0001193125-12-487516.txt : 20121130 0001193125-12-487516.hdr.sgml : 20121130 20121130160017 ACCESSION NUMBER: 0001193125-12-487516 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121130 DATE AS OF CHANGE: 20121130 EFFECTIVENESS DATE: 20121130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA FUNDS SERIES TRUST CENTRAL INDEX KEY: 0001097519 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-89661 FILM NUMBER: 121234734 BUSINESS ADDRESS: STREET 1: 225 FRANKLIN STREET CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6174263750 MAIL ADDRESS: STREET 1: 225 FRANKLIN STREET CITY: BOSTON STATE: MA ZIP: 02110 FORMER COMPANY: FORMER CONFORMED NAME: NATIONS FUNDS TRUST DATE OF NAME CHANGE: 19991022 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA FUNDS SERIES TRUST CENTRAL INDEX KEY: 0001097519 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-09645 FILM NUMBER: 121234735 BUSINESS ADDRESS: STREET 1: 225 FRANKLIN STREET CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 6174263750 MAIL ADDRESS: STREET 1: 225 FRANKLIN STREET CITY: BOSTON STATE: MA ZIP: 02110 FORMER COMPANY: FORMER CONFORMED NAME: NATIONS FUNDS TRUST DATE OF NAME CHANGE: 19991022 0001097519 S000010774 Columbia LifeGoal Balanced Growth Portfolio C000121782 Class K C000122566 Class R4 CGBRX C000122567 Class R5 CLHRX 0001097519 S000010777 Columbia Short Term Bond Fund C000122568 Class R4 CMDRX C000122569 Class R5 CCBRX 0001097519 S000010778 Columbia Short Term Municipal Bond Fund C000122570 Class R5 CNNRX 0001097519 S000010780 Columbia California Intermediate Municipal Bond Fund C000122571 Class R5 CNBRX 0001097519 S000010785 Columbia LifeGoal Growth Portfolio C000122572 Class R4 CWPRX C000122573 Class R5 CGPRX 0001097519 S000010789 Columbia Convertible Securities Fund C000122574 Class R4 COVRX C000122575 Class R5 COCRX 0001097519 S000010792 Columbia Mid Cap Value Fund C000122576 Class R4 CFDRX C000122577 Class R5 CVERX 0001097519 S000010793 Columbia Small Cap Value Fund II C000122578 Class R4 CLURX C000122579 Class R5 CRRRX C000122580 Class Y CRRYX 0001097519 S000010794 Columbia Marsico Growth Fund C000122581 Class R4 CWSRX C000122582 Class R5 CTGRX 0001097519 S000010795 Columbia Large Cap Core Fund C000122583 Class R5 CLCRX 0001097519 S000010796 Columbia LifeGoal Income and Growth Portfolio C000121783 Class K C000122584 Class R4 CHWRX C000122585 Class R5 CLRRX 0001097519 S000010797 Columbia Marsico Focused Equities Fund C000122586 Class R4 CSFRX 0001097519 S000010799 Columbia Marsico 21st Century Fund C000122587 Class R4 CTFRX 0001097519 S000010802 Columbia International Value Fund C000122588 Class R4 CVFRX C000122589 Class R5 CLVRX 0001097519 S000010803 Columbia Multi-Advisor International Equity Fund C000122590 Class R4 CQYRX C000122591 Class R5 CQQRX 0001097519 S000010804 Columbia Marsico International Opportunities Fund C000122592 Class R4 CLFRX 0001097519 S000010825 Columbia Large Cap Index Fund C000122593 Class R5 CLXRX 0001097519 S000010826 Columbia Mid Cap Index Fund C000122594 Class R5 CPXRX 0001097519 S000010827 Columbia Small Cap Index Fund C000122595 Class R5 CXXRX 485BPOS 1 d423443d485bpos.htm COLUMBIA FUNDS SERIES TRUST Columbia Funds Series Trust

As filed with the Securities and Exchange Commission on November 30, 2012

Registration No. 333-89661; 811-09645

 

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-1A

REGISTRATION STATEMENT

UNDER

THE SECURITIES ACT OF 1933

x

Pre-Effective Amendment No.

¨

Post-Effective Amendment No. 112

x

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940

x

Amendment No. 113

(Check appropriate box or boxes)

 

 

COLUMBIA FUNDS SERIES TRUST

(Exact Name of Registrant as specified in Charter)

50606 Ameriprise Financial Center

Minneapolis, MN 55474

(Address of Principal Executive Offices, including Zip Code)

 

 

Registrant’s Telephone Number, including Area Code: (800) 321-7854

Christopher O. Petersen, Esq.

c/o Columbia Management Investment Advisers, LLC

225 Franklin Street

Boston, MA 02110

(Name and Address of Agent for Service)

 

 

With copies to:

Robert M. Kurucza, Esq.

Marco E. Adelfio, Esq.

Goodwin Procter LLP

901 New York Avenue, NW

Washington, DC 20001

 

 

It is proposed that this filing will become effective (check appropriate box):

 

x Immediately upon filing pursuant to paragraph (b)

 

¨ on (date) pursuant to paragraph (b)

 

¨ 60 days after filing pursuant to paragraph (a)(1)

 

¨ on (date) pursuant to paragraph (a)(1)

 

¨ 75 days after filing pursuant to paragraph (a)(2)

 

¨ on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

 

¨ this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

This Post-Effective Amendment relates solely to the Registrant’s Columbia California Intermediate Municipal Bond Fund, Columbia Convertible Securities Fund, Columbia International Value Fund, Columbia Large Cap Core Fund, Columbia Large Cap Index Fund, Columbia LifeGoal® Balanced Growth Portfolio, Columbia LifeGoal® Growth Portfolio, Columbia LifeGoal® Income and Growth Portfolio, Columbia Marsico 21st Century Fund, Columbia Marsico Focused Equities Fund, Columbia Marsico Growth Fund, Columbia Marsico International Opportunities Fund, Columbia Mid Cap Index Fund, Columbia Mid Cap Value Fund, Columbia Multi-Advisor International Equity Fund, Columbia Short Term Bond Fund, Columbia Short Term Municipal Bond Fund, Columbia Small Cap Index Fund and Columbia Small Cap Value Fund II. Information contained in the Registrant’s Registration Statement relating to any other series of the Registrant is neither amended nor superseded hereby.

 

 

 


SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant, Columbia Funds Series Trust, certifies that it meets all the requirements for effectiveness of this Registration Statement under Rule 485(b) under the Securities Act of 1933 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Boston, and The Commonwealth of Massachusetts on the 30th day of November, 2012.

 

COLUMBIA FUNDS SERIES TRUST
By:   /s/ J. Kevin Connaughton

Name:

Title:

 

J. Kevin Connaughton

President

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated:

 

SIGNATURES

  

TITLE

 

DATE

/s/ J. Kevin Connaughton

J. Kevin Connaughton

  

President

(Principal Executive Officer)

  November 30, 2012

/s/ Michael G. Clarke

Michael G. Clarke

  

Chief Financial Officer

(Principal Financial Officer)

  November 30, 2012

/s/ Joseph F. DiMaria

Joseph F. DiMaria

  

Chief Accounting Officer

(Principal Accounting Officer)

  November 30, 2012

/s/ Stephen R. Lewis, Jr.*

Stephen R. Lewis, Jr.

   Chairman of the Board   November 30, 2012

/s/ Kathleen A. Blatz*

Kathleen A. Blatz

   Trustee   November 30, 2012

/s/ Edward J. Boudreau, Jr.*

Edward J. Boudreau, Jr.

   Trustee   November 30, 2012

/s/ Pamela G. Carlton*

Pamela G. Carlton

   Trustee   November 30, 2012

/s/ William P. Carmichael*

William P. Carmichael

   Trustee   November 30, 2012


/s/ Patricia M. Flynn*

Patricia M. Flynn

   Trustee   November 30, 2012

/s/ William A. Hawkins*

William A. Hawkins

   Trustee   November 30, 2012

/s/ R. Glenn Hilliard*

R. Glenn Hilliard

   Trustee   November 30, 2012

/s/ Catherine James Paglia*

Catherine James Paglia

   Trustee   November 30, 2012

/s/ Leroy C. Richie*

Leroy C. Richie

   Trustee   November 30, 2012

/s/ Anthony M. Santomero*

Anthony M. Santomero

   Trustee   November 30, 2012

/s/ Minor M. Shaw*

Minor M. Shaw

   Trustee   November 30, 2012

/s/ Alison Taunton-Rigby*

Alison Taunton-Rigby

   Trustee   November 30, 2012

/s/ William F. Truscott*

William F. Truscott

   Trustee   November 30, 2012

 

*By:   /s/ Ryan C. Larrenaga
 

Ryan C. Larrenaga**

Attorney-in-Fact

November 30, 2012

 

** Executed by Ryan C. Larrenaga on behalf of each of the Trustees pursuant to a Power of Attorney dated June 8, 2011 and incorporated by reference to Post-Effective Amendment No. 94 to the Registration Statement of the Registrant on Form N-1A, filed with the Commission on June 28, 2011.


EXHIBIT INDEX

 

Exhibit No.

  

