | 2.29 | %(c) | 12 | % | $ | 3,664 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 15.82 | 33.97 | % | 2.76 | %(d) | 1.51 | %(d) | (0.29 | )% | 42 | % | $ | 1,891 | |||||||||||||||||
Year Ended December 31, 2012 (k) | $ | 11.86 | 6.70 | % | 14.07 | %(c)(d) | 1.36 | %(c)(d)(e) | (1.07 | )%(c) | 37 | % | $ | 3 | |||||||||||||||||
Class Z | |||||||||||||||||||||||||||||||
| Six Months Ended June 30, 2014 (Unaudited) | $ | 15.98 | 2.43 | % | 1.80 | %(c)(d) | 1.50 | %(c)(d) | 2.27 | %(c) | 12 | % | $ | 17,834 | |||||||||||||||||
Year Ended December 31, 2013 | $ | 15.68 | 33.98 | % | 3.98 | %(d) | 1.45 | %(d) | 0.83 | % | 42 | % | $ | 4,407 | |||||||||||||||||
Year Ended December 31, 2012 | $ | 11.76 | 25.66 | % | 12.07 | %(d) | 1.33 | %(d)(e) | 0.76 | % | 37 | % | $ | 2,727 | |||||||||||||||||
Year Ended December 31, 2011 (l) | $ | 9.44 | (4.78 | )% | 30.26 | %(c) | 1.37 | %(c)(g) | (0.52 | )%(c) | 17 | % | $ | 1,516 | |||||||||||||||||
Notes to Financial Highlights | |||||||||||||||||||||||||||||||
See accompanying notes to financial statements.
117
Columbia Acorn Family of Funds
Notes to Financial Statements (Unaudited)
1. Nature of Operations
Columbia Acorn Fund, Columbia Acorn International, Columbia Acorn USA, Columbia Acorn International Select, Columbia Acorn Select, Columbia Thermostat Fund, Columbia Acorn Emerging Markets Fund and Columbia Acorn European Fund (each a Fund and collectively, the Funds) are each a series of Columbia Acorn Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The investment objective of each Fund is to seek long-term capital appreciation.
Columbia Thermostat Fund pursues its investment objective by investing in shares of other mutual funds. As a "fund of funds" under normal circumstances, the Fund allocates at least 95% of its net assets among a selected group of affiliated stock and bond mutual funds (underlying portfolio funds) according to the current level of the Standard & Poor's (S&P) 500 Index in relation to predetermined ranges set by Columbia Wanger Asset Management, LLC (the Investment Manager). The Fund may invest up to 5% of its net assets plus any cash received that day in cash, repurchase agreements, high quality short-term paper and government securities.
Each Fund may issue an unlimited number of shares. Columbia Acorn Fund, Columbia Acorn USA, Columbia Acorn International Select and Columbia Acorn Select each currently offers Class A, Class B, Class C, Class I, Class R4, Class R5, Class Y and Class Z shares. Columbia Acorn International currently offers Class A, Class B, Class C, Class I, Class R, Class R4, Class R5, Class Y and Class Z shares. Columbia Thermostat Fund currently offers Class A, Class B, Class C, Class R4, Class R5, Class Y and Class Z shares. Columbia Acorn Emerging Markets Fund currently offers Class A, Class C, Class I, Class R4, Class R5, Class Y and Class Z shares. Columbia Acorn European Fund currently offers Class A, Class C, Class I, Class R4, Class R5 and Class Z shares. Effective February 29, 2008, the Funds generally no longer accept investments by new or existing investors in the Funds' 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. Effective as of the close of business on July 11, 2014, Columbia Acorn Emerging Markets Fund is closed to most new investors and new accounts, subject to certain limited exceptions described in the Fund's prospectus, as supplemented on June 12, 2014.
Class A shares are sold with a front-end sales charge. Class A shares bought without an initial sales charge in accounts aggregating $1 million to $50 million at the time of purchase are subject to a 1.00% contingent deferred sales charge (CDSC) if the shares are redeemed within 12 months of purchase, and a 0.50% CDSC if the shares are redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions.
Class B shares are subject to CDSC if redeemed within six years of purchase. Class B shares will convert to Class A shares automatically eight years after purchase.
Class C shares are offered at net asset value but are subject to a CDSC on redemptions made within one year after purchase.
Class I, Class R, Class R4, Class R5 and Class Y shares are offered at net asset value. There are certain restrictions on who may purchase these share classes. Class R4 shares commenced operations on June 25, 2014 for Columbia Acorn European Fund.
Class Z shares are offered at net asset value. There are certain restrictions on who may purchase Class Z shares. Generally, Class Z shares of a Fund may be exchanged for shares of another fund distributed by Columbia Management Investment Distributors, Inc. (CMID) at no additional charge.
Investment income, realized and unrealized gains and losses, and certain fund-level expenses are allocated pro rata on the basis of the relative net assets of all classes, except that each class bears certain expenses specific to that class such as distribution services, transfer agent fees, and certain other class specific expenses. Differences in class expenses may result in payment of different dividend distributions for each class. All of the Funds' share classes have equal rights with respect to voting, subject to Fund or class specific matters.
2. Significant Accounting Policies
The preparation of financial statements in accordance with accounting principles generally accepted in the United States of America (GAAP) requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.
>Security valuation
Securities of the Funds are valued at market value or, if a market quotation for a security is not readily available or is deemed not to be reliable because of events or circumstances
118
that have occurred between the market quotation and the time as of which the security is to be valued, the security is valued at a fair value determined in good faith under consistently applied procedures established by the Board of Trustees (the Board). With respect to Columbia Thermostat Fund, investments in portfolio funds are valued at their net asset values as reported by the portfolio funds. A security traded on a securities exchange or in an over-the-counter market in which transaction prices are reported is valued at the last sales price at the time of valuation. A security traded principally on NASDAQ is valued at the NASDAQ official closing price. Mutual funds and exchange traded funds are valued at their closing net asset value as reported to the applicable exchange.
Short-term investments maturing in 60 days or less are valued at amortized cost, which approximates market value.
Forward foreign currency exchange contracts are marked-to-market based upon foreign currency exchange rates provided by a pricing service.
The Trust has retained an independent statistical fair value pricing service that employs a systematic methodology to assist in the fair valuation process for securities principally traded in a foreign market in order to adjust for possible changes in value that may occur between the close of the foreign exchange and the time as of which the securities are to be valued. If a security is valued at fair value, that value may be different from the last quoted market price for the security. A security for which there is no reported sale on the valuation date is valued at the mean of the latest bid and ask quotations.
>Foreign currency translations
Values of investments denominated in foreign currencies are converted into U.S. dollars using the New York spot market rate of exchange at the time of valuation. Purchases and sales of investments and dividend and interest income are translated into U.S. dollars using the spot market rate of exchange prevailing on the respective dates of such transactions. The gain or loss resulting from changes in foreign exchange rates is included with net realized and unrealized gain or loss from investments, as appropriate.
>Restricted securities
Restricted securities are securities that may only be resold upon registration under federal securities laws or in transactions exempt from registration. In some cases, the issuer of restricted securities has agreed to register such securities for resale at the issuer's expense either upon demand by the Fund or in connection with another registered offering of the securities. Many restricted securities may be resold in the secondary
market in transactions exempt from registration. Such restricted securities may be determined to be liquid under criteria established by the Board.
>Derivative instruments
Columbia Acorn International Select invests in forward foreign currency exchange contracts on a limited basis, as detailed below. Forward foreign currency exchange contracts are derivative instruments whose values depend on, or are derived from, in whole or in part, the value of one or more other assets, in this case, currencies. Derivatives may involve various risks, including the potential inability of the counterparty to fulfill its obligation under the terms of the contract and the potential for market movements, which may expose the Fund to gains or losses in excess of the amount shown in the Statements of Assets and Liabilities.
The put option held at June 30, 2014 was acquired through a transaction between each of Columbia Acorn International, Columbia Acorn International Select and Columbia Acorn Emerging Markets Fund and the controlling shareholder of Archipelago Resources (the "Controlling Shareholder") in connection with the delisting of the shares of Archipelago Resources in 2013 and the anticipated restructuring of Archipelago Resources into a new company during 2014 ("New Co"). Normally, a put option would be bought to decrease a Fund's exposure to the underlying stock. However, in this case, the put option related to the proposed restructuring of Archipelago Resources provides each Fund with the ability to sell its shares back to the Controlling Shareholder at an agreed upon price or to convert the shares held in Archipelago Resources into shares of New Co based upon the terms of the put option agreement between each Fund and the Controlling Shareholder.
