485BPOS

THE SECURITIES ACT OF 1933

Pre-Effective Amendment No.

Post-Effective Amendment No. 76 (File No. 333-131683)

0001193125-12-480504.txt : 20121126 0001193125-12-480504.hdr.sgml : 20121126 20121126145143 ACCESSION NUMBER: 0001193125-12-480504 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121126 DATE AS OF CHANGE: 20121126 EFFECTIVENESS DATE: 20121126 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Columbia Funds Series Trust II CENTRAL INDEX KEY: 0001352280 IRS NUMBER: 204384176 STATE OF INCORPORATION: MA FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 333-131683 FILM NUMBER: 121224173 BUSINESS ADDRESS: STREET 1: 225 FRANKLIN STREET CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 612-671-4321 MAIL ADDRESS: STREET 1: 50606 AMERIPRISE FINANCIAL CENTER STREET 2: H27/5228 CITY: MINNEAPOLIS STATE: MN ZIP: 55474 FORMER COMPANY: FORMER CONFORMED NAME: RIVERSOURCE SERIES TRUST DATE OF NAME CHANGE: 20070928 FORMER COMPANY: FORMER CONFORMED NAME: RIVERSOURCE RETIREMENT SERIES TRUST DATE OF NAME CHANGE: 20060801 FORMER COMPANY: FORMER CONFORMED NAME: RiverSource Retirement Series Trust DATE OF NAME CHANGE: 20060206 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Columbia Funds Series Trust II CENTRAL INDEX KEY: 0001352280 IRS NUMBER: 204384176 STATE OF INCORPORATION: MA FISCAL YEAR END: 0430 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-21852 FILM NUMBER: 121224174 BUSINESS ADDRESS: STREET 1: 225 FRANKLIN STREET CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 612-671-4321 MAIL ADDRESS: STREET 1: 50606 AMERIPRISE FINANCIAL CENTER STREET 2: H27/5228 CITY: MINNEAPOLIS STATE: MN ZIP: 55474 FORMER COMPANY: FORMER CONFORMED NAME: RIVERSOURCE SERIES TRUST DATE OF NAME CHANGE: 20070928 FORMER COMPANY: FORMER CONFORMED NAME: RIVERSOURCE RETIREMENT SERIES TRUST DATE OF NAME CHANGE: 20060801 FORMER COMPANY: FORMER CONFORMED NAME: RiverSource Retirement Series Trust DATE OF NAME CHANGE: 20060206

0001352280 S000030091 Columbia Marsico Flexible Capital Fund

C000122761 Columbia Marsico Flexible Capital Fund Class R5

0001352280 S000031347 Columbia Income Builder Fund

C000122762 Columbia Income Builder Fund Class R4

C000122763 Columbia Income Builder Fund Class R5

0001352280 S000031372 Columbia Seligman Global Technology Fund

C000122764 Columbia Seligman Global Technology Fund Class R4

0001352280 S000031374 Columbia Limited Duration Credit Fund

C000120797 Columbia Limited Duration Credit Fund Class R5

0001352280 S000031379 Columbia Emerging Markets Bond Fund

C000122765 Columbia Emerging Markets Bond Fund Class R5

C000122766 Columbia Emerging Markets Bond Fund Class Y

0001352280 S000031380 Columbia Global Bond Fund

C000122767 Columbia Global Bond Fund Class Y

485BPOS 1 d424729d485bpos.htm 485BPOS 485BPOS

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-1A

REGISTRATION STATEMENT

UNDER

and/or

REGISTRATION STATEMENT

UNDER

THE INVESTMENT COMPANY ACT OF 1940


Amendment No. 80 (File No. 811-21852)						x

Columbia Funds Series Trust II

50606 Ameriprise Financial Center

Minneapolis, MN 55474

Scott R. Plummer

5228 Ameriprise Financial Center

Minneapolis, MN 55474

(612) 671-1947

Approximate Date of Proposed Public Offering:

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

immediately upon filing pursuant to paragraph (b)

on (date) pursuant to paragraph (b)

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

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

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

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

If appropriate, check the following box:

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

SIGNATURES

Pursuant to the requirements of the Securities Act and the Investment Company Act, the Registrant, COLUMBIA FUNDS SERIES TRUST II, certifies that it meets all of the requirements for effectiveness of this Amendment to its Registration Statement under Rule 485(b) and has duly caused this Amendment to its Registration Statement to be signed on its behalf by the undersigned, duly authorized, in the City of Boston, and State of Massachusetts on the 26^th day of November, 2012.


COLUMBIA FUNDS SERIES TRUST II

By		/s/ J. Kevin Connaughton
		J. Kevin Connaughton
		President

Pursuant to the requirements of the Securities Act, this Amendment to the Registration Statement has been signed below by the following persons in the capacities indicated on the 26^th day of November, 2012.


Signature	Capacity	Signature	Capacity

/s/ J. Kevin Connaughton J. Kevin Connaughton	President (Principal Executive Officer)	/s/ William A. Hawkins* William A. Hawkins	Trustee

/s/ Michael G. Clarke Michael G. Clarke	Chief Financial Officer (Principal Financial Officer)	/s/ R. Glenn Hilliard* R. Glenn Hilliard	Trustee

/s/ Paul D. Pearson Paul D. Pearson	Chief Accounting Officer (Principal Accounting Officer)

/s/ Stephen R. Lewis, Jr.* Stephen R. Lewis, Jr.	Chair of the Board	/s/ Catherine James Paglia* Catherine James Paglia	Trustee

/s/ Kathleen A. Blatz* Kathleen A. Blatz	Trustee	/s/ Leroy C. Richie* Leroy C. Richie	Trustee

/s/ Edward J. Boudreau, Jr.* Edward J. Boudreau, Jr.	Trustee	/s/ Anthony M. Santomero* Anthony M. Santomero	Trustee

/s/ Pamela G. Carlton* Pamela G. Carlton	Trustee	/s/ Minor M. Shaw* Minor M. Shaw	Trustee

/s/ William P. Carmichael* William P. Carmichael	Trustee	/s/ Alison Taunton-Rigby* Alison Taunton-Rigby	Trustee

/s/ Patricia M. Flynn* Patricia M. Flynn	Trustee	/s/ William F. Truscott* William F. Truscott	Trustee

*	Signed pursuant to Directors/Trustees Power of Attorney, dated June 8, 2011, filed electronically on or about June 16, 2011 as Exhibit (q) to Registrant’s Post-Effective Amendment No. 28 to Registration Statement No. 333-131683, by:


/s/ Scott R. Plummer
Scott R. Plummer

Exhibit Index


Exhibit 101		Risk/Return Summary in Interactive Data Format.

