0001352280 cfst45:S000031376Member 2012-01-02 2013-01-01 0001352280 2012-01-02 2013-01-01 0001352280 cfst45:S000031371Member 2012-01-02 2013-01-01 0001352280 cfst45:S000031376Member cfst45:C000097595Member 2012-01-02 2013-01-01 0001352280 cfst45:S000031376Member cfst45:C000097596Member 2012-01-02 2013-01-01 0001352280 cfst45:S000031376Member cfst45:C000097597Member 2012-01-02 2013-01-01 0001352280 cfst45:S000031376Member cfst45:C000097598Member 2012-01-02 2013-01-01 0001352280 cfst45:S000031376Member cfst45:C000097601Member 2012-01-02 2013-01-01 0001352280 cfst45:S000031376Member cfst45:C000097599Member 2012-01-02 2013-01-01 0001352280 cfst45:S000031376Member cfst45:C000097600Member 2012-01-02 2013-01-01 0001352280 cfst45:S000031376Member cfst45:C000097602Member 2012-01-02 2013-01-01 0001352280 cfst45:S000031376Member cfst45:C000097603Member 2012-01-02 2013-01-01 0001352280 cfst45:S000031376Member cfst45:C000097604Member 2012-01-02 2013-01-01 0001352280 cfst45:S000031371Member cfst45:C000097556Member 2012-01-02 2013-01-01 0001352280 cfst45:S000031371Member cfst45:C000097557Member 2012-01-02 2013-01-01 0001352280 cfst45:S000031371Member cfst45:C000097558Member 2012-01-02 2013-01-01 0001352280 cfst45:S000031371Member cfst45:C000097555Member 2012-01-02 2013-01-01 0001352280 cfst45:S000030091Member cfst45:C000092420Member 2012-01-02 2013-01-01 0001352280 cfst45:S000030091Member cfst45:C000092421Member 2012-01-02 2013-01-01 0001352280 cfst45:S000030091Member cfst45:C000092422Member 2012-01-02 2013-01-01 0001352280 cfst45:S000030091Member cfst45:C000092423Member 2012-01-02 2013-01-01 0001352280 cfst45:S000030091Member cfst45:C000122761Member 2012-01-02 2013-01-01 0001352280 cfst45:S000030091Member cfst45:C000092424Member 2012-01-02 2013-01-01 0001352280 cfst45:S000031371Member cfst45:C000097560Member 2012-01-02 2013-01-01 0001352280 cfst45:S000031371Member cfst45:C000097559Member 2012-01-02 2013-01-01 0001352280 cfst45:S000031371Member cfst45:C000097561Member 2012-01-02 2013-01-01 0001352280 cfst45:S000031371Member cfst45:C000097562Member 2012-01-02 2013-01-01 0001352280 cfst45:S000030091Member rr:AfterTaxesOnDistributionsMember cfst45:C000092420Member 2012-01-02 2013-01-01 0001352280 cfst45:S000030091Member rr:AfterTaxesOnDistributionsAndSalesMember cfst45:C000092420Member 2012-01-02 2013-01-01 0001352280 cfst45:S000030091Member cfst45:ReturnBeforeTaxesWithoutSalesChargesMember cfst45:C000092420Member 2012-01-02 2013-01-01 0001352280 cfst45:S000030091Member cfst45:SAndPFiveHundredMember 2012-01-02 2013-01-01 0001352280 cfst45:S000031371Member cfst45:RussellTwentyHundredGrowthIndexMember 2012-01-02 2013-01-01 0001352280 cfst45:S000031371Member rr:AfterTaxesOnDistributionsAndSalesMember cfst45:C000097555Member 2012-01-02 2013-01-01 0001352280 cfst45:S000030091Member 2012-01-02 2013-01-01 0001352280 cfst45:S000031371Member rr:AfterTaxesOnDistributionsMember cfst45:C000097555Member 2012-01-02 2013-01-01 0001352280 cfst45:S000031376Member rr:AfterTaxesOnDistributionsAndSalesMember cfst45:C000097595Member 2012-01-02 2013-01-01 0001352280 cfst45:S000031376Member cfst45:BarclaysUsAggregateBondIndexMember 2012-01-02 2013-01-01 0001352280 cfst45:S000031376Member rr:AfterTaxesOnDistributionsMember cfst45:C000097595Member 2012-01-02 2013-01-01 pure iso4217:USD <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleShareholderFeesColumbiaDiversifiedBondFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAnnualFundOperatingExpensesColumbiaDiversifiedBondFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleExpenseExampleTransposedColumbiaDiversifiedBondFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAverageAnnualTotalReturnsTransposedColumbiaDiversifiedBondFund column period compact * ~</div> 485BPOS 2012-12-21 0001352280 2013-01-01 Columbia Funds Series Trust II <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleShareholderFeesColumbiaFrontierFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAnnualFundOperatingExpensesColumbiaFrontierFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleExpenseExampleTransposedColumbiaFrontierFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAverageAnnualTotalReturnsTransposedColumbiaFrontierFund column period compact * ~</div> 0.0475 0 0 0 0 0 0 0 0 0 0.01 0.05 0.01 0 0 0 <a name="toc445995_2"></a>INVESTMENT OBJECTIVE Columbia Frontier Fund (the Fund) seeks to provide shareholders with growth of capital. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on Class A shares of the Fund if you and members of your immediate family (that share the same mailing address) agree to invest in the future at least $50,000 in certain classes of shares of eligible funds distributed by Columbia Management Investment Distributors, Inc. More information about these and other discounts is available from your financial intermediary and under “Reductions/Waivers of Sales Charges — Front-End Sales Charge Reductions” on page S.9 of this prospectus and on page D.1 of Appendix D in the Fund’s Statement of Additional Information (SAI). 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) 0 0 0 0.0575 0.01 0.05 0.01 0.0575 0 0 0 0 0 0 0.0041 0.0041 0.0041 0.0041 0.0041 0.0041 0.0041 0.0041 0.0041 0.0041 0.01 0.01 0 0 0 0 0.0025 0.01 0.01 0 0 0.005 0 0 0.0025 0 0.0021 0.0021 0.0021 0.0008 0.0038 0.0021 0.0021 0.0013 0.0021 0.0021 0.0087 0.0162 0.0162 0.0049 0.0079 0.0112 0.0062 0.0054 0.0087 0.0062 -0.2707 0.3701 0 0 0 0.1309 -0.0391 0.0085 0.016 0.2042 0.016 0.0049 0.0079 0.011 0.006 0.0054 0.0085 0.006 0.062 0.0089 -0.4231 0.0089 0.0089 0.0089 0.0089 0.3294 0.0089 0.1916 -0.1248 0.0025 -0.0002 0.01 -0.0002 0 -0.0002 -0.0002 0.005 0 -0.0002 -0.0002 0 -0.0002 0.0079 0.0079 0.0079 0.0079 0.0038 0.0079 0.0038 0.0079 0.0018 0.0079 0.0038 0.0079 0.0023 0.0038 0.0025 0.01 0.0152 0.01 0.0227 0 0.0107 0 0.0177 0.005 0.0112 0 0.0127 0 -0.0021 -0.0021 -0.0018 0.0086 -0.0021 -0.0018 0.0086 -0.0021 0.0086 0.0042 0.0072 0.0086 0.0047 0.0086 0.0131 0.0206 0.0089 0.0156 0.0094 0.0106 0.019 0.0265 0.0265 0.0121 0.0151 0.0215 0.0126 0.0165 -0.0037 -0.0037 -0.0037 -0.0013 -0.0013 -0.0037 -0.0013 -0.0037 0.0153 