For financial reporting purposes, the Funds do not offset derivative assets and derivative liabilities that are subject to netting arrangements in the Statements of Assets and Liabilities.
>Forward foreign currency exchange contracts
Forward foreign currency exchange contracts are agreements between two parties to buy and sell a currency at a set price on a future date. Columbia Acorn International Select utilized forward foreign currency exchange contracts to hedge the currency exposure associated with some or all of the Fund's securities. These instruments may be used for other purposes in future periods. The Fund's use of forward foreign currency exchange contracts was not material to the net assets of the Fund.
The values of forward foreign currency exchange contracts fluctuate with changes in foreign currency exchange rates. Changes in the value of these contracts are recorded as
119
Columbia Acorn Family of Funds
Notes to Financial Statements (Unaudited), continued
unrealized appreciation or depreciation until the contract is exercised or has expired. The Fund will realize a gain or loss when the forward foreign currency exchange contract is closed or expires.
The use of forward foreign currency exchange contracts does not eliminate fluctuations in the prices of the Fund's portfolio securities. The risks of forward foreign currency exchange
contracts include movement in the values of the foreign currencies relative to the U.S. dollar (or other foreign currencies) and the possibility that counterparties will not complete their contractual obligations, which may be in excess of the amount reflected, if any, in the Statements of Assets and Liabilities.
>Offsetting of Derivative Assets and Derivative Liabilities
The following table presents the gross and net amount of assets and liabilities of Columbia Acorn International Select available for offset under netting arrangements as well as any related collateral received or pledged by the Fund as of June 30, 2014:
Columbia Acorn International Select
| Gross Amounts Not Offset in the Statements of Assets and Liabilities | |||||||||||||||||||||||||||||||
| Gross Amounts of Recognized Liabilities | Gross Amounts Offset in the Statements of Assets and Liabilities | Net Amounts of Liabilities Presented in the Statements of Assets and Liabilities | Financial Instruments(a) | Cash Collateral Pledged | Securities Collateral Pledged | Net Amount(b) | |||||||||||||||||||||||||
Liability Derivatives: | |||||||||||||||||||||||||||||||
| Forward foreign currency exchange contracts | $ | 63,164 | $ | — | $ | 63,164 | $ | — | $ | — | $ | — | $ | 63,164 | |||||||||||||||||
(a) Represents the amount of liabilities that could be offset by assets with the same counterparty under master netting or similar agreements that management elects not to offset on the Statements of Assets and Liabilities.
(b) Represents the net amount due to counterparties in the event of default.
>Effects of derivative transactions in the financial statements
The following tables are intended to provide additional information about the effect of derivatives on the financial statements of Columbia Acorn International, Columbia Acorn International Select and Columbia Acorn Emerging Markets Fund, including: the fair value of derivatives by risk category and the location of those fair values in the Statements of Assets and Liabilities; and the impact of derivative transactions over the period in the Statements of Operations, including realized gains or losses and unrealized gains or losses. The derivative schedules following the Statements of Investments present additional information regarding derivative instruments outstanding at the end of the period, if any.
Columbia Acorn International®
The following table indicates the effect of derivative instruments in the Statements of Operations for the six months ended June 30, 2014:
Change in Unrealized Appreciation (Depreciation) on
Derivatives Recognized in Income
Risk Exposure Category | Affiliated options | ||||||
Equity risk | $ | (2,630,029 | ) | ||||
The following table is a summary of the average outstanding volume by derivative instrument for the six months ended June 30, 2014:
Derivative Instrument | Average market value* | ||||||
Option contract | $ | 1,059,127 | |||||
*Based on the ending quarterly outstanding amounts for the six months ended June 30, 2014.
Columbia Acorn International SelectSM
The following table is a summary of the fair value of derivative instruments at June 30, 2014:
Liability Derivatives | |||||||||||
| Risk Exposure Category | Statements of Assets and Liabilities Location | Fair Value | |||||||||
Foreign exchange risk | Unrealized depreciation on | ||||||||||
| forward foreign currency | ||||||||||
| exchange contracts | $ | 63,164 | ||||||||
The following table indicates the effect of derivative instruments in the Statements of Operations for the six months ended June 30, 2014:
Amount of Realized Gain (Loss) on
Derivatives Recognized in Income
Risk Exposure Category | Forward Foreign Currency Exchange Contracts | ||||||
Foreign exchange risk | $ | (20,909 | ) | ||||
120
Change in Unrealized Appreciation (Depreciation)
on Derivatives Recognized in Income
Risk Exposure Category | Forward Foreign Currency Exchange Contracts | Unaffiliated options | Total | ||||||||||||
Equity risk | $ | — | $ | (985,539 | ) | $ | (985,539 | ) | |||||||
Foreign exchange risk | (128,982 | ) | — | (128,982 | ) | ||||||||||
Total | $ | (128,982 | ) | $ | (985,539 | ) | $ | (1,114,521 | ) | ||||||
The following table is a summary of the average outstanding volume by derivative instrument for the six months ended June 30, 2014:
Derivative Instrument | Average market value* | ||||||
Option contract | $ | 396,882 | |||||
*Based on the ending quarterly outstanding amounts for the six months ended June 30, 2014.
Derivative Instrument | Average unrealized appreciation* | Average unrealized depreciation* | |||||||||
| Forward foreign currency exchange contracts | $ | — | $ | (130,352 | ) | ||||||
* Based on the ending quarterly outstanding amounts for the period ended June 30, 2014.
Columbia Acorn Emerging Markets FundSM
The following table indicates the effect of derivative instruments in the Statements of Operations for the six months ended June 30, 2014:
Change in Unrealized Appreciation (Depreciation) on
Derivatives Recognized in Income
Risk Exposure Category | Unaffiliated options | ||||||
Equity risk | $ | (131,808 | ) | ||||
The following table is a summary of the average outstanding volume by derivative instrument for the six months ended June 30, 2014:
Derivative Instrument | Average market value* | ||||||
Option contract | $ | 53,080 | |||||
*Based on the ending quarterly outstanding amounts for the six months ended June 30, 2014.
>Security transactions and investment income
Security transactions, investment income and shareholder fund transactions are accounted for on the trade date (date the order to buy or sell is executed) and dividend income and realized gain distributions from other funds are recorded on the ex-dividend date, except that certain dividends from foreign securities are recorded as soon as the information is available to the Funds. Interest income is recorded on the accrual basis and includes amortization of discounts on debt obligations when required for federal income tax purposes. Realized gains and losses from security transactions are recorded on an identified cost basis.
Awards, if any, from class action litigation related to securities owned may be recorded as a reduction of cost of
those securities. If the applicable securities are no longer owned, the proceeds are recorded as realized gains.
The Funds may receive distributions from holdings in exchange-traded funds (ETFs), other regulated investment companies (RICs), and real estate investment trusts (REITs), which report information on the character of their distributions annually. These distributions are allocated to dividend income, capital gain and return of capital based on actual information reported. To the extent actual information has not yet been reported by the REITs, estimates for return of capital may be made by the Funds' management. Return of capital is recorded as a reduction of the cost basis of securities held. If the Funds no longer own the applicable securities, return of capital is recorded as a realized gain. Management's estimates are subsequently adjusted when the actual character of the distributions is disclosed by the REITs, which could result in a proportionate change in return of capital to shareholders. No estimates are made for ETFs and RICs.
>Fund share valuation
Fund shares are sold and redeemed on a daily basis at net asset value, subject to any applicable sales charge. Net asset value per share is determined daily as of the close of trading on the New York Stock Exchange (NYSE) on each day the NYSE is open for trading. Generally, income, expenses and realized and unrealized gain/(losses) of a Fund are allocated to each class proportionately on a daily basis for purposes of determining the net asset value of each class. The distribution and service fees and transfer agent fees are charged to each specific class as expenses are incurred. Redemption fees are accounted for as an addition to paid in capital for purposes of determining the net asset value of each class.
>Securities lending
Each Fund, except Columbia Thermostat Fund, may lend securities up to one-third of the value of its total assets to certain approved brokers, dealers and other financial institutions to earn additional income. The Funds retain the benefits of owning the securities, including the economic equivalent of dividends or interest generated by the security. The Funds also receive a fee for the loan. The Funds have the ability to recall the loans at any time and could do so in order to vote proxies or to sell the loaned securities. Each loan is collateralized by cash that exceeds the value of the securities on loan. The market value of the loaned securities is determined daily at the close of business of a Fund and any additional required collateral is delivered to the Fund on the next business day. The Funds have
121
Columbia Acorn Family of Funds
Notes to Financial Statements (Unaudited), continued
elected to invest the cash collateral in the Dreyfus Government Cash Management Fund. The income earned from the securities lending program is paid to each Fund, net of any fees remitted to Goldman Sachs Agency Lending, the Funds' lending agent, and net of any borrower rebates. The Investment Manager does not retain any fees earned by the lending program. Generally, in the event of borrower default, a Fund has the right to use the collateral to offset any losses incurred. In the event a Fund is
delayed or prevented from exercising its right to dispose of the collateral, there may be a potential loss to the Fund. Some of these losses may be indemnified by the lending agent. The Funds bear the risk of loss with respect to the investment of collateral. The net securities lending income earned as of June 30, 2014 by each Fund is included in the Statements of Operations.