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400 0.0242 693 1528 128 400 693 96 1528 338 600 1352 -0.0068 -0.0161 -0.0044 0.0242 0.0314 0.0304 96 0.0372 0.0237 0.0237 0.0435 0.0539 0.0529 338 0.0316 0.019 0.0194 0.0353 0.0413 600 -0.1238 0.0428 -0.1238 -0.0805 -0.0705 -0.0249 -0.0217 1352 0.0255 0.0252 0.0218 0.0377 0.0118 0.0148 0.0333 0.0332 0.0289 0.0395 0.0126 0.0148 -0.0494 2012-11-07 Columbia Funds Series Trust II 0001352280 -0.1042 -0.1047 -0.0671 0.0211 -0.0494 false -0.3298 0.3615 0.0979 0.0832 0.0278 0.0319 2012-11-07 0.0334 2012-11-08 2012-11-08 0 0 0.0463 0.0814 0.1857 0.1492 -0.4045 0.6396 0 0.1537 0 -0.0705 0.0053 0.0053 0 0 0.0022 0.0017 0.0075 0.007 2010-09-28 2010-09-28 2010-09-28 2010-09-28 Summary of the Fund <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleShareholderFeesColumbiaSeligmanGlobalTechnologyFund column period compact * ~</div> INVESTMENT OBJECTIVE <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAnnualFundOperatingExpensesColumbiaSeligmanGlobalTechnologyFund column period compact * ~</div> Columbia Global Bond Fund (the Fund) seeks to provide shareholders with high total return through income and growth of capital. FEES AND EXPENSES OF THE FUND 2003-06-19 2003-06-19 2003-06-19 2003-06-19 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 77 72 240 224 418 390 874 934 Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleExpenseExampleTransposedColumbiaSeligmanGlobalTechnologyFund column period compact * ~</div> Example 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 Class Y shares of the Fund 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: 77 72 240 224 Portfolio Turnover 418 390 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 57% of the average value of its portfolio. 934 874 <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleShareholderFeesColumbiaMarsicoFlexibleCapitalFund column period compact * ~</div> 0.57 PRINCIPAL INVESTMENT STRATEGIES OF THE FUND The Fund is a non-diversified mutual fund that invests primarily in debt obligations of U.S. and foreign issuers. Under normal market conditions, at least 80% of the Fund’s net assets (including the amount of any borrowings for investment purposes) will be invested in investment-grade corporate or government debt obligations, including money market instruments, of issuers located in at least three different countries. Although the Fund emphasizes high- and medium-quality debt securities, it may assume some credit risk in seeking to achieve higher dividends and /or capital appreciation by buying below investment-grade bonds (junk bonds). The Fund may invest in fixed-income securities of any maturity and does not seek to maintain a particular dollar-weighted average maturity. The Fund will provide shareholders with at least 60 days’ written notice of any change in the 80% policy. Under normal market conditions, the Fund generally invests at least 40% of its net assets in debt obligations of foreign governments, and companies that (a) maintain their principal place of business or conduct their principal business activities outside the U.S., (b) have their securities traded on non-U.S. exchanges or (c) have been formed under the laws of non-U.S. countries. Columbia Management Investment Advisers, LLC (the Investment Manager) may reduce this 40% minimum investment amount to 30% if it believes that market conditions for these securities or specific foreign markets are unfavorable. The Fund considers a company to conduct its principal business activities outside the U.S. if it derives at least 50% of its revenue from business outside the U.S. or has at least 50% of its assets outside the U.S. In addition, in pursuing its objective, the Fund, relying on quantitative and qualitative analyses, may enter into various currency-, interest rate- and credit-related transactions involving derivatives instruments, including futures contracts (such as currency, bond, treasury, index and interest rate futures) and forward foreign currency contracts (forwards). The use of these derivatives instruments allows the Fund to obtain net long or net negative (short) exposure to selected currencies, interest rates and duration risks. The Investment Manager may use these derivatives as well as “to be announced” (TBA) mortgage-backed securities in an effort to produce incremental earnings, for hedging purposes, to obtain increased or decreased exposures to various markets/sectors or to increase investment flexibility. Actual long and short exposures will vary over time based on factors such as market movements and assessments of market conditions by the Investment Manager. The Investment Manager may actively and frequently trade securities and other instruments in the Fund’s portfolio to carry out its principal strategies. PRINCIPAL RISKS OF INVESTING IN THE FUND 0.0576 -0.1957 0.4173 0.1586 0.0558 <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleExpenseExampleNoRedemptionTransposedColumbiaSeligmanGlobalTechnologyFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAnnualFundOperatingExpensesColumbiaMarsicoFlexibleCapitalFund column period compact * ~</div> 0.0057 -0.0163 0.0035 0.0558 0.0846 0.0704 0.0475 0.0464 0.0808 0.0808 0.0738 0.0497 0.0514 0.0828 0.0814 <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleExpenseExampleTransposedColumbiaMarsicoFlexibleCapitalFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAnnualTotalReturnsColumbiaSeligmanGlobalTechnologyFundBarChart column period compact * ~</div> 2006-02-16 2006-02-16 2006-02-16 2006-02-16 <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleExpenseExampleNoRedemptionTransposedColumbiaMarsicoFlexibleCapitalFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleShareholderFeesColumbiaEmergingMarketsBondFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAverageAnnualTotalReturnsTransposedColumbiaSeligmanGlobalTechnologyFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAnnualTotalReturnsColumbiaMarsicoFlexibleCapitalFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAnnualFundOperatingExpensesColumbiaEmergingMarketsBondFund column period compact * ~</div> 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 other mutual funds with similar investment objectives. Counterparty Risk. Counterparty risk is the risk that a counterparty to a financial instrument entered into by the Fund becomes bankrupt or otherwise fails to perform its obligations, and the Fund may obtain no or only limited recovery of its investments, and any recovery may be significantly delayed. Credit Risk. Credit risk is the risk that fixed-income securities in the Fund’s portfolio may or will decline in price or fail to pay interest or repay principal when due because the issuer of the security will default or otherwise become unable or unwilling to honor its financial obligations. Lower quality or unrated securities held by the Fund may present increased credit risk. Derivatives Risk — Forward Foreign Currency Contracts. The Fund may enter into forward foreign currency contracts, which are types of derivative contracts whereby the Fund may agree to buy or sell a country’s currency at a specific price on a specific date, usually 30, 60, or 90 days in the future, for a specific exchange rate on a given date. These contracts may, however, fall in value due to foreign market downswings or foreign currency value fluctuations. The Fund may enter into forward foreign currency contracts for investment purposes, for risk management (hedging) purposes, and to increase investment flexibility. The Fund’s investment or hedging strategies may be unable to achieve their objectives. Derivatives Risk — Futures Contracts. The liquidity of the futures markets depends on participants entering into off-setting transactions rather than making or taking delivery. To the extent participants decide to make or take delivery, liquidity in the futures market could be reduced. In addition, futures exchanges often impose a maximum permissible price movement on each futures contract for each trading session. The Fund may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement. The Fund’s investment or hedging strategies may be unable to achieve their objectives. Foreign Currency Risk. The Fund’s exposure to foreign currencies subjects the Fund to constantly changing exchange rates and the risk that those currencies will decline in value relative to the U.S. dollar, or, in the case of short positions, that the U.S. dollar will decline in value relative to the currency being sold forward. Currency rates in foreign countries may fluctuate significantly over short periods of time for a number of reasons, including changes in interest rates, imposition of currency controls and economic or political developments in the U.S. or abroad. As a result, the Fund’s exposure to foreign currencies may reduce the returns of the Fund. The Fund may also incur currency conversion costs when converting foreign currencies into U.S. dollars. Geographic Concentration Risk. The Fund may be particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund invests. The Fund may be more volatile than a more geographically diversified fund. High-Yield Securities Risk. The Fund’s investments in below-investment grade fixed-income securities (i.e., high-yield or junk bonds) exposes the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade securities. High-yield securities are considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal. Interest Rate Risk. Interest rate risk is the risk of losses attributable to changes in interest rates. When interest rates rise, prices of fixed-income securities generally fall. In general, the longer the maturity or duration of a fixed-income security, the greater its sensitivity to changes in interest rates. Interest rate changes also may increase prepayments of debt obligations. Issuer Risk. An issuer may perform poorly, and therefore, the value of its securities may decline, which would negatively affect the Fund’s performance. Leverage Risk. Leverage occurs when the Fund increases its assets available for investment using borrowings, short sales, derivatives, or similar instruments or techniques. The use of leverage may make any change in the Fund’s net asset value (NAV) even greater and thus result in increased volatility of returns. The Fund’s assets that are used as collateral to secure the short sales may decrease in value while the short positions are outstanding, which may force the Fund to use its other assets to increase the collateral. Leverage can also create an interest or other transactional expense that may lower the Fund’s overall returns. Lastly, there is no guarantee that a leveraging strategy will be successful. 