0.0228 0.0228 0.0108 0.0138 0.0113 0.0178 0.0128 701 309 91 159 96 108 1009 690 323 537 338 382 1339 558 1197 663 574 263 941 50 600 81 678 112 61 55 87 61 2271 2594 1294 2072 1352 1521 738 809 509 157 253 354 197 173 276 197 933 1080 880 275 440 616 344 302 481 344 1499 1724 1925 619 982 1366 776 680 1075 776 701 209 91 159 96 108 722 231 231 110 140 181 115 130 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 period from November 1, 2011 to August 31, 2012, the Fund’s portfolio turnover rate was 163% of the average value of its portfolio and for the prior fiscal year ended October 31, 2011, the Fund’s portfolio turnover rate was 72% of the average value of its portfolio. <a name="toc445995_4"></a>PRINCIPAL INVESTMENT STRATEGIES OF THE FUND Under normal circumstances, the Fund invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in equity securities of companies that have market capitalizations in the range of companies in the Russell 2000 Growth Index at the time of purchase (between $29 million and $4.8 billion as of November 30, 2012). The Fund invests primarily in common stocks that Columbia Management Investment Advisers, LLC (the Investment Manager) believes have the potential for long-term, above-average earnings growth. The Fund may invest up to 20% of its net assets in stocks of companies that have market capitalizations outside the range of the Russell 2000 Growth Index. The Fund may invest up to 20% of its total assets in foreign securities. At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. The Fund’s investment strategy may involve the frequent trading of portfolio securities. This may cause the Fund to incur higher transaction costs (which may adversely affect the Fund’s performance) and may increase taxable distributions for shareholders. <a name="toc445995_5"></a>PRINCIPAL RISKS OF INVESTING IN THE FUND 1009 690 323 537 338 382 1339 1197 574 941 600 678 2271 2594 1294 2072 1352 1521 The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower. The table below the bar chart compares the Fund’s returns (after applicable sales charges) for the periods shown with those of a broad measure of market performance. The performance of one or more share classes shown in the table below begins before the indicated inception date for such share class. The returns shown for each such share class include the returns of the Fund’s Class A shares (without applicable sales charges and adjusted to reflect the higher class-related operating expenses of such classes, where applicable) for periods prior to its inception date. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), the share classes of the Fund have annual returns substantially similar because all share classes of the Fund invest in the same portfolio of securities. The after-tax returns shown in the table below are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or Individual Retirement Accounts (IRAs). The after-tax returns are shown only for Class A shares and will vary for other share classes. The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting columbiamanagement.com. 1103 788 788 372 465 637 387 483 1371 1371 653 812 1119 680 861 2773 2956 1459 1796 2454 1516 1924 -0.0494 1509 2641 163 163 509 509 880 880 1724 1925 -0.1042 -0.1047 -0.0671 -0.0494 -0.0658 -0.0499 -0.0528 -0.0463 0.0211 0.0334 0.0319 0.0278 0.0832 0.0741 0.0829 0.0783 0.0861 0.0979 731 331 1088 788 1571 1371 2773 2956 0.0209 0.0046 0.0031 0.0029 0.0034 0.011 0.0116 0.0079 0.0161 0.0109 0.0448 Columbia Marsico Flexible Capital Fund (the Fund) seeks to provide shareholders with long-term growth of capital. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on Class A shares of the Fund if you and members of your immediate family (that share the same mailing address) agree to invest in the future at least $50,000 in certain classes of shares of eligible funds distributed by Columbia Management Investment Distributors, Inc. More information about these and other discounts is available from your financial intermediary and under “Reductions/Waivers of Sales Charges — Front-End Sales Charge Reductions” on page S.9 of this prospectus and on page D.1 of Appendix D in the Fund’s Statement of Additional Information (SAI). 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) Example 0 0 0 0 0 0 0 0 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 146% of the average value of its portfolio. 558 50 81 112 61 55 87 61 738 157 253 354 197 173 276 197 933 275 440 616 344 302 722 481 344 110 140 181 115 130 1499 619 982 1366 776 680 776 1075 1103 372 465 637 387 483 1509 653 812 1119 861 680 2641 1796 2454 1516 1924 1459 1984-12-10 1996-04-22 1999-05-27 2009-08-03 2009-08-03 2003-04-30 2001-11-30 2010-09-27 1984-12-10 1984-12-10 Please remember that with any mutual fund investment you may lose money. Principal risks associated with an investment in the Fund include: Active Management Risk. Due to its active management, the Fund could underperform its benchmark index and/or other funds with a similar investment objective. The Fund may fail to achieve its investment objective and you may lose money. Foreign Securities Risk. Investments in foreign securities involve certain risks not associated with investments in securities of U.S. companies. Foreign securities subject the Fund to the risks associated with investing in the particular country, including the political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, as well as fluctuations in its currency and the risks associated with less developed custody and settlement practices. Foreign securities may be more volatile and less liquid than investments in securities of U.S. companies. Frequent Trading Risk. The portfolio managers may actively and frequently trade investments in the Fund’s portfolio to carry out its investment strategies. Frequent trading of investments increases the possibility that the Fund, as relevant, will realize taxable capital gains (including short-term capital gains, which are generally taxable to shareholders at higher rates than long-term capital gains for U.S. federal income tax purposes), which