>Offsetting of Financial Assets
The following table presents each Fund's gross and net amount of assets available for offset under a securities lending agreement as well as the related collateral received by the Fund as of June 30, 2014:
| Gross Amounts Not Offset in the Statements of Assets and Liabilities | |||||||||||||||||||||||||||||||
| Gross Amounts of Recognized Assets | Gross Amounts Offset in the Statements of Assets and Liabilities | Net Amounts of Assets Presented in the Statements of Assets and Liabilities | Financial Instruments(a) | Cash Collateral Received | Securities Collateral Received | Net Amount(b) | |||||||||||||||||||||||||
Securities Loaned | |||||||||||||||||||||||||||||||
Columbia Acorn Fund | $ | 308,680,544 | $ | — | $ | 308,680,544 | $ | — | $ | 308,680,544 | $ | — | $ | — | |||||||||||||||||
| Columbia Acorn International | 187,288,900 | — | 187,288,900 | — | 187,288,900 | — | — | ||||||||||||||||||||||||
Columbia Acorn USA | 46,428,810 | — | 46,428,810 | — | 46,428,810 | — | — | ||||||||||||||||||||||||
| Columbia Acorn International Select | 4,808,712 | — | 4,808,712 | — | 4,808,712 | — | — | ||||||||||||||||||||||||
Columbia Acorn Select | 12,729,465 | — | 12,729,465 | — | 12,729,465 | — | — | ||||||||||||||||||||||||
| Columbia Acorn Emgerging Markets Fund | 12,191,201 | — | 12,191,201 | — | 12,191,201 | — | — | ||||||||||||||||||||||||
| Columbia Acorn European Fund | 175,651 | — | 175,651 | — | 175,651 | — | — | ||||||||||||||||||||||||
(a) Represents the amount of assets that could be offset by liabilities with the same counterparty under master netting or similar agreements that management elects not to offset on the Statements of Assets and Liabilities.
(b) Represents the net amount due from counterparties in the event of default.
>Federal income taxes
It is each Fund's policy to comply with the provisions of the Internal Revenue Code available to regulated investment companies and, in the manner provided therein, distribute substantially all their taxable income, as well as any net realized gain on sales of investments and foreign currency transactions reportable for federal income tax purposes. Columbia Thermostat Fund distributes all of its taxable income, as well as any net realized gain on sales of portfolio fund shares and any distributions of net realized gains received by the Fund from its portfolio funds, reportable for federal income tax purposes. Accordingly, the Funds paid no federal income taxes and no federal income tax provision was required.
>Foreign capital gains taxes
Realized gains in certain countries may be subject to foreign taxes at the fund level. The Funds accrue for such foreign taxes
on realized and unrealized gains at the appropriate rate for each jurisdiction. The amount, if any, is disclosed as a liability on the Statements of Assets and Liabilities.
>Distributions to shareholders
Distributions to shareholders are recorded on the ex-dividend date.
>Indemnification
In the normal course of business, the Trust on behalf of the Funds enters into contracts that contain a variety of representations and warranties and that provide general indemnities. A Fund's maximum exposure under these arrangements is unknown, as this would involve future claims against the Fund. Also, under the Trust's organizational documents, the trustees and officers of the Trust are indemnified against certain liabilities that may arise out of their duties to the
122
Trust. However, based on experience, the Funds expect the risk of loss due to these warranties and indemnities to be remote.
>Recent Accounting Pronouncement
Transfers and Servicing (Topic 860), Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures
In June 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) No. 2014-11, Transfers and Servicing (Topic 860), Repurchase-to-Maturity Transactions, Repurchase Financings, and Disclosures. ASU No. 2014-11 changes the accounting for transactions accounted for as secured borrowings and expands disclosure requirements related to securities lending and similar transactions. The disclosure requirements are effective for interim and annual periods beginning after December 15, 2014. At this time, management is evaluating the implications of this guidance and the impact it will have on the financial statement amounts and footnote disclosures, if any.
3. Federal Tax Information
The timing and character of income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP. Reclassifications are made to the Funds' capital accounts for permanent tax differences to reflect income and gains available for distribution (or available capital loss carryforwards) under income tax regulations.
The following capital loss carryforward, determined as of December 31, 2013, may be available to reduce taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Internal Revenue Code:
Year of Expiration | |||||||||||||||||||
2015 | 2016 | No Expiration – Short-Term | Total | ||||||||||||||||
| Columbia Acorn International® | $ | 7,202,972 | $ | 44,771,683 | $ | — | $ | 51,974,655 | |||||||||||
| Columbia Acorn Emerging Markets FundSM | — | — | 3,304,889 | 3,304,889 | |||||||||||||||
Under current tax rules, Regulated Investment Companies can elect to treat certain late-year ordinary losses incurred and post-October capital losses (capital losses realized after October 31) as arising on the first day of the following taxable year. The Funds have elected to treat the following late-year
ordinary losses and post-October capital losses at December 31, 2013, as arising on January 1, 2014:
Fund | Late-Year Ordinary Losses | Post-October Capital Losses | |||||||||
Columbia Acorn® Fund | $ | 2,167,445 | $ | — | |||||||
| Columbia Acorn International SelectSM | 2,686,548 | — | |||||||||
Columbia Acorn SelectSM | 15,928 | 1,243,045 | |||||||||
| Columbia Acorn Emerging Markets FundSM | — | 2,434,757 | |||||||||
Management of the Funds has concluded that there are no significant uncertain tax positions that would require recognition in the financial statements. However, management's conclusion may be subject to review and adjustment at a later date based on factors including, but not limited to, new tax laws, regulations, and administrative interpretations (including relevant court decisions). Generally, the Funds' federal tax returns for the prior three fiscal years remain subject to examination by the Internal Revenue Service.
4. Transactions With Affiliates
Columbia Wanger Asset Management, LLC (CWAM) is a wholly-owned subsidiary of Columbia Management Investment Advisers, LLC (Columbia Management), which is a wholly-owned subsidiary of Ameriprise Financial, Inc. (Ameriprise Financial). CWAM furnishes continuing investment supervision to the Funds and is responsible for the overall management of the Funds' business affairs.
CWAM receives a monthly advisory fee based on each Fund's average daily net assets at the following annual rates:
Columbia Acorn® Fund
Average Daily Net Assets | Annual Fee Rate | ||||||
Up to $700 million | 0.74 | % | |||||
$700 million to $2 billion | 0.69 | % | |||||
$2 billion to $6 billion | 0.64 | % | |||||
| $6 billion and over | 0.63 | % | |||||
Columbia Acorn International®
Average Daily Net Assets | Annual Fee Rate | ||||||
Up to $100 million | 1.19 | % | |||||
$100 million to $500 million | 0.94 | % | |||||
| $500 million and over | 0.74 | % | |||||
Columbia Acorn USA®
Average Daily Net Assets | Annual Fee Rate | ||||||
Up to $200 million | 0.94 | % | |||||
$200 million to $500 million | 0.89 | % | |||||
$500 million to $2 billion | 0.84 | % | |||||
$2 billion to $3 billion | 0.80 | % | |||||
| $3 billion and over | 0.70 | % | |||||
123
Columbia Acorn Family of Funds
Notes to Financial Statements (Unaudited), continued
Columbia Acorn International SelectSM
Average Daily Net Assets | Annual Fee Rate | ||||||
Up to $500 million | 0.94 | % | |||||
| $500 million and over | 0.90 | % | |||||
Columbia Acorn SelectSM
Average Daily Net Assets | Annual Fee Rate | ||||||
Up to $700 million | 0.85 | % | |||||
$700 million to $2 billion | 0.80 | % | |||||
$2 billion to $3 billion | 0.75 | % | |||||
| $3 billion and over | 0.70 | % | |||||
Columbia Thermostat FundSM
| Annual Fee Rate | |||||||
All Average Daily Net Assets | 0.10 | % | |||||
Columbia Acorn Emerging Markets FundSM
Average Daily Net Assets | Annual Fee Rate | ||||||
Up to $100 million | 1.25 | % | |||||
$100 million to $500 million | 1.00 | % | |||||
| $500 million and over | 0.80 | % | |||||
Columbia Acorn European FundSM
Average Daily Net Assets | Annual Fee Rate | ||||||
Up to $100 million | 1.19 | % | |||||
$100 million to $500 million | 0.94 | % | |||||
| $500 million and over | 0.74 | % | |||||
For the six months ended June 30, 2014, the annualized effective investment advisory fee rates were as follows:
Fund | |||||||
Columbia Acorn Fund® | 0.64 | % | |||||
Columbia Acorn International® | 0.75 | % | |||||
Columbia Acorn USA® | 0.86 | % | |||||
Columbia Acorn International SelectSM | 0.94 | % | |||||
Columbia Acorn SelectSM | 0.84 | % | |||||
Columbia Thermostat FundSM | 0.10 | % | |||||
Columbia Acorn Emerging Markets FundSM | 1.04 | % | |||||
Columbia Acorn European FundSM | 1.19 | % | |||||
>Expense limits
Columbia Management Investment Services Corp. (CMIS), a wholly owned subsidiary of Ameriprise Financial, voluntarily agreed to waive a portion of the total annual Fund operating expenses attributable to transfer agency fees incurred by Class A shares, Class B shares 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.
