Summary

• Columbia Acorn Fund's Institutional Class shares returned -4.65% during the quarter, underperforming the benchmark by 113 basis points.
• The fund's benchmark, the Russell 2500 Growth Index, returned -3.52% for the same period.
• Stock selection rather than sector allocation was the primary driver of the fund's underperformance during the quarter.

We continue to emphasize companies with durable growth profiles, strong competitive positioning and management teams capable of navigating uncertain environments.

Fund strategy

An intrinsic value approach to growth investing

• Employs a consistent and disciplined

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