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 desirable prices in order to minimize loss. The Fund may have to lower the selling price, sell other investments, or forego another, more appealing investment opportunity. Market Risk. The market value of investments may fall or fail to rise. Market risk may affect a single issuer, sector of the economy, industry, or the market as a whole. The market value of investments may fluctuate, sometimes rapidly and unpredictably. Non-Diversification Risk. Compared with a “diversified” fund, the Fund may invest a greater percentage of its assets in the securities of a single issuer. A decline in the value of that investment could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. Portfolio Turnover Risk. The portfolio managers may actively and frequently trade securities or other instruments in the Fund’s portfolio to carry out its investment strategies. A high portfolio turnover rate increases transaction costs, which may increase the Fund’s expenses. Frequent and active trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains. The use of certain derivative instruments with relatively short maturities may tend to exaggerate the portfolio turnover rate for the Fund. The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund’s performance. Prepayment and Extension Risk. Prepayment and extension risk is the risk that a loan, bond or other security might be called or otherwise converted, prepaid or redeemed before maturity, and the portfolio managers may not be able to invest the proceeds in securities or loans providing as high a level of income, resulting in a reduced yield to the Fund. 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. Quantitative Model Risk. Securities or other instruments 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. Risks of Foreign/Emerging Markets Investing. Investments in foreign securities involve certain risks not associated with investments in U.S. companies. Foreign securities in the Fund’s portfolio subject the Fund to the risks associated with investing in the particular country, including the political, regulatory, economic, social and other conditions or events occurring in the country, as well as fluctuations in its currency and the risks associated with less developed custody and settlement practices. Investments in emerging markets may present greater risk of loss than a typical foreign security investment. Because of the less developed markets and economies and less mature governments and governmental institutions, the risks of investing in foreign securities may be intensified in the case of investments in issuers organized, domiciled or doing business in emerging markets. Sector Risk. Investments that are concentrated in a particular issuer, geographic region, industry or sector will be more susceptible to changes in price. The more a fund diversifies its investments, the more it spreads risk and potentially reduces the risks of loss and volatility. Shorting Risk. The Fund may establish short positions which introduce more risk to the Fund than long positions (where the Fund owns the instrument) because the maximum sustainable loss on an instrument purchased (held long) is limited to the amount paid for the instrument plus the transaction costs, whereas there is no maximum price of the shorted instrument when purchased in the open market. Therefore, in theory, short positions have unlimited risk. The Fund’s use of short positions in effect “leverages” the Fund. Leverage potentially exposes the Fund to greater risks of loss due to unanticipated market movements, which may magnify losses and increase the volatility of returns. 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. <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAverageAnnualTotalReturnsTransposedColumbiaMarsicoFlexibleCapitalFund column period compact * ~</div> Please remember that with any mutual fund investment you may lose money. <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleExpenseExampleTransposedColumbiaEmergingMarketsBondFund column period compact * ~</div> year-to-date return 2012-09-30 0.0511 Highest return 2009-09-30 Non-Diversification Risk. Compared with a “diversified” fund, the Fund may invest a greater percentage of its assets in the securities of a single issuer. A decline in the value of that investment could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. 0.0506 Lowest return 2008-12-31 -0.0346 PAST PERFORMANCE <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleExpenseExampleNoRedemptionTransposedColumbiaEmergingMarketsBondFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAnnualTotalReturnsColumbiaEmergingMarketsBondFundBarChart column period compact * ~</div> The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class Y 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 are the returns of Class A shares of the Fund (which are not offered in this prospectus), which have been outstanding as long as any other share class of 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 Class A share performance for the periods shown with those of a broad measure of market performance. 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). 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 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. <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleShareholderFeesColumbiaLimitedDurationCreditFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAverageAnnualTotalReturnsTransposedColumbiaEmergingMarketsBondFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAnnualFundOperatingExpensesColumbiaLimitedDurationCreditFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleExpenseExampleTransposedColumbiaLimitedDurationCreditFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleExpenseExampleNoRedemptionTransposedColumbiaLimitedDurationCreditFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAnnualTotalReturnsColumbiaLimitedDurationCreditFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAverageAnnualTotalReturnsTransposedColumbiaLimitedDurationCreditFund column period compact * ~</div> Summary of the Fund INVESTMENT OBJECTIVE Columbia Emerging Markets Bond Fund (the Fund) seeks to provide shareholders with high total return through current income and, secondarily, through capital appreciation. Summary of the Fund FEES AND EXPENSES OF THE FUND INVESTMENT OBJECTIVE Columbia Limited Duration Credit Fund (the Fund) seeks to provide shareholders with a level of current income consistent with preservation of capital. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Shareholder Fees (fees paid directly from your investment) This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. FEES AND EXPENSES OF THE FUND Shareholder Fees (fees paid directly from your investment) 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) Portfolio Turnover 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 106% of the average value of its portfolio. Example 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 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 Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. columbiamanagement.com 800.345.6611 <center>CLASS A ANNUAL TOTAL RETURNS (WITHOUT SALES CHARGE)</center> 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>(calendar year)</center> Average Annual Total Returns After Applicable Sales Charges (unless otherwise noted) (for periods ended December 31, 2011) During the periods shown:<ul type="square"><li style="margin-left:-20px">Highest return for a calendar quarter was 8.01% (quarter ended September 30, 2010).</li><li style="margin-left:-20px">Lowest return for a calendar quarter was –4.55% (quarter ended September 30, 2008).</li><li style="margin-left:-20px">Class A year-to-date return was 5.43% at September 30, 2012.