Effective May 1, 2014, CWAM has voluntarily agreed to reimburse expenses so that the Funds' ordinary operating expenses (excluding transaction costs and certain other investment-related expenses, interest and fees on borrowings and expenses associated with each Fund's investments in other investment companies, if any) after giving effect to any balance credits or overdraft charges from the Funds' custodian, do not exceed annually the average daily net assets of each class as follows:
Fund | Class A | Class B | Class C | Class I | Class R4 | Class R5 | Class Y | Class Z | |||||||||||||||||||||||||||
Columbia Acorn International SelectSM | 1.70 | % | 2.20 | % | 2.45 | % | 1.37 | % | 1.45 | % | 1.42 | % | 1.37 | % | 1.45 | % | |||||||||||||||||||
Columbia Acorn SelectSM | 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.
Through April 30, 2014, CWAM voluntarily reimbursed expenses so that the Funds' ordinary operating expenses (excluding transaction costs and certain other investment-related expenses, interest and fees on borrowings and expenses associated with each Fund's investments in other investment companies, if any) after giving effect to any balance credits or overdraft charges from the Funds' custodian, did not exceed annually the average daily net assets of each class as follows:
Fund | Class A | Class B | Class C | Class I | Class R4 | Class R5 | Class Y | Class Z | |||||||||||||||||||||||||||
Columbia Acorn International SelectSM | 1.70 | % | 2.20 | % | 2.45 | % | 1.31 | % | 1.45 | % | 1.36 | % | 1.31 | % | 1.45 | % | |||||||||||||||||||
Columbia Acorn SelectSM | 1.60 | % | 2.10 | % | 2.35 | % | 1.23 | % | 1.35 | % | 1.28 | % | 1.23 | % | 1.35 | % | |||||||||||||||||||
Effective May 1, 2014, CWAM has contractually agreed to waive fees and/or reimburse expenses through April 30, 2015, so that the Funds' ordinary operating expenses (excluding transaction costs and certain other investment-related expenses, interest and fees on borrowings and expenses associated with each Fund's investments in other investment companies, if any, and in the
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case of Columbia Thermostat Fund its underlying portfolio funds), do not exceed annually the average daily net assets of each class as follows:
Fund | Class A | Class B | Class C | Class I | Class R4 | Class R5 | Class Y | Class Z | |||||||||||||||||||||||||||
Columbia Thermostat FundSM | 0.50 | % | 1.00 | % | 1.25 | % | — | 0.25 | % | 0.23 | % | 0.18 | % | 0.25 | % | ||||||||||||||||||||
Columbia Acorn Emerging Markets FundSM | 1.85 | % | — | 2.60 | % | 1.46 | % | 1.60 | % | 1.51 | % | 1.46 | % | 1.60 | % | ||||||||||||||||||||
Columbia Acorn European FundSM | 1.75 | % | — | 2.50 | % | 1.47 | % | 1.50 | %* | 1.52 | % | — | 1.50 | % | |||||||||||||||||||||
* Effective June 25, 2014 (the commencement of operations of Columbia Acorn European Fund Class R4 shares) through April 30, 2015.
There is no guarantee that these agreements will continue thereafter.
Through April 30, 2014, CWAM contractually waived fees and/or reimburse expenses so that the Funds' ordinary operating expenses (excluding transaction costs and certain other investment-related expenses, interest and fees on borrowings and expenses associated with each Fund's investments in other investment companies, if any, and in the case of Columbia Thermostat Fund its underlying portfolio funds), did not exceed annually the average daily net assets of each class as follows:
Fund | Class A | Class B | Class C | Class I | Class R4 | Class R5 | Class Y | Class Z | |||||||||||||||||||||||||||
Columbia Thermostat FundSM | 0.50 | % | 1.00 | % | 1.25 | % | — | 0.25 | % | 0.23 | % | 0.18 | % | 0.25 | % | ||||||||||||||||||||
Columbia Acorn Emerging Markets FundSM | 1.85 | % | — | 2.60 | % | 1.54 | % | 1.60 | % | 1.59 | % | 1.54 | % | 1.60 | % | ||||||||||||||||||||
Columbia Acorn European FundSM | 1.75 | % | — | 2.50 | % | 1.46 | % | — | 1.51 | % | — | 1.50 | % | ||||||||||||||||||||||
Expenses reimbursed by CWAM and its affiliates for the six months ended June 30, 2014, were as follows:
Fund | Expenses Reimbursed | ||||||
Columbia Acorn International® | $ | 229,201 | |||||
Columbia Acorn SelectSM | 89 | ||||||
Columbia Thermostat FundSM | 68,689 | ||||||
Columbia Acorn European FundSM | 71,752 | ||||||
CWAM is contractually entitled to recoup from each of Columbia Acorn Emerging Markets Fund and Columbia Acorn European Fund any fees waived and/or expenses reimbursed with respect to any share class offered by Columbia Acorn Emerging Markets Fund and Columbia Acorn European Fund for a one year period following the date of such fee waiver and/or reimbursement, if such recovery does not cause the ordinary operating expenses of the Fund (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) to exceed the annual rates set forth above, or to exceed such annual rate as may be in place at the time of the recoupment, whichever is less.
CWAM provides administrative services and receives an administration fee from the Funds at the following annual rates:
Columbia Acorn Trust
| Aggregate Average Daily Net Assets of the Trust: | Annual Fee Rate | ||||||
Up to $8 billion | 0.050 | % | |||||
$8 billion to $16 billion | 0.040 | % | |||||
$16 billion to $35 billion | 0.030 | % | |||||
$35 billion to $45 billion | 0.025 | % | |||||
| $45 billion and over | 0.015 | % | |||||
For the six months ended June 30, 2014, the annualized effective administration fee rate was 0.04% of each Fund's average daily net assets. CWAM has delegated to Columbia Management responsibility to provide certain sub-administrative services to the Funds.
CMID, a wholly owned subsidiary of Ameriprise Financial, is the distributor of the Funds.
Sales charges, including front-end and CDSCs, received by the Distributor for distributing each Fund's shares for the six months ended June 30, 2014 are as follows:
| Underwriting Discounts | CDSCs | ||||||||||||||||||
(Unaudited) | Class A | Class A | Class B | Class C | |||||||||||||||
Columbia Acorn® Fund | $ | 919,168 | $ | 6,429 | $ | 437 | $ | 13,750 | |||||||||||
| Columbia Acorn International® | 369,528 | 100 | 619 | 3,621 | |||||||||||||||
Columbia Acorn USA® | 64,219 | 172 | — | 628 | |||||||||||||||
| Columbia Acorn International SelectSM | 25,296 | 1 | — | 730 | |||||||||||||||
Columbia Acorn SelectSM | 32,009 | 17 | 38 | 980 | |||||||||||||||
| Columbia Thermostat FundSM | 667,856 | 5,688 | 53 | 57,237 | |||||||||||||||
| Columbia Acorn Emerging Markets FundSM | 247,167 | 21 | — | 3,583 | |||||||||||||||
| Columbia Acorn European FundSM | 57,415 | — | — | 324 | |||||||||||||||
Each Fund has adopted a distribution and service plan which requires it to pay CMID a monthly service fee equal to 0.25% annually of the average daily net assets attributable to Class A, Class B and Class C shares and a monthly distribution fee equal to 0.50%, 0.75% and 0.50%, annually, of the average daily net assets attributable to Class B, Class C and Class R
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Columbia Acorn Family of Funds
Notes to Financial Statements (Unaudited), continued
shares, respectively. CMID receives no compensation with respect to Class R4, Class R5, Class Y and Class Z shares.
