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Fourth Quarter 2014
INVESTMENT COMMENTARY
CLASS A | LAIAX
CLASS C | LAICX
As dedicated international
investors we will continue to
seek out the best
opportunities we can find for
shareholders.
CLASS R | CACRX
CLASS R4 | CCIRX
CLASS R5 | CAIRX
CLASS Z | ACINX
Columbia Acorn International
Fund performance
 Columbia Acorn International Class A declined 2.69% (excluding sales charge) in the
fourth quarter, outperforming its benchmark. For up-to-date performance information,
please check online at columbiamanagement.com.
 The fund’s primary benchmark, the S&P Global Ex-U.S. Between $500M and $5B
Index, fell 3.48% in the period.
 For the year, the fund was down 4.58%, lagging the 1.76% decline of the benchmark.
By comparison, the large-cap, developed market MSCI EAFE Index (Net) declined
3.57% in the fourth quarter and was down 4.90% for the year.
Fund strategy
 Consistent, time-tested investment
process to identify foreign small- and
mid-cap companies that management
believes will be good long-term
investments
 Growth-at-a-reasonable-price
(GARP) philosophy, emphasizing
stocks that we believe have growth
prospects and are trading at
reasonable valuations
 Supported by a large internal
analyst team specializing in smalland mid-cap investing that follows an
intensive, bottom-up approach to
stock selection
Market overview
After a strong return in 2013, international markets struggled to provide positive U.S. dollar
returns due to a number of factors. First and foremost was the strength of the U.S. dollar
against nearly all world currencies. The combination of a recovering U.S. economy and
increasing economic and political risk in Eastern Europe and the Middle East sent many
investors fleeing to the security of the U.S. dollar. The euro fell over 11% and the British
pound fell over 6% to the dollar. In Japan, the easy-money policies of Abenomics
continued, helping drive the yen down over 13% vs. the dollar. Combined with periods of
global anxiety over missing Malaysian airliners, violence in the Middle East and the
potential for an Ebola pandemic, there was very little news to calm the international
investor. The second major factor impacting international markets for the year was the
rising specter of global deflation, most notably felt in the declining price of most
commodities, particularly oil. While oil’s dramatic fall in price has triggered debate over
whether the cause is U.S.-led supply or declining global growth, there is considerable
consensus that slow growth is driving the fall in other commodities, such as iron ore and
copper. The flight to safety, as reflected in the roughly 0.85% drop in U.S. 10-year bond
yields, only further reinforced the notion of little inflation in an increasingly hostile world
Average annual total returns (%) for period ended December 31, 2014
3-m on.
1-year
3-year
Class A w ithout sales charge
-2.69
-4.58
12.16
8.11
8.59
Class A w ith 5.75% maximum sales charge
-8.28
-10.05
9.97
6.84
7.95
Class Z
-2.60
-4.28
12.50
8.47
8.95
S&P Global Ex-U.S.
Betw een $500m-$5b Index
-3.48
-1.76
10.98
7.14
7.65
Columbia Acorn International
Expense ratio1
Share
class
A
Without waiver
(gross)
1.29%
With waiver
(net)
—
Z
0.94%
—
5-year 10-year
Performance data shown represents past performance and is not a guarantee of future results. 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. Please visit columbiamanagement.com for performance data current
to the most recent month end. Class Z shares are sold at net asset value and have limited eligibility.
Columbia Management offers multiple share classes, not all necessarily available through all firms,
and the share class ratings may vary. Contact us for details.
Columbia Management Investment Distributors, Inc.
225 Franklin Street, Boston, MA 02110-2804
columbiamanagement.com
blog.columbiamanagement.com
800.426.3750
1090626 (01/15)
Fourth Quarter 2014
INVESTMENT COMMENTARY
Columbia Acorn International
Top holdings (% of net assets):
as of December 31, 2014
Coronation Fund Managers Ltd
outside the United States. It is notable that the current 10-year yield of less than 2%
implies a negative real return, if the Federal Reserve meets its long-term inflation target of
2%.
Sector weights (%): fund vs. benchmark
as of December 31, 2014
1.78
Industrials
Naspers Series N
1.30
Cons disc
CCL Industries Inc
1.21
Wuxi Pharmatech Cayman-ADR
1.09
Zee Entertainment Enterprise
1.05
Cons staples
Neopost SA
1.00
Materials
Partners Group Holding AG
0.99
Aalberts Industries NV
0.95
Telecom svcs
Wirecard AG
0.94
Coronation Fund Managers Ltd
0.30
Naspers Series N
0.22
Zee Entertainment Enterprise
0.17
Wirecard AG
0.15
Unibet Group PLC-SDR
0.13
Top five detractors - Effect on return (%)
as of December 31, 2014
Neopost SA
-0.30
Baytex Energy Corp
-0.29
Halyk Savings Bank-GDR Reg
S
-0.20
Shaw Cor Cl A
-0.19
Trilogy Energy Corp
-0.16
22.90
11.70
10.12
6.50
8.89
8.65
6.74
6.04
Health care
Energy
Top five contributors - Effect on return (%)
as of December 31, 2014
17.05
Info tech
0.96
22.15
20.35
16.03
Financials
Amcor Limited
Top holdings exclude short-term holdings
and cash, if applicable. 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.
