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columbia:benchmark0514JJJJMember columbia:JJJJMember 2012-10-01 2012-10-01 0000773757 columbia:S000010617Member columbia:Benchmrk011JJJJMember columbia:JJJJMember 2012-10-01 2012-10-01 xbrli:pure iso4217:USD xbrli:shares iso4217:USD xbrli:shares 485BPOS 2012-05-31 Columbia Funds Series Trust I 0000773757 false 2012-10-01 2012-09-27 2012-10-01 <div style="display: none">~ http://xbrl.sec.gov/rr/role/RiskReturnDetailData column period compact * row dei_DocumentInformationDocumentAxis compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks total return, consisting of current income and capital appreciation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible Columbia Funds. More information about these and other discounts is available from your financial advisor, in the <i>Choosing a Share Class</i> section beginning on page 19 of this prospectus and in Appendix C to the Statement of Additional Information under <b> <i>Sales Charge Waivers</i> </b> beginning on page C-1.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class A, Class B, Class C, Class I, Class R, Class T or Class W shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal period, the Fund's fiscal year end changed from September 30 to May 31. For the fiscal period from October 1, 2011 to May 31, 2012, the Fund's portfolio turnover rate was 23% of the average value of its portfolio and for the prior fiscal year ended September 30, 2011, the Fund's portfolio turnover rate was 20% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests at least 80% of its net assets in a diversified portfolio of income-producing (dividend-paying) equity securities, which will consist primarily of common stocks but also may include preferred stocks and convertible securities. The Fund invests principally in securities of companies that Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager), believes are undervalued but also may invest in securities of companies that the Investment Manager believes have the potential for long-term growth. The Fund may invest in companies that have market capitalizations of any size.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest up to 20% of its net assets in debt securities, including securities that, at the time of purchase, are rated low and below investment grade or are unrated but determined by the Investment Manager to be of comparable quality, which are commonly referred to as "junk bonds."</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund may also invest up to 20% of its net assets in foreign securities. The Fund may invest directly in foreign securities or indirectly through depositary receipts. Depositary receipts are receipts issued by a bank or trust company and evidence ownership of underlying securities issued by foreign companies. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager combines fundamental and quantitative analysis with risk management in identifying investment opportunities and constructing the Fund's portfolio. The Investment Manager considers, among other factors:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">various measures of valuation, including price-to-cash flow, price-to-earnings, price-to-sales, and price-to-book value. The Investment Manager believes that companies with lower valuations are generally more likely to provide opportunities for capital appreciation.</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">potential indicators of stock price appreciation, such as anticipated earnings growth, company restructuring, changes in management, business model changes, new product opportunities, or anticipated improvements in macroeconomic factors.</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the financial condition and management of a company, including its competitive position, the quality of its balance sheet and earnings, its future prospects, and the potential for growth and stock price appreciation.</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">overall economic and market conditions.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager may sell a security when the security's price reaches a target set by the Investment Manager; if the Investment Manager believes that there is deterioration in the issuer's financial circumstances or fundamental prospects, or that other investments are more attractive; or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Value Securities Risk</b> <b>–</b> Value securities are securities of companies that may have experienced, for example, adverse business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the Investment Manager's future value assessment of that security, or may decline. There is also a risk that it may take longer than expected for the value of these investments to rise to the believed value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Growth Securities Risk –</b> Because growth securities typically trade at a higher multiple of earnings than other types of securities, the market values of growth securities may be more sensitive to changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Foreign Securities Risk –</b> Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Low and Below Investment Grade Securities Risk</b> <b>– </b> Debt securities with the lowest investment grade rating (e.g., BBB by Standard &amp; Poor's, a division of the McGraw-Hill Companies, Inc. (S&amp;P), or Fitch, Inc. (Fitch) or Baa by Moody's Investors Service, Inc. (Moody's)), or that are below investment grade (which are commonly referred to as "junk bonds") (e.g., BB or below by S&amp;P or Fitch or Ba by Moody's) and unrated securities of comparable quality are more speculative than securities with higher ratings and may experience greater price fluctuations. These securities tend to be more sensitive to credit risk than higher-rated securities, particularly during a downturn in the economy, which is more likely to weaken the ability of the issuers to make principal and interest payments on these securities. These securities typically pay a premium – a higher interest rate or yield – because of the increased risk of loss, including default. These securities also are generally less liquid than higher-rated securities. The securities ratings provided by Moody's, S&amp;P and Fitch are based on analyses by these ratings agencies of the credit quality of the securities and may not take into account every risk related to whether interest or principal will be timely repaid.