Description

EX-101.INS

   XBRL Instance Document

EX-101.SCH

   XBRL Taxonomy Extension Schema Document

EX-101.CAL

   XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF

   XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB

   XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE

   XBRL Taxonomy Extension Presentation Linkbase
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style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from U.S. federal income tax and California individual income tax, consistent with moderate fluctuation of principal.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R5 shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above expire on November 8, 2013, they are only reflected in the 1 year example and the first year of the 3, 5 and 10 year examples.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal period, the Fund's fiscal year end changed from March 31 to April 30. For the fiscal period from April 1, 2012 to April 30, 2012, the Fund's portfolio turnover rate was 0% of the average value of its portfolio and for the prior fiscal year ended March 31, 2012, the Fund's portfolio turnover rate was 9% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests at least 80% of its net assets in securities that pay interest exempt from U.S. federal income tax (but not necessarily the federal alternative minimum tax) and California individual income tax. These securities are issued by or on behalf of the State of California, its political subdivisions, agencies, instrumentalities and authorities, and other qualified issuers.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund normally invests at least 80% of its total assets in investment grade municipal securities. Under normal circumstances, the Fund's dollar-weighted average maturity will be between three and ten years. Qualified issuers include issuers located in U.S. territories Guam, Puerto Rico and the U.S. Virgin Islands. The Fund may invest up to 10% of its total assets in securities that, at the time of purchase, are rated below investment grade (sometimes referred to as "junk bonds") or are unrated but determined by Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager), to be of comparable quality.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in derivatives, including futures, such as exchange-traded futures contracts, primarily for hedging purposes.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager evaluates a number of factors in identifying investment opportunities and constructing the Fund's portfolio. The Investment Manager considers local, national and global economic conditions, market conditions, interest rate movements and other relevant factors to determine the allocation of the Fund's assets among different issuers, industry sectors and maturities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager, in connection with selecting individual investments for the Fund, evaluates a security based on its potential to generate income and/or capital appreciation. The Investment Manager considers, among other factors, the creditworthiness of the issuer of the security and the various features of the security, such as its interest rate, yield, maturity, any call features and value relative to other securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager may sell a security if the Investment Manager believes that there is deterioration in the issuer's financial circumstances, or that other investments are more attractive; if there is deterioration in a security's credit rating; or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>State-Specific Municipal Securities Risk</b> – Securities issued by a particular state and its instrumentalities are subject to the risk of unfavorable developments in such state. The value of Fund shares may be more volatile than the value of shares of funds that invest in municipal securities of issuers in more than one state, as unfavorable developments have the potential to impact more significantly the Fund than funds that invest in municipal securities of many different states. A municipal security can be significantly affected by adverse tax, legislative, demographic or political changes as well as changes in the state's financial or economic condition and prospects. The Statement of Additional Information provides greater detail about risks specific to the municipal securities of the state in which the Fund invests, which investors should carefully consider.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Interest Rate Risk</b> <b>–</b> Debt securities are subject to interest rate risk. In general, if prevailing interest rates rise, the values of debt securities will tend to fall, and if interest rates fall, the values of debt securities will tend to rise. Changes in the value of a debt security usually will not affect the amount of income the Fund receives from it but may affect the value of the Fund's shares. Interest rate risk is generally greater for debt securities with longer maturities/durations.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Credit Risk</b> <b>–</b> Credit risk applies to most debt securities, but is generally less of a factor for obligations backed by the "full faith and credit" of the U.S. Government. The Fund could lose money if the issuer of a debt security owned by the Fund is unable or perceived to be unable to pay interest or repay principal when it becomes due. Various factors could affect the issuer's actual or perceived willingness or ability to make timely interest or principal payments, including changes in the issuer's financial condition or in general economic conditions. Debt securities backed by an issuer's taxing authority may be subject to legal limits on the issuer's power to increase taxes or otherwise to raise revenue, or may be dependent on legislative appropriation or government aid. Certain debt securities are backed only by revenues derived from a particular project or source, rather than by an issuer's taxing authority, and thus may have a greater risk of default.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Low and Below Investment Grade Securities Risk</b> <b>– </b> Debt securities with the lowest investment grade rating (e.g., BBB by Standard &amp; Poor's, a division of the McGraw-Hill Companies, Inc. (S&amp;P), or Fitch, Inc. (Fitch) or Baa by Moody's Investors Service, Inc. (Moody's)), or that are below investment grade (which are commonly referred to as "junk bonds") (e.g., BB or below by S&amp;P or Fitch or Ba by Moody's) and unrated securities of comparable quality are more speculative than securities with higher ratings and may experience greater price fluctuations. These securities tend to be more sensitive to credit risk than higher-rated securities, particularly during a downturn in the economy, which is more likely to weaken the ability of the issuers to make principal and interest payments on these securities. These securities typically pay a premium – a higher interest rate or yield – because of the increased risk of loss, including default. These securities also are generally less liquid than higher-rated securities. The securities ratings provided by Moody's, S&amp;P and Fitch are based on analyses by these ratings agencies of the credit quality of the securities and may not take into account every risk related to whether interest or principal will be timely repaid.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk</b> <b>–</b> Municipal securities are debt obligations generally issued to obtain funds for various public purposes, including general financing for state and local governments, or financing for a specific project or public facility. Municipal securities may be fully or partially backed by the taxing authority of the local government, by the credit of a private issuer, by the current or anticipated revenues from a specific project or specific assets or by domestic or foreign entities providing credit support, such as letters of credit, guarantees or insurance, and are generally classified into general obligation bonds and special revenue obligations. General obligation bonds are backed by an issuer's taxing authority and may be vulnerable to limits on a government's power or ability to raise revenue or increase taxes. They may also depend for payment on legislative appropriation and/or funding or other support from other governmental bodies. Revenue obligations are payable from revenues generated by a particular project or other revenue source, and are typically subject to greater risk of default than general obligation bonds because investors can look only to the revenue generated by the project or other revenue source backing the project, rather than to the general taxing authority of the state or local government issuer of the obligations. Because many municipal securities are issued to finance projects in sectors such as education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market. Municipal securities generally pay interest that, in the opinion of bond counsel, is free from U.S. federal income tax (and, often, the federal alternative minimum tax). There is no assurance that the Internal Revenue Service (IRS) will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued, and the value of the security would likely fall. As a shareholder of the Fund, you may be required to file an amended tax return and pay additional taxes as a result.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk – Futures Contracts</b> - The Fund may buy or sell futures. A futures contract is a contract between a buyer (holding the "long" position) and a seller (holding the "short" position) for an asset with delivery deferred until a future date. The buyer agrees to pay a fixed price at the agreed future date and the seller agrees to deliver the asset. The seller hopes that the market price on the delivery date is less than the agreed upon price, while the buyer hopes for the contrary. The liquidity of the futures markets depends on participants entering into offsetting transactions rather than making or taking delivery. To the extent participants decide to make or take delivery, liquidity in the particular futures market could be reduced. Certain futures markets are more liquid than others. In addition, certain futures exchanges often impose a maximum permissible price movement on each futures contract for each trading session. To the extent that the Fund trades on such futures exchanges, the Fund may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Changing Distribution Levels Risk</b> <b>–</b> The amount of the distributions paid by the Fund generally depends on the amount of interest and/or dividends received by the Fund on the securities it holds. The Fund may not be able to pay distributions or may have to reduce its distribution level if the interest and/or dividends the Fund receives from its investments decline.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Reinvestment Risk</b> <b>–</b> Income from the Fund's debt securities portfolio will decline if and when the Fund invests the proceeds from matured, traded or called securities in securities with market interest rates that are below the current earnings rate of the Fund's portfolio.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R5 shares had not commenced operations prior to the date of this prospectus; therefore, performance information for this class is not yet available. The performance of Class Z shares, which have been outstanding longer than any other share class of the Fund, is shown in the bar chart and average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), this class of shares would have annual returns substantially similar to those of Class Z shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown.</p> 3rd quarter 2009: 0.0728 4th quarter 2010: -0.0366 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Barclays 3-15 Year Blend Municipal Bond Index, which tracks the performance of municipal bonds issued after December 31, 1990 with remaining maturities between 2 and 17 years and at least $7 million in principal amount outstanding, and the Barclays California 3-15 Year Blend Municipal Bond Index, which tracks investment grade bonds issued from the state of California and its municipalities. The Fund added the Barclays California 3-15 Year Blend Municipal Bond Index as a secondary index effective January 1, 2010 because the Investment Manager believes that this index provides a reasonable view of the available municipal investment opportunities in California and an additional useful performance comparison.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010780Member ~</div> 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010780Member ~</div> 0.0047 0 0.001 0.0057 -0.0018 0.0039 <div style="display:none">~ http://columbia/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010780Member ~</div> 40 164 300 696 <div style="display:none">~ http://columbia/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010780Member ~</div> 0.0352 0.0248 0.0183 0.0436 0.0309 -0.0077 0.095 0.0324 0.1049 <div style="display:none">~ http://columbia/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010780Member ~</div> 0.1049 0.1049 0.0808 0.0963 0.107 0.0503 0.0502 0.0481 0.0574 0.0577 0.0424 0.0418 0.0412 0.0497 0.0493 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund seeks total return, consisting of capital appreciation and current income. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R4 or Class R5 shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above expire on November 8, 2013, they are only reflected in the 1 year example and the first year of the 3, 5 and 10 year examples. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 66% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests at least 80% of its net assets in convertible securities. The Fund may invest up to 15% of its total assets in Eurodollar convertible securities and up to an additional 20% of its total assets in foreign securities. Most convertible securities are not investment grade-rated. Convertible securities rated below investment grade may be referred to as "junk bonds." The Fund also may invest in other equity securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager), looks for opportunities to participate in the potential growth of underlying common stocks, while seeking to earn income that is generally higher than the income those stocks provide. The Fund may sell common stocks short against positions in which the Fund has directly invested in convertible securities with no more than 10% of its assets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager considers a number of factors in identifying investment opportunities and constructing the Fund's portfolio. Although an evaluation of the characteristics of a security, including its conversion features, may be the primary factor for most portfolio decisions, the Investment Manager considers other factors as well, including, among others:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">overall economic and market conditions; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the financial condition and management of a company, including its competitive position, the quality of its balance sheet and earnings, its future prospects, and the potential for growth and stock price appreciation.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager tries to limit conversion costs and generally sells securities when they take on the trading characteristics of the underlying common stock. The Investment Manager also may convert securities to common shares when it believes it's appropriate to do so.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Convertible Securities Risk –</b> Convertible securities are subject to the usual risks associated with debt securities, such as interest rate risk and credit risk. Convertible securities also react to changes in the value of the common stock into which they convert. Because the value of a convertible security can be influenced by both interest rates and the common stock's market movements, a convertible security generally is not as sensitive to interest rates as a similar debt security, and generally will not vary in value in response to other factors to the same extent as the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities would typically be paid before the company's common stockholders but after holders of any senior debt obligations of the company. The Fund may be forced to convert a convertible security before it otherwise would choose to do so, which may decrease the Fund's return.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Low and Below Investment Grade Securities Risk</b> <b>– </b> Debt securities with the lowest investment grade rating (e.g., BBB by Standard &amp; Poor's, a division of the McGraw-Hill Companies, Inc. (S&amp;P), or Fitch, Inc. (Fitch) or Baa by Moody's Investors Service, Inc. (Moody's)), or that are below investment grade (which are commonly referred to as "junk bonds") (e.g., BB or below by S&amp;P or Fitch or Ba by Moody's) and unrated securities of comparable quality are more speculative than securities with higher ratings and may experience greater price fluctuations. These securities tend to be more sensitive to credit risk than higher-rated securities, particularly during a downturn in the economy, which is more likely to weaken the ability of the issuers to make principal and interest payments on these securities. These securities typically pay a premium – a higher interest rate or yield – because of the increased risk of loss, including default. These securities also are generally less liquid than higher-rated securities. The securities ratings provided by Moody's, S&amp;P and Fitch are based on analyses by these ratings agencies of the credit quality of the securities and may not take into account every risk related to whether interest or principal will be timely repaid.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Interest Rate Risk</b> <b>–</b> Debt securities are subject to interest rate risk. In general, if prevailing interest rates rise, the values of debt securities will tend to fall, and if interest rates fall, the values of debt securities will tend to rise. Changes in the value of a debt security usually will not affect the amount of income the Fund receives from it but may affect the value of the Fund's shares. Interest rate risk is generally greater for debt securities with longer maturities/durations.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Credit Risk</b> <b>–</b> Credit risk applies to most debt securities, but is generally less of a factor for obligations backed by the "full faith and credit" of the U.S. Government. The Fund could lose money if the issuer of a debt security owned by the Fund is unable or perceived to be unable to pay interest or repay principal when it becomes due. Various factors could affect the issuer's actual or perceived willingness or ability to make timely interest or principal payments, including changes in the issuer's financial condition or in general economic conditions. Debt securities backed by an issuer's taxing authority may be subject to legal limits on the issuer's power to increase taxes or otherwise to raise revenue, or may be dependent on legislative appropriation or government aid. Certain debt securities are backed only by revenues derived from a particular project or source, rather than by an issuer's taxing authority, and thus may have a greater risk of default.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Foreign Securities Risk –</b> Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Prepayment and Extension Risk —</b> Prepayment and extension risk is the risk that a loan, bond or other security might be called or otherwise converted, prepaid or redeemed before maturity. This risk is primarily associated with asset-backed securities, including mortgage-backed securities and floating rate loans. If a loan or security is converted, prepaid or redeemed before maturity, particularly during a time of declining interest rates or spreads, the portfolio managers may not be able to invest the proceeds in securities or loans providing as high a level of income, resulting in a reduced yield to the Fund. Conversely, as interest rates rise or spreads widen, the likelihood of prepayment decreases. The portfolio managers may be unable to capitalize on securities with higher interest rates or wider spreads because the Fund's investments are locked in at a lower rate for a longer period of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Short Sales Risk</b> <b>–</b> A short sale generally involves the sale by the Fund of a security it does not own with the expectation of acquiring the security at a later time at a lower price, but can involve the sale by the Fund of a security it does own. In order to short sell a common stock, the Fund must borrow, buy or already hold the security in order to make delivery to the counterparty. If the Fund borrows the security, it then is obligated to replace the security at some later time. The price of the security at such time may be higher or lower than the price at which the security was sold short by the Fund. Therefore, the Fund bears the risk that the price of the security at the time of replacement has not decreased. Short sales can potentially involve unlimited loss, as the market price of securities sold short may continue to increase, although the Fund may be able to limit any such losses by purchasing the securities sold short. There also is a risk that the Fund may experience difficulty purchasing the security necessary for replacement if the security does not have a liquid market at the time that the replacement must occur or that an event may occur. The Fund's use of short sales in effect "leverages" the Fund, as the Fund may use the cash proceeds from short sales to invest in additional long positions. Leverage potentially exposes the Fund to greater risks of loss due to unanticipated market movements, which may magnify losses and increase the volatility of returns. In addition, the Fund will incur additional expenses by engaging in short sales in the form of transaction costs, and interest and dividend expenses paid to the lender of the security.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R4 and Class R5 shares had not commenced operations prior to the date of this prospectus; therefore, performance information for these classes is not yet available. The performance of Class A shares, which have been outstanding longer than any other share class of the Fund, is shown in the bar chart and average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), these classes of shares would have annual returns substantially similar to those of Class A shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower.</p> 3rd quarter 2009: 0.1242 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">4th quarter 2008:</p> -0.1791 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Bank of America Merrill Lynch (BofAML) All Convertibles All Qualities Index, which measures the performance of U.S. dollar-denominated convertible securities not currently in bankruptcy with a total market value greater than $50 million at issuance.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares.</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010789Member ~</div> 0 0 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010789Member ~</div> 0.0082 0 0.0021 0.0103 -0.0011 0.0092 0.0082 0 0.0008 0.009 -0.0011 0.0079 <div style="display:none">~ http://columbia/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010789Member ~</div> 94 81 317 276 558 488 1249 1098 <div style="display:none">~ http://columbia/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010789Member ~</div> -0.0963 0.2595 0.1085 0.0322 0.0973 0.0639 -0.3344 0.3317 0.1905 -0.0503 <div style="display:none">~ http://columbia/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010789Member ~</div> -0.1047 -0.1123 -0.0664 -0.0503 -0.0518 0.0009 -0.0105 -0.0037 0.0129 0.021 0.0369 0.0228 0.0257 0.043 0.0488 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund seeks long-term capital appreciation. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R4 or Class R5 shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above expire on November 8, 2013, they are only reflected in the 1 year example and the first year of the 3, 5 and 10 year examples. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Master Portfolio's portfolio turnover rate was 16% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund invests all or substantially all of its assets in Columbia International Value Master Portfolio (the Master Portfolio). The Master Portfolio has the same investment objective as the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Master Portfolio invests at least 65% of its total assets in equity securities of foreign companies that have market capitalizations of more than $1 billion at the time of purchase. The Master Portfolio typically invests in foreign companies in at least three countries, other than the United States, at any one time and may invest in emerging market countries. The Master Portfolio invests primarily in foreign equity securities, such as common stock, preferred stock, or securities convertible into common stock, either directly or indirectly through closed-end investment companies and depositary receipts. Depositary receipts are receipts issued by a bank or trust company and evidence ownership of underlying securities issued by foreign companies.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Master Portfolio has the following limits on its investments, which are applied at the time an investment is made. The Master Portfolio:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">normally invests no more than 5% of its total assets in a single security;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">typically invests up to the greater of (i) 20% of its total assets in a single country or industry or (ii) 150% of the weighting of a single country or industry in the MSCI Europe, Australasia, Far East Value Index (limited to less than 25% of its total assets in a single industry, other than U.S. Government obligations); and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">generally may not invest more than 20% of its total assets in emerging market countries.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Master Portfolio may from time to time emphasize one or more economic sectors in selecting its investments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Columbia Management Investment Advisers LLC, the Fund's investment adviser (the Investment Manager), has engaged an investment subadviser - Brandes Investment Partners, L.P. (Brandes) - which manages the Master Portfolio on a day-to-day basis, although the Investment Manager retains general investment management responsibility for the management of the Master Portfolio. Brandes uses the "Graham and Dodd" value approach to managing the Master Portfolio. Brandes invests in a company when its current price appears to be below its "true" long-term - or intrinsic - value.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Brandes uses fundamental analysis to develop an estimate of intrinsic value, and will consider, among other factors, a company's earnings, book value, cash flow, capital structure and management record, as well as its industry and position within that industry. This analysis includes a review of company reports, filings with the SEC, computer databases, industry publications, general and business publications, research reports and other information sources, as well as interviews with company management.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Brandes may sell a security when its price reaches a target set by Brandes or if Brandes believes that other investments are more attractive; or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investing in Other Funds Risk</b> <b>–</b> The performance of the Master Portfolio could be adversely affected if other entities that invest in the same Master Portfolio make relatively large investments or redemptions in the Master Portfolio. Because the expenses and costs of a Master Portfolio are shared by its investors, redemptions by other investors in the Master Portfolio could result in decreased economies of scale and increased operating expenses for the Master Portfolio. The Fund, and its shareholders, indirectly bear a portion of the expenses of the Master Portfolio. These transactions might also result in higher brokerage, tax or other costs for the Fund. This risk may be particularly important when one investor owns a substantial portion of the Master Portfolio. There are also circumstances in which the Investment Manager's fiduciary duties to the Fund may conflict with its fiduciary duties to the Master Portfolio.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund is subject indirectly to the following risks of the Master Portfolio:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Master Portfolio's investment objective. There is no assurance that the Master Portfolio will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Master Portfolio's shares to lose value or may cause the Master Portfolio to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Master Portfolio holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Master Portfolio. Accordingly, an investment in the Master Portfolio could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Master Portfolio holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Value Securities Risk</b> <b>–</b> Value securities are securities of companies that may have experienced, for example, adverse business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the Investment Manager's future value assessment of that security, or may decline. There is also a risk that it may take longer than expected for the value of these investments to rise to the believed value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Foreign Securities Risk –</b> Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Master Portfolio may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Master Portfolio may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Currency Risk –</b> Securities denominated in non-U.S. dollar currencies are subject to the risk that, for example, if the value of a foreign currency were to decline against the U.S. dollar, such decline would reduce the U.S. dollar value of any securities held by the Fund denominated in that currency.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Emerging Market Securities Risk</b> <b>–</b> Securities issued by foreign governments or companies in emerging market countries, like Russia and those in Eastern Europe, the Middle East, Asia, Latin America or Africa, are more likely to have greater exposure to the risks of investing in foreign securities that are described in <i>Foreign Securities Risk</i>. In addition, emerging market countries are more likely to experience instability resulting, for example, from rapid social, political and economic development. Their economies are usually less mature and their securities markets are typically less developed with more limited trading activity than more developed countries. Emerging market securities tend to be more volatile than securities in more developed markets. Many emerging market countries are heavily dependent on international trade, which makes them more sensitive to world commodity prices and economic downturns in other countries. Some emerging market countries have a higher risk of currency devaluations, and some of these countries may experience periods of high inflation or rapid changes in inflation rates.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Convertible Securities Risk –</b> Convertible securities are subject to the usual risks associated with debt securities, such as interest rate risk and credit risk. Convertible securities also react to changes in the value of the common stock into which they convert. Because the value of a convertible security can be influenced by both interest rates and the common stock's market movements, a convertible security generally is not as sensitive to interest rates as a similar debt security, and generally will not vary in value in response to other factors to the same extent as the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities would typically be paid before the company's common stockholders but after holders of any senior debt obligations of the company. The Fund may be forced to convert a convertible security before it otherwise would choose to do so, which may decrease the Fund's return.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Sector Risk –</b> At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R4 and Class R5 shares had not commenced operations prior to the date of this prospectus; therefore, performance information for these classes is not yet available. The performance of Class A shares, which have been outstanding as long as any other share class of the Fund, is shown in the bar chart and average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), these classes of shares would have annual returns substantially similar to those of Class A shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower.</p> 2nd quarter 2003: 0.2668 3rd quarter 2002: -0.2166 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the MSCI Europe, Australasia, Far East (EAFE) Value Index (Net), which is a subset of the MSCI EAFE Index (Net), and constituents of the index include securities from Europe, Australasia and the Far East. The index generally represents approximately 50% of the free float-adjusted market capitalization of the underlying MSCI EAFE Index (Net) and consists of those securities classified by MSCI as most representing the value style, such as higher book value-to-price ratios, higher forward earnings-to-price ratios, higher dividend yields and lower forecasted growth rates than securities representing the growth style.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares.</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010802Member ~</div> 0 0 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010802Member ~</div> 0.0102 0 0.0026 0.0128 -0.0007 0.0121 0.0102 0 0.0011 0.0113 -0.0001 0.0112 <div style="display:none">~ http://columbia/role/ExpenseExampleCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010802Member ~</div> 123 114 399 358 696 621 1539 1374 <div style="display:none">~ http://columbia/role/BarChartDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010802Member ~</div> -0.178 0.5045 0.2417 0.1016 0.2826 0.0672 -0.3562 0.223 0.0243 -0.109 <div style="display:none">~ http://columbia/role/PerformanceTableDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010802Member ~</div> -0.1601 -0.1594 -0.0917 -0.109 -0.1217 -0.0629 -0.0737 -0.0482 -0.0517 -0.0633 0.046 0.0348 0.0424 0.0522 0.0498 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund seeks long-term capital appreciation. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R5 shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 197% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> Under normal circumstances, the Fund invests at least 80% of its net assets in securities of companies that have market capitalizations in the range of companies in the Standard &amp; Poor's (S&amp;P) 500® Index at the time of purchase (between $1.44 billion and $625.49 billion as of September 30, 2012). The Fund may invest up to 20% of its total assets in foreign securities. The Fund normally invests in common stocks, preferred stocks and convertible securities like warrants and rights and may invest in exchange-traded funds. <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in derivatives, including options and other derivative instruments. The Fund may invest in derivatives for both hedging and non-hedging purposes, including, for example, to seek to enhance returns or as a substitute for a position in an underlying asset.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager combines fundamental and quantitative analysis with risk management in identifying investment opportunities and constructing the Fund's portfolio. The Investment Manager considers, among other factors:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">overall economic and market conditions; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the financial condition and management of a company, including its competitive position, the quality of its balance sheet and earnings, its future prospects, and the potential for growth and stock price appreciation.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's portfolio may from time to time emphasize one or more economic sectors, which may include, among other sectors, the technology sector.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager may sell a security when the security's price reaches a target set by the Investment Manager; if the Investment Manager believes that there is deterioration in the issuer's financial circumstances or fundamental prospects, or that other investments are more attractive; or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund's investment strategy may involve the frequent trading of portfolio securities. This may cause the Fund to incur higher transaction costs (which may adversely affect the Fund's performance) and may increase taxable distributions for shareholders. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Growth Securities Risk –</b> Because growth securities typically trade at a higher multiple of earnings than other types of securities, the market values of growth securities may be more sensitive to changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Value Securities Risk</b> <b>–</b> Value securities are securities of companies that may have experienced, for example, adverse business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the Investment Manager's future value assessment of that security, or may decline. There is also a risk that it may take longer than expected for the value of these investments to rise to the believed value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Foreign Securities Risk –</b> Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Convertible Securities Risk –</b> Convertible securities are subject to the usual risks associated with debt securities, such as interest rate risk and credit risk. Convertible securities also react to changes in the value of the common stock into which they convert. Because the value of a convertible security can be influenced by both interest rates and the common stock's market movements, a convertible security generally is not as sensitive to interest rates as a similar debt security, and generally will not vary in value in response to other factors to the same extent as the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities would typically be paid before the company's common stockholders but after holders of any senior debt obligations of the company. The Fund may be forced to convert a convertible security before it otherwise would choose to do so, which may decrease the Fund's return.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investing in Other Funds Risk</b> – The performance of the funds, including exchange-traded funds, in which the Fund invests could be adversely affected if other entities that invest in the same funds make relatively large investments or redemptions in the funds. In addition, because the expenses and costs of the funds are shared by investors in the underlying fund, redemptions by other investors in the underlying fund could result in decreased economies of scale and increased operating expenses for the underlying funds. These transactions might also result in higher brokerage, tax or other costs for the Fund. This risk may be particularly important when one investor owns a substantial portion of any underlying fund. If an underlying fund pays fees to the Investment Manager or its affiliates, this could result in the Investment Manager having a potential conflict of interest in selecting the underlying funds in which the Fund invests or in determining the percentage of the Fund's investments allocated to each underlying fund. There are also circumstances in which the Investment Manager's fiduciary duties to the Fund may conflict with its fiduciary duties to the underlying funds for which it serves as investment manager.