18.99
Columbia Acorn
International
2.75
4.17
S&P Global Ex-US
Between $500 Million
and $5 Billion Index
1.32
1.65
0.40
Utilities
0
3.10
5
10.48
10
15
20
25
Source: FactSet
Contributors and detractors
For the fourth quarter, top contributions to fund returns came from a country that is often
forgotten in global market discussions — South Africa. This country represented about
2.5% of the fund’s investable universe, but over 5% of fund assets. Three of the fund’s
largest positions, Coronation Fund Managers, Naspers and Rand Merchant Insurance, are
based in South Africa and generated strong returns for both the quarter and the year, in
a market that rose less than 7% in U.S. dollar terms in the benchmark. One factor that
these companies all have in common is excellent managements that have allowed them to
expand overseas into other markets.
 Coronation Fund Managers is leveraging off a successful domestic operation to expand
into the international fund management business, opening up new avenues of growth.
 While operating a pay-television franchise in sub-Saharan Africa, Naspers generates
the bulk of its value from its investment in Hong Kong-based Tencent, an internet
software/mobile application business.
 Rand Merchant Insurance is growing through its Australian car insurance operations.
Finding overlooked gems in often under-covered markets has been a hallmark of the
Acorn style and has borne strong returns in South Africa.
The quarter’s largest detractor in absolute terms was not a particular stock but rather the
energy sector in its entirety. Oil prices fell a whopping 40% in the fourth quarter from
approximately $93 per barrel to under $56 in one of the sharpest commodity selloffs in
history. The ramifications for many small- to mid-sized oil service providers are significant,
as the major oil companies are expected to cancel many exploration and production
projects that no longer make economic sense.
2
Fourth Quarter 2014
INVESTMENT COMMENTARY
 For the year, Macau gaming operator Melco Crown Entertainment fell on negative
sentiment, as the industry came under greater scrutiny from mainland China.
 Neopost, a France-based provider of postage meter machines, declined during the
year on poor contract renewals with the French public sector. While 2014 was a
disappointing year, both Melco Crown Entertainment and Neopost have been longterm winners for the fund’s shareholders.
Outlook
As we look ahead to 2015, international markets remain out of favor, as industry pundits
continue to champion U.S. economic growth and currency strength as a reason for
keeping more assets stateside. While no one knows the future direction of markets, as
dedicated international investors we will continue to seek out the best opportunities we
can find for shareholders.
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Fourth Quarter 2014
INVESTMENT COMMENTARY
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 columbiamanagement.com. The prospectus
should be read carefully before investing.
Investment Risks
Market risk may affect a single
issuer, sector of the economy,
industry or the market as a whole.
International investing involves
certain risks and volatility due to
potential political, economic or
currency instabilities and different
financial and accounting standards.
Risks are enhanced for emerging
market issuers. Investments in
small- and mid-cap companies
involve risks and volatility greater
than investments in larger, more
established companies.
Columbia Acorn Funds are distributed by Columbia Management Investment Distributors, Inc.,
member FINRA and managed by Columbia Wanger Asset Management, LLC.
The views expressed are as of the date given, may change as market or other conditions change,
and may differ from views expressed by other Columbia Management Investment Advisers, LLC
(CMIA) associates or affiliates. Actual investments or investment decisions made by CMIA and its
affiliates, whether for its own account or on behalf of clients, will not necessarily reflect the views
expressed. This information is not intended to provide investment advice and does not account for
individual investor circumstances. Investment decisions should always be made based on an
investor's specific financial needs, objectives, goals, time horizon, and risk tolerance. Asset classes
described may not be suitable for all investors. Past performance does not guarantee future
results and no forecast should be considered a guarantee either. Since economic and market
conditions change frequently, there can be no assurance that the trends described here will
continue or that the forecasts are accurate.
Additional performance information: All results shown assume reinvestment of distributions and
do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the
redemption of fund shares.
1
Expense ratios are generally based on the fund's most recently completed fiscal year and are not
adjusted for current asset levels or other changes. In general, expense ratios increase as net
assets decrease. See the fund's prospectus for additional details.
The S&P Global Ex-U.S. Between $500 Million and $5 Billion 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.
The MSCI EAFE Net: This series approximates the minimum possible dividend reinvestment. The
dividend is reinvested after deduction of withholding tax, applying the rate to non-resident
individuals who do not benefit from double taxation treaties. MSCI uses withholding tax rates
applicable to Luxembourg holding companies, as Luxembourg applies the highest rates.
Indices shown are unmanaged and do not reflect the impact of fees. It is not possible to
invest directly in an index
4