CMIS is the transfer agent of the Funds. CMIS receives monthly account-based service fees based on the number of open Fund accounts. Each Fund pays CMIS a monthly fee at the annual rate of $20.00 per open account. Subject to certain limitations, the Funds reimburse payments made by CMIS to financial intermediaries for the shareholder services that the intermediaries provide, in amounts that vary by share class and
with the type of intermediary and type of shareholder services provided.
The Transfer Agent also receives compensation from fees for various shareholder services and reimbursements for certain out-of-pocket fees. Total transfer agent fees for Class R5 shares are subject to an annual limitation of not more than 0.05% of the average daily net assets attributable to Class R5 shares. Class I and Class Y shares are not subject to transfer agent fees.
For the six months ended June 30, 2014, the Funds' annualized effective transfer agent fee rates as a percentage of average daily net assets of each class were as follows:
Fund | Class A | Class B | Class C | Class R | Class R4 | Class R5 | Class Z | ||||||||||||||||||||||||
Columbia Acorn® Fund | 0.12 | % | 0.27 | % | 0.07 | % | — | % | 0.12 | % | 0.05 | % | 0.08 | % | |||||||||||||||||
Columbia Acorn International® | 0.16 | % | 0.39 | % | 0.13 | % | 0.28 | % | 0.18 | % | 0.05 | % | 0.07 | % | |||||||||||||||||
Columbia Acorn USA® | 0.14 | % | 0.53 | % | 0.06 | % | — | % | 0.12 | % | 0.05 | % | 0.14 | % | |||||||||||||||||
Columbia Acorn International SelectSM | 0.12 | % | 0.26 | % | 0.14 | % | — | % | 0.13 | % | 0.05 | % | 0.08 | % | |||||||||||||||||
Columbia Acorn SelectSM | 0.12 | % | 0.40 | % | 0.09 | % | — | % | 0.19 | % | 0.05 | % | 0.10 | % | |||||||||||||||||
Columbia Thermostat FundSM | 0.08 | % | 0.22 | % | 0.07 | % | — | % | 0.07 | % | 0.05 | % | 0.07 | % | |||||||||||||||||
Columbia Acorn Emerging Markets FundSM | 0.11 | % | — | % | 0.12 | % | — | % | 0.07 | % | 0.05 | % | 0.13 | % | |||||||||||||||||
Columbia Acorn European FundSM | 0.10 | % | — | % | 0.12 | % | — | % | 0.76 | % | 0.05 | % | 0.10 | % | |||||||||||||||||
Columbia Acorn International and certain other associated investment companies, have severally, but not jointly, guaranteed the performance and observance of all the terms and conditions of a lease entered into by Seligman Data Corp. (SDC), the former transfer agent to certain associated investment companies, including the payment of rent by SDC (the Guaranty). The lease and the Guaranty expire in January 2019. At June 30, 2014, Columbia Acorn International's total potential future obligation over the life of the Guaranty is $93,569. The liability remaining at June 30, 2014 for non-recurring charges associated with the lease amounted to $60,681 and is included within the "Payable for Other liabilities" in the Statements of Assets and Liabilities.
Certain officers and trustees of the Trust are also officers of CWAM. The Trust makes no direct payments to its officers and trustees who are affiliated with CWAM.
The Board has appointed a Chief Compliance Officer of the Trust in accordance with federal securities regulations. The Funds, along with other affiliated funds, pay their pro-rata share of the expenses associated with the Office of the Chief Compliance Officer.
The Trust offers a deferred compensation plan for its independent trustees. Under that plan, a trustee may elect to defer all or a portion of his or her compensation. Amounts deferred are retained by the Trust and may represent an unfunded obligation of the Trust. The value of amounts deferred
is determined by reference to the change in value of Class Z shares of one or more series of the Trust or a money market fund as specified by the trustee. Benefits under the deferred compensation plan are payable in accordance with the plan.
An affiliated person of a Fund may include any company in which a Fund owns five percent or more of its outstanding voting shares during the year. On June 30, 2014, Columbia Acorn Fund, Columbia Acorn International, Columbia Acorn Select and Columbia Thermostat Fund each held five percent or more of the outstanding voting securities of one or more companies or a company which is under common ownership or control with the Funds. Details of investments in those affiliated companies are presented on pages 38, 39, 50, 71 and 74 respectively.
For the six months ended June 30, 2014, the Funds engaged in purchase and sales transactions with funds that have a common investment manager (or affiliated investment managers), common directors/trustees, and/or common officers. Those transactions complied with Rule 17a-7 under the Investment Company Act of 1940 and totaled as follows:
Purchases | Sales | ||||||||||
Columbia Acorn® Fund | $ | — | $ | 8,120,000 | |||||||
Columbia Acorn International® | 587,460 | — | |||||||||
Columbia Acorn European FundSM | 59,702 | 443,500 | |||||||||
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5. Borrowing Arrangements
During the six months ended June 30, 2014, the Trust participated in a credit facility with JPMorgan Chase Bank, N.A., along with Wanger Advisors Trust, another trust managed by CWAM, in the amount of $150 million. The credit facility was entered into to facilitate portfolio liquidity. Under the facility, interest is charged to each participating fund based on its borrowings at a rate per annum equal to the Federal Funds Rate plus 1.00%. In addition, a commitment fee of 0.08% per annum of the unutilized line of credit is accrued and apportioned among the participating funds based on their relative net assets. The commitment fee is disclosed as a part of "Other expenses" in the Statements of Operations. The Trust expects to renew this line of credit for one year durations each July at then current market rates and terms.
No Fund had borrowings during the six months ended June 30, 2014.
6. Investment Transactions
The aggregate cost of purchases and proceeds from sales, other than short-term obligations, for the six months ended June 30, 2014, were:
Purchases | Proceeds from Sales | ||||||||||
Columbia Acorn® Fund | $ | 1,741,716,266 | $ | 3,318,873,941 | |||||||
| Columbia Acorn International® | 1,361,440,698 | 1,289,840,504 | |||||||||
Columbia Acorn USA® | 110,729,682 | 304,788,888 | |||||||||
| Columbia Acorn International SelectSM | 99,612,044 | 137,956,396 | |||||||||
Columbia Acorn SelectSM | 87,416,739 | 185,128,430 | |||||||||
| Columbia Thermostat FundSM | 639,957,308 | 709,772,999 | |||||||||
| Columbia Acorn Emerging Markets FundSM | 203,204,066 | 66,802,920 | |||||||||
| Columbia Acorn European FundSM | 41,051,591 | 5,545,617 | |||||||||
The amount of purchase and sales activity impacts the portfolio turnover rate reported in the Financial Highlights.
7. Shareholder Concentration
At June 30, 2014, the table below details the affiliated and significant unaffiliated shareholder account ownership of outstanding shares of each Fund. The Funds have no knowledge about whether any portion of these unaffiliated shares were owned beneficially. Subscription and redemption activity of these accounts may have a significant effect on the operations of the Funds.
Fund | Number of unaffiliated accounts | Percentage of shares outstanding held – unaffiliated | Percentage of shares outstanding held – affiliated | ||||||||||||
Columbia Acorn® Fund | 1 | 19.6 | % | — | % | ||||||||||
Columbia Acorn International® | 3 | 38.8 | % | — | % | ||||||||||
Columbia Acorn USA® | 4 | 62.8 | % | — | % | ||||||||||
| Columbia Acorn International SelectSM | 2 | 39.6 | % | — | % | ||||||||||
| Columbia Acorn SelectSM | 2 | 35.7 | % | 12.8 | % | ||||||||||
| Columbia Thermostat FundSM | 1 | 21.5 | % | 23.1 | % | ||||||||||
| Columbia Acorn Emerging Markets FundSM | 3 | 45.1 | % | 22.0 | % | ||||||||||
| Columbia Acorn European FundSM | 2 | 30.0 | % | 40.1 | % | ||||||||||
8. Subsequent Events
Management has evaluated the events and transactions that have occurred through the date the financial statements were issued. Other than as noted in Note 1 above, no items requiring adjustment of the financial statements or additional disclosure.