could reduce the Fund’s after-tax return. Frequent trading can also mean higher brokerage and other transaction costs, which could reduce the Fund’s return. The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund’s performance. Growth Securities Risk. Growth securities typically trade at a higher multiple of earnings than other types of equity securities. Accordingly, the market values of growth securities may be more sensitive to adverse economic or other circumstances or changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time. Issuer Risk. An issuer in which the Fund invests may perform poorly, and therefore, the value of its securities may decline, which would negatively affect the Fund’s performance. Poor performance may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters or other events, conditions or factors. Market Risk. Market risk refers to the possibility that the market values of securities or other investments that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. An investment in the Fund could lose money over short or even long periods. In general, equity securities tend to have greater price volatility than debt securities. Sector Risk. At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic, regulatory, political or market events or conditions, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. The more a fund diversifies its investments, the more it spreads risk and potentially reduces the risks of loss and volatility. Small Company Securities Risk. Investments in small-capitalization companies (small-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because small-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies, and securities of small-cap companies may be less liquid and more volatile than the securities of larger companies. 0.0563 0.0461 0.0441 0.0209 0.0537 0.0508 -0.0642 INVESTMENT OBJECTIVE FEES AND EXPENSES OF THE FUND 0.1497 0.0791 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, monetary policy, fiscal policy 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. Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2011) 0.0652 0.0145 0.0121 0.0073 0.0473 0.0689 0.0636 0.0626 0.0609 0.0684 0.0653 0.068 0.0784 Example 0.0283 0.0436 0.0283 0.0425 0.0459 0.0575 0.0542 0.0506 0.0523 0.0566 0.053 0.0545 0.065 PRINCIPAL RISKS OF INVESTING IN THE FUND Please remember that with any mutual fund investment you may lose money. Principal risks associated with an investment in the Fund include: Active Management Risk. Due to its active management, the Fund could underperform its benchmark index and/or other funds with a similar investment objective. The Fund may fail to achieve its investment objective and you may lose money. Credit Risk. Credit risk is the risk that the issuer of a fixed-income security may or will default or otherwise become unable or unwilling, or is perceived to be unable or unwilling, to honor a financial obligation, such as making payments to the Fund when due. If the Fund purchases unrated securities, or if the rating of a security is lowered after purchase, the Fund will depend on analysis of credit risk more heavily than usual. Unrated securities held by the Fund may present increased credit risk as compared to higher-rated securities. Emerging Market Securities Risk. Securities issued by foreign governments or companies in emerging market countries are more likely to have greater exposure to the risks of investing in foreign securities that are described in Foreign Securities Risk. In addition, emerging market countries are more likely to experience instability resulting, for example, from rapid changes or developments in social, political and economic conditions. Their economies are usually less mature and their securities markets are typically less developed with more limited trading activity (i.e., lower trading volumes and less liquidity) than more developed countries. Emerging market securities tend to be more volatile than securities in more developed markets. Many emerging market countries are heavily dependent on international trade and have fewer trading partners, which makes them more sensitive to world commodity prices and economic downturns in other countries, and some have a higher risk of currency devaluations. Focused Portfolio Risk. Because the Fund may invest in a limited number of companies, the Fund as a whole is subject to greater risk of loss if any of those securities decline 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. Foreign Securities Risk. Investments in foreign securities involve certain risks not associated with investments in securities of U.S. companies. Foreign securities subject the Fund to the risks associated with investing in the particular country, including the political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, as well as fluctuations in its currency and the risks associated with less developed custody and settlement practices. Foreign securities may be more volatile and less liquid than investments in securities of U.S. companies. Frequent Trading Risk. The portfolio managers may actively and frequently trade investments in the Fund’s portfolio to carry out its investment strategies. Frequent trading of investments increases the possibility that the Fund, as relevant, will realize taxable capital gains (including short-term capital gains, which are generally taxable to shareholders at higher rates than long-term capital gains for U.S. federal income tax purposes), which could reduce the Fund’s after-tax return. Frequent trading can also mean higher brokerage and other transaction costs, which could reduce the Fund’s return. The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund’s performance. Growth Securities Risk. Growth securities typically trade at a higher multiple of earnings than other types of equity securities. Accordingly, the market values of growth securities may be more sensitive to adverse economic or other circumstances or changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time. Interest Rate Risk. Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt securities will tend to fall, and if interest rates fall, the values of debt securities will tend to rise. Changes in the value of a debt security usually will not affect the amount of income the Fund receives from it but may affect the value of the Fund’s shares. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. As interest rates rise or spreads widen, the likelihood of prepayment decreases. Issuer Risk. An issuer in which the Fund invests may perform poorly, and therefore, the value of its securities may decline, which would negatively affect the Fund’s performance. Poor performance may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters or other events, conditions or factors. Low and Below Investment Grade (High-Yield) Securities Risk. Securities with the lowest investment grade rating, securities rated below investment grade (commonly called “high-yield” or “junk” bonds) and unrated securities of comparable quality expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade securities. In addition, these investments have greater price fluctuations, are less liquid and are more likely to experience a default than higher-rated securities. High-yield securities are considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal. Market Risk. Market risk refers to the possibility that the market values of securities or other investments that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. An investment in the Fund could lose money over short or even long periods. In general, equity securities tend to have greater price volatility than debt securities. Money Market Fund Investment Risk. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. Although money market funds seek to preserve the value of investments at $1.00 per share, it is possible for the Fund to lose money by investing in money market funds. In addition to the fees and expenses that the Fund directly bears, the Fund indirectly bears the fees and expenses of any money market funds in which it invests, including affiliated money market funds. The Fund will also be exposed to the investment risks of the money market fund. To the extent the Fund invests in instruments such as derivatives, the Fund may hold investments, which may be significant, in money market fund shares to cover its obligations resulting from its investments in derivatives. 0.0438 0.0285 PAST PERFORMANCE 0.0283 0.041 0.041 0.0521 0.05 0.0463 The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower. The table below the bar chart compares the Fund’s returns (after applicable sales charges) for the periods shown with those of a broad measure of market performance. Class R5 shares of the Fund commenced operations after the periods ended shown in the table below and, therefore, performance information for Class R5 shares is not yet available. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), Class R5 shares of the Fund would have annual returns substantially similar to those of Class A shares (without sales charges) because all share classes of the Fund invest in the same portfolio of securities. The after-tax returns shown in the table below are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or Individual Retirement Accounts (IRAs). The after-tax returns are shown only for Class A shares and will vary for other share classes. Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. The 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. 0.0474 0.0506 0.0485 0.0493 0.0578 CLASS A ANNUAL TOTAL RETURNS (BEFORE SALES CHARGE) Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2011) Summary of the Fund You may qualify for sales charge discounts on Class A shares of the Fund if you and members of your immediate family (that share the same mailing address) agree to invest in the future at least $50,000 in certain classes of shares of eligible funds distributed by Columbia Management Investment Distributors, Inc. More information about these and other discounts is available from your financial intermediary and under “Reductions/Waivers of Sales Charges — Front-End Sales Charge Reductions” on page S.9 of this prospectus and on page D.1 of Appendix D in the Fund’s Statement of Additional Information (SAI). 0.72 50000 December 31, 2013 1.46 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 bar chart shows how the Fund’s Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower. The table below the bar chart compares the Fund’s returns (after applicable sales charges) for the periods shown with those of a broad measure of market performance. The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. 1974-10-03 1995-03-20 2000-06-26 2004-03-04 1995-03-20 2006-12-11 2006-12-11 2006-12-11 2006-12-01 2010-09-27 Class R5 shares of the Fund commenced operations after the periods ended shown in the table below and, therefore, performance information for Class R5 shares is not yet available. 800.345.6611 columbiamanagement.com 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. 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 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). 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> false 2012-08-31 You may qualify for sales charge discounts on Class A shares of the Fund if you and members of your immediate family (that share the same mailing address) agree to invest in the future at least $50,000 in certain classes of shares of eligible funds distributed by Columbia Management Investment Distributors, Inc. More information about these and other discounts is available from your financial intermediary and under “Reductions/Waivers of Sales Charges — Front-End Sales Charge Reductions” on page S.9 of this prospectus and on page D.1 of Appendix D in the Fund’s Statement of Additional Information (SAI). <a name="toc449108_1"></a>Summary of the Fund Please remember that with any mutual fund investment you may lose money. <a name="toc449108_2"></a>INVESTMENT OBJECTIVE Columbia Diversified Bond Fund (the Fund) seeks to provide shareholders with a high level of current income while conserving the value of the investment for