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2011-11-09 2012-11-08 0001352280 cfst37:S000031351Member cfst37:RussellOneThousandGrowthIndexMember 2011-11-09 2012-11-08 pure iso4217:USD <center>(calendar year)</center> <center>(calendar year)<center> 1004 1004 <center>(calendar year)<center> <center>(calendar year)</center> 1056 363 526 743 475 390 610 363 475 844 957 957 299 464 695 324 561 421 1084 1084 1228 596 461 559 <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleShareholderFeesColumbiaIncomeOpportunitiesFund column period compact * ~</div> Example Example Example 475 363 610 390 475 743 526 363 1004 2012-09-30 2012-09-30 2012-09-30 2012-09-30 559 825 1238 445 607 835 472 703 570 <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleShareholderFeesColumbiaStrategicAllocationFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleShareholderFeesColumbiaInflationProtectedSecuritiesFund column period compact * ~</div> 1094 1094 <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleShareholderFeesColumbiaLargeGrowthQuantitativeFund column period compact * ~</div> Example Summary of the Fund 0.0575 0 0 Summary of the Fund Shareholder Fees (fees paid directly from your investment) You may qualify for sales charge discounts on Class A shares of the Fund if you and members of your immediate family (that share the same mailing address) agree to invest in the future at least $50,000 in certain classes of shares of eligible funds distributed by Columbia Management Investment Distributors, Inc. More information about these and other discounts is available from your financial intermediary and under Reductions/Waivers of Sales Charges Front-End Sales Charge Reductions on page S.9 of this prospectus and on page D.1 of Appendix D in the Funds Statement of Additional Information (SAI). You may qualify for sales charge discounts on Class A shares of the Fund if you and members of your immediate family (that share the same mailing address) agree to invest in the future at least $50,000 in certain classes of shares of eligible funds distributed by Columbia Management Investment Distributors, Inc. More information about these and other discounts is available from your financial intermediary and under Reductions/Waivers of Sales Charges Front-End Sales Charge Reductions on page S.9 of this prospectus and on page D.1 of Appendix D in the Funds Statement of Additional Information (SAI). Shareholder Fees (fees paid directly from your investment) <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAnnualFundOperatingExpensesColumbiaIncomeOpportunitiesFund column period compact * ~</div> Summary of the Fund Shareholder Fees (fees paid directly from your investment) 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 93% of the average value of its portfolio. You may qualify for sales charge discounts on Class A shares of the Fund if you and members of your immediate family (that share the same mailing address) agree to invest in the future at least $50,000 in certain classes of shares of eligible funds distributed by Columbia Management Investment Distributors, Inc. More information about these and other discounts is available from your financial intermediary and under "Reductions/Waivers of Sales Charges Front-End Sales Charge Reductions" on page S.9 of this prospectus and on page D.1 of Appendix D in the Fund's Statement of Additional Information (SAI). Summary of the Fund Shareholder Fees (fees paid directly from your investment) You may qualify for sales charge discounts on Class A shares of the Fund if you and members of your immediate family (that share the same mailing address) agree to invest in the future at least $50,000 in certain classes of shares of eligible funds distributed by Columbia Management Investment Distributors, Inc. More information about these and other discounts is available from your financial intermediary and under Reductions/Waivers of Sales Charges Front-End Sales Charge Reductions on page S.9 of this prospectus and on page D.1 of Appendix D in the Funds Statement of Additional Information (SAI). 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 Funds performance. During the most recent fiscal period from October 1, 2011 to July 31, 2012, the Funds portfolio turnover rate was 129% of the average value of its portfolio (108% excluding mortgage dollar rolls) and for the prior fiscal year ended September 30, 2011, the Funds portfolio turnover rate was 142% of the average value of its portfolio (131% excluding mortgage dollar rolls). columbiamanagement.com 1204 1056 columbiamanagement.com 0.066 0.1103 other expenses for Class R4 and Class R5 shares are based on estimated amounts for the Funds current fiscal year. 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 Funds performance. During the most recent fiscal year, the Funds portfolio turnover rate was 55% of the average value of its portfolio. other expenses for Class R5 shares are based on estimated amounts for the Funds current fiscal year. 844 1157 957 299 464 695 324 561 421 columbiamanagement.com columbiamanagement.com 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 Funds performance. During the most recent fiscal period from October 1, 2011 to July 31, 2012, the Funds portfolio turnover rate was 65% of the average value of its portfolio and for the prior fiscal year ended September 30, 2011, the Funds portfolio turnover rate was 57% of the average value of its portfolio. 1228 1284 1084 596 825 559 559 461 0.1753 0.1061 <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAnnualFundOperatingExpensesColumbiaStrategicAllocationFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAnnualFundOperatingExpensesColumbiaInflationProtectedSecuritiesFund column period compact * ~</div> other expenses for Class R4 and Class R5 are based on estimated amounts for the Fund's current fiscal year. 0.1975 1238 1294 1094 445 607 835 472 703 570 <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAnnualFundOperatingExpensesColumbiaLargeGrowthQuantitativeFund column period compact * ~</div> other expenses for Class R5 shares are based on estimated amounts for the Funds current fiscal year. 0 0 0 0 0 0 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 50000 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 50000 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. The bar chart shows how the Funds 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. The table below the bar chart compares the Fund's returns (after applicable sales charges) for the periods shown with those of a broad measure of market performance as well as one or more secondary benchmarks. 0.0475 0 0 0 0 0 0 0 0 0 0 580 686 286 66 97 135 85 72 110 66 85 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. 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. The table below the bar chart compares the Fund's returns (after applicable sales charges) for the periods shown with those of a broad measure of market performance, as well as the Fund's former benchmark. 0 0 0 0 0 0 0.0575 0 0 0 0 384 663 263 43 74 112 48 87 61 0 0 0.03 0 0 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. The bar chart shows how the Funds 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. The table below the bar chart compares the Fund's returns (after applicable sales charges) for the periods shown with those of a broad measure of market performance. 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. The bar chart shows how the Funds 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. The table below the bar chart compares the Funds returns (after applicable sales charges) for the periods shown with those of a broad measure of market performance. 2004-03-04 2004-03-04 2004-03-04 2004-03-04 2004-03-04 2009-08-03 2012-11-08 2006-12-01 2010-09-27 696 704 304 110 154 103 85 103 2003-06-19 2003-06-19 2004-03-04 2003-06-19 2010-09-27 2012-11-08 2012-11-08 2010-09-27 2011-03-07 2010-09-27 698 706 306 82 112 156 87 130 105 2007-05-17 2007-05-17 2007-05-17 2007-05-17 2007-05-17 2012-11-08 2008-08-01 2010-09-27 1985-01-23 1985-01-23 1985-01-23 1995-03-20 2000-06-26 1995-03-20 2006-12-11 2012-11-08 2012-11-08 2010-09-27 2003-06-19 2003-06-19 2003-06-19 2007-05-17 2007-05-17 2007-05-17 2004-03-04 2004-03-04 485BPOS 2012-07-31 Columbia Funds Series Trust II INVESTMENT OBJECTIVE 0.01 0.05 0.01 0 0 0 0 0 0 0.0128 0.0203 0.0203 0.008 INVESTMENT OBJECTIVE This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on Class A shares of the Fund if you and members of your immediate family (that share the same mailing address) agree to invest in the future at least $50,000 in certain classes of shares of eligible funds distributed by Columbia Management Investment Distributors, Inc. More information about these and other discounts is available from your financial intermediary and under Reductions/Waivers of Sales Charges Front-End Sales Charge Reductions on page S.9 of this prospectus and on page D.1 of Appendix D in the Funds Statement of Additional Information (SAI). This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on Class A shares of the Fund if you and members of your immediate family (that share the same mailing address) agree to invest in the future at least $50,000 in certain classes of shares of eligible funds distributed by Columbia Management Investment Distributors, Inc. More information about these and other discounts is available from your financial intermediary and under Reductions/Waivers of Sales Charges