9. Information Regarding Pending and Settled Legal Proceedings
Ameriprise Financial and certain of its affiliates have historically been involved in a number of legal, arbitration and regulatory proceedings, including routine litigation, class actions, and governmental actions, concerning matters arising in connection with the conduct of their business activities. Ameriprise Financial believes that the Funds are not currently the subject of, and that neither Ameriprise Financial nor any of its affiliates are the subject of, any pending legal, arbitration or regulatory proceedings that are likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds. Ameriprise Financial is required to make 10-Q, 10-K and, as necessary, 8-K filings with the Securities and Exchange Commission on legal and regulatory matters that relate to Ameriprise Financial and its affiliates. Copies of these filings may be obtained by accessing the SEC website at www.sec.gov.
There can be no assurance that these matters, or the adverse publicity associated with them, will not result in increased fund redemptions, reduced sale of fund shares or other adverse consequences to the Funds. Further, although we believe proceedings are not likely to have a material adverse effect on the Funds or the ability of Ameriprise Financial or its affiliates to perform under their contracts with the Funds, these proceedings are subject to uncertainties and, as such, we are unable to estimate the possible loss or range of loss that may result. An adverse outcome in one or more of these proceedings could result in adverse judgments, settlements,
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Columbia Acorn Family of Funds
Notes to Financial Statements (Unaudited), continued
fines, penalties or other relief that could have a material adverse effect on the consolidated financial condition or results of operations of Ameriprise Financial.
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Board Approval of the Advisory Agreement
Columbia Acorn Trust (the "Trust") has an investment advisory agreement (the "Advisory Agreement") with Columbia Wanger Asset Management, LLC ("Columbia WAM") under which Columbia WAM manages the Columbia Acorn Funds (each, a "Fund," and together, the "Funds"). More than 75% of the trustees of the Trust (the "Trustees") are persons who have no direct or indirect interest in the Advisory Agreement and are not "interested persons" (as defined in the Investment Company Act of 1940, as amended (the "1940 Act")) of the Trust (the "Independent Trustees"). The Trustees oversee the management of each Fund and, as required by law, determine at least annually whether to continue the Advisory Agreement for each Fund.
The Contract Committee (the "Committee") of the Board of Trustees (the "Board"), which is comprised solely of Independent Trustees, makes recommendations to the Board regarding any proposed continuation of the Advisory Agreement. After the Committee has made its recommendations, the full Board determines whether to approve continuation of the Advisory Agreement. The Board also considers matters bearing on the Advisory Agreement at its various meetings throughout the year, meets at least quarterly with Columbia WAM's portfolio managers (as does the Board's Investment Performance Analysis Committee), and receives monthly reports from Columbia WAM on the performance of the Funds.
In connection with their most recent consideration of the Advisory Agreement for each Fund, the Committee and all Trustees received and reviewed a substantial amount of information provided by Columbia WAM, Columbia Management Investment Advisers, LLC ("Columbia Management") and Ameriprise Financial, Inc. ("Ameriprise") in response to written requests from the Independent Trustees and their independent legal counsel. In addition, the Trustees reviewed the Management Fee Evaluation dated June 2014 (the "Fee Evaluation") prepared by the Trust's chief compliance officer, senior vice president and general counsel, at the request of the Board. Throughout the process, the Trustees had numerous opportunities to ask questions of and request additional materials from Columbia WAM, Columbia Management and Ameriprise.
During each meeting at which the Committee or the Independent Trustees considered the Advisory Agreement, they met in executive session with their independent legal counsel. The Committee also met with representatives of
Columbia WAM, Columbia Management and Ameriprise on several occasions. In all, the Committee convened formally on seven separate occasions to consider the continuation of the Advisory Agreement. The Board and/or some or all of the Independent Trustees met on other occasions to receive the Committee's status reports, receive presentations from Columbia WAM, Columbia Management and Ameriprise representatives, and to discuss outstanding issues. In addition, the Investment Performance Analysis Committee of the Board, also comprised exclusively of Independent Trustees, reviewed the performance of the Funds, met in a joint meeting with the Contract Committee, and presented its findings to the Board and the Committee throughout the year. The Compliance Committee of the Board also provided information to the Committee with respect to relevant matters.
The materials reviewed by the Committee and the Trustees included, among other items, (i) information on the investment performance of each Fund and of independently selected peer groups of funds and of the Funds' performance benchmarks over various time periods, (ii) information on each Fund's advisory fees and other expenses, including information comparing the Fund's fees and expenses to those of peer groups of funds and information about any applicable expense limitations and fee breakpoints, (iii) data on sales and redemptions of Fund shares, and (iv) information on the profitability to Columbia WAM and Ameriprise, as well as potential "fall-out" or ancillary benefits that Columbia WAM and its affiliates may receive as a result of their relationships with the Funds. The Trustees also considered other information such as (i) Columbia WAM's financial condition, (ii) each Fund's investment objective and strategy, (iii) the size, education and experience of Columbia WAM's investment staff and its use of technology, external research and trading cost measurement tools, (iv) the portfolio manager compensation framework, (v) the allocation of the Funds' brokerage, and the use of "soft" commission dollars to pay for research products and services, (vi) Columbia WAM's risk management program, (vii) the resources devoted to, and the record of compliance with, the Funds' investment policies and restrictions, policies on personal securities transactions and other compliance policies, and (viii) capacity restraints as a result of increasing size of certain of the Funds.
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At a meeting held on June 4, 2014, the Board considered the Advisory Agreement but deferred a vote on continuation of the Agreement pending further discussions with Ameriprise and Columbia WAM on contract terms. At a subsequent meeting on July 8, 2014, upon the recommendation of the Committee, the Board unanimously approved the continuation of the Advisory Agreement. Because the Board's consideration of the Advisory Agreement occurred primarily in the period ended June 30, 2014, disclosure concerning the Board's approval of the Advisory Agreement is included in this semiannual report, although the final vote took place on July 8, 2014.
In considering the continuation of the Advisory Agreement, the Trustees reviewed and analyzed various factors that they determined were relevant, none of which by itself was considered dispositive. The material factors and conclusions that formed the basis for the Trustees' determination to approve the continuation of the Advisory Agreement are discussed below.
Nature, quality and extent of services. The Trustees reviewed the nature, quality and extent of the services provided by Columbia WAM and its affiliates to the Funds under the Advisory Agreement, taking into account the investment objective and strategy of each Fund and knowledge gained from meetings with management, which were held on at least a quarterly basis. In addition, the Trustees reviewed the available resources and key personnel of Columbia WAM and its affiliates, especially those providing investment management services to the Funds. The Trustees also considered other services provided to the Funds by Columbia WAM and its affiliates, including: managing the execution of portfolio transactions and selecting broker-dealers for those transactions; monitoring adherence to the Funds' investment restrictions; producing shareholder reports; providing support services for the Board and committees of the Board; managing the Funds' securities lending program; communicating with shareholders; serving as the Funds' administrator; and overseeing the activities of the Funds' other service providers, including monitoring for compliance with various policies and procedures as well as applicable securities laws and regulations.
The Trustees concluded that the nature, quality and extent of the services provided by Columbia WAM and its affiliates to each Fund under the Advisory Agreement were
appropriate for the Funds and that the Funds were likely to benefit from the continued provision of those services by Columbia WAM. They also concluded that Columbia WAM currently had sufficient personnel, with appropriate education and experience, to serve the Funds effectively, and that the firm had demonstrated its continuing ability to attract and retain well-qualified personnel. The Trustees also considered the recent turnover in investment and operational personnel through announced retirements and Ameriprise's assurances that Columbia WAM would have sufficient investment management resources, including funds to hire additional analysts and other investment as well as operational personnel. The Trustees believed that Columbia WAM would have sufficient resources to attract new personnel to help improve performance. In addition, they considered the quality of Columbia WAM's compliance record.
Performance of the Funds. The Trustees received and considered detailed performance information at various meetings of the Board, the Committee and the Investment Performance Analysis Committee of the Board throughout the year. They reviewed information comparing each Fund's performance with that of its benchmark(s) and with the performance of comparable funds and peer groups as identified by Lipper Inc. ("Lipper") and Morningstar, Inc. ("Morningstar"). The Trustees evaluated the performance of the Funds over various time periods, including over the one-, three- and five-year periods ending December 31, 2013 as well as longer periods in some cases. The Trustees also considered peer performance rankings for similar time periods although they generally focused more on the three-year period, or the since inception periods in the case of the two newer Funds, Columbia Acorn Emerging Markets Fund and Columbia Acorn European Fund.
The Trustees noted that Columbia Acorn International had delivered excellent results versus its benchmark over the past one, three and five years, and had done so while exposing investors to less risk than competing funds, according to Morningstar, but had underperformed against its peers over the same periods. The Trustees noted that the decline in performance was being monitored closely by the Board and the Investment Performance Analysis Committee and that Columbia WAM had discussed with the Performance Committee a number of steps designed to enhance the Funds' performance.