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Sector Risk –</b> At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Technology Sector Risk –</b> Companies in the technology sector, which are subject to significant competitive pressures, such as aggressive pricing of their products or services, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments and the potential for limited earnings and/or falling profit margins. These companies also face the risks that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of technology companies and, as a result, the value of their securities. Also, patent protection is integral to the success of many companies in the technology sector, and profitability can be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce profitability with respect to such products). In addition, many technology companies have limited operating histories. Prices of these companies' securities historically have been more volatile than other securities, especially over the short term. Because the Fund invests a significant portion of its net assets in the equity securities of technology companies, the Fund's price may be more volatile than a fund that is invested in a more diverse range of market sectors.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk –</b> Derivatives are financial contracts whose values are, for example, based on (or "derived" from) traditional securities (such as a stock or bond), assets (such as a commodity like gold or a foreign currency), reference rates (such as LIBOR) or market indices (such as the Standard &amp; Poor's (S&amp;P) 500® Index). Derivatives involve special risks and may result in losses or may limit the Fund's potential gain from favorable market movements. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security or other asset. The values of derivatives may move in unexpected ways, especially in unusual market conditions, and may result in increased volatility, among other consequences. The use of derivatives may also increase the amount of taxes payable by shareholders holding shares in a taxable account. Other risks arise from the Fund's potential inability to terminate or to sell derivative positions. A liquid secondary market may not always exist for the Fund's derivative positions at times when the Fund might wish to terminate or to sell such positions. Over-the-counter instruments (investments not traded on an exchange) may be illiquid, and transactions in derivatives traded in the over-the-counter market are subject to the risk that the other party will not meet its obligations. The use of derivatives also involves the risks of mispricing or improper valuation and that changes in the value of the derivative may not correlate perfectly with the underlying security, asset, reference rate or index. The Fund also may not be able to find a suitable derivative transaction counterparty, and thus may be unable to engage in derivative transactions when it is deemed favorable to do so, or at all. U.S. federal legislation has recently been enacted that provides for new clearing, margin, reporting and registration requirements for participants in the derivatives market. While the ultimate impact is not yet clear, these changes could restrict and/or impose significant costs or other burdens upon the Fund's participation in derivatives transactions. For more information on the risks of derivative investments and strategies, see the Statement of Additional Information. </p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Frequent Trading Risk</b> <b>–</b> Frequent trading of investments increases the possibility that the Fund will realize taxable capital gains (including short-term capital gains, which are generally taxable at higher rates than long-term capital gains for U.S. federal income tax purposes), which could reduce the Fund's after-tax returns. Frequent trading can also mean higher brokerage and other transaction costs, which could reduce the Fund's returns.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R5 shares had not commenced operations prior to the date of this prospectus; therefore, performance information for this class is not yet available. The performance of Class Z shares, which have been outstanding longer than any other share class of the Fund, is shown in the bar chart and average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), this class of shares would have annual returns substantially similar to those of Class Z shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown.</p> 2nd quarter 2009: 0.1476 4th quarter 2008: -0.2022 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the S&amp;P 500® Index, which tracks the performance of 500 widely held, large-capitalization U.S. stocks.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares.</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010795Member ~</div> 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010795Member ~</div> 0.0073 0 0.0008 0.0081 <div style="display:none">~ http://columbia/role/ExpenseExampleDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010795Member ~</div> 83 259 450 1002 <div style="display:none">~ http://columbia/role/BarChartDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010795Member ~</div> -0.2743 0.2727 0.0834 0.0622 0.1571 0.1027 -0.3577 0.2438 0.1399 -0.0201 <div style="display:none">~ http://columbia/role/PerformanceTableDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010795Member ~</div> -0.0201 -0.0216 -0.011 0.0211 -0.0032 -0.0071 -0.0029 -0.0025 0.0192 0.0163 0.0161 0.0292 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks total return before fees and expenses that corresponds to the total return of the Standard &amp; Poor's (S&amp;P) 500® Index.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R5 shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 6% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests at least 80% of its net assets in common stocks that comprise the Standard &amp; Poor's (S&amp;P) 500® Index. The Fund may invest in derivatives, consisting of stock index futures or options, as substitutes for the underlying securities in the S&amp;P 500® Index.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Different common stocks have different weightings in the S&amp;P 500® Index, depending on the amount of stock outstanding and the stock's current price. In seeking to match the performance of the S&amp;P 500® Index, Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager), attempts to allocate the Fund's assets among common stocks in approximately the same weightings as the S&amp;P 500® Index. The Fund may buy shares of Ameriprise Financial, Inc., an affiliate of the Investment Manager, which is currently included in the S&amp;P 500® Index, subject to certain restrictions.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund attempts to achieve at least a 95% correlation between the performance of the S&amp;P 500® Index and the Fund's investment results, before fees and expenses. The Fund's ability to track the S&amp;P 500® Index is affected by, among other things, transaction costs and other expenses, changes in the composition of the S&amp;P 500® Index, changes in the number of shares issued by the companies represented in the S&amp;P 500® Index, and by the timing and amount of shareholder purchases and redemptions. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager may sell a stock when the stock's percentage weighting in the index is reduced, when the stock is removed from the index, or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Index Risk</b> <b>–</b> The Fund's value will generally decline when the performance of its targeted index declines. In addition, because the Fund may not hold all issues included in its index, may not always be fully invested, and bears advisory, administrative and other expenses and transaction costs in trading securities, the Fund's performance may fail to match the performance of its targeted index, after taking expenses into account. It is not possible to invest directly in an index.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Sector Risk –</b> At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk –</b> Derivatives are financial contracts whose values are, for example, based on (or "derived" from) traditional securities (such as a stock or bond), assets (such as a commodity like gold or a foreign currency), reference rates (such as LIBOR) or market indices (such as the Standard &amp; Poor's (S&amp;P) 500® Index). Derivatives involve special risks and may result in losses or may limit the Fund's potential gain from favorable market movements. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security or other asset. The values of derivatives may move in unexpected ways, especially in unusual market conditions, and may result in increased volatility, among other consequences. The use of derivatives may also increase the amount of taxes payable by shareholders holding shares in a taxable account. Other risks arise from the Fund's potential inability to terminate or to sell derivative positions. A liquid secondary market may not always exist for the Fund's derivative positions at times when the Fund might wish to terminate or to sell such positions. Over-the-counter instruments (investments not traded on an exchange) may be illiquid, and transactions in derivatives traded in the over-the-counter market are subject to the risk that the other party will not meet its obligations. The use of derivatives also involves the risks of mispricing or improper valuation and that changes in the value of the derivative may not correlate perfectly with the underlying security, asset, reference rate or index. The Fund also may not be able to find a suitable derivative transaction counterparty, and thus may be unable to engage in derivative transactions when it is deemed favorable to do so, or at all. U.S. federal legislation has recently been enacted that provides for new clearing, margin, reporting and registration requirements for participants in the derivatives market. While the ultimate impact is not yet clear, these changes could restrict and/or impose significant costs or other burdens upon the Fund's participation in derivatives transactions. For more information on the risks of derivative investments and strategies, see the Statement of Additional Information. </p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Quantitative Model Risk –</b> The Fund may use quantitative methods to select investments. Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns, among others. Any errors or imperfections in the Investment Manager's or a sub-adviser's quantitative analyses or models, or in the data on which they are based, could adversely affect the ability of the Investment Manager or a sub-adviser to use such analyses or models effectively, which in turn could adversely affect the Fund's performance. There can be no assurance that these methodologies will help the Fund to achieve its objective.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R5 shares had not commenced operations prior to the date of this prospectus; therefore, performance information for this class is not yet available. The performance of Class Z shares, which have been outstanding longer than any other share class of the Fund, is shown in the bar chart and average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), this class of shares would have annual returns substantially similar to those of Class Z shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown.</p> 2nd quarter 2009: 0.1586 4th quarter 2008: -0.2197 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the S&amp;P 500® Index, which tracks the performance of 500 widely held, large-capitalization U.S. stocks.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataEEEE column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010825Member ~</div> 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataEEEE column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010825Member ~</div> 0.002 0 0 0.002 <div style="display:none">~ http://columbia/role/ExpenseExampleEEEE column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010825Member ~</div> 20 64 113 255 <div style="display:none">~ http://columbia/role/BarChartDataEEEE column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010825Member ~</div> -0.2239 0.2828 0.1073 0.0482 0.1565 0.0537 -0.3708 0.2641 0.1488 0.0198 <div style="display:none">~ http://columbia/role/PerformanceTableDataEEEE column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010825Member ~</div> 0.0198 0.0167 0.0169 0.0211 -0.0036 -0.0069 -0.0036 -0.0025 0.0275 0.0237 0.0224 0.0292 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Columbia LifeGoal® Balanced Growth Portfolio seeks total return, consisting of capital appreciation and current income.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class K, Class R4 or Class R5 shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal period ended January 31, 2012, the Fund's portfolio turnover rate was 42% of the average value of its portfolio and for the prior fiscal year ended March 31, 2011, the Fund's portfolio turnover rate was 68% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests most of its assets in shares of mutual funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager) or its affiliates (Columbia Funds), exchange-traded funds (ETFs) and third party-advised funds (collectively, Underlying Funds), equity and fixed income securities, including Treasury Inflation Protected Securities (TIPS), and other instruments such as derivatives.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager uses asset allocation as its principal investment approach and: </p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">allocates the Fund's assets among asset class categories within the target asset allocations set for the Fund, based on the Fund's investment objective and historical and projected returns for each asset class. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">chooses individual Columbia Funds within each asset class category and the amount that will be allocated to each Columbia Fund, based on each Columbia Fund's historical returns and expected performance. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">may choose third party-advised Underlying Funds if a Columbia Fund is not available in the desired asset class category. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">may choose equity and fixed income securities, including TIPS, and other instruments such as derivatives.</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">reviews the asset allocations to Underlying Funds and instruments at least monthly, and may change these allocations when the Investment Manager believes it is appropriate to do so.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's targeted allocation to Columbia Funds, as a percentage of the Fund's assets, is as follows:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-80% to one or more Columbia Funds that invest in large-capitalization domestic equity securities. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-30% to one or more Columbia Funds that invest in mid-capitalization domestic equity securities. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-15% to one or more Columbia Funds that invest in small-capitalization domestic equity securities. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-50% to one or more Columbia Funds that invest in international/global equity securities.</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-10% to one or more Columbia Funds that invest in convertible securities. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-30% to one or more Columbia Funds that invest in specialty securities, including Columbia Funds that invest in equity securities of companies principally engaged in certain market sectors such as real estate or technology and Funds using alternative investment strategies. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-80% to Columbia Funds that invest in government and corporate debt securities.</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-20% to Columbia Funds that invest in below investment grade debt securities. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-50% in Columbia money market funds.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's targeted allocations to direct security instrument holdings and third party advised funds, as a percentage of the Fund's assets, is as follows:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-15% to fixed income securities, including TIPS. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-10% to equity securities. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-20% to futures and commodity-related instruments. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-10% to third party funds/ETFs.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund's actual allocation may vary from these target allocations at any time. The Investment Manager may use various strategies to try to manage how much the actual amount varies and for how long. The Investment Manager can modify the list of Underlying Funds and types of instruments in which the Fund invests, or the asset categories, at any time, including by adding Underlying Funds introduced after the date of this prospectus. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund and certain Underlying Funds may invest in securities of companies in the technology sector and may from time to time emphasize one or more other economic sectors in selecting their investments. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund may invest in Underlying Funds that invest in special situations such as companies involved in initial public offerings, tender offers, mergers and other corporate restructurings, and in companies involved in management changes or companies developing new technologies. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Investment Manager may sell investments to adjust the allocation of the Fund's assets; if the Investment Manager believes that an investment is no longer a suitable investment, or that other investments are more attractive; to meet redemption requests; or for other reasons. When selling shares to meet redemption requests, the Investment Manager normally will, to the extent feasible, sell a proportionate amount of the shares the Fund owns in each Underlying Fund and instrument. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Allocation Risk</b> <b>–</b> The Fund uses an asset allocation strategy in pursuit of its investment objective. There is a risk that the Fund's allocation among asset classes or investments will cause the Fund's shares to lose value or cause the Fund to underperform other funds with similar investment objectives, or that the investments themselves will not produce the returns expected.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investing in Other Funds Risk</b> <b>–</b> The performance of the Underlying Funds in which the Fund invests could be adversely affected if other entities that invest in the same Underlying Funds make relatively large investments or redemptions in the Underlying Funds. Because the expenses and costs of an Underlying Fund are shared by its investors, redemptions by other investors in the Underlying Fund could result in decreased economies of scale and increased operating expenses for the Underlying Fund. The Fund, and its shareholders, indirectly bear a portion of the expenses of the Underlying Funds. These transactions might also result in higher brokerage, tax or other costs for the Fund. This risk may be particularly important when one investor owns a substantial portion of any Underlying Fund. In addition, the Investment Manager has the authority to change the Underlying Funds in which the Fund invests or to change the percentage of the Fund's investments allocated to each Underlying Fund. This could result in the Investment Manager having a potential conflict of interest in selecting the Underlying Funds in which the Fund invests or in determining the percentage of the Fund's investments allocated to each Underlying Fund since some Underlying Funds may pay higher advisory and other fees to the Investment Manager and its affiliates. There are also circumstances in which the Investment Manager's fiduciary duties to the Fund may conflict with its fiduciary duties to the Underlying Funds. In addition, the Underlying Funds are themselves subject to Investment Strategy Risk. Investments in ETFs are subject to additional particular risks. An ETF's share price may not track its specified market index and may trade below its net asset value, resulting in a loss. Many ETFs use a "passive" investment strategy and will not attempt to take defensive positions in volatile or declining markets. An active secondary market in an ETF's shares may not develop or be maintained and may be halted or interrupted due to actions by its listing exchange, unusual market conditions or other reasons. There can be no assurance an ETF's shares will continue to be listed on an active exchange.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Quantitative Model Risk –</b> The Fund may use quantitative methods to select investments. Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns, among others. Any errors or imperfections in the Investment Manager's or a sub-adviser's quantitative analyses or models, or in the data on which they are based, could adversely affect the ability of the Investment Manager or a sub-adviser to use such analyses or models effectively, which in turn could adversely affect the Fund's performance. There can be no assurance that these methodologies will help the Fund to achieve its objective.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund has exposure to risks of many areas of the market indirectly through the Underlying Funds and directly to the extent the Fund invests in individual securities or other instruments. The risks described below are the principal risks of the Underlying Funds in which the Fund was significantly invested as of the end of its most recent fiscal year. They also reflect the risks of securities and instruments that may be held directly by the Fund. Because the Fund's allocation of its assets among Underlying Funds changes over time, the Fund may invest significantly in Underlying Funds and be subject to risks that are not described below but that are described in the <i>Additional Information about Underlying Funds and Risks - Principal Risks of Investing in the Fund and Underlying Funds</i> section of this prospectus.</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Convertible Securities Risk –</b> The Fund and certain Underlying Funds may invest in convertible securities, which are subject to the usual risks associated with debt securities, such as interest rate risk and credit risk. Convertible securities also react to changes in the value of the common stock into which they convert. Because the value of a convertible security can be influenced by both interest rates and the common stock's market movements, a convertible security generally is not as sensitive to interest rates as a similar debt security, and generally will not vary in value in response to other factors to the same extent as the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities would typically be paid before the company's common stockholders but after holders of any senior debt obligations of the company. The Fund or Underlying Fund may be forced to convert a convertible security before it otherwise would choose to do so, which may decrease the Fund's or Underlying Fund's return.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Currency Risk –</b> The Fund and certain Underlying Funds may be subject to currency risk. Securities denominated in non-U.S. dollar currencies are subject to the risk that, for example, if the value of a foreign currency were to decline against the U.S. dollar, such decline would reduce the U.S. dollar value of any securities held by the Fund or the Underlying Fund denominated in that currency.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk –</b> The Fund and certain Underlying Funds may use derivatives, which are financial contracts whose values are, for example, based on (or "derived" from) traditional securities (such as a stock or bond), assets (such as a commodity like gold or a foreign currency), reference rates (such as LIBOR) or market indices (such as the Standard &amp; Poor's (S&amp;P) 500® Index). Derivatives involve special risks and may result in losses or may limit the Fund's or Underlying Fund's potential gain from favorable market movements. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund or the Underlying Fund to lose more money than it would have lost had it invested in the underlying security or other asset. The values of derivatives may move in unexpected ways, especially in unusual market conditions, and may result in increased volatility, among other consequences. The use of derivatives may also increase the amount of taxes payable by shareholders holding shares in a taxable account. Other risks arise from the Fund's or Underlying Fund's potential inability to terminate or to sell derivative positions. A liquid secondary market may not always exist for the Fund or Underlying Fund's derivative positions at times when the Fund or Underlying Fund might wish to terminate or to sell such positions. Over-the-counter instruments (investments not traded on an exchange) may be illiquid, and transactions in derivatives traded in the over-the-counter market are subject to the risk that the other party will not meet its obligations. The use of derivatives also involves the risks of mispricing or improper valuation and that changes in the value of the derivative may not correlate perfectly with the underlying security, asset, reference rate or index. The Fund or Underlying Fund also may not be able to find a suitable derivative transaction counterparty, and thus may be unable to engage in derivative transactions when it is deemed favorable to do so, or at all. U.S. federal legislation has recently been enacted that provides for new clearing, margin, reporting and registration requirements for participants in the derivatives market. While the ultimate impact is not yet clear, these changes could restrict and/or impose significant costs or other burdens upon the Fund's participation in derivatives transactions. For more information on the risks of derivative investments and strategies, see the Statement of Additional Information.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk - Futures Contracts</b> - Certain Underlying Funds may enter into futures contracts, including currency, bond, index and interest rate futures, for investment purposes, for risk management (hedging) purposes, and to increase flexibility. The volatility of futures contracts prices has been historically greater than the volatility of stocks and bonds. The liquidity of the futures markets depends on participants entering into off-setting transactions rather than making or taking delivery. To the extent participants decide to make or take delivery, liquidity in the futures market could be reduced. In addition, futures exchanges often impose a maximum permissible price movement on each futures contract for each trading session. The Underlying Fund may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Emerging Market Securities Risk –</b> The Fund and certain Underlying Funds may invest in securities issued by foreign governments or companies in emerging market countries, like those in Eastern Europe, the Middle East, Asia, Latin America or Africa, which are more likely to have greater exposure to the risks of investing in foreign securities that are described in <i>Foreign Securities Risk</i>. In addition, emerging market countries are more likely to experience instability resulting, for example, from rapid social, political and economic development. Their economies are usually less mature and their securities markets are typically less developed with more limited trading activity than more developed countries. Emerging market securities tend to be more volatile than securities in more developed markets. Many emerging market countries are heavily dependent on international trade, which makes them more sensitive to world commodity prices and economic downturns in other countries. Some emerging market countries have a higher risk of currency devaluations, and some of these countries may experience periods of high inflation or rapid changes in inflation rates.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Foreign Securities Risk –</b> The Fund and certain Underlying Funds may invest in foreign securities, which are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund or Underlying Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund or Underlying Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Frequent Trading Risk –</b> The Fund's and certain Underlying Funds' investment strategies may involve the frequent trading of portfolio securities. Frequent trading of investments increases the possibility that the Fund and Underlying Fund will realize taxable capital gains (including short-term capital gains, which are generally taxable at higher rates than long-term capital gains for U.S. federal income tax purposes), which could reduce the Fund's and Underlying Fund's after-tax returns. Frequent trading can also mean higher brokerage and other transaction costs, which could reduce the Fund and Underlying Fund's returns.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Geographic Concentration Risk –</b> Certain Underlying Funds may be particularly susceptible to economic, political, regulatory or other events or conditions affecting companies and countries within the specific geographic regions in which the Underlying Fund invests. Such an Underlying Fund may be more volatile than a more geographically diversified fund.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Growth Securities Risk –</b> The Fund and certain Underlying Funds may invest in growth securities. Because growth securities typically trade at a higher multiple of earnings than other types of securities, the market values of growth securities may be more sensitive to changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk –</b> The Fund and Underlying Funds are subject to market risk, which refers to the possibility that the market values of securities that the Fund and Underlying Fund hold will rise or fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund or Underlying Fund. Accordingly, an investment in the Fund or Underlying Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund or Underlying Fund hold also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Pacific/Asia Regional Risk –</b> The Pacific/Asia region consists of countries in the Pacific Basin, including Australia, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan and Thailand, among other countries within this region, and certain Underlying Fund investments in the region are thus particularly susceptible to risks in the region. Events in any one country within the region may impact other countries in the region or the Pacific/Asia region as a whole. As a result, events in the region will generally have a greater effect on the Underlying Fund than if the Underlying Fund were more geographically diversified, which could result in great volatility and losses. Countries within this region can be significantly affected by currency fluctuations and rapid changes in inflation and interest rates. Markets in the Pacific/Asia region can experience significant volatility due to social, regulatory and political uncertainties. In addition, changes in governmental policies in the region could significantly affect local markets in the region. Continued growth of economies and securities markets in the Pacific/Asia region will require sustained economic and fiscal discipline, as well as continued commitment to governmental reforms. Development also may be influenced by international economic conditions, particularly those in the United States and Japan, and by world demand for goods produced in countries in the Pacific/Asia region.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Sector Risk –</b> At times, the Fund and certain Underlying Funds may have a significant portion of their assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund and Underlying Funds more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Smaller Company Securities Risk –</b> The Fund and certain Underlying Funds may invest in securities of small- or mid-capitalization companies (smaller companies) which can, in certain circumstances, have a higher potential for gains than securities of large-capitalization companies but also may have more risk. For example, smaller companies may be more vulnerable to market downturns and adverse business or economic events than larger, more established companies because they may have more limited financial resources and business operations. These companies are also more likely than larger companies to have more limited product lines and operating histories and to depend on smaller management teams. Their securities may trade less frequently and in smaller volumes and may be less liquid and fluctuate more sharply in value than securities of larger companies. In addition, some smaller companies may not be widely followed by the investment community, which can lower the demand for their stocks.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Special Situations Risk –</b> Certain Underlying Funds invest in securities of companies that are involved in an initial public offering or a major corporate event, such as a business consolidation or restructuring, which may present special risk because of the high degree of uncertainty that can be associated with such events. Securities issued in initial public offerings often are issued by companies that are in the early stages of development, have a history of little or no revenues and may operate at a loss following the offering. It is possible that there will be no active trading market for the securities after the offering, and the market price of the securities may be subject to significant and unpredictable fluctuations. Investing in special situations may have a magnified effect on the performance of funds with small amounts of assets.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Technology Sector Risk –</b> The Fund and certain Underlying Funds may invest in securities of companies in the technology sector, which are subject to significant competitive pressures, such as aggressive pricing of their products or services, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments and the potential for limited earnings and/or falling profit margins. These companies also face the risks that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of technology companies and, as a result, the value of their securities. Also, patent protection is integral to the success of many companies in the technology sector, and profitability can be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce profitability with respect to such products). In addition, many technology companies have limited operating histories. Prices of these companies' securities historically have been more volatile than other securities, especially over the short term. Because the Fund and certain Underlying Funds may invest a significant portion of their net assets in the equity securities of technology companies, the Fund's price may be more volatile than a fund that is invested in a more diverse range of market sectors.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Value Securities Risk –</b> The Fund and certain Underlying Funds may invest in value securities, which are securities of companies that may have experienced, for example, adverse business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the Investment Manager's future value assessment of that security, or may decline. There is also a risk that it may take longer than expected for the value of these investments to rise to the believed value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class K, Class R4 and Class R5 shares had not commenced operations prior to the date of this prospectus; therefore, performance information for these classes is not yet available. The performance of Class A shares, which have been outstanding as long as any other share class of the Fund, is shown in the bar chart and average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), these classes of shares would have annual returns substantially similar to those of Class A shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower.</p> 2nd quarter 2009: 4th quarter 2008: 0.1641 -0.1457 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the S&amp;P 500® Index and the Barclays Aggregate Bond Index. The S&amp;P 500® Index tracks the performance of 500 widely held, large-capitalization U.S. stocks. Because the Fund invests either directly or indirectly in fixed income securities in addition to equity securities, the table also compares the Fund's returns for each period with those of the Barclays Aggregate Bond Index, which 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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares.</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataFFFF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010774Member ~</div> 0 0 0 0 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataFFFF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010774Member ~</div> 0.0006 0 0.0034 0.0074 0.0114 0.0006 0 0.002 0.0074 0.01 0.0006 0 0.0009 0.0074 0.0089 <div style="display:none">~ http://columbia/role/ExpenseExampleFFFF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010774Member ~</div> 116 102 91 362 318 284 628 552 493 1386 1225 1096 <div style="display:none">~ http://columbia/role/BarChartDataFFFF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010774Member ~</div> -0.1032 0.241 0.1017 0.0573 0.1222 0.0794 -0.2831 0.3044 0.1532 -0.0097 <div style="display:none">~ http://columbia/role/PerformanceTableDataFFFF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010774Member ~</div> -0.0666 -0.0707 -0.0418 -0.0097 0.0211 0.0784 0.0168 0.006 0.0105 0.0288 -0.0025 0.065 0.0469 0.0362 0.0361 0.0531 0.0292 0.0578 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Columbia LifeGoal® Growth Portfolio seeks capital appreciation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R4 or Class R5 shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above expire on November 8, 2013, they are only reflected in the 1 year example and the first year of the 3, 5 and 10 year examples. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal period ended January 31, 2012, the Fund's portfolio turnover rate was 86% of the average value of its portfolio and for the prior fiscal year ended March 31, 2011, the Fund's portfolio turnover rate was 36% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests most of its assets in shares of mutual funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager) or its affiliates (Columbia Funds), exchange-traded funds (ETFs) and third party-advised funds (collectively, Underlying Funds), equity and fixed income securities, including Treasury Inflation Protected Securities (TIPS), and other instruments such as derivatives.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager uses asset allocation as its principal investment approach and: </p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">allocates the Fund's assets among asset class categories within the target asset allocations set for the Fund, based on the Fund's investment objective and historical and projected returns for each asset class. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">chooses individual Columbia Funds within each asset class category and the amount that will be allocated to each Columbia Fund, based on each Columbia Fund's historical returns and expected performance. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">may choose third party-advised Underlying Funds if a Columbia Fund is not available in the desired asset class category. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">may choose equity and fixed income securities, including TIPS, and other instruments such as derivatives.