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Changing Distribution Levels Risk</b> – The amount of the distributions paid by the Fund generally depends on the amount of interest and/or dividends received by the Fund on the securities it holds. The Fund may not be able to pay distributions or may have to reduce its distribution level if the interest and/or dividends the Fund receives from its investments decline.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Credit Risk</b> <b>–</b> Credit risk applies to most debt securities, but is generally less of a factor for obligations backed by the "full faith and credit" of the U.S. Government. The Fund could lose money if the issuer of a debt security owned by the Fund is unable or perceived to be unable to pay interest or repay principal when it becomes due. Various factors could affect the issuer's actual or perceived willingness or ability to make timely interest or principal payments, including changes in the issuer's financial condition or in general economic conditions. Debt securities backed by an issuer's taxing authority may be subject to legal limits on the issuer's power to increase taxes or otherwise to raise revenue, or may be dependent on legislative appropriation or government aid. Certain debt securities are backed only by revenues derived from a particular project or source, rather than by an issuer's taxing authority, and thus may have a greater risk of default.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Interest Rate Risk</b> <b>–</b> Debt securities are subject to interest rate risk. In general, if prevailing interest rates rise, the values of debt securities will tend to fall, and if interest rates fall, the values of debt securities will tend to rise. Changes in the value of a debt security usually will not affect the amount of income the Fund receives from it but may affect the value of the Fund's shares. Interest rate risk is generally greater for debt securities with longer maturities/durations.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Convertible Securities Risk –</b> Convertible securities are subject to the usual risks associated with debt securities, such as interest rate risk and credit risk. Convertible securities also react to changes in the value of the common stock into which they convert. Because the value of a convertible security can be influenced by both interest rates and the common stock's market movements, a convertible security generally is not as sensitive to interest rates as a similar debt security, and generally will not vary in value in response to other factors to the same extent as the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities would typically be paid before the company's common stockholders but after holders of any senior debt obligations of the company. The Fund may be forced to convert a convertible security before it otherwise would choose to do so, which may decrease the Fund's return.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Currency Risk –</b> Securities denominated in non-U.S. dollar currencies are subject to the risk that, for example, if the value of a foreign currency were to decline against the U.S. dollar, such decline would reduce the U.S. dollar value of any securities held by the Fund denominated in that currency.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Reinvestment Risk</b> <b>–</b> Income from the Fund's debt securities portfolio will decline if and when the Fund invests the proceeds from matured, traded or called securities in securities with market interest rates that are below the current earnings rate of the Fund's portfolio.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The inception date for the Fund's Class A, Class B and Class C shares is November 25, 2002; the inception date for the Fund's Class I and W shares is September 27, 2010; and the inception date for the Fund's Class R shares is March 28, 2008. The returns shown for each of these classes of shares include the returns of the Fund's Class Z shares (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 expenses and sales charges (where applicable), these classes of shares have annual returns substantially similar to those of Class Z shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities. The performance shown for the Fund includes the performance of the Galaxy Strategic Equity Fund, the predecessor to the Fund, for periods prior to November 25, 2002.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower.</p> 2nd quarter 2003: 0.1841 3rd quarter 2002: -0.1982 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Russell 1000 Index, which tracks the performance of 1,000 of the largest U.S. companies, based on market capitalization.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns are shown only for Class A shares and will vary for other share classes.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares.</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012079Member ~</div> 0.0575 0.01 0.05 0.01 0.0575 0.01 <div style="display:none">~ http://columbia/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012079Member ~</div> 0.0059 0.0025 0.0024 0.0108 0.0059 0.01 0.0024 0.0183 0.0059 0.01 0.0024 0.0183 0.0059 0 0.0004 0.0063 0.0059 0.005 0.0024 0.0133 0.0059 0 0.0054 0.0113 0.0059 0.0025 0.0024 0.0108 <div style="display:none">~ http://columbia/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012079Member ~</div> 679 686 286 64 135 684 110 899 876 576 200 421 913 343 1136 1190 990 349 729 1161 595 1816 1951 2148 781 1601 1871 1317 <div style="display:none">~ http://columbia/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012079Member ~</div> 186 186 576 576 990 990 1951 2148 <div style="display:none">~ http://columbia/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012079Member ~</div> -0.2052 0.211 0.1457 0.0636 0.1977 0.0668 -0.2797 0.183 0.1266 0.0677 <div style="display:none">~ http://columbia/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012079Member ~</div> 0.006 0.0026 0.0081 0.0094 0.0495 0.0708 