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The Trustees considered that Columbia Acorn International Select's performance was well below the median in the Lipper and Morningstar rankings, respectively, for the one-, three- and five-year periods. It substantially outperformed its benchmark, however, over the three-year period. The Trustees considered Columbia WAM's explanation for the underperformance, which focused, among other things, on risk aversion. The Trustees received a plan for improved performance of the Fund from Columbia WAM, which they would be monitoring.
The Trustees reviewed the performance for Columbia Acorn Emerging Markets Fund and Columbia Acorn European Fund and determined that these Funds had delivered excellent returns for the one-year period versus their respective Morningstar and Lipper peers and that the Columbia Acorn Emerging Markets Fund had outperformed its benchmark for the same period, while the Columbia Acorn European Fund had underperformed its benchmark. They also noted that the Funds' performance was subject to less risk, according to the Morningstar risk rankings.
The Trustees considered that the domestic Funds have had unsatisfactory results. Columbia Acorn Fund underperformed its peers over the one-, three- and five-year periods, ending December 31, 2013, and the Fund underperformed its benchmark during the same periods. The Trustees also evaluated the Fund's Morningstar risk ratings. They considered Columbia WAM's explanation for the Fund's underperformance, which was that the Fund's investment style—growth at a reasonable price—had been out of favor versus more growth-oriented approaches for a substantial period of time. The Trustees requested and received in 2013 a performance remediation plan from Columbia WAM that included portfolio manager changes, analyst process improvements, incentive compensation changes designed to reward outperformance, and other changes. As noted above, the Trustees also sought and received from Ameriprise additional resources for Columbia WAM to enable it to hire additional personnel or other resources for the specific purpose of improving performance. The Trustees understood that the remediation plan may take some time to bear fruit but believed it to be reasonably designed to improve Fund performance.
The Trustees considered that Columbia Acorn Select underperformed its peers and benchmark over the one- and
three-year periods ending December 31, 2013 and exposed investors to more risk versus its peers. The Trustees considered, however, that Columbia Acorn Select had performed better over the five-year period against both its peers and benchmark, and the performance remediation plan instituted by Columbia WAM in 2013, as discussed above, to correct underperformance. The Trustees believed that Columbia WAM was devoting appropriate resources to Columbia Acorn Select's underperformance.
The Trustees considered that Columbia Acorn USA had underperformed its Lipper and Morningstar peer groups for the one- and three-year periods ending December 31, 2013 and underperformed Lipper peers in the five-year period, although it performed at the median of Morningstar peers. It performed under its benchmark for the one- and three-year periods, and above it for the five-year period. The Trustees also considered Columbia Acorn USA's risk ratings versus peers. The Trustees considered Columbia WAM's explanation for the Fund's underperformance, which was that the Fund's investment style—growth at a reasonable price—was out of favor with investors. The Trustees considered the performance remediation plan instituted by Columbia WAM, as discussed above under Columbia Acorn Fund, and believed it to be reasonably designed to improve the Fund's performance.
Columbia Thermostat Fund outperformed its stated benchmark, a 50/50 blend of the Fund's primary equity and debt benchmarks, over the five-year period ending December 31, 2013, and was close to that benchmark over three years. It enjoyed strong rankings from Morningstar and Lipper versus its peer groups over the five-year period, but less so over three years. The Trustees noted that more recent performance had declined versus both the benchmark and peers, although the Fund's risk rankings were satisfactory versus peers.
The Trustees concluded that Columbia WAM had taken and continued to take a number of corrective steps to improve performance of the underperforming Funds, that Columbia WAM had reported that these steps were being successfully implemented although still in process; and that the Investment Performance Analysis Committee of the Board was monitoring the underperforming Funds' performance closely. In addition the Trustees considered that the current and former Chief Investment Officer (the "CIO") of
131
Columbia WAM had reported to them at numerous Committee and Board meetings on the corrective steps being taken to improve performance, and Committee representatives met separately with the CIO on multiple occasions to discuss the underperforming Funds.
Costs of Services and Profits Realized by Columbia WAM. At various Committee and Board meetings, the Trustees examined detailed information on the fees and expenses of each Fund in comparison to information for comparable funds provided by Lipper and Morningstar. The Trustees reviewed data from Lipper and Morningstar and noted that in general the Funds' total net operating expenses were competitive with peers for Columbia Acorn Fund, Columbia Acorn International, Columbia International Select and Columbia Thermostat Fund and that Columbia Acorn USA, Columbia Acorn Select and Columbia Emerging Markets Fund had total net operating expenses that were lower than or at the median of Lipper peers but higher fees than Morningstar peers. They considered that Columbia Acorn European Fund had total net expenses that were less competitive with its peer groups.
The Trustees also took into account that: the actual advisory fees paid by Columbia Acorn Fund, Columbia Acorn International and Columbia Acorn International Select were lower than both their Morningstar and Lipper peer groups; the actual advisory fees paid by Columbia Acorn Select and Columbia Emerging Markets Fund were higher than the median advisory fee of the Funds' Lipper and Morningstar peer groups; the actual advisory fees paid by Columbia Acorn USA and Columbia Acorn European Fund were higher than the median advisory fees paid by the Funds' Morningstar peer groups but not their Lipper peer groups; and the actual advisory fee paid by Columbia Thermostat Fund was below the Fund's Morningstar peer group, but above the Lipper peer group.
The Trustees also reviewed the advisory fee rates charged by Columbia WAM for managing other investment companies, sub-advised funds and other institutional separate accounts, as detailed in materials provided to the Committee by Columbia WAM and in the Fee Evaluation. The Trustees noted that the Columbia Acorn Funds' advisory fees were generally comparable to the Columbia Wanger Funds' advisory fees at the same asset levels. The Trustees also examined Columbia WAM's institutional separate
account fees for various investment strategies and determined that institutional account advisory fees tended to be lower than the Funds with parallel investment strategies. The Trustees noted that Columbia WAM performs significant additional services for the Funds that it does not provide to sub-advised funds or non-mutual fund clients, including administrative and fund accounting services, oversight of the Funds' other service providers, Trustee support, regulatory compliance and numerous other services, and that, in servicing the Funds, Columbia WAM assumes many legal and business risks that it does not assume in servicing many of its non-fund clients.
The Trustees concluded that the rates of advisory fees payable to Columbia WAM were reasonable in relation to the nature and quality of the services to be provided. The Trustees also concluded that the Funds' overall expense ratios were reasonable, considering the quality of the services provided by Columbia WAM and its affiliates and the investment performance of the Funds, taking into account Columbia WAM's continuing steps to improve performance of the underperforming domestic Funds.
The Trustees reviewed the analysis of the historic profitability of Columbia WAM in serving as each Fund's investment adviser and of Columbia WAM and its affiliates in their relationships with each Fund. The Committee and Trustees met with representatives from Ameriprise to discuss its methodologies for calculating profitability and allocating costs. They considered that Ameriprise calculated profitability and allocated costs on a contract-by-contract and Fund-by-Fund basis. The Trustees also considered the methodology used by Columbia WAM and Ameriprise in determining compensation payable to portfolio managers and the competitive market for investment management talent. The Trustees were also provided with profitability information from Lipper, which compared Columbia WAM's profitability to other similar investment advisers in the mutual fund industry. The Trustees discussed, however, that profitability comparisons among fund managers may not always be meaningful due to the lack of consistency in data, small number of publicly-owned managers, and the fact that profitability of any investment manager is affected by numerous factors, including its particular organizational structure, the types of funds and other accounts managed, other lines of business, expense allocation methodology, capital
132
structure and other factors. The Trustees evaluated Columbia WAM's profitability in light of the additional resources to be provided to it by Ameriprise to assist in improving performance.
Economies of Scale. At various Committee and Board meetings and other informal meetings, the Trustees considered information about the extent to which Columbia WAM realizes economies of scale in connection with an increase in Fund assets. The Trustees noted that the advisory fee schedule for each Fund, other than Columbia Thermostat Fund, includes breakpoints in the rate of fees at various asset levels. The Trustees concluded that the fee structure of each Fund was reflective of a sharing of economies of scale between Columbia WAM and the Funds.