</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">reviews the asset allocations to Underlying Funds and instruments at least monthly, and may change these allocations when the Investment Manager believes it is appropriate to do so.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's targeted allocation to Columbia Funds, as a percentage of the Fund's assets, is as follows:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-80% to one or more Columbia Funds that invest in large-capitalization domestic equity securities. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-40% to one or more Columbia Funds that invest in mid-capitalization domestic equity securities. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-20% to one or more Columbia Funds that invest in small-capitalization domestic equity securities. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-70% to one or more Columbia Funds that invest in international/global equity securities.</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-20% to one or more Columbia Funds that invest in convertible securities. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-30% to one or more Columbia Funds that invest in specialty securities, including Columbia Funds that invest in equity securities of companies principally engaged in certain market sectors such as real estate or technology and Funds using alternative investment strategies. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-70% to Columbia Funds that invest in government and corporate debt securities. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-20% to Columbia Funds that invest in below investment grade debt securities. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-50% in Columbia money market funds.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's targeted allocations to direct security instrument holdings and third party advised funds, as a percentage of the Fund's assets, is as follows:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-15% to fixed income securities, including TIPS. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-10% to equity securities. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-20% to futures and commodity-related instruments. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-10% to third party funds/ETFs.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund's actual allocation may vary from these target allocations at any time. The Investment Manager may use various strategies to try to manage how much the actual amount varies and for how long. The Investment Manager can modify the list of Underlying Funds and types of instruments in which the Fund invests, or the asset categories, at any time, including by adding Underlying Funds introduced after the date of this prospectus. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund and certain Underlying Funds may invest in securities of companies in the technology sector and may from time to time emphasize one or more other economic sectors in selecting their investments. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund may invest in Underlying Funds that invest in special situations such as companies involved in initial public offerings, tender offers, mergers and other corporate restructurings, and in companies involved in management changes or companies developing new technologies. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Investment Manager may sell investments to adjust the allocation of the Fund's assets; if the Investment Manager believes that an investment is no longer a suitable investment, or that other investments are more attractive; to meet redemption requests; or for other reasons. When selling shares to meet redemption requests, the Investment Manager normally will, to the extent feasible, sell a proportionate amount of the shares the Fund owns in each Underlying Fund and instrument. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Allocation Risk</b> <b>–</b> The Fund uses an asset allocation strategy in pursuit of its investment objective. There is a risk that the Fund's allocation among asset classes or investments will cause the Fund's shares to lose value or cause the Fund to underperform other funds with similar investment objectives, or that the investments themselves will not produce the returns expected.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investing in Other Funds Risk</b> <b>–</b> The performance of the Underlying Funds in which the Fund invests could be adversely affected if other entities that invest in the same Underlying Funds make relatively large investments or redemptions in the Underlying Funds. Because the expenses and costs of an Underlying Fund are shared by its investors, redemptions by other investors in the Underlying Fund could result in decreased economies of scale and increased operating expenses for the Underlying Fund. The Fund, and its shareholders, indirectly bear a portion of the expenses of the Underlying Funds. These transactions might also result in higher brokerage, tax or other costs for the Fund. This risk may be particularly important when one investor owns a substantial portion of any Underlying Fund. In addition, the Investment Manager has the authority to change the Underlying Funds in which the Fund invests or to change the percentage of the Fund's investments allocated to each Underlying Fund. This could result in the Investment Manager having a potential conflict of interest in selecting the Underlying Funds in which the Fund invests or in determining the percentage of the Fund's investments allocated to each Underlying Fund since some Underlying Funds may pay higher advisory and other fees to the Investment Manager and its affiliates. There are also circumstances in which the Investment Manager's fiduciary duties to the Fund may conflict with its fiduciary duties to the Underlying Funds. In addition, the Underlying Funds are themselves subject to Investment Strategy Risk. Investments in ETFs are subject to additional particular risks. An ETF's share price may not track its specified market index and may trade below its net asset value, resulting in a loss. Many ETFs use a "passive" investment strategy and will not attempt to take defensive positions in volatile or declining markets. An active secondary market in an ETF's shares may not develop or be maintained and may be halted or interrupted due to actions by its listing exchange, unusual market conditions or other reasons. There can be no assurance an ETF's shares will continue to be listed on an active exchange.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Quantitative Model Risk –</b> The Fund may use quantitative methods to select investments. Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns, among others. Any errors or imperfections in the Investment Manager's or a sub-adviser's quantitative analyses or models, or in the data on which they are based, could adversely affect the ability of the Investment Manager or a sub-adviser to use such analyses or models effectively, which in turn could adversely affect the Fund's performance. There can be no assurance that these methodologies will help the Fund to achieve its objective.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund has exposure to risks of many areas of the market indirectly through the Underlying Funds and directly to the extent the Fund invests in individual securities or other instruments. The risks described below are the principal risks of the Underlying Funds in which the Fund was significantly invested as of the end of its most recent fiscal year. They also reflect the risks of securities and instruments that may be held directly by the Fund. Because the Fund's allocation of its assets among Underlying Funds changes over time, the Fund may invest significantly in Underlying Funds and be subject to risks that are not described below but that are described in the <i>Additional Information about Underlying Funds and Risks - Principal Risks of Investing in the Fund and Underlying Funds</i> section of this prospectus.</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Changing Distribution Levels Risk</b> – Certain Underlying Funds are subject to changing distribution levels risk. The amount of the distributions paid by the Underlying Fund generally depends on the amount of interest and/or dividends received by the Underlying Fund on the securities it holds. The Underlying Fund may not be able to pay distributions or may have to reduce its distribution level if the interest and/or dividends the Underlying Fund receives from its investments decline.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Convertible Securities Risk –</b> The Fund and certain Underlying Funds may invest in convertible securities, which are subject to the usual risks associated with debt securities, such as interest rate risk and credit risk. Convertible securities also react to changes in the value of the common stock into which they convert. Because the value of a convertible security can be influenced by both interest rates and the common stock's market movements, a convertible security generally is not as sensitive to interest rates as a similar debt security, and generally will not vary in value in response to other factors to the same extent as the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities would typically be paid before the company's common stockholders but after holders of any senior debt obligations of the company. The Fund or Underlying Fund may be forced to convert a convertible security before it otherwise would choose to do so, which may decrease the Fund's or Underlying Fund's return.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Credit Risk –</b> The Fund and certain Underlying Funds may be subject to credit risk, which applies to most debt securities, but is generally less of a factor for obligations backed by the "full faith and credit" of the U.S. Government. The Fund or Underlying Fund could lose money if the issuer of a debt security owned by the Fund or Underlying Fund is unable or perceived to be unable to pay interest or repay principal when it becomes due. Various factors could affect the issuer's actual or perceived willingness or ability to make timely interest or principal payments, including changes in the issuer's financial condition or in general economic conditions. Debt securities backed by an issuer's taxing authority may be subject to legal limits on the issuer's power to increase taxes or otherwise to raise revenue, or may be dependent on legislative appropriation or government aid. Certain debt securities are backed only by revenues derived from a particular project or source, rather than by an issuer's taxing authority, and thus may have a greater risk of default.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Currency Risk –</b> Certain Underlying Funds may be subject to currency risk. Securities denominated in non-U.S. dollar currencies are subject to the risk that, for example, if the value of a foreign currency were to decline against the U.S. dollar, such decline would reduce the U.S. dollar value of any securities held by the Underlying Fund denominated in that currency.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk –</b> The Fund and certain Underlying Funds may use derivatives, which are financial contracts whose values are, for example, based on (or "derived" from) traditional securities (such as a stock or bond), assets (such as a commodity like gold or a foreign currency), reference rates (such as LIBOR) or market indices (such as the Standard &amp; Poor's (S&amp;P) 500® Index). Derivatives involve special risks and may result in losses or may limit the Fund's or Underlying Fund's potential gain from favorable market movements. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund or the Underlying Fund to lose more money than it would have lost had it invested in the underlying security or other asset. The values of derivatives may move in unexpected ways, especially in unusual market conditions, and may result in increased volatility, among other consequences. The use of derivatives may also increase the amount of taxes payable by shareholders holding shares in a taxable account. Other risks arise from the Fund's or Underlying Fund's potential inability to terminate or to sell derivative positions. A liquid secondary market may not always exist for the Fund or Underlying Fund's derivative positions at times when the Fund or Underlying Fund might wish to terminate or to sell such positions. Over-the-counter instruments (investments not traded on an exchange) may be illiquid, and transactions in derivatives traded in the over-the-counter market are subject to the risk that the other party will not meet its obligations. The use of derivatives also involves the risks of mispricing or improper valuation and that changes in the value of the derivative may not correlate perfectly with the underlying security, asset, reference rate or index. The Fund or Underlying Fund also may not be able to find a suitable derivative transaction counterparty, and thus may be unable to engage in derivative transactions when it is deemed favorable to do so, or at all. U.S. federal legislation has recently been enacted that provides for new clearing, margin, reporting and registration requirements for participants in the derivatives market. While the ultimate impact is not yet clear, these changes could restrict and/or impose significant costs or other burdens upon the Fund's participation in derivatives transactions. For more information on the risks of derivative investments and strategies, see the Statement of Additional Information.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk - Futures Contracts</b> - Certain Underlying Funds may enter into futures contracts, including currency, bond, index and interest rate futures, for investment purposes, for risk management (hedging) purposes, and to increase flexibility. The volatility of futures contracts prices has been historically greater than the volatility of stocks and bonds. The liquidity of the futures markets depends on participants entering into off-setting transactions rather than making or taking delivery. To the extent participants decide to make or take delivery, liquidity in the futures market could be reduced. In addition, futures exchanges often impose a maximum permissible price movement on each futures contract for each trading session. The Underlying Fund may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Emerging Market Securities Risk –</b> The Fund and certain Underlying Funds may invest in securities issued by foreign governments or companies in emerging market countries, like those in Eastern Europe, the Middle East, Asia, Latin America or Africa, which are more likely to have greater exposure to the risks of investing in foreign securities that are described in <i>Foreign Securities Risk</i>. In addition, emerging market countries are more likely to experience instability resulting, for example, from rapid social, political and economic development. Their economies are usually less mature and their securities markets are typically less developed with more limited trading activity than more developed countries. Emerging market securities tend to be more volatile than securities in more developed markets. Many emerging market countries are heavily dependent on international trade, which makes them more sensitive to world commodity prices and economic downturns in other countries. Some emerging market countries have a higher risk of currency devaluations, and some of these countries may experience periods of high inflation or rapid changes in inflation rates.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Focused Portfolio Risk –</b> Underlying Funds may hold a limited number of securities, making them subject to greater risk of loss if any of those securities declines in price.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Foreign Securities Risk –</b> The Fund and certain Underlying Funds may invest in foreign securities, which are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund or Underlying Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund or Underlying Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Frequent Trading Risk –</b> The Fund's and certain Underlying Funds' investment strategies may involve the frequent trading of portfolio securities. Frequent trading of investments increases the possibility that the Fund and Underlying Fund will realize taxable capital gains (including short-term capital gains, which are generally taxable at higher rates than long-term capital gains for U.S. federal income tax purposes), which could reduce the Fund's and Underlying Fund's after-tax returns. Frequent trading can also mean higher brokerage and other transaction costs, which could reduce the Fund and Underlying Fund's returns.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Growth Securities Risk –</b> The Fund and certain Underlying Funds may invest in growth securities. Because growth securities typically trade at a higher multiple of earnings than other types of securities, the market values of growth securities may be more sensitive to changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.</p> </li></ul> <ul><li> <b>Health Care Sector Risk -</b> Companies in the health care sector are subject to extensive government regulation. Their profitability can be affected significantly and adversely by restrictions on government reimbursement for medical expenses, government approval of medical products and services, competitive pricing pressures, an increased emphasis on outpatient and other alternative services and other factors. Patent protection is integral to the success of companies in the health care sector, and profitability can be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent protection for medical products (which significantly increases pricing pressures and can materially reduce profitability with respect to such products). Companies in the health care sector also potentially are subject to extensive product liability and other similar litigation. Companies in the health care sector are affected by the rising cost of medical products and services, and the effects of such rising costs can be particularly pronounced for companies that are dependent on a relatively limited number of products or services. Medical products also frequently become obsolete due to industry innovation or other causes. Because certain Underlying Funds invest a significant portion of their net assets in the equity securities of health care companies, their value may be more volatile than a fund that is invested in a more diverse range of market sectors. </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Interest Rate Risk –</b> The Fund and certain Underlying Funds may invest in debt securities, which are subject to interest rate risk. In general, if prevailing interest rates rise, the values of debt securities will tend to fall, and if interest rates fall, the values of debt securities will tend to rise. Changes in the value of a debt security usually will not affect the amount of income the Fund or Underlying Fund receives from it but may affect the value of the Fund's or Underlying Fund's shares. Interest rate risk is generally greater for debt securities with longer maturities/durations.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Low and Below Investment Grade Securities Risk</b>– Certain Underlying Funds invest in debt securities with the lowest investment grade rating (e.g., BBB by Standard &amp; Poor's, a division of the McGraw-Hill Companies, Inc. (Standard &amp; Poor's), or Fitch, Inc. (Fitch)) or Baa by Moody's Investors Service, Inc. (Moody's)), or that are below investment grade (which are commonly referred to as "junk bonds") (e.g., BB or below by Standard &amp; Poor's or Fitch or Ba by Moody's) and unrated securities of comparable quality are more speculative than securities with higher ratings, and tend to be more sensitive to credit risk than higher-rated securities, particularly during a downturn in the economy, which is more likely to weaken the ability of the issuers to make principal and interest payments on these securities. These securities typically pay a premium – a high interest rate or yield – because of the increased risk of loss, including default. These securities also are generally less liquid than higher rated securities. The securities ratings provided by Moody's, Standard &amp; Poor's and Fitch are based on analyses by these ratings agencies of the credit quality of the securities and may not take into account every risk related to whether interest or principal will be timely repaid.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk –</b> The Fund and Underlying Funds are subject to market risk, which refers to the possibility that the market values of securities that the Fund and Underlying Fund hold will rise or fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund or Underlying Fund. Accordingly, an investment in the Fund or Underlying Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund or Underlying Fund hold also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Pacific/Asia Regional Risk –</b> The Pacific/Asia region consists of countries in the Pacific Basin, including Australia, China, Hong Kong, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan and Thailand, among other countries within this region, and certain Underlying Fund investments in the region are thus particularly susceptible to risks in the region. Events in any one country within the region may impact other countries in the region or the Pacific/Asia region as a whole. As a result, events in the region will generally have a greater effect on the Underlying Fund than if the Underlying Fund were more geographically diversified, which could result in great volatility and losses. Countries within this region can be significantly affected by currency fluctuations and rapid changes in inflation and interest rates. Markets in the Pacific/Asia region can experience significant volatility due to social, regulatory and political uncertainties. In addition, changes in governmental policies in the region could significantly affect local markets in the region. Continued growth of economies and securities markets in the Pacific/Asia region will require sustained economic and fiscal discipline, as well as continued commitment to governmental reforms. Development also may be influenced by international economic conditions, particularly those in the United States and Japan, and by world demand for goods produced in countries in the Pacific/Asia region.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Prepayment and Extension Risk —</b> Prepayment and extension risk is the risk that a loan, bond or other security might be called or otherwise converted, prepaid or redeemed before maturity. This risk is primarily associated with asset-backed securities, including mortgage-backed securities and floating rate loans. If a loan or security is converted, prepaid or redeemed before maturity, particularly during a time of declining interest rates or spreads, the portfolio managers may not be able to invest the proceeds in securities or loans providing as high a level of income, resulting in a reduced yield to the Fund or Underlying Fund. Conversely, as interest rates rise or spreads widen, the likelihood of prepayment decreases. The portfolio managers may be unable to capitalize on securities with higher interest rates or wider spreads because the Fund's or Underlying Fund's investments are locked in at a lower rate for a longer period of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Reinvestment Risk</b> – Because certain Underlying Funds invest in debt securities, income from those Underlying Funds' debt securities portfolios will decline if and when the Underlying Fund invests the proceeds from matured, traded or called securities in securities with market interest rates that are below the current earnings rate of the Underlying Fund's portfolio.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Sector Risk –</b> At times, the Fund and certain Underlying Funds may have a significant portion of their assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund and Underlying Funds more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Smaller Company Securities Risk –</b> The Fund and certain Underlying Funds may invest in securities of small- or mid-capitalization companies (smaller companies) which can, in certain circumstances, have a higher potential for gains than securities of large-capitalization companies but also may have more risk. For example, smaller companies may be more vulnerable to market downturns and adverse business or economic events than larger, more established companies because they may have more limited financial resources and business operations. These companies are also more likely than larger companies to have more limited product lines and operating histories and to depend on smaller management teams. Their securities may trade less frequently and in smaller volumes and may be less liquid and fluctuate more sharply in value than securities of larger companies. In addition, some smaller companies may not be widely followed by the investment community, which can lower the demand for their stocks.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Special Situations Risk</b> <b>–</b> Certain Underlying Funds invest in securities of companies that are involved in an initial public offering or a major corporate event, such as a business consolidation or restructuring, which may present special risk because of the high degree of uncertainty that can be associated with such events. Securities issued in initial public offerings often are issued by companies that are in the early stages of development, have a history of little or no revenues and may operate at a loss following the offering. It is possible that there will be no active trading market for the securities after the offering, and that the market price of the securities may be subject to significant and unpredictable fluctuations. Investing in special situations may have a magnified effect on the performance of funds with small amounts of assets.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Technology Sector Risk –</b> The Fund and certain Underlying Funds may invest in securities of companies in the technology sector, which are subject to significant competitive pressures, such as aggressive pricing of their products or services, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments and the potential for limited earnings and/or falling profit margins. These companies also face the risks that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of technology companies and, as a result, the value of their securities. Also, patent protection is integral to the success of many companies in the technology sector, and profitability can be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce profitability with respect to such products). In addition, many technology companies have limited operating histories. Prices of these companies' securities historically have been more volatile than other securities, especially over the short term. Because the Fund and certain Underlying Funds may invest a significant portion of their net assets in the equity securities of technology companies, the Fund's price may be more volatile than a fund that is invested in a more diverse range of market sectors.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Value Securities Risk –</b> The Fund and certain Underlying Funds may invest in value securities, which are securities of companies that may have experienced, for example, adverse business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the Investment Manager's future value assessment of that security, or may decline. There is also a risk that it may take longer than expected for the value of these investments to rise to the believed value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R4 and Class R5 shares had not commenced operations prior to the date of this prospectus; therefore, performance information for these classes is not yet available. The performance of Class A shares, which have been outstanding as long as any other share class of the Fund, is shown in the bar chart and average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), these classes of shares would have annual returns substantially similar to those of Class A shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower.</p> 2nd quarter 2009: 4th quarter 2008: 0.1962 -0.2288 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Standard &amp; Poor's (S&amp;P) 500® Index, which tracks the performance of 500 widely held, large-capitalization U.S. stocks.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares.</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataFFFF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010785Member ~</div> 0 0 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataFFFF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010785Member ~</div> 0.0002 0 0.0025 0.0084 0.0111 -0.0001 0.011 0.0002 0 0.001 0.0084 0.0096 0 0.0096 <div style="display:none">~ http://columbia/role/ExpenseExampleFFFF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010785Member ~</div> 112 98 352 306 611 531 1351 1178 <div style="display:none">~ http://columbia/role/BarChartDataFFFF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010785Member ~</div> -0.208 0.3403 0.1427 0.095 0.1653 0.1025 -0.3947 0.3487 0.1903 -0.048 <div style="display:none">~ http://columbia/role/PerformanceTableDataFFFF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010785Member ~</div> -0.1026 -0.1036 -0.0654 -0.048 0.0211 -0.0079 -0.016 -0.0071 0.0039 -0.0025 0.0405 0.0343 0.0346 0.0467 0.0292 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Columbia LifeGoal® Income and Growth Portfolio seeks total return, consisting of current income and modest capital appreciation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class K, Class R4 or Class R5 shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above expire on May 31, 2014 for Class K and on November 8, 2013 for Class R4 and Class R5, they are only reflected in the 1 year example and the first year of the 3, 5 and 10 year examples. Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal period ended January 31, 2012, the Fund's portfolio turnover rate was 55% of the average value of its portfolio and for the prior fiscal year ended March 31, 2011, the Fund's portfolio turnover rate was 87% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests most of its assets in shares of mutual funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager) or its affiliates (Columbia Funds), exchange-traded funds (ETFs) and third party-advised funds (collectively, Underlying Funds), equity and fixed income securities, including Treasury Inflation Protected Securities (TIPS), and other instruments such as derivatives.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager uses asset allocation as its principal investment approach and: </p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">allocates the Fund's assets among asset class categories within the target asset allocations set for the Fund, based on the Fund's investment objective and historical and projected returns for each asset class. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">chooses individual Columbia Funds within each asset class category and the amount that will be allocated to each Columbia Fund, based on each Columbia Fund's historical returns and expected performance. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">may choose third party-advised Underlying Funds if a Columbia Fund is not available in the desired asset class category. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">may choose equity and fixed income securities, including TIPS, and other instruments such as derivatives.</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">reviews the asset allocations to Underlying Funds and instruments at least monthly, and may change these allocations when the Investment Manager believes it is appropriate to do so.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's targeted allocation to Columbia Funds, as a percentage of the Fund's assets, is as follows:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-50% to one or more Columbia Funds that invest in large-capitalization domestic equity securities.</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-30% to one or more Columbia Funds that invest in mid-capitalization domestic equity securities. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-10% to one or more Columbia Funds that invest in small-capitalization domestic equity securities. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-30% to one or more Columbia Funds that invest in international/global equity securities.</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-10% to one or more Columbia Funds that invest in convertible securities. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-30% to one or more Columbia Funds that invest in specialty securities, including Columbia Funds that invest in equity securities of companies principally engaged in certain market sectors such as real estate or technology and Funds using alternative investment strategies. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-100% to Columbia Funds that invest in government and corporate debt securities. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-15% to Columbia Funds that invest in below investment grade debt securities. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-50% in Columbia money market funds.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's targeted allocations to direct security instrument holdings and third party advised funds, as a percentage of the Fund's assets, is as follows: </p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-15% to fixed income securities, including TIPS. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-10% to equity securities. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-20% to futures and commodity-related instruments. </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">0-10% to third party funds/ETFs.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund's actual allocation may vary from these target allocations at any time. The Investment Manager may use various strategies to try to manage how much the actual amount varies and for how long. The Investment Manager can modify the list of Underlying Funds and types of instruments in which the Fund invests, or the asset categories, at any time, including by adding Underlying Funds introduced after the date of this prospectus. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund and certain Underlying Funds may invest in securities of companies in the technology sector and may from time to time emphasize one or more other economic sectors in selecting their investments. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund may invest in Underlying Funds that invest in special situations such as companies involved in initial public offerings, tender offers, mergers and other corporate restructurings, and in companies involved in management changes or companies developing new technologies. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Investment Manager may sell investments to adjust the allocation of the Fund's assets; if the Investment Manager believes that an investment is no longer a suitable investment, or that other investments are more attractive; to meet redemption requests; or for other reasons. When selling shares to meet redemption requests, the Investment Manager normally will, to the extent feasible, sell a proportionate amount of the shares the Fund owns in each Underlying Fund and instrument. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Allocation Risk</b> <b>–</b> The Fund uses an asset allocation strategy in pursuit of its investment objective. There is a risk that the Fund's allocation among asset classes or investments will cause the Fund's shares to lose value or cause the Fund to underperform other funds with similar investment objectives, or that the investments themselves will not produce the returns expected.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investing in Other Funds Risk</b> <b>–</b> The performance of the Underlying Funds in which the Fund invests could be adversely affected if other entities that invest in the same Underlying Funds make relatively large investments or redemptions in the Underlying Funds. Because the expenses and costs of an Underlying Fund are shared by its investors, redemptions by other investors in the Underlying Fund could result in decreased economies of scale and increased operating expenses for the Underlying Fund. The Fund, and its shareholders, indirectly bear a portion of the expenses of the Underlying Funds. These transactions might also result in higher brokerage, tax or other costs for the Fund. This risk may be particularly important when one investor owns a substantial portion of any Underlying Fund. In addition, the Investment Manager has the authority to change the Underlying Funds in which the Fund invests or to change the percentage of the Fund's investments allocated to each Underlying Fund. This could result in the Investment Manager having a potential conflict of interest in selecting the Underlying Funds in which the Fund invests or in determining the percentage of the Fund's investments allocated to each Underlying Fund since some Underlying Funds may pay higher advisory and other fees to the Investment Manager and its affiliates. There are also circumstances in which the Investment Manager's fiduciary duties to the Fund may conflict with its fiduciary duties to the Underlying Funds. In addition, the Underlying Funds are themselves subject to Investment Strategy Risk. Investments in ETFs are subject to additional particular risks. An ETF's share price may not track its specified market index and may trade below its net asset value, resulting in a loss. Many ETFs use a "passive" investment strategy and will not attempt to take defensive positions in volatile or declining markets. An active secondary market in an ETF's shares may not develop or be maintained and may be halted or interrupted due to actions by its listing exchange, unusual market conditions or other reasons. There can be no assurance an ETF's shares will continue to be listed on an active exchange.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Quantitative Model Risk –</b> The Fund may use quantitative methods to select investments. Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns, among others. Any errors or imperfections in the Investment Manager's or a sub-adviser's quantitative analyses or models, or in the data on which they are based, could adversely affect the ability of the Investment Manager or a sub-adviser to use such analyses or models effectively, which in turn could adversely affect the Fund's performance. There can be no assurance that these methodologies will help the Fund to achieve its objective.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund has exposure to risks of many areas of the market indirectly through the Underlying Funds and directly to the extent the Fund invests in individual securities or other instruments. The risks described below are the principal risks of the Underlying Funds in which the Fund was significantly invested as of the end of its most recent fiscal year. They also reflect the risks of securities and instruments that may be held directly by the Fund. Because the Fund's allocation of its assets among Underlying Funds changes over time, the Fund may invest significantly in Underlying Funds and be subject to risks that are not described below but that are described in the <i>Additional Information about Underlying Funds and Risks - Principal Risks of Investing in the Fund and Underlying Funds</i> section of this prospectus.