</li></ul> year-to-date return Highest return Lowest return 2012-09-30 0.0543 2010-09-30 0.0801 2008-09-30 -0.0455 0 0 0.0057 0 0.0015 0.0072 0.0069 -0.0003 Summary of the Fund INVESTMENT OBJECTIVE Columbia Seligman Global Technology Fund (the Fund) seeks to provide shareholders with long-term capital appreciation. Other expenses are based on estimated amounts for the current fiscal year. 70 227 398 892 FEES AND EXPENSES OF THE FUND Example 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 Class R5 shares of the Fund 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>Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be: This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 70 Example 227 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><li style="margin-left:-20px">       your investment has a 5% return each year, and </li><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>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> Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be: PRINCIPAL INVESTMENT STRATEGIES OF THE FUND Portfolio Turnover 398 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 95% of the average value of its portfolio. PRINCIPAL INVESTMENT STRATEGIES OF THE FUND 892 The Fund generally invests at least 80% of its assets (including the amount of any borrowings for investment purposes) in equity securities of U.S. and non-U.S. companies with business operations in technology and technology-related industries. For these purposes, technology-related companies are those companies that use technology extensively to improve their business processes and applications. The technology industry comprises information technology and communications, as well as medical, environmental and bio-technology. The Fund may invest in securities of companies domiciled in any country which Columbia Management Investment Advisers, LLC (the Investment Manager) believes to be appropriate to the Fund’s objective. The Fund generally invests in several countries in different geographic regions. The Fund will provide shareholders with at least 60 days’ written notice of any change in the 80% policy. Under normal market conditions, the Fund generally will invest at least 40% of its net assets in companies that maintain their principal place of business or conduct their principal business activities outside the U.S., have their securities traded on non-U.S. exchanges or have been formed under the laws of non-U.S. countries. The Investment Manager may reduce this 40% minimum investment amount to 30% if it believes that market conditions for these types of companies or specific foreign markets are unfavorable. The Fund considers a company to conduct its principal business activities outside the U.S. if it derives at least 50% of its revenue from business outside the U.S. or had at least 50% of its assets outside the U.S. The Fund may invest in companies of any size. Securities of large capitalization companies that are well established in the world technology market can be expected to grow with the market and will frequently be held by the Fund. However, rapidly changing technologies and expansion of technology and technology-related industries often provide a favorable environment for companies of small-to-medium size capitalization, and the Fund may invest in these companies as well. The Fund may invest in all types of securities, many of which will be denominated in currencies other than the U.S. dollar. The Fund normally concentrates its investments in common stocks; however, it may invest in other types of equity securities, including securities convertible into or exchangeable for common stock, depositary receipts, and rights and warrants to purchase common stock. The Fund also may invest up to 20% of its assets in preferred stock and investment-grade or comparable quality debt securities. 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 other mutual funds with similar investment objectives. Issuer Risk. An issuer may perform poorly, and therefore, the value of its securities may decline, which would negatively affect the Fund’s performance. Market Risk. The market value of investments may fall or fail to rise. Market risk may affect a single issuer, sector of the economy, industry, or the market as a whole. The market value of investments may fluctuate, sometimes rapidly and unpredictably. Risks of Foreign/Emerging Markets Investing. Investments in foreign securities involve certain risks not associated with investments in U.S. companies. Foreign securities in the Fund’s portfolio subject the Fund to the risks associated with investing in the particular country, including the political, regulatory, economic, social and other conditions or events occurring in the country, as well as fluctuations in its currency and the risks associated with less developed custody and settlement practices. Investments in emerging markets may present greater risk of loss than a typical foreign security investment. Because of the less developed markets and economies and less mature governments and governmental institutions, the risks of investing in foreign securities may be intensified in the case of investments in issuers organized, domiciled or doing business in emerging markets. Sector Risk. The Fund may invest significantly in securities of companies primarily engaged in the technology, media or telecommunications sectors. This may result in greater fluctuations in value than would be the case for a fund invested in a wider variety of industries. Small and Mid-Cap Company Risk. Investments in small and mid-capitalization (small and mid-cap) companies often involve greater risks than investments in larger, more established 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 capitalization companies. Technology and Technology-Related Investment Risk. The Fund will invest a substantial portion of its assets in technology and technology-related companies. The market prices of technology and technology-related stocks tend to exhibit a greater degree of market risk and price volatility than other types of investments. 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. Class R4 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 are the returns of Class A shares of the Fund (which are not offered in this prospectus), which have been outstanding longer than any other share class of 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 Class A share performance for the periods shown with those of a broad measure of market performance. 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). 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 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. Under normal market conditions, the Fund invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in credit-related bonds and other debt securities. The Fund will primarily invest in debt securities with short- and intermediate-term maturities. The Fund will primarily invest in credit-related bonds, such as corporate bonds. The Fund may invest up to 15% of its net assets in securities rated below investment grade. Up to 25% of the Fund’s net assets may be invested in foreign investments, including emerging markets. 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 <center>CLASS A ANNUAL TOTAL RETURNS (WITHOUT SALES CHARGE)</center> Portfolio Turnover 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 24% of the average value of its portfolio. <center>(calendar year)</center> 0.1402 0.1327 During the periods shown:<ul type="square"><li style="margin-left:-20px">Highest return for a calendar quarter was 17.74% (quarter ended September 30, 2009).</li><li style="margin-left:-20px">Lowest return for a calendar quarter was –24.68% (quarter ended September 30, 2002).</li><li style="margin-left:-20px">Class A year-to-date return was 9.08% at September 30, 2012.</li></ul> 0.0998 Average Annual Total Returns After Applicable Sales Charges (unless otherwise noted) (for periods ended December 31, 2011) -0.0532 0.0687 0.0748 -0.0108 0.1207 0.0637 0.0447 PRINCIPAL INVESTMENT STRATEGIES OF THE FUND 0.95 Please remember that with any mutual fund investment you may lose money. 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 Fund is a non-diversified fund that invests primarily in fixed income securities of emerging markets issuers. For these purposes, emerging markets include any country that is not defined by the World Bank as a High Income OECD country. The OECD (Organization for Economic Co-operation and Development) is a group of 30 member countries sharing a commitment to democratic government and the market economy. Under normal market conditions, at least 80% of the Fund’s net assets (including the amount of any borrowings for investment purposes) will be invested in fixed income securities of issuers that are located in emerging markets countries, or that earn 50% or more of their total revenues from goods or services produced in emerging markets countries or from sales made in emerging markets countries. Such securities may be denominated in either non-U.S. currencies or the U.S. dollar. While the Fund may invest 25% or more of its total assets in the securities of foreign governmental and corporate entities located in the same country, it will not invest 25% or more of its total assets in any single foreign government issuer. The Fund can invest in emerging market sovereign debt instruments of any credit quality including those rated investment grade and those in the lower rating categories of recognized rating agencies or considered by Columbia Management Investment Advisers, LLC (the Investment Manager) to be of comparable quality. Although the emerging markets sovereign debt universe largely consists of investment grade instruments, a significant portion of that universe is rated in these lower rating categories. These lower quality fixed income securities are often called “junk bonds.” The Fund may invest up to 100% of its assets in these lower rated securities. The Fund will provide shareholders with at least 60 days’ written notice of any change in the 80% policy. The Fund may invest in fixed income securities of any maturity and does not seek to maintain a particular dollar-weighted average maturity. The Fund may invest significantly in privately placed securities that have not been registered for sale under the Securities Act of 1933 pursuant to Rule 144A (“Rule 144A securities”) which are determined to be liquid in accordance with procedures adopted by the Fund’s Board of Trustees (the Board). The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. 