Front-End Sales Charge Reductions on page S.9 of this prospectus and on page D.1 of Appendix D in the Funds Statement of Additional Information (SAI). Contingent deferred sales charges (CDSC) on certain investments of between $1 million and $50 million redeemed within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months of purchase, with certain limited exceptions. <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAnnualTotalReturnsColumbiaIncomeOpportunitiesFundBarChart column period compact * ~</div> INVESTMENT OBJECTIVE This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on Class A shares of the Fund if you and members of your immediate family (that share the same mailing address) agree to invest in the future at least $50,000 in certain classes of shares of eligible funds distributed by Columbia Management Investment Distributors, Inc. More information about these and other discounts is available from your financial intermediary and under "Reductions/Waivers of Sales Charges Front-End Sales Charge Reductions" on page S.9 of this prospectus and on page D.1 of Appendix D in the Fund's Statement of Additional Information (SAI). PRINCIPAL INVESTMENT STRATEGIES OF THE FUND Contingent deferred sales charges (CDSC) on certain investments of between $1 million and $50 million redeemed within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months of purchase, with certain limited exceptions. INVESTMENT OBJECTIVE PRINCIPAL INVESTMENT STRATEGIES OF THE FUND Average Annual Total Returns after applicable sales charges (for periods ended December 31, 2011) Please remember that with any mutual fund investment you may lose money. 800.345.6611 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). 0.05 0.01 0 0 0 0 0 0 0 0 0.01 -0.0003 -0.0003 -0.0003 0 0 -0.0003 -0.0003 0 -0.0003 0 -0.0003 809 882 582 208 303 428 272 224 350 208 272 During the periods shown: <ul type="square"><li style="margin-left:-20px">Highest return for a calendar quarter was 12.30% (quarter ended September 30, 2009).</li></ul><ul type="square"><li style="margin-left:-20px">Lowest return for a calendar quarter was –13.95% (quarter ended December 31, 2008).</li></ul><ul type="square"><li style="margin-left:-20px"> Class A year-to-date return was 11.03% at September 30, 2012.</li></ul> 186 186 1985 2182 580 97 66 135 85 72 110 66 85 1764 814 1171 1637 1062 874 1354 814 1062 Please remember that with any mutual fund investment you may lose money. Non-Diversified Fund Risk. The Fund is non-diversified, which generally means that it will invest a greater percentage of its total assets in the securities of fewer issuers than 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 a more diversified fund. 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). 800.345.6611 During the periods shown: <ul type="square"><li style="margin-left:-20px">Highest return for a calendar quarter was 5.14% (quarter ended March 31, 2008).</li></ul><ul type="square"><li style="margin-left:-20px">Lowest return for a calendar quarter was –3.42% (quarter ended September 30, 2008).</li></ul><ul type="square"><li style="margin-left:-20px">Class A year-to-date return was 6.60% at September 30, 2012.</li></ul> Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2011) 2008-03-31 0.0514 2008-09-30 0.1239 0 0 0 0 0 Contingent deferred sales charges (CDSC) on certain investments of between $1 million and $50 million redeemed within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months of purchase, with certain limited exceptions. 2009-09-30 0.123 2008-12-31 0.01 0.05 0.01 PRINCIPAL INVESTMENT STRATEGIES OF THE FUND 0.01 0.05 0.01 0 0 0 605 847 547 166 261 393 180 314 234 0 0 163 163 384 74 43 112 48 87 61 1531 1906 2105 691 1052 1555 744 1269 966 Please remember that with any mutual fund investment you may lose money. 0 -0.002 -0.002 -0.002 -0.0014 -0.0014 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). -0.002 -0.002 -0.0014 -0.002 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. 800.345.6611 800.345.6611 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). Please remember that with any mutual fund investment you may lose money. 0.0615 During the periods shown: <ul type="square"><li style="margin-left:-20px">Highest return for a calendar quarter was 15.37% (quarter ended June 30, 2009).</li></ul><ul type="square"><li style="margin-left:-20px">Lowest return for a calendar quarter was -21.80% (quarter ended December 31, 2008).</li></ul><ul type="square"><li style="margin-left:-20px"> Class A year-to-date return was 17.53% at September 30, 2012.</li></ul> PRINCIPAL INVESTMENT STRATEGIES OF THE FUND 0.0155 During the periods shown: <ul type="square"><li style="margin-left:-20px"> Highest return for a calendar quarter was 16.27% (quarter ended June 30, 2009).</li></ul><ul type="square"><li style="margin-left:-20px">Lowest return for a calendar quarter was 14.30% (quarter ended December 31, 2008).</li></ul><ul type="square"><li style="margin-left:-20px"> Class A year-to-date return was 10.61% at September 30, 2012.</li></ul> 952 931 631 344 477 322 265 322 On October 1, 2012, the Barclays InflationProtected Securities (TIPS) Series-L Index replaced the Barclays U.S. Government Inflation-Linked Bond Index as the Funds primary benchmark. This benchmark change was made based on a recommendation by the Funds investment manager to the Funds Board that the new benchmark provides a more appropriate basis for comparing the Funds performance. 0.1537 2009-06-30 2008-12-31 2009-06-30 0.1627 2008-12-31 82 112 156 87 130 105 698 204 204 2149 2342 696 110 154 103 85 103 2015 1322 1807 1241 1029 1241 2036 994 1345 1829 1053 1550 1264 Contingent deferred sales charges (CDSC) on certain investments of between $1 million and $50 million redeemed within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months of purchase, with certain limited exceptions. 0.0145 -0.1259 <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAnnualTotalReturnsColumbiaInflationProtectedSecuritiesFundBarChart column period compact * ~</div> 958 937 637 256 350 484 271 406 <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAnnualTotalReturnsColumbiaStrategicAllocationFundBarChart column period compact * ~</div> 328 206 206 2170 2363 0.0327 0.0251 0.0247 0.0309 0.031 0.0407 0.0364 0.0389 0.0389 0.0393 0.0292 0.0716 0.0479 <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAnnualTotalReturnsColumbiaLargeGrowthQuantitativeFundBarChart column period compact * ~</div> Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2011) 2012-11-07 Average Annual Total Returns (after applicable sales charges) (for periods ended December 31, 2011) This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on Class A shares of the Fund if you and members of your immediate family (that share the same mailing address) agree to invest in the future at least $50,000 in certain classes of shares of eligible funds distributed by Columbia Management Investment Distributors, Inc. More information about these and other discounts is available from your financial intermediary and under Reductions/Waivers of Sales Charges Front-End Sales Charge Reductions on page S.9 of this prospectus and on page D.1 of Appendix D in the Funds Statement of Additional Information (SAI). 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. The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that: <ul type="square"><li style="margin-left:-20px">you invest $10,000 in the applicable class of Fund shares for the periods indicated,</li></ul><ul type="square"><li style="margin-left:-20px">your investment has a 5% return each year, and</li></ul><ul type="square"><li style="margin-left:-20px">the Funds total annual operating expenses remain the same as shown in the Annual Fund Operating Expense table above.</li></ul>Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be: 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. The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:<ul type="square"><li style="margin-left:-20px">you invest $10,000 in the applicable class of Fund shares for the periods indicated,</li></ul><ul type="square"><li style="margin-left:-20px">your investment has a 5% return each year, and</li></ul><ul type="square"><li style="margin-left:-20px">the Funds total annual operating expenses remain the same as shown in the Annual Fund Operating Expense table above.</li></ul>Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above expire as indicated in the preceding table, they are only reflected in the 1 year example and the first year of the other examples. Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be: 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. The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that: <ul type="square"><li style="margin-left:-20px">you invest $10,000 in the applicable class of Fund shares for the periods indicated,</li></ul><ul type="square"><li style="margin-left:-20px">your investment has a 5% return each year, and</li></ul><ul type="square"><li style="margin-left:-20px">the Funds total annual operating expenses remain the same as shown in the Annual Fund Operating Expense table above.</li></ul>Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above expire as indicated in the preceding table, they are only reflected in the 1 year example and the first year of the other examples. Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be: 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. The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:<ul type="square"><li style="margin-left:-20px">you invest $10,000 in the applicable class of Fund shares for the periods indicated,</li></ul><ul type="square"><li style="margin-left:-20px">your investment has a 5% return each year, and</li></ul><ul type="square"><li style="margin-left:-20px">the Fund's total annual operating expenses remain the same as shown in the Annual Fund Operating Expense table above.</li></ul>Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above expire as indicated in the preceding table, they are only reflected in the 1 year example and the first year of the other examples. Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be: On October 1, 2012, the MSCI ACWI All Cap Index (Net) replaced the S&P 500 Index as the Fund's primary benchmark, the Barclays Global Aggregate Bond Index became a new secondary benchmark, and the Blended Index (consisting of 50% MSCI ACWI All Cap Index (Net) and 50% Barclays Global Aggregate Bond Index) replaced the Blended Index (consisting of 45% S&P 500 Index, 40% Barclays U.S. Aggregate Bond Index and 15% MSCI EAFE Index (Gross)) as a secondary benchmark. These benchmark changes were made based on a recommendation by the Fund's Investment Manager to the Fund's Board of Trustees (the Board) that the new benchmarks provide a more appropriate basis for comparing the Fund's performance. Information on the new and the old benchmarks shown will be included for a one-year transition period. Thereafter, only the new benchmarks will be included. 0001352280 false Columbia Income Opportunities Fund (the Fund) seeks to provide shareholders with a high total return through current income and capital appreciation. FEES AND EXPENSES OF THE FUND 0.0068 0.0068 0.0068 0.0068 0.0068 0.0068 0.0068 0.0068 0.0068 0.0025 0.01 0.01 0 0 0.005 0 0.0025 0 0.0035 0.0035 0.0035 0.0012 0.0042 0.0035 0.0017 0.0035 0.0035 0.011 0.0153 0.0085 0.0128 0.0103 Columbia Large Growth Quantitative Fund (the Fund) seeks to provide shareholders with long-term capital growth. FEES AND EXPENSES OF THE FUND <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleExpenseExampleTransposedColumbiaIncomeOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleExpenseExampleNoRedemptionTransposedColumbiaIncomeOpportunitiesFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAverageAnnualTotalReturnsTransposedColumbiaIncomeOpportunitiesFund column period compact * ~</div> Columbia Inflation Protected Securities Fund (the Fund) seeks to provide shareholders with total return that exceeds the rate of inflation over the long term. FEES AND EXPENSES OF THE FUND Portfolio Turnover The Fund is a non-diversified fund that, under normal market conditions, invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in inflation-protected debt securities. These securities include inflation-indexed bonds of varying maturities issued by the U.S. Government and non-U.S. governments, their agencies or instrumentalities, and U.S. and non-U.S. corporations. The Fund currently intends to focus on inflation-protected debt securities issued by the U.S. Treasury. The Fund invests only in securities rated investment grade at the time of purchase by a third-party rating agency or, if unrated, deemed to be of comparable quality. Inflation-protected securities are designed to protect the future purchasing power of the money invested in them.The value of the bond's principal or the interest income paid on the bond is adjusted to track changes in an official inflation measure. For example, the U.S. Treasury uses the Consumer Price Index for Urban Consumers (non seasonally adjusted) as the inflation measure. Up to 20% of the Fund's net assets may be invested in non-inflation protected debt obligations issued by U.S. and foreign governments, their agencies and instrumentalities, as well as U.S. and foreign corporate debt obligations, mortgage and asset-backed securities and money market instruments. The Fund will provide shareholders with at least 60 days' written notice of any change in the 80% policy. PRINCIPAL RISKS OF INVESTING IN THE FUND Please remember that with any mutual fund investment you may lose money. Principal risks associated with an investment in the Fund include: Active Management Risk. Due to its active management, the Fund could underperform its benchmark index and/or other funds with a similar investment objective. The Fund may fail to achieve its investment objective and you may lose money. Credit Risk. Credit risk applies to most fixed income securities, but is generally less of a factor for obligations backed by the "full faith and credit" of the U.S. Government. It is the risk that the issuer of a fixed-income security may or will default or otherwise become unable or unwilling, or is perceived to be unable or unwilling, to honor a financial obligation, such as making payments to the Fund when due. If the Fund purchases unrated securities, or if the rating of a security is lowered after purchase, the Fund will depend on analysis of credit risk more heavily than usual. Unrated securities held by the Fund may present increased credit risk as compared to higher-rated securities. Dollar Rolls Risk. 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). Emerging Market Securities Risk. Securities issued by foreign governments or companies in emerging market countries are more likely to have greater exposure to the risks of investing in foreign securities that are described in Foreign Securities Risk. In addition, emerging market countries are more likely to experience instability resulting, for example, from rapid changes or developments in social, political and economic conditions. Their economies are usually less mature and their securities markets are typically less developed with more limited trading activity (i.e., lower trading volumes and less liquidity) 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 and have fewer trading partners, which makes them more sensitive to world commodity prices and economic downturns in other countries, and some have a higher risk of currency devaluations. Foreign Currency Risk. The performance of the Fund may be materially affected positively or negatively by foreign currency strength or weakness relative to the U.S. dollar, particularly if the Fund invests a significant percentage of its assets in foreign securities or other assets denominated in currencies other than the U.S. dollar. Foreign Securities Risk. Investments in foreign securities involve certain risks not associated with investments in securities of U.S. companies. Foreign securities subject the Fund to the risks associated with investing in the particular country, including the political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, as well as fluctuations in its currency and the risks associated with less developed custody and settlement practices. Foreign securities may be more volatile and less liquid than investments in securities of U.S. companies. Inflation-Protected Securities Risk. Inflation-protected debt securities tend to react to changes in real interest rates (i.e., nominal interest rates minus the expected impact of inflation). In general, the price of such securities falls when real interest rates rise, and rises when real interest rates fall. Interest payments on these securities will vary and may be more volatile than interest paid on ordinary bonds. In periods of deflation, the Fund may have no income at all from such investments. The Fund's investment in certain inflation-protected debt securities may generate taxable income in excess of the interest they pay to the Fund, which may cause the Fund to sell investments to obtain cash to make income distributions to shareholders, including at times when it may not be advantageous to do so. Interest Rate Risk. Interest rate risk is the risk of losses attributable to changes in interest rates. 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. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. As interest rates rise or spreads widen, the likelihood of prepayment decreases. Issuer Risk. An issuer in which the Fund invests may perform poorly, and therefore, the value of its securities may decline, which would negatively affect the Fund's performance. Poor performance may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters or other events, conditions or factors. Market Risk. Market risk refers to the possibility that the market values of securities or other investments that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. An investment in the Fund could lose money over short or even long periods. In general, equity securities tend to have greater price volatility than debt securities. Non-Diversified Fund Risk. The Fund is non-diversified, which generally means that it will invest a greater percentage of its total assets in the securities of fewer issuers than 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 a more diversified fund. Prepayment and Extension Risk. Prepayment and extension risk is the risk that a loan, bond or other security or investment might be called or otherwise converted, prepaid or redeemed before maturity, and the portfolio managers may not be able to invest the proceeds in other investments providing as high a level of income, resulting in a reduced yield to the Fund. 