the longest period of time. The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower. The table below the bar chart compares the Fund’s returns (after applicable sales charges) for the periods shown with those of a broad measure of market performance. <a name="toc449108_3"></a>FEES AND EXPENSES OF THE FUND The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts on Class A shares of the Fund if you and members of your immediate family (that share the same mailing address) agree to invest in the future at least $50,000 in certain classes of shares of eligible funds distributed by Columbia Management Investment Distributors, Inc. More information about these and other discounts is available from your financial intermediary and under “Reductions/Waivers of Sales Charges — Front-End Sales Charge Reductions” on page S.9 of this prospectus and on page D.1 of Appendix D in the Fund’s Statement of Additional Information (SAI). 800.345.6611 columbiamanagement.com 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. 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 are shown only for Class A shares and will vary for other share classes. 50000 2010-09-28 2010-09-28 2010-09-28 2010-09-28 2010-09-28 2010-09-28 2010-09-28 2010-09-28 year-to-date return 2012-09-30 0.1806 Highest return 2009-06-30 0.2088 Lowest return 2008-12-31 -0.2672 During the periods shown: <ul type="square"><li style="margin-left:-20px"> Highest return for a calendar quarter was 20.88% (quarter ended June 30, 2009).</li> <li style="margin-left:-20px"> Lowest return for a calendar quarter was –26.72% (quarter ended December 31, 2008).</li> <li style="margin-left:-20px"> Class A year-to-date return was 18.06% at September 30, 2012. </li> </ul> 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) Example 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 172% of the average value of its portfolio (155% excluding mortgage dollar rolls). <a name="toc449108_4"></a>PRINCIPAL INVESTMENT STRATEGIES OF THE FUND Contingent deferred sales charges (CDSC) on certain investments of between $1 million and $50 million redeemed within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months of purchase, with certain limited exceptions. <a name="toc449108_5"></a>PRINCIPAL RISKS OF INVESTING IN THE FUND December 31, 2013 CLASS A ANNUAL TOTAL RETURNS (BEFORE SALES CHARGE) (calendar year) Under normal market conditions, the Fund invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in bonds and other debt securities. At least 50% of the Fund’s net assets will be invested in securities like those included in the Barclays U.S. Aggregate Bond Index (the Index), which are investment grade and denominated in U.S. dollars. The Index includes securities issued by the U.S. Government, corporate bonds, and mortgage- and asset-backed securities. Although the Fund emphasizes high- and medium-quality debt securities, it will assume increased credit risk in an effort to achieve higher yield and/or capital appreciation by buying lower-quality (junk) bonds. Up to 25% of the Fund’s net assets may be invested in foreign investments, which may include investments in emerging markets. 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 in derivatives such as credit default swaps, To Be Announced (TBA) mortgage-backed securities and futures contracts. The Fund may enter into derivatives for investment purposes, for risk management (hedging) purposes, and to increase investment flexibility. Please remember that with any mutual fund investment you may lose money. Principal risks associated with an investment in the Fund include: Active Management Risk. Due to its active management, the Fund could underperform its benchmark index and/or other funds with a similar investment objective. The Fund may fail to achieve its investment objective and you may lose money. Changing Distribution Level Risk. The amount of the distributions paid by the Fund will vary and generally depends on the amount of interest income and/or dividends received by the Fund on the securities it holds. The Fund may not be able to pay distributions or may have to reduce its distribution level if the interest income and/or dividends the Fund receives from its investments decline. Counterparty Risk. Counterparty risk is the risk that a counterparty to a financial instrument held by the Fund or by a special purpose or structured vehicle invested in by the Fund may become insolvent or otherwise fail to perform its obligations, and the Fund may obtain no or limited recovery of its investment, and any recovery may be significantly delayed. Credit Risk. It is the risk that the issuer of a fixed-income security may or will default or otherwise become unable or unwilling, or is perceived to be unable or unwilling, to honor a financial obligation, such as making payments to the Fund when due. If the Fund purchases unrated securities, or if the rating of a security is lowered after purchase, the Fund will depend on analysis of credit risk more heavily than usual. Unrated securities held by the Fund may present increased credit risk as compared to higher-rated securities. Derivatives Risk/Credit Default Swaps Risk. A credit default swap enables an investor to buy or sell protection against a credit event, such as an issuer’s failure to make timely payments of interest or principal, bankruptcy or restructuring. A credit default swap may be embedded within a structured note or other derivative instrument. Swaps can involve greater risks than direct investment in the underlying securities, because swaps may be leveraged (creating leverage risk, the risk that losses from the derivative instrument may be greater than the amount invested in the derivative instrument) and subjects the Fund to counterparty risk, hedging risk, pricing risk and liquidity risk. If the Fund is selling credit protection, there is a risk that a credit event will occur and that the Fund will have to pay the counterparty. If the Fund is buying credit protection, there is a risk that no credit event will occur and the Fund will receive no benefit for the premium paid. Derivatives Risk — Forward Contracts. A forward is a contract between two parties to buy or sell an asset at a specified future time at a price agreed today. Forwards are traded in the over-the-counter markets. The Fund may purchase forward contracts, including those on mortgage-backed securities in the “to be announced” (TBA) market. In the TBA market, the seller agrees to deliver the mortgage backed securities for an agreed upon price on an agreed upon date, but makes no guarantee as to which or how many securities are to be delivered. Investments in forward contracts subject the Fund to counterparty risk. Derivatives Risk/Futures Contracts Risk. The loss that may be incurred in entering into futures contracts may exceed the amount of the premium paid and may be potentially unlimited. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund’s net asset value (NAV). Additionally, as a result of the low collateral deposits normally involved in futures trading, a relatively small price movement in a futures contract may result in substantial losses to the Fund. Futures contracts may be illiquid. Furthermore, exchanges may limit fluctuations in futures contract prices during a trading session by imposing a maximum permissible price movement on each futures contract. The Fund may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement. Futures contracts executed on foreign exchanges may not provide the same protection as U.S. exchanges. These transactions involve additional risks, including counterparty risk, hedging risk and pricing risk. Dollar Rolls Risk. Dollar rolls are transactions in which the Fund sells securities to a counterparty and simultaneously agrees to purchase those or similar securities in the future at a predetermined price. Dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. These transactions may also increase the Fund’s portfolio turnover rate. If the Fund reinvests the proceeds of the security sold, the Fund will also be subject to the risk that the investments purchased with such proceeds will decline in value (a form of leverage risk). Emerging Market Securities Risk. Securities issued by foreign governments or companies in emerging market countries are more likely to have greater exposure to the risks of investing in foreign securities that are described in Foreign Securities Risk. In addition, emerging market countries are more likely to experience instability resulting, for example, from rapid changes or developments in social, political and economic conditions. Their economies are usually less mature and their securities markets are typically less developed with more limited trading activity (i.e., lower trading volumes and less liquidity) than more developed countries. Emerging market securities tend to be more volatile than securities in more developed markets. Many emerging market countries are heavily dependent on international trade and have fewer trading partners, which makes them more sensitive to world commodity prices and economic downturns in other countries, and some have a higher risk of currency devaluations. Foreign Securities Risk. Investments in foreign securities involve certain risks not associated with investments in securities of U.S. companies. Foreign securities subject the Fund to the risks associated with investing in the particular country, including the political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, as well as fluctuations in its currency and the risks associated with less developed custody and settlement practices. Foreign securities may be more volatile and less liquid than investments in securities of U.S. companies. Frequent Trading Risk. The portfolio managers may actively and frequently trade investments in the Fund’s portfolio to carry out its investment strategies. Frequent trading of investments increases the possibility that the Fund, as relevant, will realize taxable capital gains (including short-term capital gains, which are generally taxable to shareholders at higher rates than long-term capital gains for U.S. federal income tax purposes), which could reduce the Fund’s after-tax return. Frequent trading can also mean higher brokerage and other transaction costs, which could reduce the Fund’s return. The trading costs and tax effects associated with portfolio turnover may adversely affect the Fund’s performance. Interest Rate Risk. Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt securities will tend to fall, and if interest rates fall, the values of debt securities will tend to rise. Changes in the value of a debt security usually will not affect the amount of income the Fund receives from it but may affect the value of the Fund’s shares. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. As interest rates rise or spreads widen, the likelihood of prepayment decreases. Issuer Risk. An issuer in which the Fund invests may perform poorly, and therefore, the value of its securities may decline, which would negatively affect the Fund’s performance. Poor performance may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters or other events, conditions or factors. Liquidity Risk. Liquidity risk is the risk associated with a lack of marketability of investments which may make it difficult to sell the investment at a desirable time or price. The Fund may have to lower the selling price, sell other investments, or forego another, more appealing investment opportunity. Judgment plays a larger role in valuing these investments as compared to valuing more liquid investments. Low and Below Investment Grade (High-Yield) Securities Risk. Securities with the lowest investment grade rating, securities rated below investment grade (commonly called “high-yield” or “junk” bonds) and unrated securities of comparable quality expose the Fund to a greater risk of loss of principal and income than a fund that invests solely or primarily in investment grade securities. In addition, these investments have greater price fluctuations, are less liquid and are more likely to experience a default than higher-rated securities. High-yield