0.0642 0.0055 0.0678 0.015 0.0061 0.0023 0.0047 0.0066 0.0104 0.021 0.0156 0.0056 0.0185 -0.0002 0.0377 0.0341 0.032 0.0361 0.0361 0.0469 0.0415 0.037 0.0445 0.0334 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks total return, consisting of current income and capital appreciation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class Z shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal period, the Fund's fiscal year end changed from September 30 to May 31. For the fiscal period from October 1, 2011 to May 31, 2012, the Fund's portfolio turnover rate was 23% of the average value of its portfolio and for the prior fiscal year ended September 30, 2011, the Fund's portfolio turnover rate was 20% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests at least 80% of its net assets in a diversified portfolio of income-producing (dividend-paying) equity securities, which will consist primarily of common stocks but also may include preferred stocks and convertible securities. The Fund invests principally in securities of companies that Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager), believes are undervalued but also may invest in securities of companies that the Investment Manager believes have the potential for long-term growth. The Fund may invest in companies that have market capitalizations of any size.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest up to 20% of its net assets in debt securities, including securities that, at the time of purchase, are rated low and below investment grade or are unrated but determined by the Investment Manager to be of comparable quality, which are commonly referred to as "junk bonds."</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund may also invest up to 20% of its net assets in foreign securities. The Fund may invest directly in foreign securities or indirectly through depositary receipts. Depositary receipts are receipts issued by a bank or trust company and evidence ownership of underlying securities issued by foreign companies. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager combines fundamental and quantitative analysis with risk management in identifying investment opportunities and constructing the Fund's portfolio. The Investment Manager considers, among other factors:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">various measures of valuation, including price-to-cash flow, price-to-earnings, price-to-sales, and price-to-book value. The Investment Manager believes that companies with lower valuations are generally more likely to provide opportunities for capital appreciation.</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">potential indicators of stock price appreciation, such as anticipated earnings growth, company restructuring, changes in management, business model changes, new product opportunities, or anticipated improvements in macroeconomic factors.</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the financial condition and management of a company, including its competitive position, the quality of its balance sheet and earnings, its future prospects, and the potential for growth and stock price appreciation.</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">overall economic and market conditions.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager may sell a security when the security's price reaches a target set by the Investment Manager; if the Investment Manager believes that there is deterioration in the issuer's financial circumstances or fundamental prospects, or that other investments are more attractive; or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Value Securities Risk</b> <b>–</b> Value securities are securities of companies that may have experienced, for example, adverse business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the Investment Manager's future value assessment of that security, or may decline. There is also a risk that it may take longer than expected for the value of these investments to rise to the believed value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Growth Securities Risk –</b> Because growth securities typically trade at a higher multiple of earnings than other types of securities, the market values of growth securities may be more sensitive to changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Foreign Securities Risk –</b> Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Low and Below Investment Grade Securities Risk</b> <b>– </b> Debt securities with the lowest investment grade rating (e.g., BBB by Standard &amp; Poor's, a division of the McGraw-Hill Companies, Inc. (S&amp;P), or Fitch, Inc. (Fitch) or Baa by Moody's Investors Service, Inc. (Moody's)), or that are below investment grade (which are commonly referred to as "junk bonds") (e.g., BB or below by S&amp;P or Fitch or Ba by Moody's) and unrated securities of comparable quality are more speculative than securities with higher ratings and may experience greater price fluctuations. These securities tend to be more sensitive to credit risk than higher-rated securities, particularly during a downturn in the economy, which is more likely to weaken the ability of the issuers to make principal and interest payments on these securities. These securities typically pay a premium – a higher interest rate or yield – because of the increased risk of loss, including default. These securities also are generally less liquid than higher-rated securities. The securities ratings provided by Moody's, S&amp;P and Fitch are based on analyses by these ratings agencies of the credit quality of the securities and may not take into account every risk related to whether interest or principal will be timely repaid.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Changing Distribution Levels Risk</b> – The amount of the distributions paid by the Fund generally depends on the amount of interest and/or dividends received by the Fund on the securities it holds. The Fund may not be able to pay distributions or may have to reduce its distribution level if the interest and/or dividends the Fund receives from its investments decline.