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. Reinvestment Risk. Reinvestment risk is the risk that the Fund will not be able to reinvest income or principal at the same return it is currently earning. Sovereign Debt Risk. A sovereign debtor's willingness or ability to repay principal and pay interest in a timely manner may be affected by a variety of factors, including its cash flow situation, the extent of its reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign debtor's policy toward international lenders, and the political constraints to which a sovereign debtor may be subject. Sovereign debt risk is increased for emerging market issuers. U.S. Government Obligations Risk. 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 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. 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. November 30, 2013 0.93 FEES AND EXPENSES OF THE FUND Portfolio Turnover PRINCIPAL RISKS OF INVESTING IN THE FUND PAST PERFORMANCE <center>CLASS A ANNUAL TOTAL RETURNS (BEFORE SALES CHARGE)</center> 1.29 Columbia Strategic Allocation Fund (the Fund) seeks to provide shareholders maximum total return through a combination of growth of capital and current income. 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. The bar chart shows how the Funds 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. The table below the bar chart compares the Funds returns (after applicable sales charges) for the periods shown with those of a broad measure of market performance as well as one or more secondary benchmarks. The performance of one or more share classes shown in the table below begins before the indicated inception date for such share class. The returns shown for each such share class includes the returns of the Funds Class A shares (adjusted to reflect the higher class-related operating expenses of such classes, where applicable) for periods prior to its inception date. Class R4 and Class R5 shares of the Fund did not commence operations prior to the date of this prospectus and, therefore, performance is not yet available. The returns shown for all periods for any share class that does not have available performance are the returns of Class A shares (without applicable sales charges) of the Fund. Except for differences in expenses and sales charges (where applicable), the share classes of the Fund have annual returns substantially similar because all share classes of the Fund invest in the same portfolio of securities. The after-tax returns shown in the table below 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). The after-tax returns are shown only for Class A shares and will vary for other share classes. 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. The Funds past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting columbiamanagement.com. The Funds past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The after-tax returns shown in the table below 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 are shown only for Class A shares and will vary for other share classes. The bar chart shows how the Funds 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. 0.0056 0.0056 0.0056 0.0056 0.0056 0.0056 0.0056 0.0056 0.0056 0.0056 0.0056 0.0025 0.01 0.01 0 0 0.005 0 0.0025 0 0 0 0.003 0.0009 0.003 0.0014 0.003 0.003 0.0039 0.0009 0.003 0.003 0.003 0.0111 0.0186 0.0186 0.0065 0.0095 0.0136 0.0086 0.007 0.0111 0.0065 0.0086 0.0108 0.0183 0.0183 0.0065 0.0095 0.0133 0.0083 0.007 0.0108 0.0065 0.0083 Please remember that with any mutual fund investment you may lose money. Principal risks associated with an investment in the Fund include: Active Management Risk. Due to its active management, the Fund could underperform its benchmark index and/or other funds with a similar investment objective. The Fund may fail to achieve its investment objective and you may lose money. Allocation Risk. The Fund uses an asset allocation strategy in pursuit of its investment objective. There is a risk that the Funds allocation among asset classes, investments, managers, strategies and/or investment styles will cause the Funds shares to lose value or cause the Fund to underperform other funds with a similar investment objective and/or strategies, or that the investments themselves will not produce the returns expected. Commodity-Related Investment Risk. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, which may include demand for the commodity, weather, embargoes, tariffs, and economic health, political, international, regulatory and other developments. Commodities investments may also subject the Fund to counterparty risk and liquidity risk. The Fund may invest in an underlying fund that makes commodity-related investments through a wholly owned subsidiary organized outside the U.S. that is generally not subject to U.S. laws (including securities laws) and their protections. Convertible Securities Risk. 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, and are thus subject to market risk. The Fund may also be forced to convert a convertible security at an inopportune time, which may decrease the Funds return. Credit Risk. Credit risk applies to most fixed income securities, but is generally less of a factor for obligations backed by the full faith and credit of the U.S. Government. It is the risk that the issuer of a fixed-income security may or will default or otherwise become unable or unwilling, or is perceived to be unable or unwilling, to honor a financial obligation, such as making payments to the Fund when due. If the Fund purchases unrated securities, or if the rating of a security is lowered after purchase, the Fund will depend on analysis of credit risk more heavily than usual. Unrated securities held by the Fund may present increased credit risk as compared to higher-rated securities. Derivatives Risk. Losses involving derivative instruments may be substantial, because a relatively small price movement in the underlying security(ies), instrument, commodity, currency or index may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility within the Fund. Derivatives will typically increase the Funds exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk and liquidity risk. Below is more detailed information on certain derivatives expected to be utilized by the Fund. Derivatives Risk/Commodity-Linked Structured Notes Risk. Investments in commodity-linked structured notes involve substantial risks, including risk of loss of interest and principal, lack of a liquid secondary market, and risk of greater volatility than investments in traditional equity and debt markets. These instruments involve additional risks, including counterparty risk and hedging risk. Derivatives Risk/Commodity-Linked Swaps Risk. Commodity-linked swaps could result in losses if the underlying asset (e.g., a particular commodity) or reference does not perform as anticipated. The value of swaps, like many other derivatives, may move in unexpected ways and may result in losses for the Fund. Such transactions can have the potential for unlimited losses. Such risk is heightened in the case of short swap transactions. Swaps can involve greater risks than direct investment in the underlying asset, because swaps may be leveraged (creating leverage risk) and are subject to counterparty risk, hedging risk, pricing risk and liquidity risk. Derivatives Risk/Forward Foreign Currency Contracts Risk. These instruments are a type of derivative contract whereby the Fund may agree to buy or sell a countrys or regions currency at a specific price on a specific date, usually 30, 60, or 90 days in the future. These contracts may fall in value due to foreign market downswings or foreign currency value fluctuations. The Funds investment or hedging strategies may not achieve their objective. Investment in these instruments also subjects the Fund to counterparty risk. Derivatives Risk/Futures Contracts Risk. The loss that may be incurred in entering into futures contracts may exceed the amount of the premium paid and may be potentially unlimited. Futures markets are highly volatile and the use of futures may increase the volatility of the Funds net asset value (NAV). Additionally, as a result of the low collateral deposits normally involved in futures trading, a relatively small price movement in a futures contract may result in substantial losses to the Fund. Futures contracts may be illiquid. Furthermore, exchanges may limit fluctuations in futures contract prices during a trading session by imposing a maximum permissible price movement on each futures contract. The Fund may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement. Futures contracts executed on foreign exchanges may not provide the same protection as U.S. exchanges. These transactions involve additional risks, including counterparty risk, hedging risk and pricing risk. Emerging Market Securities Risk. Securities issued by foreign governments or companies in emerging market countries are more likely to have greater exposure to the risks of investing in foreign securities that are described in Foreign Securities Risk. In addition, emerging market countries are more likely to experience instability resulting, for example, from rapid changes or developments in social, political and economic conditions. Their economies are usually less mature and their securities markets are typically less developed with more limited trading activity (i.e., lower trading volumes and less liquidity) 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 and have fewer trading partners, which makes them more sensitive to world commodity prices and economic downturns in other countries, and some have a higher risk of currency devaluations. Exchange-Traded Fund (ETF) Risk. ETFs are subject to, among other risks, tracking risk and passive and, in some cases, active investment risk. In addition, shareholders bear both their proportionate share of the Funds expenses and similar expenses incurred through ownership of the ETF. Foreign Securities Risk. Investments in foreign securities involve certain risks not associated with investments in securities of U.S. companies. Foreign securities subject the Fund to the risks associated with investing in the particular country, including the political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, as well as fluctuations in its currency and the risks associated with less developed custody and settlement practices. Foreign securities may be more volatile and less liquid than investments in securities of U.S. companies. Interest Rate Risk. Interest rate risk is the risk of losses attributable to changes in interest rates. 