800.345.6611 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. PRINCIPAL RISKS OF INVESTING IN THE 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). Summary of the Fund -0.0055 -0.0321 -0.0029 0.0447 INVESTMENT OBJECTIVE 0.0564 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. Columbia Income Builder Fund (the Fund) seeks to provide shareholders with a high level of current income and growth of capital. FEES AND EXPENSES OF THE FUND 0.0474 0.0307 0.0308 0.0578 0.0646 This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Shareholder Fees (fees paid directly from your investment) year-to-date return Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) 0.0908 Portfolio Turnover 2012-09-30 The Fund will indirectly bear the expenses associated with portfolio turnover of the underlying funds. The underlying funds pay transaction costs, such as commissions, when they buy and sell securities (or “turn over” their portfolio). An underlying fund’s higher portfolio turnover rate may indicate higher transaction costs and may indirectly result in higher taxes when its 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 31% of the average value of its portfolio. Highest return 0.1774 Example 2009-09-30 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>Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be: Lowest return PRINCIPAL INVESTMENT STRATEGIES OF THE FUND 0.0613 0.0435 0.0454 0.0665 0.0716 The Fund is a “fund of funds” and seeks to achieve its objective by investing in a combination of underlying funds representing different asset classes, potentially including an allocation to alternative investment strategies. Under normal market conditions, the Fund intends to invest in each asset class within the following target asset allocation ranges: <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr><td style="BORDER-BOTTOM: #000000 1px solid" valign="bottom" colspan="19" align="center"> Asset Class (Target Allocation Range — Under Normal Market Conditions)*</td></tr> <tr> <td valign="bottom"> </td> <td valign="bottom">    </td> <td valign="bottom" colspan="4" nowrap="nowrap" align="center">Equity</td> <td valign="bottom">    </td> <td valign="bottom" colspan="4" nowrap="nowrap" align="center">Fixed Income</td> <td valign="bottom">    </td> <td valign="bottom" colspan="4" nowrap="nowrap" align="center">Cash</td> <td valign="bottom">    </td> <td valign="bottom" colspan="4" nowrap="nowrap" align="center">Alternative Investment Strategy</td></tr> <tr bgcolor="#e5e5e5"> <td valign="bottom"></td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="center">0-35%</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="center">55-100%</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="center">0-15%</td> <td valign="bottom" nowrap="nowrap">  </td> <td valign="bottom">    </td> <td valign="bottom"> </td> <td valign="bottom" nowrap="nowrap"> </td> <td valign="bottom" nowrap="nowrap" align="center">0-20%</td> <td valign="bottom" nowrap="nowrap">  </td></tr></table>   <table style="BORDER-COLLAPSE: collapse" border="0" cellspacing="0" cellpadding="0" width="100%"> <tr> <td valign="top" width="1%" align="left">*</td> <td valign="top" align="left">Market appreciation or depreciation may cause each Fund to be temporarily outside the ranges identified in the table. The Investment Manager may modify the target allocation ranges only upon approval of the Fund's Board of Trustees. </td></tr></table>   Columbia Management Investment Advisers, LLC (the Investment Manager) will allocate the Fund’s assets within and across different asset classes through investments in underlying funds, potentially including an allocation to an alternative investment strategy fund, in an effort to achieve the Fund’s objective. Typically, asset allocation changes will be made monthly to refine the Fund’s positioning, but may be made more or less frequently depending upon then-current allocations. In pursuit of the Fund’s objective, the Investment Manager chooses investments by: <ul type="square"><li style="margin-left:-20px">        Evaluating the Fund’s total exposure to sectors, industries, issuers and securities relative to the Fund’s indices; </li></ul><ul type="square"><li style="margin-left:-20px">       Analyzing factors such as credit quality, interest rate outlook and price; and </li></ul><ul type="square"><li style="margin-left:-20px">        Targeting certain underlying funds that invest in lower-quality (junk) bonds and foreign investments as attractive opportunities arise. </li></ul>The Investment Manager relies on various qualitative and quantitative inputs to tactically allocate the Fund’s assets across the different asset classes and investment categories. Investment Category Allocation. Within the equity and fixed income asset classes, the Investment Manager establishes allocations for the Fund, seeking to achieve the Fund’s objective by investing in defined investment categories. Fixed income investment categories include underlying funds that invest in: treasury inflation protected securities, mortgage- and asset-backed securities, core plus (primarily domestic investment grade bonds), high yield bonds, high yield loans, international bonds and emerging markets bonds. The Investment Manager also may allocate assets to money market (cash) or alternative investment strategies. Equity investment categories include underlying funds that invest in: U.S. large-cap, mid-cap and small-cap equities (including growth, value and core/blend styles), international equities (including emerging market securities) and real estate securities. The target allocation range constraints are intended to promote diversification within asset classes, and the Investment Manager takes into account factors such as style, sector, market capitalization, geographic location, credit quality, interest rate outlook, and yield potential. Proposed allocation shifts are reviewed and approved by the Investment Manager as part of its qualitative review. -0.2468 PRINCIPAL RISKS OF INVESTING IN THE FUND 2002-09-30 Please remember that with any mutual fund investment you may lose money. Principal risks associated with an investment in the Fund include specific risks relating to the investment in the Fund based on its investment process, and certain general risks based on its “fund of funds” structure. These risks are identified below. Active Management Risk. Although the Fund is managed based primarily on quantitative methods, the Investment Manager provides a qualitative review of the quantitative output. Therefore, the Fund’s performance will reflect in part the ability of the Investment Manager to make active, qualitative decisions, including allocation decisions that are suited to achieving the Fund’s investment objectives. Allocation Risk. The risk that the Investment Manager’s evaluations regarding asset classes or underlying funds and the Fund’s allocations thereto may be incorrect. The ability of the Fund to realize its investment objective will depend, in large part, on the extent to which the underlying funds realize their investment objectives. There is no guarantee that the underlying funds will achieve their investment objectives. The Fund is exposed to the same risks as the underlying funds in direct proportion to the allocation of its assets among the underlying funds. Quantitative Model Risk. Securities or other instruments selected using quantitative methods may perform differently from the market as a whole for many reasons, including the factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns, among others. There can be no assurance that these methodologies will enable the Fund to achieve its objective. Risks of Investing in Other Funds. The performance of affiliated or unaffiliated funds (underlying funds) in which the Fund invests could be adversely affected if other entities that invest in the same underlying funds make relatively large investments or redemptions in such funds. Because the expenses and costs of an underlying fund are shared by its investors, redemptions by other investors in the underlying fund could result in decreased economies of scale and increased operating expenses for the underlying fund. The Fund and its shareholders indirectly bear a portion of the expenses of the underlying fund. In addition, the Investment Manager has the authority to change the underlying funds in which the Fund invests or to change the percentage of the Fund’s investments allocated to each underlying fund. This could result in the Investment Manager having a potential conflict of interest in selecting the underlying funds in which the Fund invests or in determining the percentage of the Fund’s investments allocated to each underlying fund since some underlying funds may pay higher advisory and other fees to the Investment Manager and its affiliates. There are also circumstances in which the Investment Manager’s fiduciary duties to the Fund may conflict with its fiduciary duties to the underlying funds. Risks of Underlying Funds. By investing in a combination of underlying funds, the Fund has exposure to the risks associated with many areas of the market. The Fund will have exposure to the principal risks of the underlying funds. A description of the principal risks associated with direct investment in the underlying funds is set forth in Appendix B. Additional risks of the underlying funds are set forth in the Statements of Additional Information of the underlying funds. Also, in addition to the Fund’s operating expenses, you will indirectly bear the operating expenses of the underlying funds. Thus, the expenses you bear as an investor in the Fund will be higher than if you invested directly in the underlying funds. 