securities are considered to be predominantly speculative with respect to the issuer’s capacity to pay interest and repay principal. Market Risk. Market risk refers to the possibility that the market values of securities or other investments that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. An investment in the Fund could lose money over short or even long periods. In general, equity securities tend to have greater price volatility than debt securities. Mortgage- and Other Asset-Backed Securities Risk. The value of the Fund’s mortgage-backed and other asset-backed securities may be affected by, among other things, changes or perceived changes in: interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgages or other assets, the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements, or the market’s assessment of the quality of underlying assets. Payment of principal and interest on some mortgage-backed securities (but not the market value of the securities themselves) may be guaranteed by the full faith and credit of the U.S. Government or by its agencies, authorities, enterprises or instrumentalities, which are not insured or guaranteed by the U.S. Government. Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers) may entail greater risk than obligations guaranteed by the U.S. Government. Mortgage-backed securities are subject to prepayment risk, which is the possibility that the underlying mortgage may be refinanced or prepaid prior to maturity during periods of declining or low interest rates, causing the Fund to have to reinvest the money received in securities that have lower yields. Rising or high interest rates tend to extend the duration of mortgage-backed securities, making their prices more volatile and more sensitive to changes in interest rates. Prepayment and Extension Risk. Prepayment and extension risk is the risk that a loan, bond or other security or investment might be called or otherwise converted, prepaid or redeemed before maturity, and the portfolio managers may not be able to invest the proceeds in other investments providing as high a level of income, resulting in a reduced yield to the Fund. As interest rates rise or spreads widen, the likelihood of prepayment decreases. The portfolio managers may be unable to capitalize on securities with higher interest rates or wider spreads because the Fund’s investments are locked in at a lower rate for a longer period of time. Reinvestment Risk. Reinvestment risk is the risk that the Fund will not be able to reinvest income or principal at the same return it is currently earning. U.S. Government Obligations Risk. While U.S. Treasury obligations are backed by the “full faith and credit” of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. Securities guaranteed by the Federal Deposit Insurance Corporation under its Temporary Liquidity Guarantee Program (TLGP) are subject to certain risks, including whether such securities will continue to trade in line with recent experience in relation to treasury and government agency securities in terms of yield spread and the volatility of such spread, as well as uncertainty as to how such securities will trade in the secondary market and whether that market will be liquid or illiquid. The TLGP is subject to change. <a name="toc449108_6"></a>PAST PERFORMANCE Contingent deferred sales charges (CDSC) on certain investments of between $1 million and $50 million redeemed within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months of purchase, with certain limited exceptions. The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund’s Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower. The table below the bar chart compares the Fund’s returns (after applicable sales charges) for the periods shown with those of a broad measure of market performance. The performance of one or more share classes shown in the table below begins before the indicated inception date for such share class. The returns shown for each such share class include the returns of the Fund’s Class A shares (without applicable sales charges adjusted to reflect the higher class-related operating expenses of such classes, where applicable) for periods prior to its inception date. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), the share classes of the Fund have annual returns substantially similar because all share classes of the Fund invest in the same portfolio of securities. The after-tax returns shown in the table below are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or Individual Retirement Accounts (IRAs). The after-tax returns are shown only for Class A shares and will vary for other share classes. The Fund’s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting columbiamanagement.com. CLASS A ANNUAL TOTAL RETURNS (BEFORE SALES CHARGE) <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleExpenseExampleNoRedemptionTransposedColumbiaFrontierFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAnnualTotalReturnsColumbiaFrontierFundBarChart column period compact * ~</div> year-to-date return 2012-09-30 0.2186 Highest return 2011-12-31 0.0834 Lowest return 2011-09-30 -0.1403 Average Annual Total Returns After Applicable Sales Charges (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 5.34% (quarter ended September 30, 2009).</li> <li style="margin-left:-20px"> Lowest return for a calendar quarter was –3.30% (quarter ended December 31, 2008).</li> <li style="margin-left:-20px"> Class A year-to-date return was 6.35% at September 30, 2012. </li> </ul> 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"><blockquote>you invest $10,000 in the applicable class of Fund shares for the periods indicated,</blockquote></li><li style="margin-left:-20px"><blockquote>your investment has a 5% return each year, and</blockquote></li><li style="margin-left:-20px"><blockquote>the Fund’s total annual operating expenses remain the same as shown in the Annual Fund Operating Expense table above.