</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Asset-Backed Securities Risk</b> <b>–</b> Certain Underlying Funds may invest in asset-backed securities. The value of an Underlying Fund's asset-backed securities may be affected by, among other things, changes in: interest rates, factors concerning the interests in and structure of the issuer or the originator of the receivables, the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements, or the market's assessment of the quality of underlying assets. Asset-backed securities represent interests in, or are backed by, pools of receivables such as credit card, auto, student and home equity loans. They may also be backed, in turn, by securities backed by these types of loans and others, such as mortgage loans. Asset-backed securities can have a fixed or an adjustable rate. Most asset-backed securities are subject to prepayment risk, which is the possibility that the underlying debt may be refinanced or prepaid prior to maturity during periods of declining or low interest rates, causing the Underlying Fund to have to reinvest the money received in securities that have lower yields. In addition, the impact of prepayments on the value of asset-backed securities may be difficult to predict and may result in greater volatility. Rising or high interest rates tend to extend the duration of asset-backed securities, making them more volatile and more sensitive to changes in interest rates.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Changing Distribution Levels Risk –</b> The Fund and certain Underlying Funds may be subject to changing distribution levels risk. The amount of the distributions paid by the Fund or Underlying Fund generally depends on the amount of interest and/or dividends received by the Fund or Underlying Fund on the securities it holds. The Fund or Underlying Fund may not be able to pay distributions or may have to reduce its distribution level if the interest and/or dividends the Fund or Underlying Fund receives from its investments decline.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Credit Risk –</b> The Fund and certain Underlying Funds may be subject to credit risk, which applies to most debt securities, but is generally less of a factor for obligations backed by the "full faith and credit" of the U.S. Government. The Fund or Underlying Fund could lose money if the issuer of a debt security owned by the Fund or Underlying Fund is unable or perceived to be unable to pay interest or repay principal when it becomes due. Various factors could affect the issuer's actual or perceived willingness or ability to make timely interest or principal payments, including changes in the issuer's financial condition or in general economic conditions. Debt securities backed by an issuer's taxing authority may be subject to legal limits on the issuer's power to increase taxes or otherwise to raise revenue, or may be dependent on legislative appropriation or government aid. Certain debt securities are backed only by revenues derived from a particular project or source, rather than by an issuer's taxing authority, and thus may have a greater risk of default.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Currency Risk –</b> Certain Underlying Funds may be subject to currency risk. Securities denominated in non-U.S. dollar currencies are subject to the risk that, for example, if the value of a foreign currency were to decline against the U.S. dollar, such decline would reduce the U.S. dollar value of any securities held by the Underlying Fund denominated in that currency.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk –</b> The Fund and certain Underlying Funds may use derivatives, which are financial contracts whose values are, for example, based on (or "derived" from) traditional securities (such as a stock or bond), assets (such as a commodity like gold or a foreign currency), reference rates (such as LIBOR) or market indices (such as the Standard &amp; Poor's (S&amp;P) 500® Index). Derivatives involve special risks and may result in losses or may limit the Fund's or Underlying Fund's potential gain from favorable market movements. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund or the Underlying Fund to lose more money than it would have lost had it invested in the underlying security or other asset. The values of derivatives may move in unexpected ways, especially in unusual market conditions, and may result in increased volatility, among other consequences. The use of derivatives may also increase the amount of taxes payable by shareholders holding shares in a taxable account. Other risks arise from the Fund's or Underlying Fund's potential inability to terminate or to sell derivative positions. A liquid secondary market may not always exist for the Fund or Underlying Fund's derivative positions at times when the Fund or Underlying Fund might wish to terminate or to sell such positions. Over-the-counter instruments (investments not traded on an exchange) may be illiquid, and transactions in derivatives traded in the over-the-counter market are subject to the risk that the other party will not meet its obligations. The use of derivatives also involves the risks of mispricing or improper valuation and that changes in the value of the derivative may not correlate perfectly with the underlying security, asset, reference rate or index. The Fund or Underlying Fund also may not be able to find a suitable derivative transaction counterparty, and thus may be unable to engage in derivative transactions when it is deemed favorable to do so, or at all. U.S. federal legislation has recently been enacted that provides for new clearing, margin, reporting and registration requirements for participants in the derivatives market. While the ultimate impact is not yet clear, these changes could restrict and/or impose significant costs or other burdens upon the Fund's participation in derivatives transactions. For more information on the risks of derivative investments and strategies, see the Statement of Additional Information.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk — Forward Contracts —</b> Certain Underlying Funds may enter into forward contracts (or forwards) for investment purposes, for risk management (hedging) purposes, and to increase investment flexibility. A forward is a contract between two parties to buy or sell an asset at a specified future time at a price agreed today. Forwards are traded in the over-the-counter markets. An Underlying Fund may purchase forward contracts, including those on mortgage-backed securities in the "to be announced" (TBA) market. In the TBA market, the seller agrees to deliver the mortgage backed securities for an agreed upon price on an agreed upon date, but makes no guarantee as to which or how many securities are to be delivered.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk - Futures Contracts</b> - Certain Underlying Funds may enter into futures contracts, including currency, bond, index and interest rate futures, for investment purposes, for risk management (hedging) purposes, and to increase flexibility. The volatility of futures contracts prices has been historically greater than the volatility of stocks and bonds. The liquidity of the futures markets depends on participants entering into off-setting transactions rather than making or taking delivery. To the extent participants decide to make or take delivery, liquidity in the futures market could be reduced. In addition, futures exchanges often impose a maximum permissible price movement on each futures contract for each trading session. The Underlying Fund may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Dollar Rolls Risk</b> <b>–</b> Certain Underlying Funds may use dollar rolls, which are transactions in which the Underlying Fund sells securities to a counterparty and simultaneously agrees to purchase those or similar securities in the future at a predetermined price. Dollar rolls involve the risk that the market value of the securities the Underlying Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. These transactions may also increase the Underlying Fund's portfolio turnover rate. If the Underlying Fund reinvests the proceeds of the security sold, the Underlying Fund will also be subject to the risk that the investments purchased with such proceeds will decline in value (a form of leverage risk).</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Emerging Market Securities Risk</b> <b>–</b> Certain Underlying Funds may invest in securities issued by foreign governments or companies in emerging market countries, like those in Russia, Eastern Europe, the Middle East, Asia, Latin America or Africa, which are more likely to have greater exposure to the risks of investing in foreign securities that are described in <i>Foreign Securities Risk</i>. In addition, emerging market countries are more likely to experience instability resulting, for example, from rapid social, political and economic development. Their economies are usually less mature and their securities markets are typically less developed with more limited trading activity than more developed countries. Emerging market securities tend to be more volatile than securities in more developed markets. Many emerging market countries are heavily dependent on international trade, which makes them more sensitive to world commodity prices and economic downturns in other countries. Some emerging market countries have a higher risk of currency devaluations, and some of these countries may experience periods of high inflation or rapid changes in inflation rates.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Foreign Securities Risk –</b> The Fund and certain Underlying Funds may invest in foreign securities, which are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund or Underlying Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund or Underlying Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Frequent Trading Risk –</b> The Fund's and certain Underlying Funds' investment strategies may involve the frequent trading of portfolio securities. Frequent trading of investments increases the possibility that the Fund and Underlying Fund will realize taxable capital gains (including short-term capital gains, which are generally taxable at higher rates than long-term capital gains for U.S. federal income tax purposes), which could reduce the Fund's and Underlying Fund's after-tax returns. Frequent trading can also mean higher brokerage and other transaction costs, which could reduce the Fund and Underlying Fund's returns.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Interest Rate Risk –</b> The Fund and certain Underlying Funds may invest in debt securities, which are subject to interest rate risk. In general, if prevailing interest rates rise, the values of debt securities will tend to fall, and if interest rates fall, the values of debt securities will tend to rise. Changes in the value of a debt security usually will not affect the amount of income the Fund or Underlying Fund receives from it but may affect the value of the Fund's or Underlying Fund's shares. Interest rate risk is generally greater for debt securities with longer maturities/durations.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk –</b> The Fund and certain Underlying Funds may invest in illiquid securities, which are securities that cannot be readily disposed of in the normal course of business. There is a risk that the Fund or Underlying Fund may not be able to sell such securities at the time it desires or that it cannot sell such securities without adversely affecting their price.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Low and Below Investment Grade Securities Risk –</b> The Fund and certain Underlying Funds may invest in debt securities with the lowest investment grade rating (e.g., BBB by Standard &amp; Poor's, a division of the McGraw-Hill Companies, Inc. (Standard &amp; Poor's), or Fitch, Inc. (Fitch)) or Baa by Moody's Investors Service, Inc. (Moody's)), or that are below investment grade (which are commonly referred to as "junk bonds") (e.g., BB or below by Standard &amp; Poor's or Fitch or Ba by Moody's) and unrated securities of comparable quality are more speculative than securities with higher ratings, may experience greater price fluctuations, and tend to be more sensitive to credit risk than higher-rated securities, particularly during a downturn in the economy, which is more likely to weaken the ability of the issuers to make principal and interest payments on these securities. These securities typically pay a premium – a higher interest rate or yield – because of the increased risk of loss, including default. These securities also are generally less liquid than higher-rated securities. The securities ratings provided by Moody's, Standard &amp; Poor's and Fitch are based on analyses by these ratings agencies of the credit quality of the securities and may not take into account every risk related to whether interest or principal will be timely repaid.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk –</b> The Fund and Underlying Funds are subject to market risk, which refers to the possibility that the market values of securities that the Fund and Underlying Fund hold will rise or fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund or Underlying Fund. Accordingly, an investment in the Fund or Underlying Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund or Underlying Fund hold also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Money Market Fund Risk –</b> The Fund and certain Underlying Funds may invest in (and certain Underlying Funds may be) money market funds, but an investment in a money market fund is not a bank deposit, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency or any bank. Although money market funds seek to preserve the value of an investment at $1.00 per share, it is possible to lose money by investing in such funds.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Mortgage-Backed Securities Risk –</b> Certain Underlying Funds may invest in mortgage-backed securities. The value of the Underlying Fund's mortgage-backed securities may be affected by, among other things, changes or perceived changes in: interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgages, the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements, or the market's assessment of the quality of underlying assets. Mortgage-backed securities represent interests in, or are backed by, pools of mortgages from which payments of interest and principal (net of fees paid to the issuer or guarantor of the securities) are distributed to the holders of the mortgage-backed securities. Mortgage-backed securities can have a fixed or an adjustable rate. Payment of principal and interest on some mortgage-backed securities (but not the market value of the securities themselves) may be guaranteed (i) by the full faith and credit of the U.S. Government (in the case of securities guaranteed by the Government National Mortgage Association) or (ii) by its agencies, authorities, enterprises or instrumentalities (in the case of securities guaranteed by the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC)), which are not insured or guaranteed by the U.S. Government (although FNMA and FHLMC may be able to access capital from the U.S. Treasury to meet their obligations under such securities). Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers) may be supported by various credit enhancements, such as pool insurance, guarantees issued by governmental entities, letters of credit from a bank or senior/subordinated structures, and may entail greater risk than obligations guaranteed by the U.S. Government, whether or not such obligations are guaranteed by the private issuer. Mortgage-backed securities are subject to prepayment risk, which is the possibility that the underlying mortgage may be refinanced or prepaid prior to maturity during periods of declining or low interest rates, causing the Underlying Fund to have to reinvest the money received in securities that have lower yields. In addition, the impact of prepayments on the value of mortgage-backed securities may be difficult to predict and may result in greater volatility. Rising or high interest rates tend to extend the duration of mortgage-backed securities, making them more volatile and more sensitive to changes in interest rates.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk –</b> Certain Underlying Funds may invest in municipal securities, which are debt obligations generally issued to obtain funds for various public purposes, including general financing for state and local governments, or financing for a specific project or public facility. Municipal securities may be fully or partially backed by the taxing authority of the local government, by the credit of a private issuer, by the current or anticipated revenues from a specific project or specific assets or by domestic or foreign entities providing credit support, such as letters of credit, guarantees or insurance, and are generally classified into general obligation bonds and special revenue obligations. General obligation bonds are backed by an issuer's taxing authority and may be vulnerable to limits on a government's power or ability to raise revenue or increase taxes. They also may depend for payment on legislative appropriation and/or funding or other support from other governmental bodies. Revenue obligations are payable from revenues generated by a particular project or other revenue source, and are typically subject to greater risk of default than general obligation bonds because investors can look only to the revenue generated by the project or other revenue source backing the project, rather than to the general taxing authority of the state or local government issuer of the obligations. Because many municipal securities are issued to finance projects in sectors such as education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market. Municipal securities generally pay interest that, in the opinion of bond counsel, is free from U.S. federal income tax (and, in some cases, the federal alternative minimum tax). There is no assurance that the Internal Revenue Service (IRS) will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued, and the value of the security would likely fall.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Prepayment and Extension Risk —</b> Prepayment and extension risk is the risk that a loan, bond or other security might be called or otherwise converted, prepaid or redeemed before maturity. This risk is primarily associated with asset-backed securities, including mortgage-backed securities and floating rate loans. If a loan or security is converted, prepaid or redeemed before maturity, particularly during a time of declining interest rates or spreads, the portfolio managers may not be able to invest the proceeds in securities or loans providing as high a level of income, resulting in a reduced yield to the Fund or Underlying Fund. Conversely, as interest rates rise or spreads widen, the likelihood of prepayment decreases. The portfolio managers may be unable to capitalize on securities with higher interest rates or wider spreads because the Fund's or Underlying Fund's investments are locked in at a lower rate for a longer period of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Reinvestment Risk</b> – Because certain Underlying Funds invest in debt securities, income from those Underlying Funds' debt securities portfolios will decline if and when the Underlying Fund invests the proceeds from matured, traded or called securities in securities with market interest rates that are below the current earnings rate of the Underlying Fund's portfolio.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>U.S. Government Obligations Risk –</b> While U.S. Treasury obligations are backed by the "full faith and credit" of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or may be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. For example, securities issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks are neither insured nor guaranteed by the U.S. Government. These securities may be supported by the ability to borrow from the U.S. Treasury or only by the credit of the issuing agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than securities issued or guaranteed by the U.S. Treasury. Securities guaranteed by the Federal Deposit Insurance Corporation under its Temporary Liquidity Guarantee Program (TLGP) are subject to certain risks, including whether such securities will continue to trade in line with recent experience in relation to treasury and government agency securities in terms of yield spread and the volatility of such spread, as well as uncertainty as to how such securities will trade in the secondary market and whether that market will be liquid or illiquid. The TLGP is subject to change.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class K, Class R4 and Class R5 shares had not commenced operations prior to the date of this prospectus; therefore, performance information for these classes is not yet available. The performance of Class A shares, which have been outstanding as long as any other share class of the Fund, is shown in the bar chart and average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), these classes of shares would have annual returns substantially similar to those of Class A shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower.</p> 2nd quarter 2009: 4th quarter 2008: 0.1132 -0.0987 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the S&amp;P 500® Index and the Barclays Aggregate Bond Index. The S&amp;P 500® Index tracks the performance of 500 widely held, large-capitalization U.S. stocks. Because the Fund invests either directly or indirectly in fixed income securities in addition to equity securities, the table also compares the Fund's returns for each period with those of the Barclays Aggregate Bond Index, which 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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares.</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataFFFF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010796Member ~</div> 0 0 0 0 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataFFFF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010796Member ~</div> 0.0009 0 0.0043 0.006 0.0112 -0.0002 0.011 0.0009 0 0.003 0.006 0.0099 -0.0006 0.0093 0.0009 0 0.0018 0.006 0.0087 -0.0002 0.0085 <div style="display:none">~ http://columbia/role/ExpenseExampleFFFF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010796Member ~</div> 112 95 87 354 309 276 615 541 480 1361 1208 1071 <div style="display:none">~ http://columbia/role/BarChartDataFFFF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010796Member ~</div> -0.0368 0.1494 0.0638 0.0416 0.0908 0.0615 -0.1858 0.2307 0.1143 0.0299 <div style="display:none">~ http://columbia/role/PerformanceTableDataFFFF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010796Member ~</div> -0.0295 -0.0372 -0.0186 0.0299 0.0211 0.0784 0.0284 0.0159 0.0179 0.0407 -0.0025 0.065 0.0441 0.0312 0.0314 0.0503 0.0292 0.0578 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks long-term growth of capital.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R4 shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above expire on November 8, 2013, they are only reflected in the 1 year example and the first year of the 3, 5 and 10 year examples.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 104% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund invests primarily in equity securities of companies of any capitalization size and generally will hold a core position of between 35 and 50 common stocks. The number of securities held by the Fund may occasionally exceed this range at times such as when the Fund is accumulating new positions, phasing out and replacing existing positions, or responding to exceptional market conditions. The Fund may invest without limit in foreign securities, including in emerging market securities. The Fund also may invest in foreign currency exchange contracts to convert foreign currencies to and from the U.S. dollar, and to hedge against changes in foreign currency exchange rates.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The core investments of the Fund generally may include established companies and securities that are expected to offer long-term growth potential. However, the Fund's portfolio also may include securities of less mature companies, securities with more aggressive growth characteristics, and securities of companies undergoing significant developments, such as the introduction of a new product line, the appointment of a new management team, or an acquisition.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager), has engaged an investment subadviser - Marsico Capital Management, LLC (Marsico) - which manages the Fund on a day-to-day basis, although the Investment Manager retains general investment management responsibility for the management of the Fund. In selecting investments for the Fund, Marsico uses an approach that combines "top-down" macro-economic analysis with "bottom-up" stock selection.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">As part of its "top-down" investment approach, Marsico generally considers certain macro-economic factors to formulate the backdrop for security selection. These factors may include, without limitation, interest rates, currency movements, inflation, monetary policy, fiscal policy, demographics, the regulatory environment, and the global competitive landscape. Marsico may also examine other factors that may include, without limitation, the most attractive global investment opportunities, industry consolidation, and the sustainability of financial trends. As a result of this "top-down" analysis, Marsico seeks to identify sectors, industries and companies that may benefit from the overall trends Marsico has observed.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Marsico then looks for individual companies or securities that are expected to offer earnings growth potential that may not be recognized by the market at large. In determining whether a particular company or security may be a suitable investment, Marsico may focus on any of a number of different attributes that may include, without limitation, the company's specific market expertise or dominance; its franchise durability and pricing power; solid fundamentals (e.g., a strong balance sheet, improving returns on equity, the ability to generate free cash flow, apparent use of conservative accounting standards and transparent financial disclosure); strong and ethical management; commitment to shareholder interests; reasonable valuations in the context of projected growth rates; current income and other indications that a company or security may be an attractive investment prospect. This process is called "bottom-up" stock selection.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">As part of this fundamental, "bottom-up" research, Marsico may visit a company's management and conduct other research to gain thorough knowledge of the company. Marsico also may prepare detailed earnings and cash flow models of companies. These models may assist Marsico in projecting potential earnings growth, current income and other important company financial characteristics under different scenarios. Each model is typically customized to follow a particular company and is generally intended to replicate and describe a company's past, present and potential future performance. The models may include quantitative information and detailed narratives that reflect updated interpretations of corporate data and company and industry developments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Marsico may reduce or sell the Fund's investments in portfolio securities if, in the opinion of Marsico, a security's fundamentals change substantially, its price appreciation leads to overvaluation in relation to Marsico's estimates of future earnings and cash flow growth, the company appears unlikely to realize its growth potential, more attractive investment opportunities appear elsewhere or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">In managing the Fund's assets, Marsico seeks to remain mindful of the tax consequences that investment decisions may have on shareholders. However, if Marsico determines, for example, that a portfolio security should be sold, the holding will be sold notwithstanding any possible tax consequences.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund's investment strategy may involve the frequent trading of portfolio securities. This may cause the Fund to incur higher transaction costs (which may adversely affect the Fund's performance) and may increase taxable distributions for shareholders. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Growth Securities Risk –</b> Because growth securities typically trade at a higher multiple of earnings than other types of securities, the market values of growth securities may be more sensitive to changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Smaller Company Securities Risk</b> <b>–</b> Securities of small- or mid-capitalization companies (smaller companies) can, in certain circumstances, have a higher potential for gains than securities of large-capitalization companies (larger companies) but may also have more risk. For example, smaller companies may be more vulnerable to market downturns and adverse business or economic events than larger, more established companies because they may have more limited financial resources and business operations. These companies are also more likely than larger companies to have more limited product lines and operating histories and to depend on smaller management teams. Their securities may trade less frequently and in smaller volumes and may be less liquid and fluctuate more sharply in value than securities of larger companies. In addition, some smaller companies may not be widely followed by the investment community, which can lower the demand for their stocks.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Foreign Securities Risk –</b> Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Emerging Market Securities Risk</b> <b>–</b> Securities issued by foreign governments or companies in emerging market countries, like Russia and those in Eastern Europe, the Middle East, Asia, Latin America or Africa, are more likely to have greater exposure to the risks of investing in foreign securities that are described in <i>Foreign Securities Risk</i>. In addition, emerging market countries are more likely to experience instability resulting, for example, from rapid social, political and economic development. Their economies are usually less mature and their securities markets are typically less developed with more limited trading activity than more developed countries. Emerging market securities tend to be more volatile than securities in more developed markets. Many emerging market countries are heavily dependent on international trade, which makes them more sensitive to world commodity prices and economic downturns in other countries. Some emerging market countries have a higher risk of currency devaluations, and some of these countries may experience periods of high inflation or rapid changes in inflation rates.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk - Forward Foreign Currency Contracts</b> - The Fund may enter into forward foreign currency contracts, which are a type of derivative contract, whereby the Fund may agree to buy or sell a country's currency at a specific price on a specific date, usually 30, 60, or 90 days in the future. These currency contracts may change in value due to foreign market fluctuations or foreign currency value fluctuations. The effectiveness of any currency hedging strategy by a Fund may be reduced by the Fund's inability to precisely match forward contract amounts and the value of securities involved. Forward foreign currency contracts used for hedging may also limit any potential gain that might result from an increase or decrease in the value of the currency. When entering into forward foreign currency contracts for investment purposes, unanticipated changes in the currency markets could result in reduced performance for the Fund. At or prior to maturity of a forward contract, the Fund may enter into an offsetting contract and may incur a loss to the extent there has been movement in forward contract prices. When the Fund converts its foreign currencies into U.S. dollars it may incur currency conversion costs due to the spread between the prices at which it may buy and sell various currencies in the market.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Frequent Trading Risk</b> <b>–</b> Frequent trading of investments increases the possibility that the Fund will realize taxable capital gains (including short-term capital gains, which are generally taxable at higher rates than long-term capital gains for U.S. federal income tax purposes), which could reduce the Fund's after-tax returns. Frequent trading can also mean higher brokerage and other transaction costs, which could reduce the Fund's returns.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Sector Risk –</b> At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R4 shares had not commenced operations prior to the date of this prospectus; therefore, performance information for this class is not yet available. The performance of Class A shares, which have been outstanding as long as any other share class of the Fund, is shown in the bar chart and average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), this class of shares would have annual returns substantially similar to those of Class A shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower.</p> 2nd quarter 2003: 0.2213 4th quarter 2008: -0.2512 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Russell 3000 Index, which measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares.</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataGGGG column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010799Member ~</div> 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataGGGG column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010799Member ~</div> 0.0088 0 0.0026 0.0114 -0.0008 0.0106 <div style="display:none">~ http://columbia/role/ExpenseExampleGGGG column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010799Member ~</div> 108 354 620 1379 <div style="display:none">~ http://columbia/role/BarChartDataGGGG column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010799Member ~</div> -0.098 0.4856 0.2194 0.0798 0.1853 0.1988 -0.4463 0.2741 0.1695 -0.1236 <div style="display:none">~ http://columbia/role/PerformanceTableDataGGGG column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010799Member ~</div> -0.1741 -0.1741 -0.1131 -0.1236 0.0103 -0.0397 -0.0411 -0.0336 -0.0282 -0.0001 0.0551 0.0539 0.0482 0.0613 0.0351 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks long-term growth of capital.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R4 shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above expire on November 8, 2013, they are only reflected in the 1 year example and the first year of the 3, 5 and 10 year examples.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 90% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities. These investments mostly consist of equity securities of large-capitalization companies that have market capitalizations of $5 billion or more at the time of purchase. The Fund, which is non-diversified, generally will hold a core position of between 20 and 30 common stocks that are believed to have potential for long-term growth. The number of securities held by the Fund occasionally may exceed this range, such as when the Fund is accumulating new positions, phasing out and replacing existing positions, or responding to exceptional market conditions. The Fund may invest up to 25% of its total assets in foreign securities, including in emerging market securities. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The core investments of the Fund generally may include established companies and securities that are expected to offer long-term growth potential. However, the Fund's portfolio also may include securities of less mature companies, securities with more aggressive growth characteristics, and securities of companies undergoing significant developments, such as the introduction of a new product line, the appointment of a new management team, or an acquisition.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager), has engaged an investment subadviser - Marsico Capital Management, LLC (Marsico) - which manages the Fund on a day-to-day basis, although the Investment Manager retains general investment management responsibility for the management of the Fund. In selecting investments for the Fund, Marsico uses an approach that combines "top-down" macro-economic analysis with "bottom-up" stock selection.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">As part of its "top-down" investment approach, Marsico generally considers certain macro-economic factors to formulate the backdrop for security selection. These factors may include, without limitation, interest rates, currency movements, inflation, monetary policy, fiscal policy, demographics, the regulatory environment, and the global competitive landscape. Marsico may also examine other factors that may include, without limitation, the most attractive global investment opportunities, industry consolidation, and the sustainability of financial trends. As a result of this "top-down" analysis, Marsico seeks to identify sectors, industries and companies that may benefit from the overall trends Marsico has observed.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Marsico then looks for individual companies or securities that are expected to offer earnings growth potential that may not be recognized by the market at large. In determining whether a particular company or security may be a suitable investment, Marsico may focus on any of a number of different attributes that may include, without limitation, the company's specific market expertise or dominance; its franchise durability and pricing power; solid fundamentals (e.g., a strong balance sheet, improving returns on equity, the ability to generate free cash flow, apparent use of conservative accounting standards and transparent financial disclosure); strong and ethical management; commitment to shareholder interests; reasonable valuations in the context of projected growth rates; current income and other indications that a company or security may be an attractive investment prospect. This process is called "bottom-up" stock selection.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">As part of this fundamental, "bottom-up" research, Marsico may visit a company's management and conduct other research to gain thorough knowledge of the company. Marsico also may prepare detailed earnings and cash flow models of companies. These models may assist Marsico in projecting potential earnings growth, current income and other important company financial characteristics under different scenarios. Each model is typically customized to follow a particular company and is generally intended to replicate and describe a company's past, present and potential future performance. The models may include quantitative information and detailed narratives that reflect updated interpretations of corporate data and company and industry developments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Marsico may reduce or sell the Fund's investments in portfolio securities if, in the opinion of Marsico, a security's fundamentals change substantially, its price appreciation leads to overvaluation in relation to Marsico's estimates of future earnings and cash flow growth, the company appears unlikely to realize its growth potential, more attractive investment opportunities appear elsewhere or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">In managing the Fund's assets, Marsico seeks to remain mindful of the tax consequences that investment decisions may have on shareholders. However, if Marsico determines, for example, that a portfolio security should be sold, the holding will be sold notwithstanding any possible tax consequences.