Other Benefits to Columbia WAM. The Trustees also reviewed benefits that accrue to Columbia WAM and its affiliates from their relationships with the Funds, based upon information provided to them by Ameriprise and as outlined in the Fee Evaluation. They noted that the Funds' transfer agency services are performed by Columbia Management Investment Services Corp., an affiliate of Ameriprise, which receives compensation from the Funds for its services provided. They considered that an affiliate of Ameriprise, Columbia Management Investment Distributors, Inc. ("CMID"), serves as the Funds' distributor under a distribution agreement, and that it receives fees under the Columbia Acorn Trust's Rule 12b-1 Plan, most of which CMID pays to broker-dealers, but no fees for its services to the Columbia Wanger Funds. In addition, Columbia Management provides sub-administration services to the Funds. The Committee received information regarding the profitability of each Fund agreement with Columbia WAM affiliates. The Committee and the Board also reviewed information about and discussed the capabilities of each affiliated entity in performing its duties.
The Trustees considered other ways that the Funds and Columbia WAM may potentially benefit from their relationship with each other. For example, the Trustees considered Columbia WAM's use of commissions paid by each Fund on its portfolio brokerage transactions to obtain research products and services benefiting the Funds and/or other clients of Columbia WAM. The Committee reviewed Columbia WAM's annual "soft dollar" report and met with representatives from Columbia WAM to review Columbia WAM's soft
dollar spending. The Committee also considered that the Compliance Committee of the Board regularly reviewed third-party prepared reports that evaluated the quality of Columbia WAM's execution of the Funds' portfolio transactions. The Trustees noted that these reports showed that Columbia WAM's execution capabilities were generally better than industry peers. The Trustees determined that Columbia WAM's use of the Funds' "soft" commission dollars to obtain research products and services was consistent with current regulatory requirements and guidance. They also concluded that Columbia WAM benefits from the receipt of proprietary research products and services acquired through commissions paid on portfolio transactions of the Funds, and that the Funds benefitted from Columbia WAM's receipt of those products and services as well as research products and services acquired through commissions paid by other clients of Columbia WAM. Finally, the Trustees considered that Columbia WAM's affiliates benefit from management fees received from Columbia Thermostat's investment in other Columbia mutual funds.
After full consideration of the above factors, as well as other factors that were instructive in evaluating the Advisory Agreement, the Trustees, including the Independent Trustees by separate vote, concluded that the continuation of the Advisory Agreement was in the best interest of each Fund. On July 8, 2014, the Trustees approved continuation of the Advisory Agreement through July 31, 2015.
133
Columbia Acorn Family of Funds Expense Information
as of 6/30/14
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 | % | 0.34 | % | 0.13 | % | 0.06 | % | 0.18 | % | 0.11 | % | 0.06 | % | 0.15 | % | |||||||||||||||||||||||
Net Expense Ratio | 1.07 | % | 1.73 | % | 1.77 | % | 0.70 | % | 0.82 | % | 0.75 | % | 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 | % | 0.60 | % | 0.13 | % | 0.02 | % | 0.20 | % | 0.13 | % | 0.06 | % | 0.21 | % | |||||||||||||||||||||||
Net Expense Ratio | 1.33 | % | 2.21 | % | 1.99 | % | 0.88 | % | 1.06 | % | 0.99 | % | 0.92 | % | 1.07 | % | |||||||||||||||||||||||
Columbia Acorn International SelectSM | |||||||||||||||||||||||||||||||||||||||
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 | % | 0.28 | % | 0.20 | % | 0.15 | % | 0.23 | % | |||||||||||||||||||||||
Net Expense Ratio | 1.46 | % | 2.10 | % | 2.23 | % | 1.10 | % | 1.22 | % | 1.14 | % | 1.09 | % | 1.17 | % | |||||||||||||||||||||||
Columbia Acorn SelectSM | |||||||||||||||||||||||||||||||||||||||
Management Fees | 0.84 | % | 0.84 | % | 0.84 | % | 0.84 | % | 0.84 | % | 0.84 | % | 0.84 | % | 0.84 | % | |||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.25 | % | 0.75 | % | 1.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | |||||||||||||||||||||||
Other Expenses | 0.23 | % | 0.50 | % | 0.20 | % | 0.10 | % | 0.30 | % | 0.16 | % | 0.11 | % | 0.20 | % | |||||||||||||||||||||||
Net Expense Ratio | 1.32 | % | 2.09 | % | 2.04 | % | 0.94 | % | 1.14 | % | 1.00 | % | 0.95 | % | 1.04 | % | |||||||||||||||||||||||
Columbia Thermostat FundSM | |||||||||||||||||||||||||||||||||||||||
Management Fees | 0.10 | % | 0.10 | % | 0.10 | % | 0.10 | % | 0.10 | % | 0.10 | % | 0.10 | % | |||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.25 | % | 0.75 | % | 1.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | |||||||||||||||||||||||||
Other Expenses | 0.15 | % | 0.15 | % | 0.15 | % | 0.15 | % | 0.13 | % | 0.08 | % | 0.15 | % | |||||||||||||||||||||||||
Net Expense Ratio** | 0.50 | % | 1.00 | % | 1.25 | % | 0.25 | % | 0.23 | % | 0.18 | % | 0.25 | % | |||||||||||||||||||||||||
Columbia Acorn Emerging Markets FundSM | |||||||||||||||||||||||||||||||||||||||
Management Fees | 1.04 | % | 1.04 | % | 1.04 | % | 1.04 | % | 1.04 | % | 1.04 | % | 1.04 | % | |||||||||||||||||||||||||
Distribution and Service (12b-1) Fees | 0.25 | % | 1.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | 0.00 | % | |||||||||||||||||||||||||
Other Expenses | 0.29 | % | 0.29 | % | 0.17 | % | 0.24 | % | 0.23 | % | 0.19 | % | 0.31 | % | |||||||||||||||||||||||||
Net Expense Ratio | 1.58 | % | 2.33 | % | 1.21 | % | 1.28 | % | 1.27 | % | 1.23 | % | 1.35 | % | |||||||||||||||||||||||||
Columbia Acorn European FundSM | |||||||||||||||||||||||||||||||||||||||
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 | % | 0.30 | % | 0.33 | % | 0.31 | % | |||||||||||||||||||||||||||
Net Expense Ratio | 1.75 | % | 2.50 | % | 1.46 | % | 1.49 | % | 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 six months ended June 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.
134
Columbia Acorn Family of Funds
Trustees
Laura M. Born
Chair of the Board
Steven N. Kaplan
Vice Chair of the Board
Michelle L. Collins
Maureen M. Culhane
Margaret M. Eisen
John C. Heaton
Charles P. McQuaid
David J. Rudis
David B. Small
Ralph Wanger (Trustee Emeritus)
Officers
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.
PRESORTED
FIRST-CLASS MAIL
U.S. POSTAGE PAID
HOLLISTON, MA
PERMIT NO. 20
Columbia Management®
Columbia Acorn Family of Funds
Class A, B, C, I, R, R4, R5, Y and Z Shares
Semiannual Report, June 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.
© 2014 Columbia Management Investment Advisers, LLC. All rights reserved.
225 Franklin Street, Boston, MA 02110
800.345.6611 www.columbiamanagement.com
SAR110_12_D01_(08/14) 987042
Columbia Management®
Columbia Acorn Family of Funds
Class A, B, C, I, R, R4, R5, Y and Z Shares
Semiannual Report, June 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.
© 2014 Columbia Management Investment Advisers, LLC. All rights reserved.
225 Franklin Street, Boston, MA 02110
800.345.6611 www.columbiamanagement.com
SAR110_12_D01_(08/14) 987042
Item 2. Code of Ethics.
Not applicable for semiannual reports.
Item 3. Audit Committee Financial Expert.
Not applicable for semiannual reports.
Item 4. Principal Accountant Fees and Services.
Not applicable for semiannual reports.
Item 5. Audit Committee of Listed Registrants.
Not applicable.
Item 6. Investments
(a) The registrant’s “Schedule I — Investments in securities of unaffiliated issuers” (as set forth in 17 CFR 210.12-12) is included in Item 1 of this Form N-CSR.
(b) Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies.
Not applicable.
Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders.
There were no material changes to the procedures by which shareholders may recommend nominees to the registrant’s board of directors.
Item 11. Controls and Procedures.
(a) The registrant’s principal executive officer and principal financial officers, based on their evaluation of the registrant’s disclosure controls and procedures as of a date within 90 days of the filing of this report, have concluded that such controls and procedures are adequately designed to ensure that material information required to be disclosed by the registrant in Form N-CSR is accumulated and communicated to the registrant’s management, including the principal executive officer and principal financial officer, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.
(b) There was no change in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. Exhibits.
(a)(1) Code of ethics required to be disclosed under Item 2 of Form N-CSR: Not applicable for semiannual reports.
(a)(2) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) attached hereto as Exhibit 99.CERT.
(a)(3) Not applicable.
(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) attached hereto as Exhibit 99.906CERT.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
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| /s/ P. Zachary Egan |
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