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 Funds shares. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. As interest rates rise or spreads widen, the likelihood of prepayment decreases. Investing in Other Funds Risk. The Funds investment in other funds (affiliated and/or unaffiliated funds, including exchange-traded funds (ETFs)) subjects the Fund to the investment performance (positive or negative) and risks of these underlying funds in direct proportion to the Funds investment therein. The performance of underlying funds could be adversely affected if other entities that invest in the same underlying funds make relatively large investments or redemptions in such underlying funds. The Fund, and its shareholders, indirectly bear a portion of the expenses of any funds in which the Fund invests. Because the expenses and costs of a fund are shared by its investors, redemptions by other investors in the fund could result in decreased economies of scale and increased operating expenses for such fund. The Investment Manager may have potential conflicts of interest in selecting affiliated underlying funds for investment by the Fund because the fees paid to it by some underlying funds are higher than the fees paid by other underlying funds, as well as a potential conflict in selecting affiliated funds over unaffiliated funds. Issuer Risk. An issuer in which the Fund invests may perform poorly, and therefore, the value of its securities may decline, which would negatively affect the Funds performance. Poor performance may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters or other events, conditions or factors. Liquidity Risk. Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. The Fund may have to lower the selling price, sell other investments, or forego another, more appealing investment opportunity. Judgment plays a larger role in valuing these investments as compared to valuing more liquid investments. Low and Below Investment Grade (High-Yield) Securities Risk. Securities with the lowest investment grade rating, securities rated below investment grade (commonly called high-yield or junk bonds) and unrated securities of comparable quality expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade securities. In addition, these investments have greater price fluctuations, are less liquid and are more likely to experience a default than higher-rated securities. High-yield securities are considered to be predominantly speculative with respect to the issuers capacity to pay interest and repay principal. Market Risk. Market risk refers to the possibility that the market values of securities or other investments that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. An investment in the Fund could lose money over short or even long periods. In general, equity securities tend to have greater price volatility than debt securities. Mortgage- and Other Asset-Backed Securities Risk. The value of the Funds mortgage-backed and other asset-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 or other assets, the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements, or the markets assessment of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not the market value of the securities themselves) may be guaranteed by the full faith and credit of the U.S. Government or by its agencies, authorities, enterprises or instrumentalities, which are not insured or guaranteed by the U.S. Government. 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 entail greater risk than obligations guaranteed by the U.S. Government. 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. Rising or high interest rates tend to extend the duration of mortgage-backed securities, making their prices more volatile and more sensitive to changes in interest rates. Preferred Stock Risk. Preferred stock is a type of stock that pays dividends at a specified rate and that has preference over common stock in the payment of dividends and the liquidation of assets. Preferred stock does not ordinarily carry voting rights. The price of a preferred stock is generally determined by earnings, type of products or services, projected growth rates, experience of management, liquidity, and general market conditions of the markets on which the stock trades. The most significant risks associated with investments in preferred stock include issuer risk and market risk. Prepayment and Extension Risk. Prepayment and extension risk is the risk that a loan, bond or other security or investment might be called or otherwise converted, prepaid or redeemed before maturity, and the portfolio managers may not be able to invest the proceeds in other investments providing as high a level of income, resulting in a reduced yield to the Fund. 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 Funds investments are locked in at a lower rate for a longer period of time. Quantitative Model Risk. Investments selected using quantitative methods may perform differently from the market as a whole. There can be no assurance that these methodologies will enable the Fund to achieve its objective. Reinvestment Risk. Reinvestment risk is the risk that the Fund will not be able to reinvest income or principal at the same return it is currently earning. Small- and Mid-Cap Company Securities Risk. Investments in small- and mid-capitalization companies (small- and mid-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because small- and mid-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies, and securities of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies. The Funds assets may be allocated to equity, debt/fixed income and money market instruments, and investments that provide exposure to commodities markets, including the Columbia Commodity Strategy Fund. The Fund may also seek exposure to various sectors through investment in affiliated funds. This broad investment flexibility is intended to enable the Funds portfolio managers to allocate the Funds assets within or among different asset classes or market exposures in response to changing market, economic or other conditions or developments. The Funds equity security investments include: emerging market equities, international developed market equities, and U.S. large-, mid- and small-cap equities. These equity securities generally include common stocks, but may also include preferred stocks. The Funds debt/fixed-income security investments include: U.S. investment-grade bonds, international bonds, emerging market bonds, U.S. high yield (junk) bonds, convertible bonds, mortgage- and other asset-backed securities, and short-term money market instruments. The Fund may invest in fixed-income securities of any maturity or quality and does not seek to maintain a particular dollar-weighted average maturity. The Funds investments in money market instruments include investments in affiliated or unaffiliated money market funds or similar vehicles. In addition to an investment in Columbia Commodity Strategy Fund, the Fund may seek exposure to the commodities markets through commodity-linked investments, including commodity-linked futures, structured notes and/or swaps. Columbia Management Investment Advisers, LLC (the Investment Manager) allocates the Funds investments from one asset class (or market exposure) to another based on the portfolio managers analysis of the relative attractiveness of opportunities for the Fund to achieve its objective in a given market. The Investment Manager considers, among other things, relative valuations, the potential for equity, debt or commodity-related investments to increase in value, expected dividends and changes in interest rates. Generally, the Funds portfolio will include exposure to equity and debt markets, and may include exposure to commodities markets (including, indirectly, through investments in affiliated funds); however the Fund may emphasize either debt securities or equity securities at any given time. The Fund may make significant investments in foreign securities (equity or debt), including securities of emerging market issuers, and otherwise has no geographic limits on where it may invest. The Investment Manager has considerable flexibility in the construction of the portfolio and may change the asset class mix on a regular basis, including from day to day. To the extent the Investment Manager favors a particular asset class or favors exposure to a particular market, it may invest up to 100% in that asset class or market (other than commodities markets). It is possible that during certain market cycles the Fund will not be invested in all asset classes or markets. The Investment Manager may actively and frequently trade securities and other instruments in the Funds portfolio to carry out its principal investment strategies. In addition to investing in individual securities and shares of affiliated funds, the Investment Manager may use exchange-traded funds (ETFs) and certain derivative instruments, such as forward foreign currency contracts, futures (including commodity-linked, currency, equity, fixed income, index and interest rate futures) and commodity-linked structured notes and swaps in an effort to produce incremental earnings, to hedge existing positions, to increase market or credit exposure, to increase investment flexibility (including using the derivative as a substitute for the purchase or sale of the underlying security, currency, commodity or other instrument), and/ or to change the effective duration of the Funds portfolio. 