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Foreign Securities Risk –</b> Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Growth Securities Risk –</b> Because growth securities typically trade at a higher multiple of earnings than other types of securities, the market values of growth securities may be more sensitive to changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Emerging Market Securities Risk</b> <b>–</b> Securities issued by foreign governments or companies in emerging market countries, like Russia and those in Eastern Europe, the Middle East, Asia, Latin America or Africa, are more likely to have greater exposure to the risks of investing in foreign securities that are described in <i>Foreign Securities Risk</i>. In addition, emerging market countries are more likely to experience instability resulting, for example, from rapid social, political and economic development. Their economies are usually less mature and their securities markets are typically less developed with more limited trading activity than more developed countries. Emerging market securities tend to be more volatile than securities in more developed markets. Many emerging market countries are heavily dependent on international trade, which makes them more sensitive to world commodity prices and economic downturns in other countries. Some emerging market countries have a higher risk of currency devaluations, and some of these countries may experience periods of high inflation or rapid changes in inflation rates.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Non-Diversified Mutual Fund Risk</b> <b>–</b> The Fund is non-diversified, which generally means that it may invest a greater percentage of its total assets in the securities of fewer issuers than may a "diversified" fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of more diversified funds. The Fund may not operate as a non-diversified fund at all times.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R4 shares had not commenced operations prior to the date of this prospectus; therefore, performance information for this class is not yet available. The performance of Class A shares, which have been outstanding as long as any other share class of the Fund, is shown in the bar chart and average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), this class of shares would have annual returns substantially similar to those of Class A shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower.</p> 3rd quarter 2009: 0.1562 4th quarter 2008: -0.2111 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Standard &amp; Poor's (S&amp;P) 500® Index, which tracks the performance of 500 widely held, large-capitalization U.S. stocks.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares.</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataHHHH column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010797Member ~</div> 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataHHHH column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010797Member ~</div> 0.0088 0 0.0025 0.0113 -0.0013 0.01 <div style="display:none">~ http://columbia/role/ExpenseExampleHHHH column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010797Member ~</div> 102 346 610 1363 <div style="display:none">~ http://columbia/role/BarChartDataHHHH column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010797Member ~</div> -0.1573 0.3134 0.1067 0.0959 0.0835 0.1318 -0.3977 0.3022 0.1852 -0.0265 <div style="display:none">~ http://columbia/role/PerformanceTableDataHHHH column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010797Member ~</div> -0.0827 -0.0846 -0.0511 -0.0265 0.0211 -0.0071 -0.0079 -0.006 0.0048 -0.0025 0.0345 0.0341 0.03 0.0407 0.0292 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks long-term growth of capital.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R4 or Class R5 shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above expire on November 8, 2013, they are only reflected in the 1 year example and the first year of the 3, 5 and 10 year examples. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 65% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests primarily in equity securities of large-capitalization companies that have market capitalizations of $5 billion or more at the time of purchase. The Fund generally holds a core position of between 35 and 50 common stocks. The number of securities held by the Fund occasionally may exceed this range, such as when the Fund is accumulating new positions, phasing out and replacing existing positions, or responding to exceptional market conditions. The Fund may invest up to 25% of its total assets in foreign securities, including in emerging market securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The core investments of the Fund generally may include established companies and securities that are expected to offer long-term growth potential. However, the Fund's portfolio also may include securities of less mature companies, securities with more aggressive growth characteristics, and securities of companies undergoing significant developments, such as the introduction of a new product line, the appointment of a new management team, or an acquisition.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager), has engaged an investment subadviser - Marsico Capital Management, LLC (Marsico) - which manages the Fund on a day-to-day basis, although the Investment Manager retains general investment management responsibility for the management of the Fund. In selecting investments for the Fund, Marsico uses an approach that combines "top-down" macro-economic analysis with "bottom-up" stock selection.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">As part of its "top-down" investment approach, Marsico generally considers certain macro-economic factors to formulate the backdrop for security selection. These factors may include, without limitation, interest rates, currency movements, inflation, monetary policy, fiscal policy, demographics, the regulatory environment, and the global competitive landscape. Marsico may also examine other factors that may include, without limitation, the most attractive global investment opportunities, industry consolidation, and the sustainability of financial trends. As a result of this "top-down" analysis, Marsico seeks to identify sectors, industries and companies that may benefit from the overall trends Marsico has observed.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Marsico then looks for individual companies or securities that are expected to offer earnings growth potential that may not be recognized by the market at large. In determining whether a particular company or security may be a suitable investment, Marsico may focus on any of a number of different attributes that may include, without limitation, the company's specific market expertise or dominance; its franchise durability and pricing power; solid fundamentals (e.g., a strong balance sheet, improving returns on equity, the ability to generate free cash flow, apparent use of conservative accounting standards and transparent financial disclosure); strong and ethical management; commitment to shareholder interests; reasonable valuations in the context of projected growth rates; current income and other indications that a company or security may be an attractive investment prospect. This process is called "bottom-up" stock selection.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">As part of this fundamental, "bottom-up" research, Marsico may visit a company's management and conduct other research to gain thorough knowledge of the company. Marsico also may prepare detailed earnings and cash flow models of companies. These models may assist Marsico in projecting potential earnings growth, current income and other important company financial characteristics under different scenarios. Each model is typically customized to follow a particular company and is generally intended to replicate and describe a company's past, present and potential future performance. The models may include quantitative information and detailed narratives that reflect updated interpretations of corporate data and company and industry developments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Marsico may reduce or sell the Fund's investments in portfolio securities if, in the opinion of Marsico, a security's fundamentals change substantially, its price appreciation leads to overvaluation in relation to Marsico's estimates of future earnings and cash flow growth, the company appears unlikely to realize its growth potential, more attractive investment opportunities appear elsewhere or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">In managing the Fund's assets, Marsico seeks to remain mindful of the tax consequences that investment decisions may have on shareholders. However, if Marsico determines, for example, that a portfolio security should be sold, the holding will be sold notwithstanding any possible tax consequences.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Growth Securities Risk –</b> Because growth securities typically trade at a higher multiple of earnings than other types of securities, the market values of growth securities may be more sensitive to changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Foreign Securities Risk –</b> Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Emerging Market Securities Risk</b> <b>–</b> Securities issued by foreign governments or companies in emerging market countries, like Russia and those in Eastern Europe, the Middle East, Asia, Latin America or Africa, are more likely to have greater exposure to the risks of investing in foreign securities that are described in <i>Foreign Securities Risk</i>. In addition, emerging market countries are more likely to experience instability resulting, for example, from rapid social, political and economic development. Their economies are usually less mature and their securities markets are typically less developed with more limited trading activity than more developed countries. Emerging market securities tend to be more volatile than securities in more developed markets. Many emerging market countries are heavily dependent on international trade, which makes them more sensitive to world commodity prices and economic downturns in other countries. Some emerging market countries have a higher risk of currency devaluations, and some of these countries may experience periods of high inflation or rapid changes in inflation rates.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Currency Risk –</b> Securities denominated in non-U.S. dollar currencies are subject to the risk that, for example, if the value of a foreign currency were to decline against the U.S. dollar, such decline would reduce the U.S. dollar value of any securities held by the Fund denominated in that currency.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Smaller Company Securities Risk</b> <b>–</b> Securities of small- or mid-capitalization companies (smaller companies) can, in certain circumstances, have a higher potential for gains than securities of large-capitalization companies (larger companies) but may also have more risk. For example, smaller companies may be more vulnerable to market downturns and adverse business or economic events than larger, more established companies because they may have more limited financial resources and business operations. These companies are also more likely than larger companies to have more limited product lines and operating histories and to depend on smaller management teams. Their securities may trade less frequently and in smaller volumes and may be less liquid and fluctuate more sharply in value than securities of larger companies. In addition, some smaller companies may not be widely followed by the investment community, which can lower the demand for their stocks.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R4 and Class R5 shares had not commenced operations prior to the date of this prospectus; therefore, performance information for these classes is not yet available. The performance of Class A shares, which have been outstanding as long as any other share class of the Fund, is shown in the bar chart and average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), these classes of shares would have annual returns substantially similar to those of Class A shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower.</p> 3rd quarter 2009: 0.1592 4th quarter 2008: -0.2285 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Standard &amp; Poor's (S&amp;P) 500® Index, which tracks the performance of 500 widely held, large-capitalization U.S. stocks.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares.</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataIIII column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010794Member ~</div> 0 0 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataIIII column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010794Member ~</div> 0.0087 0 0.0022 0.0109 -0.0009 0.01 0.0087 0 0.0007 0.0094 -0.0002 0.0092 <div style="display:none">~ http://columbia/role/ExpenseExampleIIII column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010794Member ~</div> 102 94 338 298 592 518 1321 1153 <div style="display:none">~ http://columbia/role/BarChartDataIIII column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010794Member ~</div> -0.1529 0.2865 0.1539 0.0585 0.0686 0.1398 -0.4203 0.2908 0.1944 -0.0177 <div style="display:none">~ http://columbia/role/PerformanceTableDataIIII column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010794Member ~</div> -0.0741 -0.0741 -0.0482 -0.0177 0.0211 -0.0117 -0.0119 -0.0099 0.0001 -0.0025 0.0298 0.0297 0.0258 0.0359 0.0292 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks long-term growth of capital.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R4 shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above expire on November 8, 2013, they are only reflected in the 1 year example and the first year of the 3, 5 and 10 year examples.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 86% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests at least 65% of its total assets in common stocks of foreign companies. The Fund may invest in an unlimited number of companies of any size throughout the world that are selected for their long-term growth potential. The Fund normally invests in issuers from at least three different countries not including the United States. The Fund may invest in common stocks of companies operating in, or economically tied to, emerging market countries. Some issuers or securities in the Fund's portfolio may be based in, or economically tied to, the United States. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in foreign currency exchange contracts to convert foreign currencies to and from the U.S. dollar, and to hedge against changes in foreign currency exchange rates.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The core investments of the Fund generally may include established companies and securities that are expected to offer long-term growth potential. However, the Fund's portfolio also may include securities of less mature companies, securities with more aggressive growth characteristics, and securities of companies undergoing significant developments, such as the introduction of a new product line, the appointment of a new management team, or an acquisition.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager), has engaged an investment subadviser - Marsico Capital Management, LLC (Marsico) - which manages the Fund on a day-to-day basis, although the Investment Manager retains general investment management responsibility for the management of the Fund. In selecting investments for the Fund, Marsico uses an approach that combines "top-down" macro-economic analysis with "bottom-up" stock selection.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">As part of its "top-down" investment approach, Marsico generally considers certain macro-economic factors to formulate the backdrop for security selection. These factors may include, without limitation, interest rates, currency movements, inflation, monetary policy, fiscal policy, demographics, the regulatory environment, and the global competitive landscape. Marsico may also examine other factors that may include, without limitation, the most attractive global investment opportunities, industry consolidation, and the sustainability of financial trends. As a result of this "top-down" analysis, Marsico seeks to identify sectors, industries and companies that may benefit from the overall trends Marsico has observed.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Marsico then looks for individual companies or securities that are expected to offer earnings growth potential that may not be recognized by the market at large. In determining whether a particular company or security may be a suitable investment, Marsico may focus on any of a number of different attributes that may include, without limitation, the company's specific market expertise or dominance; its franchise durability and pricing power; solid fundamentals (e.g., a strong balance sheet, improving returns on equity, the ability to generate free cash flow, apparent use of conservative accounting standards and transparent financial disclosure); strong and ethical management; commitment to shareholder interests; reasonable valuations in the context of projected growth rates; current income and other indications that a company or security may be an attractive investment prospect. This process is called "bottom-up" stock selection.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">As part of this fundamental, "bottom-up" research, Marsico may visit a company's management and conduct other research to gain thorough knowledge of the company. Marsico also may prepare detailed earnings and cash flow models of companies. These models may assist Marsico in projecting potential earnings growth, current income and other important company financial characteristics under different scenarios. Each model is typically customized to follow a particular company and is generally intended to replicate and describe a company's past, present and potential future performance. The models may include quantitative information and detailed narratives that reflect updated interpretations of corporate data and company and industry developments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Marsico may reduce or sell the Fund's investments in portfolio securities if, in the opinion of Marsico, a security's fundamentals change substantially, its price appreciation leads to overvaluation in relation to Marsico's estimates of future earnings and cash flow growth, the company appears unlikely to realize its growth potential, more attractive investment opportunities appear elsewhere or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">In managing the Fund's assets, Marsico seeks to remain mindful of the tax consequences that investment decisions may have on shareholders. However, if Marsico determines, for example, that a portfolio security should be sold, the holding will be sold notwithstanding any possible tax consequences.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund's investment strategy may involve the frequent trading of portfolio securities. This may cause the Fund to incur higher transaction costs (which may adversely affect the Fund's performance) and may increase taxable distributions for shareholders. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Growth Securities Risk –</b> Because growth securities typically trade at a higher multiple of earnings than other types of securities, the market values of growth securities may be more sensitive to changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Foreign Securities Risk –</b> Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Emerging Market Securities Risk</b> <b>–</b> Securities issued by foreign governments or companies in emerging market countries, like Russia and those in Eastern Europe, the Middle East, Asia, Latin America or Africa, are more likely to have greater exposure to the risks of investing in foreign securities that are described in <i>Foreign Securities Risk</i>. In addition, emerging market countries are more likely to experience instability resulting, for example, from rapid social, political and economic development. Their economies are usually less mature and their securities markets are typically less developed with more limited trading activity than more developed countries. Emerging market securities tend to be more volatile than securities in more developed markets. Many emerging market countries are heavily dependent on international trade, which makes them more sensitive to world commodity prices and economic downturns in other countries. Some emerging market countries have a higher risk of currency devaluations, and some of these countries may experience periods of high inflation or rapid changes in inflation rates.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Currency Risk –</b> Securities denominated in non-U.S. dollar currencies are subject to the risk that, for example, if the value of a foreign currency were to decline against the U.S. dollar, such decline would reduce the U.S. dollar value of any securities held by the Fund denominated in that currency.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk - Forward Foreign Currency Contracts</b> - The Fund may enter into forward foreign currency contracts, which are a type of derivative contract, whereby the Fund may agree to buy or sell a country's currency at a specific price on a specific date, usually 30, 60, or 90 days in the future. These currency contracts may change in value due to foreign market fluctuations or foreign currency value fluctuations. The effectiveness of any currency hedging strategy by a Fund may be reduced by the Fund's inability to precisely match forward contract amounts and the value of securities involved. Forward foreign currency contracts used for hedging may also limit any potential gain that might result from an increase or decrease in the value of the currency. When entering into forward foreign currency contracts for investment purposes, unanticipated changes in the currency markets could result in reduced performance for the Fund. At or prior to maturity of a forward contract, the Fund may enter into an offsetting contract and may incur a loss to the extent there has been movement in forward contract prices. When the Fund converts its foreign currencies into U.S. dollars it may incur currency conversion costs due to the spread between the prices at which it may buy and sell various currencies in the market.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Frequent Trading Risk</b> <b>–</b> Frequent trading of investments increases the possibility that the Fund will realize taxable capital gains (including short-term capital gains, which are generally taxable at higher rates than long-term capital gains for U.S. federal income tax purposes), which could reduce the Fund's after-tax returns. Frequent trading can also mean higher brokerage and other transaction costs, which could reduce the Fund's returns.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Smaller Company Securities Risk</b> <b>–</b> Securities of small- or mid-capitalization companies (smaller companies) can, in certain circumstances, have a higher potential for gains than securities of large-capitalization companies (larger companies) but may also have more risk. For example, smaller companies may be more vulnerable to market downturns and adverse business or economic events than larger, more established companies because they may have more limited financial resources and business operations. These companies are also more likely than larger companies to have more limited product lines and operating histories and to depend on smaller management teams. Their securities may trade less frequently and in smaller volumes and may be less liquid and fluctuate more sharply in value than securities of larger companies. In addition, some smaller companies may not be widely followed by the investment community, which can lower the demand for their stocks.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Geographic Concentration Risk –</b> Because the Fund may, in certain circumstances, concentrate its investments in Europe, the Fund may be particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries in Europe. Currency devaluations could occur in countries that have not yet experienced currency devaluation to date, or could continue to occur in countries that have already experienced such devaluations. As a result, the Fund may be more volatile than a more geographically diversified fund. If securities of issuers in Europe fall out of favor, it may cause the Fund to underperform other funds that do not concentrate in this region of the world.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R4 shares had not commenced operations prior to the date of this prospectus; therefore, performance information for this class is not yet available. The performance of Class A shares, which have been outstanding as long as any other share class of the Fund, is shown in the bar chart and average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), this class of shares would have annual returns substantially similar to those of Class A shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower.</p> 2nd quarter: 2009: 0.2657 4th quarter: 2008: -0.2768 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the MSCI Europe, Australasia, Far East (EAFE) Index (Net), which is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares.</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataJJJJ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010804Member ~</div> 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataJJJJ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010804Member ~</div> 0.0102 0 0.0024 0.0126 -0.0002 0.0124 <div style="display:none">~ http://columbia/role/ExpenseExampleJJJJ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010804Member ~</div> 126 398 690 1521 <div style="display:none">~ http://columbia/role/BarChartDataJJJJ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010804Member ~</div> -0.0777 0.4024 0.1676 0.1974 0.2334 0.1999 -0.5078 0.3798 0.1374 -0.1593 <div style="display:none">~ http://columbia/role/PerformanceTableDataJJJJ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010804Member ~</div> -0.2077 -0.2077 -0.135 -0.1593 -0.1214 -0.0599 -0.0658 -0.0498 -0.0487 -0.0472 0.0505 0.0438 0.0433 0.0568 0.0467 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund seeks total return before fees and expenses that corresponds to the total return of the Standard &amp; Poor's (S&amp;P) MidCap 400® Index. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R5 shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above expire on November 8, 2013, they are only reflected in the 1 year example and the first year of the 3, 5 and 10 year examples.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 15% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Under normal circumstances, the Fund invests at least 80% of its net assets in common stocks that comprise the S&amp;P MidCap 400® Index. The Fund may invest in derivatives, consisting of stock index futures or options, as substitutes for the underlying securities in the S&amp;P MidCap 400® Index. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Different common stocks have different weightings in the S&amp;P MidCap 400® Index, depending on the amount of stock outstanding and the stock's current price. In seeking to match the performance of the S&amp;P MidCap 400® Index, Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager), attempts to allocate the Fund's assets among common stocks in approximately the same weightings as the S&amp;P MidCap 400® Index.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund attempts to achieve at least a 95% correlation between the performance of the S&amp;P MidCap 400® Index and the Fund's investment results, before fees and expenses. The Fund's ability to track the S&amp;P MidCap 400® Index is affected by, among other things, transaction costs and other expenses, changes in the composition of the S&amp;P MidCap 400® Index, changes in the number of shares issued by the companies represented in the S&amp;P MidCap 400® Index, and by the timing and amount of shareholder purchases and redemptions. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager may sell a stock when the stock's percentage weighting in the index is reduced, when the stock is removed from the index, or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Index Risk</b> <b>–</b> The Fund's value will generally decline when the performance of its targeted index declines. In addition, because the Fund may not hold all issues included in its index, may not always be fully invested, and bears advisory, administrative and other expenses and transaction costs in trading securities, the Fund's performance may fail to match the performance of its targeted index, after taking expenses into account. It is not possible to invest directly in an index.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk –</b> Derivatives are financial contracts whose values are, for example, based on (or "derived" from) traditional securities (such as a stock or bond), assets (such as a commodity like gold or a foreign currency), reference rates (such as LIBOR) or market indices (such as the Standard &amp; Poor's (S&amp;P) 500® Index). Derivatives involve special risks and may result in losses or may limit the Fund's potential gain from favorable market movements. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security or other asset. The values of derivatives may move in unexpected ways, especially in unusual market conditions, and may result in increased volatility, among other consequences. The use of derivatives may also increase the amount of taxes payable by shareholders holding shares in a taxable account. Other risks arise from the Fund's potential inability to terminate or to sell derivative positions. A liquid secondary market may not always exist for the Fund's derivative positions at times when the Fund might wish to terminate or to sell such positions. Over-the-counter instruments (investments not traded on an exchange) may be illiquid, and transactions in derivatives traded in the over-the-counter market are subject to the risk that the other party will not meet its obligations. The use of derivatives also involves the risks of mispricing or improper valuation and that changes in the value of the derivative may not correlate perfectly with the underlying security, asset, reference rate or index. The Fund also may not be able to find a suitable derivative transaction counterparty, and thus may be unable to engage in derivative transactions when it is deemed favorable to do so, or at all. U.S. federal legislation has recently been enacted that provides for new clearing, margin, reporting and registration requirements for participants in the derivatives market. While the ultimate impact is not yet clear, these changes could restrict and/or impose significant costs or other burdens upon the Fund's participation in derivatives transactions. For more information on the risks of derivative investments and strategies, see the Statement of Additional Information. </p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Smaller Company Securities Risk</b> <b>–</b> Securities of small- or mid-capitalization companies (smaller companies) can, in certain circumstances, have a higher potential for gains than securities of large-capitalization companies (larger companies) but may also have more risk. For example, smaller companies may be more vulnerable to market downturns and adverse business or economic events than larger, more established companies because they may have more limited financial resources and business operations. These companies are also more likely than larger companies to have more limited product lines and operating histories and to depend on smaller management teams. Their securities may trade less frequently and in smaller volumes and may be less liquid and fluctuate more sharply in value than securities of larger companies. In addition, some smaller companies may not be widely followed by the investment community, which can lower the demand for their stocks.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Sector Risk –</b> At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Quantitative Model Risk –</b> The Fund may use quantitative methods to select investments. Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns, among others. Any errors or imperfections in the Investment Manager's or a sub-adviser's quantitative analyses or models, or in the data on which they are based, could adversely affect the ability of the Investment Manager or a sub-adviser to use such analyses or models effectively, which in turn could adversely affect the Fund's performance. There can be no assurance that these methodologies will help the Fund to achieve its objective.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R5 shares had not commenced operations prior to the date of this prospectus; therefore, performance information for this class is not yet available. The performance of Class Z shares, which have been outstanding longer than any other share class of the Fund, is shown in the bar chart and average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), this class of shares would have annual returns substantially similar to those of Class Z shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown.</p> 3rd quarter 2009: 0.1989 4th quarter 2008: -0.2545 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the S&amp;P MidCap 400® Index, a market-value weighted index that tracks the performance of 400 mid-cap U.S. companies.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares.</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataKKKK column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010826Member ~</div> 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataKKKK column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010826Member ~</div> 0.002 0 0.0007 0.0001 0.0028 -0.0015 0.0013 <div style="display:none">~ http://columbia/role/ExpenseExampleKKKK column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010826Member ~</div> 13 75 142 341 <div style="display:none">~ http://columbia/role/BarChartDataKKKK column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010826Member ~</div> -0.1501 0.3517 0.1638 0.1245 0.1025 0.0795 -0.3611 0.3706 0.2644 -0.0189 <div style="display:none">~ http://columbia/role/PerformanceTableDataKKKK column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010826Member ~</div> -0.0189 -0.0279 -0.0016 -0.0173 0.0324 0.023 0.0259 0.0332 0.0687 0.0599 0.0579 0.0704 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund seeks long-term capital appreciation. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R4 or Class R5 shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 39% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of companies that have market capitalizations in the range of the companies in the Russell Midcap Value Index at the time of purchase (between $300 million and $18.66 billion as of September 30, 2012), that Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager), believes are undervalued and have the potential for long-term growth. The Fund may invest up to 20% of its total assets in foreign securities. The Fund normally invests in common stocks and also may invest in real estate investment trusts.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Investment Manager combines fundamental and quantitative analysis with risk management in identifying value opportunities and constructing the Fund's portfolio. The Investment Manager considers, among other factors: </p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> businesses that are believed to be fundamentally sound and undervalued due to investor indifference, investor misperception of company prospects, or other factors; </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">various measures of valuation, including price-to-cash flow, price-to-earnings, price-to-sales, and price-to-book value. The Investment Manager believes that companies with lower valuations are generally more likely to provide opportunities for capital appreciation;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">a company's current operating margins relative to its historic range and future potential; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">potential indicators of stock price appreciation, such as anticipated earnings growth, company restructuring, changes in management, business model changes, new product opportunities, or anticipated improvements in macroeconomic factors.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager may sell a security when the security's price reaches a target set by the Investment Manager; if the Investment Manager believes that there is deterioration in the issuer's financial circumstances or fundamental prospects, or that other investments are more attractive; or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Value Securities Risk</b> <b>–</b> Value securities are securities of companies that may have experienced, for example, adverse business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the Investment Manager's future value assessment of that security, or may decline. There is also a risk that it may take longer than expected for the value of these investments to rise to the believed value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Smaller Company Securities Risk</b> <b>–</b> Securities of small- or mid-capitalization companies (smaller companies) can, in certain circumstances, have a higher potential for gains than securities of large-capitalization companies (larger companies) but may also have more risk. For example, smaller companies may be more vulnerable to market downturns and adverse business or economic events than larger, more established companies because they may have more limited financial resources and business operations. These companies are also more likely than larger companies to have more limited product lines and operating histories and to depend on smaller management teams. Their securities may trade less frequently and in smaller volumes and may be less liquid and fluctuate more sharply in value than securities of larger companies. In addition, some smaller companies may not be widely followed by the investment community, which can lower the demand for their stocks.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Foreign Securities Risk –</b> Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Real Estate Investment Trusts Risk</b> <b>–</b> Real estate investment trusts (REITs) are entities that either own properties or make construction or mortgage loans, and also may include operating or finance companies. The value of REIT shares is affected by, among other factors, changes in the value of the underlying properties owned by the REIT and/or by changes in the prospect for earnings and/or cash flow growth of the REIT itself. In addition, certain of the risks associated with general real estate ownership apply to the Fund's REIT investments, including risks related to general and local economic conditions, possible lack of availability of financing and changes in interest rates.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Sector Risk –</b> At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R4 and Class R5 shares had not commenced operations prior to the date of this prospectus; therefore, performance information for these classes is not yet available. The performance of Class A shares, which have been outstanding as long as any other share class of the Fund, is shown in the bar chart and average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), these classes of shares would have annual returns substantially similar to those of Class A shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower.</p> 3rd quarter 2009: 0.2074 4th quarter 2008: -0.2798 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Russell Midcap Value Index, which measures the performance of those Russell Midcap companies with lower price-to-book ratios and lower forecasted growth values.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares.</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataLLLL column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010792Member ~</div> 0 0 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataLLLL column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010792Member ~</div> 0.007 0 0.0024 0.0094 0.007 0 0.0008 0.0078 <div style="display:none">~ http://columbia/role/ExpenseExampleLLLL column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010792Member ~</div> 96 80 300 249 520 433 1155 966 <div style="display:none">~ http://columbia/role/BarChartDataLLLL column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010792Member ~</div> -0.1324 0.3653 0.2064 0.1502 0.1674 0.0738 -0.4178 0.3225 0.2293 -0.0428 <div style="display:none">~ http://columbia/role/PerformanceTableDataLLLL column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010792Member ~</div> -0.0978 -0.0986 -0.0626 -0.0428 -0.0138 -0.0172 -0.0203 -0.0145 -0.0055 0.0004 0.0581 0.0496 0.0484 0.0644 0.0767 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks long-term capital growth.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R4 or Class R5 shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 112% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities (including common stock and preferred stock) of established companies located in at least three countries other than the United States, including emerging market countries. The Fund invests in companies that are believed to have the potential for growth or to be undervalued.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may also invest in derivatives, including futures, forward foreign currency contracts, other types of forwards, options, swap contracts and other derivative instruments. The Fund may invest in derivatives for both hedging and non-hedging purposes, including, for example, seeking to enhance returns or as a substitute for a position in an underlying asset. The Fund may invest in derivatives to manage the Fund's overall risk exposure.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in companies involved in initial public offerings, tender offers, mergers and other corporate restructurings.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Columbia Management Investment Advisers, LLC (the Investment Manager or Columbia Management) serves as the investment manager to the Fund and will attempt to achieve the Fund's objective by managing a portion of the Fund's assets (the Columbia Management sleeve) and selecting one or more subadvisers with regional or global investment expertise to manage other sleeves independently of each other and the Investment Manager. The Investment Manager may change the target allocations of the sleeves among the Investment Manager and the subadvisers from time to time and actual allocations of the sleeves may vary from the targeted allocations due to market conditions and investment results. The Investment Manager monitors the variation between the actual allocations and the targeted allocations and rebalances the allocation periodically. The Investment Manager is responsible for the oversight of the subadvisers and retains general investment management responsibility for the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's subadvisers are Threadneedle International Limited (Threadneedle) and Marsico Capital Management, LLC (Marsico). The subadvisers and the Investment Manager use their own methodology for selecting investments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <i>Columbia Management</i> </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager invests a portion of its sleeve primarily in companies located in emerging markets and a portion of its sleeve primarily in companies located in Asia and the Pacific Basin, including Australia, New Zealand and India and other countries within this region.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager combines fundamental and quantitative analysis with risk management in identifying investment opportunities and constructing its sleeve. The Investment Manager considers, among other factors:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">various measures of valuation, including price-to-cash flow, price-to-earnings, price-to-sales, and price-to-book value;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">potential indicators of stock price appreciation, such as anticipated earnings growth, company restructuring, changes in management, business model changes, new product opportunities, or anticipated improvements in macro-economic factors;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the financial condition and management of a company, including its competitive position, the quality of its balance sheet and earnings, its future prospects, and the potential for growth and stock appreciation; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">overall economic and market conditions.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager may sell a security when the security's price reaches a target set by the Investment Manager; if the Investment Manager believes that there is deterioration in the issuer's financial circumstances or fundamental prospects, or that other investments are more attractive; or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager also seeks to manage the Fund's overall risk exposure by maintaining the industry, geographic and market capitalization exposure for the Fund within targeted ranges through the allocation to sleeves or the use of derivatives.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in forward foreign currency contracts with a gross notional value up to 100% of the Fund's net assets. The Fund does not actually take ownership of foreign currencies or sell actual foreign currencies. Rather, through forward currency contracts, the Fund gains economic exposure comparable to the exposure that it would have if it had bought or sold the currencies directly.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">When investing in forward contracts to seek to enhance returns, the Investment Manager utilizes a quantitative, proprietary model that uses various fundamental and technical factors, including current and historical data, to rank the anticipated value of several developed countries' currencies relative to the U.S. dollar. The Investment Manager will enter into long forward currency contracts for a limited number of the currencies that rank higher in the model, and the Fund will experience profits (losses) to the extent the value of the currency appreciates (depreciates) relative to the U.S. dollar. Conversely, the Investment Manager will enter into short forward currency contracts for a limited number of the currencies that rank lower in the model, and the Fund will experience profits (losses) to the extent the value of the currency depreciates (appreciates) relative to the U.S. dollar. The Investment Manager runs the model regularly and generally seeks to maintain long and short forward currency contracts under this model-driven strategy with approximately equal gross notional values.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager also uses forward contracts to manage the Fund's overall currency exposures. A forward contract is an agreement between two parties to buy or sell an asset at a specified future time at a price agreed today.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <i>Threadneedle</i> </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Threadneedle, an affiliate of the Investment Manager, will primarily invest its sleeve in equity securities of European companies that are believed to offer growth potential. For these purposes, Threadneedle considers a company to be located in Europe if it is organized under the laws of a European country and has a principal office in a European country, if it derives at least 50% of its total revenue from businesses in Europe, or if its equity securities are traded principally on a stock exchange in Europe. Although Threadneedle's sleeve emphasizes investments in developed countries, it may also invest in securities of companies located in developing or emerging markets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Threadneedle constructs its sleeve by selecting what it considers to be the best stocks in each sector and region. When considering a stock for inclusion in the sleeve, Threadneedle conducts fundamental analysis, and will consider inclusion based on the market and thematic ideas. Because Threadneedle is not tied to any one valuation methodology, or screen, or factor, it may pick a diverse range of stocks for the sleeve. In determining whether to add a security to the sleeve, Threadneedle measures the stocks it analyzes against a number of qualitative and quantitative criteria. Generally, Threadneedle is looking for:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">a strong management team that has the potential to deliver significant growth; </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">a robust business model for generating profit and a sustainable franchise;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">a sound financial model, with visible growth and returns, a strong balance sheet and cash flow;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">upside in a company's valuation; or</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the potential for improvement in any of these factors.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">A number of factors may prompt Threadneedle to sell securities. A sale may result from a change in the composition of a relevant benchmark or a change in sector strategy. A sale may also be prompted by factors specific to a stock, such as valuation or company fundamentals.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <i>Marsico</i> </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Marsico will invest its sleeve primarily in companies of any size throughout the world that are selected for their long-term growth potential.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The core investments of this portion of the Fund generally may include established companies and securities that are expected to offer long-term growth potential. However, the portfolio also may include securities of less mature companies, securities with more aggressive growth characteristics, and securities of companies undergoing significant developments, such as the introduction of a new product line, the appointment of a new management team, or an acquisition.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Marsico combines "top-down" macro-economic analysis with "bottom-up" stock selection. As part of its "top-down" investment approach, Marsico generally considers certain macro-economic factors to formulate the backdrop for security selection. These factors may include, without limitation, interest rates, currency movements, inflation, monetary policy, fiscal policy, demographics, the regulatory environment, and the global competitive landscape. Marsico may also examine other factors that may include, without limitation, the most attractive global investment opportunities, industry consolidation, and the sustainability of financial trends. As a result of this "top-down" analysis, Marsico seeks to identify sectors, industries and companies that may benefit from the overall trends Marsico has observed.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Marsico then looks for individual companies or securities that are expected to offer earnings growth potential that may not be recognized by the market at large. In determining whether a particular company or security may be a suitable investment, Marsico may focus on any of a number of different attributes that may include, without limitation, the company's specific market expertise or dominance; its franchise durability and pricing power; solid fundamentals (e.g., a strong balance sheet, improving returns on equity, the ability to generate free cash flow, apparent use of conservative accounting standards and transparent financial disclosure); strong and ethical management; commitment to shareholder interests; reasonable valuations in the context of projected growth rates; current income and other indications that a company or security may be an attractive investment prospect. This process is called "bottom-up" stock selection.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Marsico may reduce or sell the Fund's investments in portfolio securities if, in the opinion of Marsico, a security's fundamentals change substantially, its price appreciation leads to overvaluation in relation to Marsico's estimates of future earnings and cash flow growth, the company appears unlikely to realize its growth potential, more attractive investment opportunities appear elsewhere or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Growth Securities Risk –</b> Because growth securities typically trade at a higher multiple of earnings than other types of securities, the market values of growth securities may be more sensitive to changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Value Securities Risk</b> <b>–</b> Value securities are securities of companies that may have experienced, for example, adverse business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the Investment Manager's future value assessment of that security, or may decline. There is also a risk that it may take longer than expected for the value of these investments to rise to the believed value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Foreign Securities Risk –</b> Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Emerging Market Securities Risk</b> <b>–</b> Securities issued by foreign governments or companies in emerging market countries, like Russia and those in Eastern Europe, the Middle East, Asia, Latin America or Africa, are more likely to have greater exposure to the risks of investing in foreign securities that are described in <i>Foreign Securities Risk</i>. In addition, emerging market countries are more likely to experience instability resulting, for example, from rapid social, political and economic development. Their economies are usually less mature and their securities markets are typically less developed with more limited trading activity than more developed countries. Emerging market securities tend to be more volatile than securities in more developed markets. Many emerging market countries are heavily dependent on international trade, which makes them more sensitive to world commodity prices and economic downturns in other countries. Some emerging market countries have a higher risk of currency devaluations, and some of these countries may experience periods of high inflation or rapid changes in inflation rates.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Currency Risk –</b> Securities denominated in non-U.S. dollar currencies are subject to the risk that, for example, if the value of a foreign currency were to decline against the U.S. dollar, such decline would reduce the U.S. dollar value of any securities held by the Fund denominated in that currency.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk –</b> Derivatives are financial contracts whose values are, for example, based on (or "derived" from) traditional securities (such as a stock or bond), assets (such as a commodity like gold or a foreign currency), reference rates (such as LIBOR) or market indices (such as the Standard &amp; Poor's (S&amp;P) 500® Index). Derivatives involve special risks and may result in losses or may limit the Fund's potential gain from favorable market movements. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security or other asset. The values of derivatives may move in unexpected ways, especially in unusual market conditions, and may result in increased volatility, among other consequences. The use of derivatives may also increase the amount of taxes payable by shareholders holding shares in a taxable account. Other risks arise from the Fund's potential inability to terminate or to sell derivative positions. A liquid secondary market may not always exist for the Fund's derivative positions at times when the Fund might wish to terminate or to sell such positions. Over-the-counter instruments (investments not traded on an exchange) may be illiquid, and transactions in derivatives traded in the over-the-counter market are subject to the risk that the other party will not meet its obligations. The use of derivatives also involves the risks of mispricing or improper valuation and that changes in the value of the derivative may not correlate perfectly with the underlying security, asset, reference rate or index. The Fund also may not be able to find a suitable derivative transaction counterparty, and thus may be unable to engage in derivative transactions when it is deemed favorable to do so, or at all. U.S. federal legislation has recently been enacted that provides for new clearing, margin, reporting and registration requirements for participants in the derivatives market. While the ultimate impact is not yet clear, these changes could restrict and/or impose significant costs or other burdens upon the Fund's participation in derivatives transactions. For more information on the risks of derivative investments and strategies, see the Statement of Additional Information. </p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk - Forward Foreign Currency Contracts</b> - The Fund may enter into forward foreign currency contracts, which are a type of derivative contract, whereby the Fund may agree to buy or sell a country's currency at a specific price on a specific date, usually 30, 60, or 90 days in the future. These currency contracts may change in value due to foreign market fluctuations or foreign currency value fluctuations. The effectiveness of any currency hedging strategy by a Fund may be reduced by the Fund's inability to precisely match forward contract amounts and the value of securities involved. Forward foreign currency contracts used for hedging may also limit any potential gain that might result from an increase or decrease in the value of the currency. When entering into forward foreign currency contracts for investment purposes, unanticipated changes in the currency markets could result in reduced performance for the Fund. At or prior to maturity of a forward contract, the Fund may enter into an offsetting contract and may incur a loss to the extent there has been movement in forward contract prices. When the Fund converts its foreign currencies into U.S. dollars it may incur currency conversion costs due to the spread between the prices at which it may buy and sell various currencies in the market.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Geographic Concentration Risk –</b> The Fund may be particularly susceptible to economic, political, regulatory or other events or conditions affecting companies and countries within the specific geographic regions in which the Fund invests. The Fund may be more volatile than a more geographically diversified fund.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Pacific/Asia Regional Risk</b> - The Pacific/Asia region consists of countries in the Pacific Basin, including Australia, China, Hong Kong, India, Indonesia, Japan, Korea, Malaysia, New Zealand, Philippines, Singapore, Taiwan and Thailand, among other countries within this region, and the Fund's investments in the region are thus particularly susceptible to risks in the region. Events in any one country within the region may impact other countries in the region or the Pacific/Asia region as a whole. As a result, events in the region will generally have a greater effect on the Fund and could result in greater volatility and losses than if the Fund were more geographically diversified. Countries within this region can be significantly affected by currency fluctuations and rapid changes in inflation and interest rates. Markets in the Pacific/Asia region can experience significant volatility due to social, regulatory and political uncertainties. In addition, changes in governmental policies in the region could significantly affect local markets in the region. Continued growth of economies and securities markets in the Pacific/Asia region will require sustained economic and fiscal discipline, as well as continued commitment to governmental reforms. Development also may be influenced by international economic conditions, particularly those in the United States, Europe and Japan, and by world demand for goods produced in countries in the Pacific/Asia region.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Quantitative Model Risk –</b> The Fund may use quantitative methods to select investments. Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns, among others. Any errors or imperfections in the Investment Manager's or a sub-adviser's quantitative analyses or models, or in the data on which they are based, could adversely affect the ability of the Investment Manager or a sub-adviser to use such analyses or models effectively, which in turn could adversely affect the Fund's performance. There can be no assurance that these methodologies will help the Fund to achieve its objective.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Special Situations Risk –</b> Securities of companies that are involved in an initial public offering or a major corporate event, such as a business consolidation or restructuring, may present special risk because of the high degree of uncertainty that can be associated with such events. Securities issued in initial public offerings often are issued by companies that are in the early stages of development, have a history of little or no revenues and may operate at a loss following the offering. It is possible that there will be no active trading market for the securities after the offering, and that the market price of the securities may be subject to significant and unpredictable fluctuations. Investing in special situations may have a magnified effect on the performance of funds with small amounts of assets.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Smaller Company Securities Risk</b> <b>–</b> Securities of small- or mid-capitalization companies (smaller companies) can, in certain circumstances, have a higher potential for gains than securities of large-capitalization companies (larger companies) but may also have more risk. For example, smaller companies may be more vulnerable to market downturns and adverse business or economic events than larger, more established companies because they may have more limited financial resources and business operations. These companies are also more likely than larger companies to have more limited product lines and operating histories and to depend on smaller management teams. Their securities may trade less frequently and in smaller volumes and may be less liquid and fluctuate more sharply in value than securities of larger companies. In addition, some smaller companies may not be widely followed by the investment community, which can lower the demand for their stocks.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Multi-Adviser Risk –</b> The Fund has multiple subadvisers. Each subadviser makes investment decisions independently from the other subadviser(s). It is possible that the security selection process of one subadviser will not complement or may even contradict that of the other subadviser(s), including makings off-setting trades that have no net effect to the Fund, but which may increase Fund expenses. As a result, the Fund's exposure to a given security, industry, sector or market capitalization could be smaller or larger than if the Fund were managed by a single subadviser, which could affect the Fund's performance.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R4 and Class R5 shares had not commenced operations prior to the date of this prospectus; therefore, performance information for these classes is not yet available. The performance of Class Z shares, which have been outstanding longer than any other share class of the Fund, is shown in the bar chart and the average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), these classes of shares would have annual returns substantially similar to those of Class Z shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown.</p> 2nd quarter 2009: 0.2606 4th quarter 2008: -0.2442 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the MSCI Europe, Australasia, Far East (EAFE) Index (Net), which is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares.</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataMMMM column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010803Member ~</div> 0 0 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataMMMM column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010803Member ~</div> 0.008 0 0.0033 0.0113 0.008 0 0.0012 0.0092 <div style="display:none">~ http://columbia/role/ExpenseExampleMMMM column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010803Member ~</div> 115 94 359 293 622 509 1375 1131 <div style="display:none">~ http://columbia/role/BarChartDataMMMM column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010803Member ~</div> -0.1453 0.3434 0.1798 0.1408 0.2533 0.1447 -0.4696 0.3155 0.0899 -0.1323 <div style="display:none">~ http://columbia/role/PerformanceTableDataMMMM column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010803Member ~</div> -0.1323 -0.1323 -0.086 -0.1214 -0.0546 -0.0619 -0.0453 -0.0472 0.0388 0.0326 0.0339 0.0467 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income, consistent with minimal fluctuation of principal.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R4 or Class R5 shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above expire on November 8, 2013, they are only reflected in the 1 year example and the first year of the 3, 5 and 10 year examples. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 76% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> Under normal circumstances, the Fund invests at least 80% of its net assets in bonds, including debt securities issued by the U.S. Government and its agencies, debt securities issued by corporations, mortgage- and other asset-backed securities, and dollar-denominated securities issued by foreign governments, companies or other entities. The Fund also invests at least 65% of its total assets in securities that, at the time of purchase, are rated investment grade or are unrated but determined by Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager), to be of comparable quality. Under normal circumstances, the Fund's dollar-weighted average effective maturity will be three years or less, and its duration will be three years or less. <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in derivatives, including treasury futures, primarily for hedging purposes. The Fund also may invest in private placements.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund also may participate in mortgage dollar rolls up to the Fund's then current position in mortgage-backed securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager evaluates a number of factors in identifying investment opportunities and constructing the Fund's portfolio. The Investment Manager considers local, national and global economic conditions, market conditions, interest rate movements and other relevant factors to determine the allocation of the Fund's assets among different issuers, industry sectors and maturities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager, in connection with selecting individual investments for the Fund, evaluates a security based on its potential to generate income and/or capital appreciation. The Investment Manager considers, among other factors, the creditworthiness of the issuer of the security and the various features of the security, such as its interest rate, yield, maturity, any call features and value relative to other securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager may sell a security if the Investment Manager believes that there is deterioration in the issuer's financial circumstances, or that other investments are more attractive; if there is deterioration in a security's credit rating; or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Interest Rate Risk</b> <b>–</b> Debt securities are subject to interest rate risk. In general, if prevailing interest rates rise, the values of debt securities will tend to fall, and if interest rates fall, the values of debt securities will tend to rise. Changes in the value of a debt security usually will not affect the amount of income the Fund receives from it but may affect the value of the Fund's shares. Interest rate risk is generally greater for debt securities with longer maturities/durations.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>U.S. Government Obligations Risk –</b> While U.S. Treasury obligations are backed by the "full faith and credit" of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or may be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. For example, securities issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks are neither insured nor guaranteed by the U.S. Government. These securities may be supported by the ability to borrow from the U.S. Treasury or only by the credit of the issuing agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than securities issued or guaranteed by the U.S. Treasury. Securities guaranteed by the Federal Deposit Insurance Corporation under its Temporary Liquidity Guarantee Program (TLGP) are subject to certain risks, including whether such securities will continue to trade in line with recent experience in relation to treasury and government agency securities in terms of yield spread and the volatility of such spread, as well as uncertainty as to how such securities will trade in the secondary market and whether that market will be liquid or illiquid. The TLGP is subject to change.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Dollar Rolls Risk</b> <b>–</b> Dollar rolls are transactions in which the Fund sells securities to a counterparty and simultaneously agrees to purchase those or similar securities in the future at a predetermined price. Dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. These transactions may also increase the Fund's portfolio turnover rate. If the Fund reinvests the proceeds of the security sold, the Fund will also be subject to the risk that the investments purchased with such proceeds will decline in value (a form of leverage risk).</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Mortgage-Backed Securities Risk</b> <b>–</b> The value of the Fund's mortgage-backed securities may be affected by, among other things, changes or perceived changes in: interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgages, the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements, or the market's assessment of the quality of underlying assets. Mortgage-backed securities represent interests in, or are backed by, pools of mortgages from which payments of interest and principal (net of fees paid to the issuer or guarantor of the securities) are distributed to the holders of the mortgage-backed securities. Mortgage-backed securities can have a fixed or an adjustable rate. Payment of principal and interest on some mortgage-backed securities (but not the market value of the securities themselves) may be guaranteed (i) by the full faith and credit of the U.S. Government (in the case of securities guaranteed by the Government National Mortgage Association) or (ii) by its agencies, authorities, enterprises or instrumentalities (in the case of securities guaranteed by the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC)), which are not insured or guaranteed by the U.S. Government (although FNMA and FHLMC may be able to access capital from the U.S. Treasury to meet their obligations under such securities). Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers) may be supported by various credit enhancements, such as pool insurance, guarantees issued by governmental entities, letters of credit from a bank or senior/subordinated structures, and may entail greater risk than obligations guaranteed by the U.S. Government, whether or not such obligations are guaranteed by the private issuer. Mortgage-backed securities are subject to prepayment risk, which is the possibility that the underlying mortgage may be refinanced or prepaid prior to maturity during periods of declining or low interest rates, causing the Fund to have to reinvest the money received in securities that have lower yields. In addition, the impact of prepayments on the value of mortgage-backed securities may be difficult to predict and may result in greater volatility. Rising or high interest rates tend to extend the duration of mortgage-backed securities, making them more volatile and more sensitive to changes in interest rates.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Asset-Backed Securities Risk</b> <b>–</b> The value of the Fund's asset-backed securities may be affected by, among other things, changes in: interest rates, factors concerning the interests in and structure of the issuer or the originator of the receivables, the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements, or the market's assessment of the quality of underlying assets. Asset-backed securities represent interests in, or are backed by, pools of receivables such as credit card, auto, student and home equity loans. They may also be backed, in turn, by securities backed by these types of loans and others, such as mortgage loans. Asset-backed securities can have a fixed or an adjustable rate. Most asset-backed securities are subject to prepayment risk, which is the possibility that the underlying debt may be refinanced or prepaid prior to maturity during periods of declining or low interest rates, causing the Fund to have to reinvest the money received in securities that have lower yields. In addition, the impact of prepayments on the value of asset-backed securities may be difficult to predict and may result in greater volatility. Rising or high interest rates tend to extend the duration of asset-backed securities, making them more volatile and more sensitive to changes in interest rates. </p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Credit Risk</b> <b>–</b> Credit risk applies to most debt securities, but is generally less of a factor for obligations backed by the "full faith and credit" of the U.S. Government. The Fund could lose money if the issuer of a debt security owned by the Fund is unable or perceived to be unable to pay interest or repay principal when it becomes due. Various factors could affect the issuer's actual or perceived willingness or ability to make timely interest or principal payments, including changes in the issuer's financial condition or in general economic conditions. Debt securities backed by an issuer's taxing authority may be subject to legal limits on the issuer's power to increase taxes or otherwise to raise revenue, or may be dependent on legislative appropriation or government aid. Certain debt securities are backed only by revenues derived from a particular project or source, rather than by an issuer's taxing authority, and thus may have a greater risk of default.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Prepayment and Extension Risk —</b> Prepayment and extension risk is the risk that a loan, bond or other security might be called or otherwise converted, prepaid or redeemed before maturity. This risk is primarily associated with asset-backed securities, including mortgage-backed securities and floating rate loans. If a loan or security is converted, prepaid or redeemed before maturity, particularly during a time of declining interest rates or spreads, the portfolio managers may not be able to invest the proceeds in securities or loans providing as high a level of income, resulting in a reduced yield to the Fund. Conversely, as interest rates rise or spreads widen, the likelihood of prepayment decreases. The portfolio managers may be unable to capitalize on securities with higher interest rates or wider spreads because the Fund's investments are locked in at a lower rate for a longer period of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Foreign Securities Risk –</b> Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Reinvestment Risk</b> <b>–</b> Income from the Fund's debt securities portfolio will decline if and when the Fund invests the proceeds from matured, traded or called securities in securities with market interest rates that are below the current earnings rate of the Fund's portfolio.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk</b> <b>–</b> Illiquid securities are securities that cannot be readily disposed of in the normal course of business. There is a risk that the Fund may not be able to sell such securities at the time it desires or without adversely affecting their price.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk – Futures Contracts</b> - The Fund may buy or sell futures. A futures contract is a contract between a buyer (holding the "long" position) and a seller (holding the "short" position) for an asset with delivery deferred until a future date. The buyer agrees to pay a fixed price at the agreed future date and the seller agrees to deliver the asset. The seller hopes that the market price on the delivery date is less than the agreed upon price, while the buyer hopes for the contrary. The liquidity of the futures markets depends on participants entering into offsetting transactions rather than making or taking delivery. To the extent participants decide to make or take delivery, liquidity in the particular futures market could be reduced. Certain futures markets are more liquid than others. In addition, certain futures exchanges often impose a maximum permissible price movement on each futures contract for each trading session. To the extent that the Fund trades on such futures exchanges, the Fund may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Changing Distribution Levels Risk</b> <b>–</b> The amount of the distributions paid by the Fund generally depends on the amount of interest and/or dividends received by the Fund on the securities it holds. The Fund may not be able to pay distributions or may have to reduce its distribution level if the interest and/or dividends the Fund receives from its investments decline.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Rule 144A Securities Risk —</b> The Fund may invest significantly in privately placed securities that have not been registered for sale under the Securities Act of 1933 pursuant to Rule 144A (Rule 144A securities) which are determined to be liquid in accordance with procedures adopted by the Fund's Board of Trustees. However, an insufficient number of qualified institutional buyers interested in purchasing Rule 144A securities could affect adversely the marketability of such securities and the Fund might be unable to dispose of such securities promptly or at reasonable prices. Accordingly, even if determined to be liquid, the Fund's holdings of Rule 144A securities may increase the level of Fund illiquidity if eligible buyers become uninterested in buying them. The Fund may also have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Additionally, the purchase price and subsequent valuation of restricted and illiquid securities normally reflect a discount, which may be significant, from the market price of comparable securities for which a liquid market exists.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R4 and Class R5 shares had not commenced operations prior to the date of this prospectus; therefore, performance information for these classes is not yet available. The performance of Class Z shares, which have been outstanding longer than any other share class of the Fund, is shown in the bar chart and the average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), these classes of shares would have annual returns substantially similar to those of Class Z shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown.</p> 2nd quarter 2009: 0.0352 3rd quarter 2008: -0.0141 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Barclays 1-3 Year Government/Credit Index, which consists of Treasury or government agency securities and investment grade corporate debt securities with maturities of one to three years.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataNNNN column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010777Member ~</div> 0 0 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataNNNN column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010777Member ~</div> 0.0042 0 0.0021 0.0063 -0.0007 0.0056 0.0042 0 0.0007 0.0049 -0.0002 0.0047 <div style="display:none">~ http://columbia/role/ExpenseExampleNNNN column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010777Member ~</div> 57 48 195 155 344 272 780 614 <div style="display:none">~ http://columbia/role/BarChartDataNNNN column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010777Member ~</div> 0.0531 0.0212 0.0139 0.0189 0.045 0.0556 -0.0034 0.0959 0.0356 0.0147 <div style="display:none">~ http://columbia/role/PerformanceTableDataNNNN column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010777Member ~</div> 0.0147 0.007 0.0095 0.0159 0.0391 0.0258 0.0256 0.0399 0.0347 0.0222 0.0222 0.0363 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from federal income tax, consistent with minimal fluctuation of principal.