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. 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 of the Fund (which are not offered in this prospectus), which have been outstanding as long as any other share class of 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 Class A share performance for the periods shown with those of a broad measure of market performance as well as one or more secondary benchmarks. 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). 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 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. <center>CLASS A ANNUAL TOTAL RETURNS (WITHOUT SALES CHARGE)</center> 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>(calendar year)</center> During the periods shown:<ul type="square"><li style="margin-left:-20px">Highest return for a calendar quarter was 9.74% (quarter ended September 30, 2009).</li><li style="margin-left:-20px">Lowest return for a calendar quarter was –8.86% (quarter ended December 31, 2008).</li><li style="margin-left:-20px">Class A year-to-date return was 9.42% at September 30, 2012</li></ul> Average Annual Total Returns After Applicable Sales Charges (unless otherwise noted) (for periods ended December 31, 2011) The Barclays U.S. Aggregate Bond Index, the Russell 3000 Value Index and the Citigroup 3-Month Treasury Bill Index are components of the Blended Index and are used to calculate its return. The Blended Index is a hypothetical representation of the performance of the Fund’s asset classes according to their respective neutral asset allocation weightings adjusted each calendar year to reflect the changes to the Fund’s neutral asset allocation. 0.31 Please remember that with any mutual fund investment you may lose money. 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. 800.345.6611 columbiamanagement.com The Fund’s 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. 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). 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. 0 0 0 0 0 0 0.0017 0.001 0.0068 0.0068 0.0085 0.0078 87 80 271 249 472 434 1053 970 87 80 271 249 472 434 1053 970 0.0459 -0.1488 0.2024 0.111 0.0476 -0.0019 -0.0134 0 0.0476 -0.001 0.0784 0.0008 0.0532 0.0349 0.0206 0.0214 0.0449 0.065 -0.0258 0.0136 0.0406 0.0442 0.0294 0.0292 0.0529 0.063 0.0037 0.0186 0.0468 2006-02-16 2006-02-16 2006-02-16 2006-02-16 This Fund is designed for long-term investors with above-average risk tolerance. The Fund has a higher potential for volatility and loss of principal. 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 other mutual funds with similar investment objectives. Credit Risk. Credit risk is the risk that fixed-income securities in the Fund’s portfolio may or will decline in price or fail to pay interest or repay principal when due because the issuer will default or otherwise become unable or unwilling to honor its financial obligations. Lower quality or unrated securities held by the Fund may present increased credit risk. Investments in emerging markets debt obligations are subject to increased credit risk. Geographic Concentration Risk. The Fund may be particularly susceptible to economic, political, regulatory or other events or conditions affecting issuers and countries within the specific geographic regions in which the Fund invests. The Fund may be more volatile than a more geographically diversified fund. High-Yield Securities Risk. The Fund’s investments in below-investment grade fixed-income securities (i.e., high-yield or junk bonds) exposes the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade securities. High-yield securities are considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal. Interest Rate Risk. Interest rate risk is the risk of losses attributable to changes in interest rates. When interest rates rise, prices of fixed-income securities generally fall. In general, the longer the maturity or duration of a fixed-income security, the greater its sensitivity to changes in interest rates. Interest rate changes also may increase prepayments of debt obligations. Issuer Risk. An issuer may perform poorly, and therefore, the value of its securities may decline, which would negatively affect the Fund’s performance. 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 desirable prices in order to minimize loss. The Fund may have to lower the selling price, sell other investments, or forego another, more appealing investment opportunity. Market Risk. The market value of investments may fall or fail to rise. Market risk may affect a single issuer, sector of the economy, industry, or the market as a whole. The market value of investments may fluctuate, sometimes rapidly and unpredictably. Non-Diversification Risk. Compared with a “diversified” fund, the Fund may invest a greater percentage of its assets in the securities of a single issuer. A decline in the value of that investment could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. Risks of Foreign/Emerging Markets Investing. Investments in foreign securities involve certain risks not associated with investments in U.S. companies. Foreign securities in the Fund’s portfolio subject the Fund to the risks associated with investing in the particular country, including the political, regulatory, economic, social and other conditions or events occurring in the country, as well as fluctuations in its currency and the risks associated with less developed custody and settlement practices. Investments in emerging markets may present greater risk of loss than a typical foreign security investment. Because of the less developed markets and economies and less mature governments and governmental institutions, the risks of investing in foreign securities may be intensified in the case of investments in issuers organized, domiciled or doing business in emerging markets. Rule 144A Securities Risk. The Fund may invest significantly in Rule 144A securities which 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 could affect adversely the marketability of such securities and the Fund might be unable to dispose of such securities promptly or at reasonable prices. Accordingly, even if determined to be liquid, the Fund’s holdings of Rule 144A securities may increase the level of Fund illiquidity if eligible buyers become uninterested in buying them. Sector Risk. Investments that are concentrated in a particular issuer, geographic region, industry or sector will be more susceptible to changes in price. The more a fund diversifies its investments, the more it spreads risk and potentially reduces the risks of loss and volatility. 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. PAST PERFORMANCE <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleShareholderFeesColumbiaGlobalBondFund column period compact * ~</div> The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R5 and Class Y 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 are the returns of Class A shares of the Fund (which are not offered in this prospectus), which have been outstanding as long as any other class of 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 Class A share performance for the periods shown with those of a broad measure of market performance. 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 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. <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAnnualFundOperatingExpensesColumbiaGlobalBondFund column period compact * ~</div> year-to-date return 2012-09-30 0.0942 Highest return 2009-09-30 0.0974 Lowest return 2008-12-31 -0.0886 <center>CLASS A ANNUAL TOTAL RETURNS (WITHOUT SALES CHARGE)</center> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleExpenseExampleTransposedColumbiaGlobalBondFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleExpenseExampleNoRedemptionTransposedColumbiaGlobalBondFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAnnualTotalReturnsColumbiaGlobalBondFundBarChart column period compact * ~</div> <center>(calendar year)</center> 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 other mutual funds with similar investment objectives. Credit Risk. Credit risk is the risk that fixed-income securities in the Fund’s portfolio may or will decline in price or fail to pay interest or repay principal when due because the issuer of the security will default or otherwise become unable or unwilling to honor its financial obligations. Lower quality or unrated securities held by the Fund may present increased credit risk. Risks of Foreign/Emerging Markets Investing. Investments in foreign securities involve certain risks not associated with investments in U.S. companies. Foreign securities in the Fund’s portfolio subject the Fund to the risks associated with investing in the particular country, including the political, regulatory, economic, social and other conditions or events occurring in the country, as well as fluctuations in its currency and the risks associated with less developed custody and settlement practices. Investments in emerging markets present greater risk of loss than a typical foreign security investment. Because of the less developed markets and economies and less mature governments and