1764 1985 2182 814 1171 1637 1062 874 1354 814 1062 582 582 809 208 303 428 224 272 350 208 272 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. 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. The table below the bar chart compares the Fund's returns (after applicable sales charges) for the periods shown with those of a broad measure of market performance, as well as the Fund's former benchmark.The performance of one or more share classes shown in the table below begins before the indicated inception date for such share class. The returns shown for each such share class includes the returns of the Fund's Class A shares (adjusted to reflect the higher class-related operating expenses of such classes, where applicable) for periods prior to its inception date. Class R5 shares of the Fund did not commence operations prior to the date of this prospectus and, therefore, performance is not yet available. The returns shown for all periods for any share class that does not have available performance are the returns of Class A shares (without applicable sales charges) of the Fund. Except for differences in expenses and sales charges (where applicable), the share classes of the Fund have annual returns substantially similar because all share classes of the Fund invest in the same portfolio of securities.The after-tax returns shown in the table below 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). The after-tax returns are shown only for Class A shares and will vary for other share classes.The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting columbiamanagement.com. The after-tax returns shown in the table below 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 are shown only for Class A shares and will vary for other share classes. 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 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. <center>CLASS A ANNUAL TOTAL RETURNS (BEFORE SALES CHARGE)</center> Highest return Lowest return -0.0342 year-to-date return 0.0486 0.0776 -0.0072 0.1094 -0.0001 0.0215 Highest return Lowest return year-to-date return -0.1395 November 30, 2013 Portfolio Turnover 0.55 PAST PERFORMANCE PRINCIPAL RISKS OF INVESTING IN THE FUND 1531 1906 2105 691 1052 1555 744 1269 966 Under normal market conditions, the Funds assets are invested primarily in income-producing debt securities, with an emphasis on the higher rated segment of the high-yield (junk bond) market. These income-producing debt securities include corporate debt securities as well as bank loans. The Fund will purchase only securities rated B or above, or if unrated, securities determined to be of comparable quality. If a security falls below a B rating after investment by the Fund, the Fund may continue to hold the security. Up to 25% of the Funds net assets may be in foreign investments. Corporate debt securities in which the Fund invests are typically unsecured, with a fixed-rate of interest, and are usually issued by companies or similar entities to provide financing for their operations, or other activities. Bank loans (which may commonly be referred to as floating rate loans), which are another form of financing, are typically secured, with interest rates that adjust or float periodically (normally on a daily, monthly, quarterly or semiannual basis by reference to a base lending rate, such as LIBOR (London Interbank Offered Rate), plus a premium). Secured debt instruments are ordinarily secured by specific collateral or assets of the issuer or borrower such that holders of these instruments will have claims senior to the claims of other parties who hold unsecured instruments. The Fund may invest in fixed income securities of any maturity and does not seek to maintain a particular dollar-weighted average maturity. Because the Fund emphasizes high-yield investments, the portfolio manager puts more emphasis on credit risk in selecting investments than either maturity or duration. 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) that are determined to be liquid in accordance with procedures adopted by the Funds Board of Trustees. Please remember that with any mutual fund investment you may lose money. Principal risks associated with an investment in the Fund include:Active Management Risk. Due to its active management, the Fund could underperform its benchmark index and/or other funds with a similar investment objective. The Fund may fail to achieve its investment objective and you may lose money.Changing Distribution Level Risk. The amount of the distributions paid by the Fund will vary and generally depends on the amount of interest income 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 income and/or dividends the Fund receives from its investments decline.Counterparty Risk. Counterparty risk is the risk that a counterparty to a financial instrument held by the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise fail to perform its obligations, and the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed.Credit Risk. Credit risk is the risk that loans or other securities in the Funds portfolio may or will decline in price or fail to pay interest or repay principal when due because the borrower of the loan or the issuer of the security may or will default or otherwise become unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations (such as making payments to the Fund), including as a result of bankruptcy. Bankruptcies may cause a delay to the Fund in acting on the collateral securing a loan, which may adversely affect the Fund. Further, there is risk that a court could take action adverse to the holders of a loan. A default or expected default of a loan could also make it difficult for the Fund to sell the loan at a price approximating the value previously placed on it. Lower quality or unrated loans or securities held by the Fund may present increased credit risk.Foreign Securities Risk. Investments in foreign securities involve certain risks not associated with investments in securities of U.S. companies. Foreign securities subject the Fund to the risks associated with investing in the particular country, including the political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, as well as fluctuations in its currency and the risks associated with less developed custody and settlement practices. Foreign securities may be more volatile and less liquid than investments in securities of U.S. companies.Highly Leveraged Transactions Risk. The loans and other securities in which the Fund invests may include highly leveraged transactions whereby the borrower assumes large amounts of debt in order to have the financial resources to attempt to achieve its business objectives. Loans or securities that are part of highly leveraged transactions involve a greater risk (including default and bankruptcy) than other investments.Impairment of Collateral Risk. The value of collateral, if any, securing a loan can decline, and may be insufficient to meet the borrowers obligations or difficult or costly to liquidate. In addition, the Funds access to collateral may be limited by bankruptcy or other insolvency laws. Further, certain floating rate and other loans may not be fully collateralized and may decline in value.Interest Rate Risk. Interest rate risk is the risk of losses attributable to changes in interest rates. 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 Funds shares. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. Interest rate changes also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Securities with floating interest rates are typically less sensitive to interest rate changes, but may decline in value if their interest rates do not rise as much as interest rates in general. Because rates on certain floating rate loans and other debt securities reset only periodically, changes in prevailing interest rates (and particularly sudden and significant changes) can be expected to cause fluctuations in the Funds net asset value.Issuer Risk. An issuer in which the Fund invests may perform poorly, and therefore, the value of its securities may decline, which would negatively affect the Funds performance. Poor performance may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters or other events, conditions or factors.Liquidity Risk. Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. The Fund may have to lower the selling price, sell other investments, or forego another, more appealing investment opportunity. Judgment plays a larger role in valuing these investments as compared to valuing more liquid investments.Low and Below Investment Grade (High-Yield) Securities Risk. Securities with the lowest investment grade rating, securities rated below investment grade (commonly called high-yield or junk bonds) and unrated securities of comparable quality expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade securities. In addition, these investments have greater price fluctuations, are less liquid and are more likely to experience a default than higher-rated securities. High-yield securities are considered to be predominantly speculative with respect to the issuers capacity to pay interest and repay principal.Market Risk. Market risk refers to the possibility that the market values of securities or other investments that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. An investment in the Fund could lose money over short or even long periods. In general, equity securities tend to have greater price volatility than debt securities.Prepayment and Extension Risk. Prepayment and extension risk is the risk that a loan, bond or other security or investment might be called or otherwise converted, prepaid or redeemed before maturity, and the portfolio managers may not be able to invest the proceeds in other investments providing as high a level of income, resulting in a reduced yield to the Fund. 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 Funds investments are locked in at a lower rate for a longer period of time.Reinvestment Risk. Reinvestment risk is the risk that the Fund will not be able to reinvest income or principal at the same return it is currently earning.Rule 144A Securities Risk. 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) that are determined to be liquid in accordance with procedures adopted by the Board. However, an insufficient number of qualified institutional buyers interested in purchasing Rule 144A securities at a particular time 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 Funds holdings of Rule 144A securities may increase the level of Fund illiquidity if eligible buyers become uninterested in buying them at a particular time. 605 547 547 166 261 393 180 314 234 PAST PERFORMANCE 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. The bar chart shows how the Funds 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. The table below the bar chart compares the Funds returns (after applicable sales charges) for the periods shown with those of a broad measure of market performance.The performance of one or more share classes shown in the table below begins before the indicated inception date for such share class. The returns shown for each such share class includes the returns of the Funds Class A shares (adjusted to reflect the higher class-related operating expenses of such classes, where applicable) for periods prior to its inception date. Class R4 and Class R5 shares of the Fund did not commence operations prior to the date of this prospectus and, therefore, performance is not yet available. The returns shown for all periods for any share class that does not have available performance are the returns of Class A shares (without applicable sales charges) of the Fund. Except for differences in expenses and sales charges (where applicable), the share classes of the Fund have annual returns substantially similar because all share classes of the Fund invest in the same portfolio of securities.The after-tax returns shown in the table below 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). The after-tax returns are shown only for Class A shares and will vary for other share classes.The Funds past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting columbiamanagement.com. 0.0061 0.0061 0.0061 0.0061 0.0061 0.0061 0.0061 0.0061 0.0044 0.0044 0.0044 0.0044 0.0044 0.0044 0.0044 0.0044 0.0044 0 0 0 0.005 0 0.01 0.01 0.0025 0.0025 0.01 0.01 0 0 0.005 0 0.0025 0 0.0036 0.0036 0.0036 0.0043 0.0036 0.0036 0.0018 0.0036 0.0004 0.0004 0.0004 0.0004 0.0004 0.0004 0.0004 0.0004 The bar chart shows how the Funds 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. 0.0036 0.0036 0.0036 0.0012 0.0042 0.0036 0.0017 0.0036 0.0036 0.008 0.0105 0.0061 0.013 0.0086 0.0105 0.018 0.018 0.0056 The after-tax returns shown in the table below 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 are shown only for Class A shares and will vary for other share classes. 0.0085 0.016 0.016 0.0042 0.0072 0.011 0.0047 0.0085 0.006 PAST PERFORMANCE 0.0126 0.0201 0.0201 0.0108 0.0151 0.0101 0.0083 0.0101 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. The bar chart shows how the Funds 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. The table below the bar chart compares the Funds returns (after applicable sales charges) for the periods shown with those of a broad measure of market performance. The performance of one or more share classes shown in the table below begins before the indicated inception date for such share class. The returns shown for each such share class includes the returns of the Funds Class A shares (adjusted to reflect the higher class-related operating expenses of such classes, where applicable) for periods prior to its inception date. Class R5 shares of the Fund did not commence operations prior to the date of this prospectus and, therefore, performance is not yet available. The returns shown for all periods for any share class that does not have available performance are the returns of Class A shares (without applicable sales charges) of the Fund. Except for differences in expenses and sales charges (where applicable), the share classes of the Fund have annual returns substantially similar because all share classes of the fund invest in the same portfolio of securities. The after-tax returns shown in the table below 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). The after-tax returns are shown only for Class A shares and will vary for other share classes. 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. The Funds past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting columbiamanagement.com. The bar chart shows how the Funds 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. The Funds past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. Class R5 shares of the Fund did not commence operations prior to the date of this prospectus and, therefore, performance is not yet available. The Funds past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. <center>CLASS A AVERAGE ANNUAL TOTAL RETURNS (BEFORE SALES CHARGE)</center> The after-tax returns are shown only for Class A shares and will vary for other share classes. The after-tax returns shown in the table below 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. 0.0903 0.0693 0.0657 0.0652 0.1059 0.1285 0.1242 0.1202 0.1239 0.1239 0.1273 0.1356 0.1398 0.0628 0.0488 0.0462 0.0582 0.0613 0.0734 0.0705 0.066 0.0694 0.0687 0.0702 0.0795 0.0803 0.0611 0.0607 0.0522 0.0516 0.0485 0.0552 0.0476 0.0332 0.0325 0.0436 0.0436 0.0529 0.0512 <center>CLASS A ANNUAL TOTAL RETURNS (BEFORE SALES CHARGE)</center> The Fund is designed for investors with above-average risk tolerance. Please remember that with any mutual fund investment you may lose money. Principal risks associated with an investment in the Fund include: Active Management Risk. Due to its active management, the Fund could underperform its benchmark index and/or other funds with a similar investment objective. The Fund may fail to achieve its investment objective and you may lose money. Growth Securities Risk. Growth securities typically trade at a higher multiple of earnings than other types of equity securities. Accordingly, the market values of growth securities may be more sensitive to adverse economic or other circumstances or 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. Issuer Risk. An issuer in which the Fund invests may perform poorly, and therefore, the value of its securities may decline, which would negatively affect the Funds performance. Poor performance may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters or other events, conditions or factors. Market Risk. Market risk refers to the possibility that the market values of securities or other investments that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. An investment in the Fund could lose money over short or even long periods. In general, equity securities tend to have greater price volatility than debt securities. Quantitative Model Risk. Investments selected using quantitative methods may perform differently from the market as a whole. There can be no assurance that these methodologies will enable the Fund to achieve its objective. Sector Risk. At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic, regulatory, political or market events or conditions, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. The more a fund diversifies its investments, the more it spreads risk and potentially reduces the risks of loss and volatility. PRINCIPAL RISKS OF INVESTING IN THE FUND 0.1312 0.4026 -0.1957 0.0278 0.0848 0.0372 0.1031 Portfolio Turnover Under normal market conditions, at least 80% of the Funds net assets (including the amount of any borrowings for investment purposes) are invested in equity securities of companies with market capitalizations of over $5 billion at the time of purchase or that are within the market capitalization range of companies in the Russell 1000® Growth Index (the Index) at the time of purchase. These equity securities generally include common stocks. The market capitalization range and composition of the Index are subject to change. Over time, the capitalizations of the companies in the Index will change. As they do, the size of the companies in which the Fund invests may change. As long as an investment continues to meet the Funds other investment criteria, the Fund may choose to continue to hold a stock even if the companys market capitalization falls below the market capitalization of the smallest company held within the Index. The Fund will provide shareholders with at least 60 days written notice of any change in the 80% policy. In pursuit of the Funds objective, Columbia Management Investment Advisers, LLC (the Investment Manager) uses quantitative analysis to evaluate the relative attractiveness of potential investments by considering a variety of factors which may include, among others, valuation, quality and momentum. 