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R5 shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above expire on November 8, 2013, they are only reflected in the 1 year example and the first year of the 3, 5 and 10 year examples.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal period, the Fund's fiscal year end changed from March 31 to April 30. For the fiscal period from April 1, 2012 to April 30, 2012, the Fund's portfolio turnover rate was 2% of the average value of its portfolio and for the prior fiscal year ended March 31, 2012, the Fund's portfolio turnover rate was 39% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests at least 80% of its net assets in securities that pay interest exempt from federal income tax (but not necessarily the federal alternative minimum tax). The Fund may invest up to 20% of its net assets in securities that pay interest that is subject to taxation, including the federal alternative minimum tax. The Fund generally invests in securities that, at the time of purchase, are rated investment grade or are unrated but determined by Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager), to be of comparable quality. Under normal circumstances, the Fund's dollar-weighted average maturity will be less than three years.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in derivatives, including futures, such as exchange-traded futures contracts, primarily for hedging purposes.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager evaluates a number of factors in identifying investment opportunities and constructing the Fund's portfolio. The Investment Manager considers local, national and global economic conditions, market conditions, interest rate movements and other relevant factors to determine the allocation of the Fund's assets among different issuers, industry sectors and maturities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager, in connection with selecting individual investments for the Fund, evaluates a security based on its potential to generate income and/or capital appreciation. The Investment Manager considers, among other factors, the creditworthiness of the issuer of the security and the various features of the security, such as its interest rate, yield, maturity, any call features and value relative to other securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager may sell a security if the Investment Manager believes that there is deterioration in the issuer's financial circumstances, or that other investments are more attractive; if there is deterioration in a security's credit rating; or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Interest Rate Risk</b> <b>–</b> Debt securities are subject to interest rate risk. In general, if prevailing interest rates rise, the values of debt securities will tend to fall, and if interest rates fall, the values of debt securities will tend to rise. Changes in the value of a debt security usually will not affect the amount of income the Fund receives from it but may affect the value of the Fund's shares. Interest rate risk is generally greater for debt securities with longer maturities/durations.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Credit Risk</b> <b>–</b> Credit risk applies to most debt securities, but is generally less of a factor for obligations backed by the "full faith and credit" of the U.S. Government. The Fund could lose money if the issuer of a debt security owned by the Fund is unable or perceived to be unable to pay interest or repay principal when it becomes due. Various factors could affect the issuer's actual or perceived willingness or ability to make timely interest or principal payments, including changes in the issuer's financial condition or in general economic conditions. Debt securities backed by an issuer's taxing authority may be subject to legal limits on the issuer's power to increase taxes or otherwise to raise revenue, or may be dependent on legislative appropriation or government aid. Certain debt securities are backed only by revenues derived from a particular project or source, rather than by an issuer's taxing authority, and thus may have a greater risk of default.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk</b> <b>–</b> Municipal securities are debt obligations generally issued to obtain funds for various public purposes, including general financing for state and local governments, or financing for a specific project or public facility. Municipal securities may be fully or partially backed by the taxing authority of the local government, by the credit of a private issuer, by the current or anticipated revenues from a specific project or specific assets or by domestic or foreign entities providing credit support, such as letters of credit, guarantees or insurance, and are generally classified into general obligation bonds and special revenue obligations. General obligation bonds are backed by an issuer's taxing authority and may be vulnerable to limits on a government's power or ability to raise revenue or increase taxes. They may also depend for payment on legislative appropriation and/or funding or other support from other governmental bodies. Revenue obligations are payable from revenues generated by a particular project or other revenue source, and are typically subject to greater risk of default than general obligation bonds because investors can look only to the revenue generated by the project or other revenue source backing the project, rather than to the general taxing authority of the state or local government issuer of the obligations. Because many municipal securities are issued to finance projects in sectors such as education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market. Municipal securities generally pay interest that, in the opinion of bond counsel, is free from U.S. federal income tax (and, often, the federal alternative minimum tax). There is no assurance that the Internal Revenue Service (IRS) will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued, and the value of the security would likely fall. As a shareholder of the Fund, you may be required to file an amended tax return and pay additional taxes as a result.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk – Futures Contracts</b> - The Fund may buy or sell futures. A futures contract is a contract between a buyer (holding the "long" position) and a seller (holding the "short" position) for an asset with delivery deferred until a future date. The buyer agrees to pay a fixed price at the agreed future date and the seller agrees to deliver the asset. The seller hopes that the market price on the delivery date is less than the agreed upon price, while the buyer hopes for the contrary. The liquidity of the futures markets depends on participants entering into offsetting transactions rather than making or taking delivery. To the extent participants decide to make or take delivery, liquidity in the particular futures market could be reduced. Certain futures markets are more liquid than others. In addition, certain futures exchanges often impose a maximum permissible price movement on each futures contract for each trading session. To the extent that the Fund trades on such futures exchanges, the Fund may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Changing Distribution Levels Risk</b> <b>–</b> The amount of the distributions paid by the Fund generally depends on the amount of interest and/or dividends received by the Fund on the securities it holds. The Fund may not be able to pay distributions or may have to reduce its distribution level if the interest and/or dividends the Fund receives from its investments decline.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Prepayment and Extension Risk —</b> Prepayment and extension risk is the risk that a loan, bond or other security might be called or otherwise converted, prepaid or redeemed before maturity. This risk is primarily associated with asset-backed securities, including mortgage-backed securities and floating rate loans. If a loan or security is converted, prepaid or redeemed before maturity, particularly during a time of declining interest rates or spreads, the portfolio managers may not be able to invest the proceeds in securities or loans providing as high a level of income, resulting in a reduced yield to the Fund. Conversely, as interest rates rise or spreads widen, the likelihood of prepayment decreases. The portfolio managers may be unable to capitalize on securities with higher interest rates or wider spreads because the Fund's investments are locked in at a lower rate for a longer period of time.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R5 shares had not commenced operations prior to the date of this prospectus; therefore, performance information for this class is not yet available. The performance of Class Z shares, which have been outstanding longer than any other share class of the Fund, is shown in the bar chart and the average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), this class of shares would have annual returns substantially similar to those of Class Z shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown.</p> 2nd quarter 2002: 0.0199 2nd quarter 2004: -0.0099 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Barclays 1-3 Year Municipal Bond Index, which consists of a broad selection of investment grade general obligation and revenue bonds of maturities ranging from one year to three years.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataOOOO column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010778Member ~</div> 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataOOOO column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010778Member ~</div> 0.0042 0 0.0007 0.0049 -0.001 0.0039 <div style="display:none">~ http://columbia/role/ExpenseExampleOOOO column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010778Member ~</div> 40 147 264 606 <div style="display:none">~ http://columbia/role/BarChartDataOOOO column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010778Member ~</div> 0.0481 0.0237 0.013 0.0135 0.0312 0.0425 0.0405 0.0437 0.01 0.0221 <div style="display:none">~ http://columbia/role/PerformanceTableDataOOOO column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010778Member ~</div> 0.0221 0.0221 0.0207 0.0215 0.0317 0.0317 0.0307 0.0348 0.0288 0.0288 0.0283 0.0299 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund seeks total return before fees and expenses that corresponds to the total return of the Standard &amp; Poor's (S&amp;P) SmallCap 600® Index. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R5 shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 20% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Under normal circumstances, the Fund invests at least 80% of its net assets in common stocks that comprise the S&amp;P SmallCap 600® Index. The Fund may invest in derivatives, consisting of stock index futures or options, as substitutes for the underlying securities in the S&amp;P SmallCap 600® Index. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Different common stocks have different weightings in the S&amp;P SmallCap 600® Index, depending on the amount of stock outstanding and the stock's current price. In seeking to match the performance of the S&amp;P SmallCap 600® Index, Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager), attempts to allocate the Fund's assets among common stocks in approximately the same weightings as the S&amp;P SmallCap 600® Index.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund attempts to achieve at least a 95% correlation between the performance of the S&amp;P SmallCap 600® Index and the Fund's investment results, before fees and expenses. The Fund's ability to track the S&amp;P SmallCap 600® Index is affected by, among other things, transaction costs and other expenses, changes in the composition of the S&amp;P SmallCap 600® Index, changes in the number of shares issued by the companies represented in the S&amp;P SmallCap 600® Index, and by the timing and amount of shareholder purchases and redemptions. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager may sell a stock when the stock's percentage weighting in the index is reduced, when the stock is removed from the index, or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Index Risk</b> <b>–</b> The Fund's value will generally decline when the performance of its targeted index declines. In addition, because the Fund may not hold all issues included in its index, may not always be fully invested, and bears advisory, administrative and other expenses and transaction costs in trading securities, the Fund's performance may fail to match the performance of its targeted index, after taking expenses into account. It is not possible to invest directly in an index.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk –</b> Derivatives are financial contracts whose values are, for example, based on (or "derived" from) traditional securities (such as a stock or bond), assets (such as a commodity like gold or a foreign currency), reference rates (such as LIBOR) or market indices (such as the Standard &amp; Poor's (S&amp;P) 500® Index). Derivatives involve special risks and may result in losses or may limit the Fund's potential gain from favorable market movements. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security or other asset. The values of derivatives may move in unexpected ways, especially in unusual market conditions, and may result in increased volatility, among other consequences. The use of derivatives may also increase the amount of taxes payable by shareholders holding shares in a taxable account. Other risks arise from the Fund's potential inability to terminate or to sell derivative positions. A liquid secondary market may not always exist for the Fund's derivative positions at times when the Fund might wish to terminate or to sell such positions. Over-the-counter instruments (investments not traded on an exchange) may be illiquid, and transactions in derivatives traded in the over-the-counter market are subject to the risk that the other party will not meet its obligations. The use of derivatives also involves the risks of mispricing or improper valuation and that changes in the value of the derivative may not correlate perfectly with the underlying security, asset, reference rate or index. The Fund also may not be able to find a suitable derivative transaction counterparty, and thus may be unable to engage in derivative transactions when it is deemed favorable to do so, or at all. U.S. federal legislation has recently been enacted that provides for new clearing, margin, reporting and registration requirements for participants in the derivatives market. While the ultimate impact is not yet clear, these changes could restrict and/or impose significant costs or other burdens upon the Fund's participation in derivatives transactions. For more information on the risks of derivative investments and strategies, see the Statement of Additional Information. </p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Smaller Company Securities Risk</b> <b>–</b> Securities of small- or mid-capitalization companies (smaller companies) can, in certain circumstances, have a higher potential for gains than securities of large-capitalization companies (larger companies) but may also have more risk. For example, smaller companies may be more vulnerable to market downturns and adverse business or economic events than larger, more established companies because they may have more limited financial resources and business operations. These companies are also more likely than larger companies to have more limited product lines and operating histories and to depend on smaller management teams. Their securities may trade less frequently and in smaller volumes and may be less liquid and fluctuate more sharply in value than securities of larger companies. In addition, some smaller companies may not be widely followed by the investment community, which can lower the demand for their stocks.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Sector Risk –</b> At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Quantitative Model Risk –</b> The Fund may use quantitative methods to select investments. Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns, among others. Any errors or imperfections in the Investment Manager's or a sub-adviser's quantitative analyses or models, or in the data on which they are based, could adversely affect the ability of the Investment Manager or a sub-adviser to use such analyses or models effectively, which in turn could adversely affect the Fund's performance. There can be no assurance that these methodologies will help the Fund to achieve its objective.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R5 shares had not commenced operations prior to the date of this prospectus; therefore, performance information for this class is not yet available. The performance of Class A shares, which have been outstanding as long as any other share class of the Fund, is shown in the bar chart and average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), this class of shares would have annual returns substantially similar to those of Class A shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class A share performance has varied for each full calendar year shown.</p> 2nd quarter 2009: 0.2102 4th quarter 2008: -0.2503 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the S&amp;P SmallCap 600® Index, that tracks the performance of 600 domestic companies traded on the New York Stock Exchange, the NYSE Amex and the NASDAQ.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares.</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataPPPP column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010827Member ~</div> 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataPPPP column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010827Member ~</div> 0.002 0 0 0.0002 0.0022 <div style="display:none">~ http://columbia/role/ExpenseExamplePPPP column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010827Member ~</div> 23 71 124 280 <div style="display:none">~ http://columbia/role/BarChartDataPPPP column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010827Member ~</div> -0.1537 0.3794 0.2208 0.0714 0.1462 -0.0066 -0.31 0.2519 0.2571 0.0058 <div style="display:none">~ http://columbia/role/PerformanceTableDataPPPP column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010827Member ~</div> 0.0058 -0.0037 0.0155 0.0102 0.0164 0.0045 0.0114 0.0194 0.0662 0.0571 0.056 0.0709 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund seeks long-term capital appreciation. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R4, Class R5 or Class Y shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above expire on June 30, 2014, they are only reflected in the 1 year example and the first year of the 3, 5 and 10 year examples. Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 41% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of companies that have market capitalizations in the range of the companies in the Russell 2000 Value Index at the time of purchase (between $45 million and $3.85 billion as of September 30, 2012), that Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager), believes are undervalued and have the potential for long-term growth. The Fund may invest up to 20% of its total assets in foreign securities. The Fund normally invests in common stocks and also may invest in real estate investment trusts.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Investment Manager combines fundamental and quantitative analysis with risk management in identifying value opportunities and constructing the Fund's portfolio. The Investment Manager considers, among other factors: </p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> businesses that are believed to be fundamentally sound and undervalued due to investor indifference, investor misperception of company prospects, or other factors; </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">various measures of valuation, including price-to-cash flow, price-to-earnings, price-to-sales, and price-to-book value. The Investment Manager believes that companies with lower valuations are generally more likely to provide opportunities for capital appreciation;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">a company's current operating margins relative to its historic range and future potential; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">potential indicators of stock price appreciation, such as anticipated earnings growth, company restructuring, changes in management, business model changes, new product opportunities, or anticipated improvements in macroeconomic factors.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager may sell a security when the security's price reaches a target set by the Investment Manager; if the Investment Manager believes that there is deterioration in the issuer's financial circumstances or fundamental prospects, or that other investments are more attractive; or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Value Securities Risk</b> <b>–</b> Value securities are securities of companies that may have experienced, for example, adverse business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the Investment Manager's future value assessment of that security, or may decline. There is also a risk that it may take longer than expected for the value of these investments to rise to the believed value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Smaller Company Securities Risk</b> <b>–</b> Securities of small- or mid-capitalization companies (smaller companies) can, in certain circumstances, have a higher potential for gains than securities of large-capitalization companies (larger companies) but may also have more risk. For example, smaller companies may be more vulnerable to market downturns and adverse business or economic events than larger, more established companies because they may have more limited financial resources and business operations. These companies are also more likely than larger companies to have more limited product lines and operating histories and to depend on smaller management teams. Their securities may trade less frequently and in smaller volumes and may be less liquid and fluctuate more sharply in value than securities of larger companies. In addition, some smaller companies may not be widely followed by the investment community, which can lower the demand for their stocks.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Foreign Securities Risk –</b> Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Real Estate Investment Trusts Risk</b> <b>–</b> Real estate investment trusts (REITs) are entities that either own properties or make construction or mortgage loans, and also may include operating or finance companies. The value of REIT shares is affected by, among other factors, changes in the value of the underlying properties owned by the REIT and/or by changes in the prospect for earnings and/or cash flow growth of the REIT itself. In addition, certain of the risks associated with general real estate ownership apply to the Fund's REIT investments, including risks related to general and local economic conditions, possible lack of availability of financing and changes in interest rates.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Sector Risk –</b> At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R4, Class R5 and Class Y shares had not commenced operations prior to the date of this prospectus; therefore, performance information for these classes is not yet available. The performance of Class A shares, which have been outstanding as long as any other share class of the Fund, is shown in the bar chart and average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), these classes of shares would have annual returns substantially similar to those of Class A shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower.</p> 3rd quarter 2009: 0.2181 4th quarter 2008: -0.2389 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Russell 2000 Value Index, which measures the performance of those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares.</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataQQQQ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010793Member ~</div> 0 0 0 0 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataQQQQ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010793Member ~</div> 0.0081 0 0.0034 0.0115 -0.0009 0.0106 0.0081 0 0.0008 0.0089 0 0.0089 0.0081 0 0.0003 0.0084 0 0.0084 <div style="display:none">~ http://columbia/role/ExpenseExampleQQQQ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010793Member ~</div> 108 91 86 356 284 268 624 493 466 1390 1096 1037 <div style="display:none">~ http://columbia/role/BarChartDataQQQQ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010793Member ~</div> 0.4165 0.2386 0.0863 0.1676 0.0268 -0.3378 0.2494 0.2537 -0.027 <div style="display:none">~ http://columbia/role/PerformanceTableDataQQQQ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010793Member ~</div> -0.0826 -0.0829 -0.0534 -0.027 -0.055 -0.0047 -0.0065 -0.0043 0.0071 -0.0187 0.0622 0.0542 0.0513 0.0687 0.0524 0.00 0.66 0.16 1.97 0.06 0.86 0.42 0.55 1.04 0.90 0.65 0.86 0.15 0.39 1.12 0.76 0.02 0.20 0.41 2013-11-08 2013-11-08 2013-11-08 2013-11-08 May 31, 2014 for Class K and until November 8, 2013 for Class R4 and Class R5 2013-11-08 2013-11-08 2013-11-08 2013-11-08 2013-11-08 2013-11-08 2013-11-08 2014-06-30 The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown. The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown. The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown. The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown. The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown. The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown. The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown. The bar chart shows how the Fund's Class A share performance has varied for each full calendar year shown. The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. <pre> Best and Worst Quarterly Returns During this Period Best: 3rd quarter 2009: 7.28% Worst: 4th quarter 2010: -3.66% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 3rd quarter 2009: 12.42% Worst: 4th quarter 2008: -17.91% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 2nd quarter 2003: 26.68% Worst: 3rd quarter 2002: -21.66% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 2nd quarter 2009: 14.76% Worst: 4th quarter 2008: -20.22% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 2nd quarter 2009: 15.86% Worst: 4th quarter 2008: -21.97% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 2nd quarter 2009: 19.62% Worst: 4th quarter 2008: -22.88% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 2nd quarter 2009: 16.41% Worst: 4th quarter 2008: -14.57% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 2nd quarter 2009: 11.32% Worst: 4th quarter 2008: -9.87% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 2nd quarter 2003: 22.13% Worst: 4th quarter 2008: -25.12% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 3rd quarter 2009: 15.62% Worst: 4th quarter 2008: -21.11% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 3rd quarter 2009: 15.92% Worst: 4th quarter 2008: -22.85% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 2nd quarter: 2009: 26.57% Worst: 4th quarter: 2008: -27.68% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 3rd quarter 2009: 19.89% Worst: 4th quarter 2008: -25.45% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 3rd quarter 2009: 20.74% Worst: 4th quarter 2008: -27.98% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 2nd quarter 2009: 26.06% Worst: 4th quarter 2008: -24.42% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 2nd quarter 2009: 3.52% Worst: 3rd quarter 2008: -1.41% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 2nd quarter 2002: 1.99% Worst: 2nd quarter 2004: -0.99% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 2nd quarter 2009: 21.02% Worst: 4th quarter 2008: -25.03% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 3rd quarter 2009: 21.81% Worst: 4th quarter 2008: -23.89% </pre> www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com 800.345.6611 800.345.6611 800.345.6611 800.345.6611 800.345.6611 800.345.6611 800.345.6611 800.345.6611 800.345.6611 800.345.6611 800.345.6611 800.345.6611 800.345.6611 800.345.6611 800.345.6611 800.345.6611 800.345.6611 800.345.6611 800.345.6611 The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). If the sales charges were reflected, returns shown would be lower. If the sales charges were reflected, returns shown would be lower. If the sales charges were reflected, returns shown would be lower. If the sales charges were reflected, returns shown would be lower. If the sales charges were reflected, returns shown would be lower. If the sales charges were reflected, returns shown would be lower. If the sales charges were reflected, returns shown would be lower. If the sales charges were reflected, returns shown would be lower. If the sales charges were reflected, returns shown would be lower. If the sales charges were reflected, returns shown would be lower. If the sales charges were reflected, returns shown would be lower. Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. Money Market Fund Risk – The Fund and certain Underlying Funds may invest in (and certain Underlying Funds may be) money market funds, but an investment in a money market fund is not a bank deposit, and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency or any bank. Although money market funds seek to preserve the value of an investment at $1.00 per share, it is possible to lose money by investing in such funds. Non-Diversified Mutual Fund Risk – The Fund is non-diversified, which generally means that it may invest a greater percentage of its total assets in the securities of fewer issuers than may a "diversified" fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of more diversified funds. The Fund may not operate as a non-diversified fund at all times. Year-to-date return as of September 30, 2012: 5.40% 0.0540 2012-09-30 Year-to-date return as of September 30, 2012: 10.64% 0.1064 2012-09-30 Year-to-date return as of September 30, 2012: 5.05% 0.0505 2012-09-30 Year-to-date return as of September 30, 2012: 17.51% 0.1751 2012-09-30 Year-to-date return as of September 30, 2012: 16.27% 0.1627 2012-09-30 Year-to-date return as of September 30, 2012: 14.02% 0.1402 2012-09-30 Year-to-date return as of September 30, 2012: 10.82% 0.1082 2012-09-30 Year-to-date return as of September 30, 2012: 9.21% 0.0921 2012-09-30 Year-to-date return as of September 30, 2012: 13.85% 0.1385 2012-09-30 Year-to-date return as of September 30, 2012: 13.88% 0.1388 2012-09-30 Year-to-date return as of September 30, 2012: 14.18% 0.1418 2012-09-30 Year-to-date return as of September 30, 2012: 10.99% 0.1099 2012-09-30 Year-to-date return as of September 30, 2012: 13.57% 0.1357 2012-09-30 Year-to-date return as of September 30, 2012: 12.09% 0.1209 2012-09-30 Year-to-date return as of September 30, 2012: 11.49% 0.1149 2012-09-30 Year-to-date return as of September 30, 2012: 2.60% 0.0260 2012-09-30 Year-to-date return as of September 30, 2012: 1.33% 0.0133 2012-09-30 Year-to-date return as of September 30, 2012: 13.53% 0.1353 2012-09-30 Year-to-date return as of September 30, 2012: 10.54% 0.1054 2012-09-30 2002-08-19 2002-08-19 2002-08-19 2002-08-19 2002-08-31 2002-04-30 2002-04-30 2002-04-30 2002-04-30 2002-04-30 Year-to-date return as of September 30, 2012: 5.40% Columbia Management Investment Advisers, LLC (the Investment Manager) and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) until November 8, 2013, unless sooner terminated at the sole discretion of the Fund's Board of Trustees. Under this agreement, the Fund's net operating expenses, subject to applicable exclusions, will not exceed the annual rate of 0.39% for Class R5. Other expenses are based on estimated amounts for the current fiscal year. Year-to-date return as of September 30, 2012: 14.18% Columbia Management Investment Advisers, LLC (the Investment Manager) and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) until November 8, 2013, unless sooner terminated at the sole discretion of the Fund's Board of Trustees. Under this agreement, the Fund's net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 1.00% for Class R4 and 0.92% for Class R5. Other expenses are based on estimated amounts for the current fiscal year. Other expenses are based on estimated amounts for the current fiscal year. Year-to-date return as of September 30, 2012: 11.49% Other expenses are based on estimated amounts for the current fiscal year. Year-to-date return as of September 30, 2012: 12.09% Year-to-date return as of September 30, 2012: 10.64% Columbia Management Investment Advisers, LLC (the Investment Manager) and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) until November 8, 2013, unless sooner terminated at the sole discretion of the Fund's Board of Trustees. Under this agreement, the Fund's net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 0.92% for Class R4 and 0.79% for Class R5. Other expenses are based on estimated amounts for the current fiscal year. Other expenses are based on estimated amounts for the current fiscal year. Year-to-date return as of September 30, 2012: 17.51% Year-to-date return as of September 30, 2012: 10.99% Columbia Management Investment Advisers, LLC (the Investment Manager) and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) until November 8, 2013, unless sooner terminated at the sole discretion of the Fund's Board of Trustees. Under this agreement, the Fund's net operating expenses, subject to applicable exclusions, will not exceed the annual rate of 1.24% for Class R4. Other expenses are based on estimated amounts for the current fiscal year. Year-to-date return as of September 30, 2012: 1.33% Other expenses are based on estimated amounts for the current fiscal year. Columbia Management Investment Advisers, LLC (the Investment Manager) and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) until November 8, 2013, unless sooner terminated at the sole discretion of the Fund's Board of Trustees. Under this agreement, the Fund's net operating expenses, subject to applicable exclusions, will not exceed the annual rate of 0.39% for Class R5. Year-to-date return as of September 30, 2012: 13.88% Other expenses are based on estimated amounts for the current fiscal year. Columbia Management Investment Advisers, LLC (the Investment Manager) and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) until November 8, 2013, unless sooner terminated at the sole discretion of the Fund's Board of Trustees. Under this agreement, the Fund's net operating expenses, subject to applicable exclusions, will not exceed the annual rate of 1.00% for Class R4. Other expenses are based on estimated amounts for the current fiscal year. Columbia Management Investment Advisers, LLC (the Investment Manager) and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) until June 30, 2014, unless sooner terminated at the sole discretion of the Fund's Board of Trustees. Under this agreement, the Fund's net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 1.06% for Class R4, 1.03% for Class R5 and 0.98% for Class Y. Year-to-date return as of September 30, 2012: 10.54% These fees and expenses and the example below include the Fund's portion of the fees and expenses deducted from the assets of Columbia International Value Master Portfolio (the Master Portfolio). Year-to-date return as of September 30, 2012: 5.05% Columbia Management Investment Advisers, LLC (the Investment Manager) and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) until November 8, 2013, unless sooner terminated at the sole discretion of the Fund's Board of Trustees. Under this agreement, the Fund's net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 1.21% for Class R4 and 1.12% for Class R5. Other expenses are based on estimated amounts for the current fiscal year. Columbia Management Investment Advisers, LLC (the Investment Manager) and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) until November 8, 2013, unless sooner terminated at the sole discretion of the Fund's Board of Trustees. Under this agreement, the Fund's net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 0.56% for Class R4 and 0.47% for Class R5. Other expenses are based on estimated amounts for the current fiscal year. Year-to-date return as of September 30, 2012: 2.60% Other expenses are based on estimated amounts for the current fiscal year. Year-to-date return as of September 30, 2012: 13.85% Columbia Management Investment Advisers, LLC (the Investment Manager) and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) until November 8, 2013, unless sooner terminated at the sole discretion of the Fund's Board of Trustees. Under this agreement, the Fund's net operating expenses, subject to applicable exclusions, will not exceed the annual rate of 1.06% for Class R4. Year-to-date return as of September 30, 2012: 10.82% Year-to-date return as of September 30, 2012: 9.21% Other expenses are based on estimated amounts for the current fiscal year. Year-to-date return as of September 30, 2012: 14.02% Columbia Management Investment Advisers, LLC (the Investment Manager) and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, investment advisory fees and extraordinary expenses) until November 8, 2013, unless sooner terminated at the sole discretion of the Fund's Board of Trustees. Under this agreement, the Fund's net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 0.26% for Class R4 and 0.15% for Class R5. Columbia Management Investment Advisers, LLC (the Investment Manager) and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, investment advisory fees and extraordinary expenses) until May 31, 2014 for Class K and until November 8, 2013 for Class R4 and Class R5, unless sooner terminated at the sole discretion of the Fund's Board of Trustees. Under this agreement, the Fund's net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 0.43% for Class K, 0.26% for Class R4 and 0.18% for Class R5. Year-to-date return as of September 30, 2012: 16.27% Other expenses are based on estimated amounts for the current fiscal year. Columbia Management Investment Advisers, LLC (the Investment Manager) and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) until November 8, 2013, unless sooner terminated at the sole discretion of the Fund's Board of Trustees. Under this agreement, the Fund's net operating expenses, subject to applicable exclusions, will not exceed the annual rate of 0.12% for Class R5. Other expenses are based on estimated amounts for the current fiscal year. Year-to-date return as of September 30, 2012: 13.57% Other expenses are based on estimated amounts for the current fiscal year. Year-to-date return as of September 30, 2012: 13.53% EX-101.SCH 3 cik0001097519-2012110801.xsd XBRL TAXONOMY EXTENSION SCHEMA 010002 - Document - Columbia California Intermediate Municipal Bond Fund - R5 {Unlabeled} link:presentationLink link:calculationLink link:definitionLink 020062 - Schedule - Average Annual Total Returns {Transposed} link:presentationLink link:calculationLink link:definitionLink 020032 - Schedule - Expense Example {Transposed} link:presentationLink link:calculationLink link:definitionLink 020022 - Schedule - Annual Fund Operating Expenses link:presentationLink link:calculationLink link:definitionLink 020012 - Schedule - Shareholder Fees link:presentationLink link:calculationLink link:definitionLink 020052 - Schedule - Annual Total Returns {Transposed} link:presentationLink link:calculationLink link:definitionLink 010003 - Document - Columbia Convertible Securities Fund - R4 R5 {Unlabeled} link:presentationLink link:calculationLink link:definitionLink 020063 - Schedule - 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