governmental institutions, the risks of investing in foreign securities may be intensified in the case of investments in issuers organized, domiciled or doing business in emerging markets. High-Yield Securities Risk. The Fund’s investments in below-investment grade fixed-income securities (i.e., high-yield or junk bonds) exposes the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade securities. High-yield securities are considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal. Interest Rate Risk. Interest rate risk is the risk of losses attributable to changes in interest rates. When interest rates rise, prices of fixed-income securities generally fall. In general, the longer the maturity or duration of a fixed-income security, the greater its sensitivity to changes in interest rates. Interest rate changes also may increase prepayments of debt obligations. Liquidity Risk. Liquidity risk is the risk associated with a lack of marketability of securities which may make it difficult to sell the security at desirable prices in order to minimize loss. The Fund may have to lower the selling price, sell other investments, or forego another, more appealing investment opportunity. Market Risk. The market value of investments may fall or fail to rise. Market risk may affect a single issuer, sector of the economy, industry, or the market as a whole. The market value of investments may fluctuate, sometimes rapidly and unpredictably. <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAverageAnnualTotalReturnsTransposedColumbiaGlobalBondFund column period compact * ~</div> During the periods shown:<ul type="square"><li style="margin-left:-20px">Highest return for a calendar quarter was 16.87% (quarter ended June 30, 2009).</li><li style="margin-left:-20px">Lowest return for a calendar quarter was 12.38% (quarter ended December 31, 2008).</li><li style="margin-left:-20px">Class A year-to-date return was 15.78% at September 30, 2012.</li></ul> Average Annual Total Returns After Applicable Sales Charges (unless otherwise noted) (for periods ended December 31, 2011) Other expenses are based on estimated amounts for the current fiscal year. 0.24 Please remember that with any mutual fund investment you may lose money. Non-Diversification Risk. Compared with a “diversified” fund, the Fund may invest a greater percentage of its assets in the securities of a single issuer. A decline in the value of that investment could cause the Fund’s overall value to decline to a greater degree than if the Fund held a more diversified portfolio. 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. 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 are the returns of Class A shares of the Fund (which are not offered in this prospectus), which have been outstanding as long as any share class of 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 Class A share returns for the periods shown with those of a broad measure of market performance as well as the Fund’s former benchmark. 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). 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 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. Summary of the Fund INVESTMENT OBJECTIVE Columbia Marsico Flexible Capital Fund (the Fund) seeks to provide shareholders with long-term growth of capital. FEES AND EXPENSES OF THE FUND This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. Shareholder Fees (fees paid directly from your investment) Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Portfolio Turnover 0 0 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the Example, affect the Fund's performance. During the Fund's most recent fiscal year, the Fund's portfolio turnover rate was 146% of the average value of its portfolio. Example 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 class R5 shares of the Fund 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: PRINCIPAL INVESTMENT STRATEGIES OF THE FUND The Fund invests in equity securities and other investments that are selected primarily for their long-term growth potential. The Fund may also invest up to 40% of its assets in various types of fixed income and variable income securities, including up to 25% in securities rated below investment grade (commonly called "high yield securities" or "junk bonds"). The Fund may invest without limit in foreign investments, including investments in emerging markets. The Fund may invest in issuers of any size, and will generally hold a core position of between 20 and 50 securities or other investments, but this range may change from time to time. In selecting investments for the Fund, Marsico Capital Management, LLC (Marsico Capital or the Subadviser) uses an approach that combines "top-down" macro-economic analysis with "bottom-up" securities selection. The "top-down" approach may take into consideration macro-economic factors such as, without limitation, interest rates, inflation, demographics, the regulatory environment, and the global competitive landscape. Through this "top-down" analysis, Marsico Capital seeks to identify sectors, industries and companies that may benefit from the overall trends Marsico Capital has observed. Marsico Capital then looks for individual companies or securities that are expected to offer earnings growth potential that may not be recognized by the market at large. In evaluating investment opportunities, Marsico Capital may consider whether a particular security or other investment potentially offers current income, and in selecting fixed income and variable income securities, Marsico Capital will also focus on the potential for growth of capital. The Fund is not required to seek current income or to maintain any portion of its total assets in fixed or variable income securities. The Fund's holdings may include, without limitation, securities or other investments of established companies, less mature companies, companies that may, in Marsico Capital's view, be experiencing a significant positive transformation or a favorable catalyst impacting their potential growth, securities or other investments that may be underappreciated by other investors, or that are believed to be trading at compelling valuations in light of their potential growth. Marsico Capital may use derivatives, such as options (including options on currencies, interest rates and swap agreements, which are commonly referred to as swaptions), for investment purposes, for risk management (hedging) purposes, and to increase investment flexibility. 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 other mutual funds with similar investment objectives. Credit Risk. Credit risk is the risk that fixed-income securities in the Fund's portfolio may or will decline in price or fail to pay interest or repay principal when due because the issuer of the security will default or otherwise become unable or unwilling to honor its financial obligations. Lower quality or unrated securities held by the Fund may present increased credit risk. Derivatives Risk — Options. The Fund may buy and sell call and put options, including options on currencies, interest rates and swap agreements (commonly referred to as swaptions), for investment purposes, for risk management (hedging) purposes, and to increase investment flexibility. If the Fund sells a put option, there is a risk that the Fund may be required to buy the underlying asset at a disadvantageous price. If the Fund sells a call option, there is a risk that the Fund may be required to sell the underlying asset at a disadvantageous price. If the Fund sells a call option on an underlying asset that the Fund owns (a "covered call") and the underlying asset has increased in value when the call option is exercised, the Fund will be required to sell the underlying asset at the call price and will not be able to realize any of the underlying asset's value above the call price. Options may be traded on a securities exchange or over-the-counter. These transactions involve risk, including correlation risk, counterparty credit risk, hedging risk and leverage risk. Focused Portfolio Risk. Because the Fund may hold a limited number of securities, the Fund as a whole is subject to greater risk of loss if any of those securities declines in price. 