0.65 -0.4077 0.354 0.1585 2015 2149 2342 1322 1807 1241 1029 1241 Highest return Lowest return year-to-date return -0.218 year-to-date return Highest return Lowest return -0.143 958 256 350 484 271 406 328 631 631 0.0116 -0.0128 0.0112 0.0036 0.0643 0.0431 0.0614 0.0577 0.0615 0.0615 0.0605 0.0643 0.0643 0.0543 0.0685 0.0693 0.069 0.0684 0.0684 0.0684 0.0657 0.071 0.0726 0.0604 0.0573 0.0314 0.0274 0.058 265 322 322 477 344 952 0.075 0.0751 0.0749 0.0746 0.0745 0.0745 0.0719 0.0768 0.0784 0.0665 0.0664 0.0417 0.04 0.0684 <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleExpenseExampleTransposedColumbiaStrategicAllocationFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleExpenseExampleTransposedColumbiaInflationProtectedSecuritiesFund column period compact * ~</div> 0.1065 0.1858 -0.3021 0.0689 0.1615 0.0739 0.1293 <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAverageAnnualTotalReturnsTransposedColumbiaInflationProtectedSecuritiesFund column period compact * ~</div> 2036 2170 2363 994 1345 1829 1053 1550 1264 637 637 <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleExpenseExampleNoRedemptionTransposedColumbiaInflationProtectedSecuritiesFund column period compact * ~</div> -0.0337 -0.0051 -0.0707 0.0001 0.0213 0.0185 0.0134 0.0155 0.0173 0.0166 0.0264 -0.0233 -0.0332 -0.0225 -0.0215 -0.0182 -0.0059 -0.0085 -0.0129 -0.0108 -0.0103 -0.0105 0.0108 -0.0441 -0.0507 -0.0263 -0.0429 -0.004 0.0161 0.0121 0.0145 0.0145 0.0179 0.0211 -0.0795 0.0564 -0.0107 0.025 -0.0131 -0.0146 -0.0124 -0.0224 -0.009 0.0004 -0.0014 -0.0038 -0.0014 -0.0005 -0.0025 0.0229 0.0646 0.0425 <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAverageAnnualTotalReturnsTransposedColumbiaStrategicAllocationFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleExpenseExampleTransposedColumbiaLargeGrowthQuantitativeFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleExpenseExampleNoRedemptionTransposedColumbiaLargeGrowthQuantitativeFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAverageAnnualTotalReturnsTransposedColumbiaLargeGrowthQuantitativeFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleExpenseExampleNoRedemptionTransposedColumbiaStrategicAllocationFund column period compact * ~</div> 2012-11-08 2012-11-08 Class R5 shares of the Fund did not commence operations prior to the date of this prospectus and, therefore, performance is not yet available. Class R4 and Class R5 shares of the Fund did not commence operations prior to the date of this prospectus and, therefore, performance is not yet available. Class R4 and Class R5 shares of the Fund did not commence operations prior to the date of this prospectus and, therefore, performance is not yet available. Contingent deferred sales charges (CDSC) on certain investments of between $1 million and $50 million redeemed within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months of purchase, with certain limited exceptions. This charge decreases over time. This charge applies to investors who buy Class C shares and redeem them within one year of purchase, with certain limited exceptions. Management fees for Class R5 shares are based on estimated amounts for the Fund's current fiscal year. Other expenses for Class A, Class B, Class C, Class K, Class R, Class W and Class Z have been restated to reflect contractual changes to certain fees paid by the Fund and other expenses for Class R5 shares are based on estimated amounts for the Fund's current fiscal year. Other expenses for Class A, Class B, Class C, Class K, Class R, Class W, Class Y and Class Z shares have been restated to reflect contractual changes to certain fees paid by the Fund and other expenses for Class R4 and Class R5 shares are based on estimated amounts for the Fund's current fiscal year. Columbia Management Investment Advisers, LLC 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 30, 2013, unless sooner terminated at the sole discretion of the Fund's Board of Trustees. Under this agreement, the Fund's net operating expenses will not, subject to applicable exclusions, exceed the annual rates of 1.08% for Class A, 1.83% for Class B, 1.83% for Class C, 0.70% for Class I, 1.00% for Class K, 1.33% for Class R, 0.83% for Class R4, 0.75% for Class R5, 1.08% for Class W, 0.70% for Class Y and 0.83% for Class Z. Contingent deferred sales charges (CDSC) on certain investments of between $1 million and $50 million redeemed within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months of purchase, with certain limited exceptions. This charge decreases over time. This charge applies to investors who buy Class C shares and redeem them within one year of purchase, with certain limited exceptions. Other expenses for Class A, Class B, Class C, Class K, Class R, Class W and Class Z shares have been restated to reflect contractual changes to certain fees paid by the Fund, and other expenses for Class R5 shares are based on estimated amounts for the Fund's current fiscal year. Columbia Management Investment Advisers, LLC 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 30, 2013, unless sooner terminated at the sole discretion of the Fund's Board of Trustees. Under this agreement, the Fund's net operating expenses will not, subject to applicable exclusions, exceed the annual rates of 0.85% for Class A, 1.60% for Class B, 1.60% for Class C, 0.42% for Class I, 0.72% for Class K, 1.10% for Class R, 0.47% for Class R5, 0.85% for Class W and 0.60% for Class Z. The Fund's investment advisory fee is equal to (i) 0.00% on the Fund's assets that are invested in underlying funds (including any exchange-traded funds (ETFs)) that pay an investment advisory fee to Columbia Management Investment Advisers, LLC (the Investment Manager); and (ii) 0.66% on the first $0.5 billion gradually reducing to 0.49% on the Fund's assets invested in securities (other than underlying funds, including any ETFs, that pay an investment advisory fee to the Investment Manager), including other funds advised by the Investment Manager that do not pay an investment advisory fee to the Investment Manager, derivatives and individual securities. Management fees have been adjusted to reflect current fees based on estimated allocation of Fund assets to underlying funds and other investments for the Fund's current fiscal year. Other expenses for Class A, Class B, Class C, Class K, Class R and Class Z have been restated to reflect contractual changes to certain fees paid by the Fund and other expenses for Class R4 and Class R5 are based on estimated amounts for the Fund's current fiscal year. The Fund indirectly bears a pro rata portion of the fees and expenses of funds in which it invests. "Total Annual Fund Operating Expenses" in the table may not match "Net Expenses" in the Financial Highlights section of this prospectus because it does not include such acquired fund fees and expenses. On October 1, 2012, the Barclays Inflation-Protected Securities (TIPS) Series-L Index replaced the Barclays U.S. Government Inflation-Linked Bond Index as the Fund's primary benchmark. This benchmark change was made based on a recommendation by the Fund's investment manager to the Fund's Board that the new benchmark provides a more appropriate basis for comparing the Fund's performance. Information on the new and the old benchmarks shown will be included for a one-year transition period. Thereafter, only the new benchmark will be included. On October 1, 2012, the MSCI ACWI All Cap Index (Net) replaced the S&P 500 Index as the Fund's primary benchmark, the Barclays Global Aggregate Bond Index became a new secondary benchmark, and the Blended Index (consisting of 50% MSCI ACWI All Cap Index (Net) and 50% Barclays Global Aggregate Bond Index) replaced the Blended Index (consisting of 45% S&P 500 Index, 40% Barclays U.S. Aggregate Bond Index and 15% MSCI EAFE Index (Gross)) as a secondary benchmark. These benchmark changes were made based on a recommendation by the Fund's Investment Manager to the Fund's Board of Trustees (the Board) that the new benchmarks provide a more appropriate basis for comparing the Fund's performance. Information on the new and the old benchmarks shown will be included for a one-year transition period. Thereafter, only the new benchmarks will be included. Five-year and ten-year returns are not available because the inception date of the MSCI ACWI All Cap Index (Net) and the Blended Index that includes the MSCI ACWI All Cap Index (Net) is November 30, 2007.