</blockquote></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: Summary of the Fund You may qualify for sales charge discounts on Class A shares of the Fund if you and members of your immediate family (that share the same mailing address) agree to invest in the future at least $50,000 in certain classes of shares of eligible funds distributed by Columbia Management Investment Distributors, Inc. More information about these and other discounts is available from your financial intermediary and under “Reductions/Waivers of Sales Charges — Front-End Sales Charge Reductions” on page S.9 of this prospectus and on page D.1 of Appendix D in the Fund’s Statement of Additional Information (SAI). 50000 December 31, 2014 1.72 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 bar chart shows how the Fund’s Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower. The table below the bar chart compares the Fund’s returns (after applicable sales charges) for the periods shown with those of a broad measure of market performance. 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 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 after-tax returns are shown only for Class A shares and will vary for other share classes. The after-tax returns shown in the table below are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. 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 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"><blockquote>you invest $10,000 in the applicable class of Fund shares for the periods indicated,</blockquote></li> <li style="margin-left:-20px"><blockquote>your investment has a 5% return each year, and</blockquote></li> <li style="margin-left:-20px"><blockquote>the Fund’s total annual operating expenses remain the same as shown in the Annual Fund Operating Expense table above.</blockquote></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: Highest return 2009-09-30 0.0534 Lowest return (calendar year) 2008-12-31 -0.033 year-to-date return 2012-09-30 0.0635 -0.0012 <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleShareholderFeesColumbiaMarsicoFlexibleCapitalFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAnnualFundOperatingExpensesColumbiaMarsicoFlexibleCapitalFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleExpenseExampleNoRedemptionTransposedColumbiaDiversifiedBondFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleExpenseExampleTransposedColumbiaMarsicoFlexibleCapitalFund column period compact * ~</div> <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleExpenseExampleNoRedemptionTransposedColumbiaMarsicoFlexibleCapitalFund 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/ScheduleAverageAnnualTotalReturnsTransposedColumbiaMarsicoFlexibleCapitalFund column period compact * ~</div> -0.1751 -0.1751 -0.1736 -0.0291 -0.1138 -0.1403 -0.1213 -0.1214 -0.1206 -0.1227 -0.1267 -0.0435 -0.0374 -0.0425 -0.0386 -0.0302 -0.0313 -0.0277 -0.0315 -0.0351 -0.0503 -0.0018 (calendar year) 0 0 0 <div style="display:none">~ http://www.columbiamanagement.com/role/ScheduleAnnualTotalReturnsColumbiaDiversifiedBondFundBarChart column period compact * ~</div> 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"><blockquote>you invest $10,000 in the applicable class of Fund shares for the periods indicated,</blockquote></li> <li style="margin-left:-20px"><blockquote>your investment has a 5% return each year, and</blockquote></li><li style="margin-left:-20px"><blockquote>the Fund’s total annual operating expenses remain the same as shown in the Annual Fund Operating Expense table above.</blockquote></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: 0 2012-12-31 PAST PERFORMANCE 1974-10-03 1974-10-03 The after-tax returns are shown only for Class A shares and will vary for other share classes. FEES AND EXPENSES OF THE FUND Contingent deferred sales charges (CDSC) on certain investments of between $1 million and $50 million redeemed within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months of purchase, with certain limited exceptions. 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, through February 28, 2013, the Fund's net operating expenses will not, subject to applicable exclusions, exceed the annual rates of 1.53% for Class A, 2.28% for Class B, 2.28% for Class C, 1.08% for Class I, 1.78% for Class R, 1.38% for K, 1.13% for R5 and 1.28% for Class Z. These net operating expense ratios, as applicable, are shown in the table. Beginning March 1, 2013 through December 31, 2013, the Fund's net operating expenses will not, subject to applicable exclusions, exceed the annual rates 1.41% for Class A, 2.16% for Class B, 2.16% for Class C, 0.96% for Class I, 1.66% for Class R, 1.26% for Class K, 1.01% for Class R5 and 1.16% for Class Z. This charge decreases over time. This charge applies to investors who buy Class C shares and redeem them within one year of purchase, with certain limited exceptions. Other expenses have been restated to reflect contractual changes to certain fees paid by the Fund. Contingent deferred sales charges (CDSC) on certain investments of between $1 million and $50 million redeemed within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months of purchase, with certain limited exceptions. Other expenses for Class A, Class C, Class R, Class R5 and Class Z shares have been restated to reflect contractual changes to certain fees paid by the Fund. 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 rates of 1.31% for Class A, 2.06% for Class C, 0.89% for Class I, 1.56% for Class R, 0.94% for Class R5 and 1.06% for Class Z. Other expenses for Class A, Class B, Class C, Class K, Class R, Class R4, Class R5, Class W and Class Z shares have been restated to reflect contractual changes to certain fees paid by the Fund. 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, 2014, unless sooner terminated at the sole discretion of the Fund's Board of Trustees. Under this agreement, the Fund's net operating expenses will not, subject to applicable exclusions, exceed the annual rates of 0.85% for Class A, 1.60% for Class B, 1.60% for Class C, 0.50% for Class I, 0.80% for Class K, 1.10% for Class R, 0.60% for Class R4, 0.55% for Class R5, 0.85% for Class W and 0.60% for Class Z.