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. High-Yield Securities Risk. The Fund's investments in below-investment grade fixed-income securities (i.e., high-yield or junk bonds) exposes the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade securities. High-yield securities are considered to be predominantly speculative with respect to the issuer's capacity to pay interest and repay principal. Interest Rate Risk. Interest rate risk is the risk of losses attributable to changes in interest rates. When interest rates rise, prices of fixed-income securities generally fall. In general, the longer the maturity or duration of a fixed-income security, the greater its sensitivity to changes in interest rates. Interest rate changes also may increase prepayments of debt obligations. Issuer Risk. An issuer may perform poorly, and therefore, the value of its securities may decline, which would negatively affect the Fund's performance. Issuer Risk. An issuer 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 or other events, conditions or factors. Market Risk. The market value of investments may fall or fail to rise. Market risk may affect a single issuer, sector of the economy, industry, or the market as a whole. The market value of investments may fluctuate, sometimes rapidly and unpredictably. Portfolio Turnover Risk. The portfolio managers may actively and frequently trade securities or other instruments in the Fund's portfolio to carry out its investment strategies. A high portfolio turnover rate increases transaction costs, which may increase the Fund's expenses. Frequent and active trading may also cause adverse tax consequences for investors in the Fund due to an increase in short-term capital gains. Risks of Foreign/Emerging Markets Investing. Investments in foreign securities involve certain risks not associated with investments in U.S. companies. Foreign securities in the Fund's portfolio subject the Fund to the risks associated with investing in the particular country, including the political, regulatory, economic, social and other conditions or events occurring in the country, as well as fluctuations in its currency and the risks associated with less developed custody and settlement practices. Investments in emerging markets may present greater risk of loss than a typical foreign security investment. Because of the less developed markets and economies and less mature governments and governmental institutions, the risks of investing in foreign securities can be intensified in the case of investments in issuers organized, domiciled or doing business in emerging markets. Small and Mid-Sized Company Risk. Investments in small and medium size companies often involve greater risks than investments in larger, more established companies, including less predictable earnings and lack of experienced management, financial resources, product diversification and competitive strengths. 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. 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 are the returns of Class A shares of the Fund (which are not offered in this prospectus), which have been outstanding as long as any other class of 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 Class A share performance for the periods shown with those of a broad measure of market performance. 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). 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 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. <center>CLASS A ANNUAL TOTAL RETURNS (WITHOUT SALES CHARGE)</center> During the periods shown:<ul type="square"><li style="margin-left:-20px">Highest return for a calendar quarter was 8.34% (quarter ended December 31, 2011).</li><li style="margin-left:-20px">Lowest return for a calendar quarter was 14.03% (quarter ended September 30, 2011).</li><li style="margin-left:-20px">Class A year-to-date return was 21.86% at September 30, 2012.</li></ul> <center>(calendar year)</center> Average Annual Total Returns After Applicable Sales Charges (unless otherwise noted) (for periods ended December 31, 2011) 1.46 Please remember that with any mutual fund investment you may lose money. 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 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. 800.345.6611 columbiamanagement.com The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. 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. 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 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 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). <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleShareholderFeesColumbiaIncomeBuilderFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAnnualFundOperatingExpensesColumbiaIncomeBuilderFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleExpenseExampleTransposedColumbiaIncomeBuilderFund column period compact * ~</div> The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleExpenseExampleNoRedemptionTransposedColumbiaIncomeBuilderFund column period compact * ~</div> 800.345.6611 columbiamanagement.com year-to-date return 2012-09-30 0.2186 <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAnnualTotalReturnsColumbiaIncomeBuilderFundBarChart column period compact * ~</div> Highest return Highest return <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAverageAnnualTotalReturnsTransposedColumbiaIncomeBuilderFund column period compact * ~</div> 0.1687 2009-06-30 Lowest return -0.1238 2008-12-31 year-to-date return 0.1578 2012-09-30 2011-12-31 0.0834 Lowest return 2011-09-30 -0.1403 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. <center>CLASS A ANNUAL TOTAL RETURNS (WITHOUT SALES CHARGE)</center> During the periods shown:<ul type="square"><li style="margin-left:-20px">Highest return for a calendar quarter was 5.06% (quarter ended September 30, 2009).</li><li style="margin-left:-20px">Lowest return for a calendar quarter was -3.46% (quarter ended December 31, 2008).</li><li style="margin-left:-20px">Class A year-to-date return was 5.11% at September 30, 2012.</li></ul> February 28, 2014 <center>(calendar year)</center> 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. Average Annual Total Returns After Applicable Sales Charges (unless otherwise noted) (for periods ended December 31, 2011) 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. 800.345.6611 columbiamanagement.com. The Fund’s 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. 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). 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. 1.06 Other expenses are based on estimated amounts for the current fiscal year. Other expenses for Class R4 shares are based on estimated amounts for the Fund’s current fiscal year. Please remember that with any mutual fund investment you may lose money. Other expenses are based on estimated amounts for the current fiscal year. December 31, 2013 Class R5 and Class Y 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 are the returns of Class A shares of the Fund (which are not offered in this prospectus), which have been outstanding as long as any other class of the Fund. Class Y 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 are the returns of Class A shares of the Fund (which are not offered in this prospectus), which have been outstanding as long as any other share class of the Fund. 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 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 returns shown for all periods for any share class that does not have available performance are the returns of Class A shares of the Fund (which are not offered in this prospectus), which have been outstanding as long as any other share class of the Fund. 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 are the returns of Class A shares of the Fund (which are not offered in this prospectus), which have been outstanding as long as any share class of 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. 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 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 returns shown for all periods are the returns of Class A shares of the Fund (which are not offered in this prospectus), which have been outstanding as long as any other class of the Fund. The returns shown for all periods are the returns of Class A shares of the Fund (which are not offered in this prospectus), which have been outstanding longer than any other share class of the Fund. Class R4 shares of the Fund did not commence operations prior to the date of this prospectus and, therefore, performance is not yet available. Other expenses are based on estimated amounts for the Fund’s current fiscal year. On December 1, 2011, the Barclays U.S. 1-5 Year Corporate Index (the New Index) replaced the Barclays U.S. 1-5 Year Credit Index (the Former Index) as the Fund’s primary benchmark. The Fund’s Investment Manager made this recommendation to the Fund’s Board of Trustees because the Investment Manager believes that the New Index provides a more appropriate basis for comparing the Fund’s performance. Information on both the New Index and the Former Index will be included for a one-year transition period. Thereafter, only the New Index will be included. Other expenses are based on estimated amounts for the 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 December 31, 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 rate of 0.94% for Class R5. On December 1, 2011, the Barclays U.S. 1-5 Year Corporate Index (the New Index) replaced the Barclays U.S. 1-5 Year Credit Index (the Former Index) as the Fund's primary benchmark. The Fund's Investment Manager made this recommendation to the Fund's Board of Trustees because the Investment Manager believes that the New Index provides a more appropriate basis for comparing the Fund's performance. Information on both the New Index and the Former Index will be included for a one-year transition period. Thereafter, only the New Index will be included. Since Inception 6/30/03. Management fees have been restated to reflect contractual changes to the investment advisory fee rates. 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 February 28, 2014, unless sooner terminated at the sole discretion of the Fund's Board of Trustees. Under this agreement through February 28, 2013, the Fund's net operating expenses will not, subject to applicable exclusions, exceed the annual rate of 0.69% for Class Y. This net operating expense ratio is shown in the table. Beginning March 1, 2013 through February 28, 2014, the Fund's net operating expenses will not, subject to applicable exclusions, exceed the annual rate of 0.62% for Class Y. Other expenses for Class R4 shares are based on estimated amounts for the Fund's current fiscal year. Other expenses are based on estimated amounts for the Fund's current fiscal year. As of February 28, 2006. 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