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Credit Risk</b> <b>–</b> Credit risk applies to most debt securities, but is generally less of a factor for obligations backed by the "full faith and credit" of the U.S. Government. The Fund could lose money if the issuer of a debt security owned by the Fund is unable or perceived to be unable to pay interest or repay principal when it becomes due. Various factors could affect the issuer's actual or perceived willingness or ability to make timely interest or principal payments, including changes in the issuer's financial condition or in general economic conditions. Debt securities backed by an issuer's taxing authority may be subject to legal limits on the issuer's power to increase taxes or otherwise to raise revenue, or may be dependent on legislative appropriation or government aid. Certain debt securities are backed only by revenues derived from a particular project or source, rather than by an issuer's taxing authority, and thus may have a greater risk of default.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Interest Rate Risk</b> <b>–</b> Debt securities are subject to interest rate risk. In general, if prevailing interest rates rise, the values of debt securities will tend to fall, and if interest rates fall, the values of debt securities will tend to rise. Changes in the value of a debt security usually will not affect the amount of income the Fund receives from it but may affect the value of the Fund's shares. Interest rate risk is generally greater for debt securities with longer maturities/durations.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Convertible Securities Risk –</b> Convertible securities are subject to the usual risks associated with debt securities, such as interest rate risk and credit risk. Convertible securities also react to changes in the value of the common stock into which they convert. Because the value of a convertible security can be influenced by both interest rates and the common stock's market movements, a convertible security generally is not as sensitive to interest rates as a similar debt security, and generally will not vary in value in response to other factors to the same extent as the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities would typically be paid before the company's common stockholders but after holders of any senior debt obligations of the company. The Fund may be forced to convert a convertible security before it otherwise would choose to do so, which may decrease the Fund's return.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Currency Risk –</b> Securities denominated in non-U.S. dollar currencies are subject to the risk that, for example, if the value of a foreign currency were to decline against the U.S. dollar, such decline would reduce the U.S. dollar value of any securities held by the Fund denominated in that currency.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Reinvestment Risk</b> <b>–</b> Income from the Fund's debt securities portfolio will decline if and when the Fund invests the proceeds from matured, traded or called securities in securities with market interest rates that are below the current earnings rate of the Fund's portfolio.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The performance shown for the Fund includes the performance of the Galaxy Strategic Equity Fund, the predecessor to the Fund, for periods prior to November 25, 2002.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown.</p> 2nd quarter 2003: 0.1851 3rd quarter 2002: -0.1978 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Russell 1000 Index, which tracks the performance of 1,000 of the largest U.S. companies, based on market capitalization.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012079Member ~</div> <div style="display:none">~ http://columbia/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012079Member ~</div> 0.0059 0 0.0024 0.0083 <div style="display:none">~ http://columbia/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012079Member ~</div> 85 265 460 1025 <div style="display:none">~ http://columbia/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012079Member ~</div> -0.203 0.2163 0.1485 0.0662 0.2007 0.0694 -0.2778 0.1859 0.1302 0.0696 <div style="display:none">~ http://columbia/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012079Member ~</div> 0.0696 0.0655 0.0502 0.015 0.0206 0.0163 0.0171 -0.0002 0.0467 0.0426 0.0398 0.0334 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund seeks total return, consisting of current income exempt from federal income tax and capital appreciation. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible Columbia Funds. More information about these and other discounts is available from your financial advisor, in the <i>Choosing a Share Class</i> section beginning on page 19 of this prospectus and in Appendix C to the Statement of Additional Information under <b> <i>Sales Charge Waivers</i> </b> beginning on page C-1.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class A, Class B or Class C shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above expire on September 30, 2013, they are only reflected in the 1 year example and the first year of the 3, 5 and 10 year examples.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal period, the Fund's fiscal year end changed from June 30 to May 31. For the fiscal period from July 1, 2011 to May 31, 2012, the Fund's portfolio turnover rate was 9% of the average value of its portfolio and for the prior fiscal year ended June 30, 2011, the Fund's portfolio turnover rate was 23% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests at least 80% of its net assets in high yield securities. These securities generally include medium grade or below investment grade debt securities or unrated debt securities determined by Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager), to be of comparable quality, but also may include other securities that the Investment Manager believes have the potential for relatively high yield. Below investment grade securities are commonly referred to as "junk bonds." The Fund may invest in bonds of any maturity. The Fund also may invest in industrial development bonds or in participation interests in those bonds.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">As a fundamental policy, the Fund will invest its assets so that at least 80% of the Fund's gross income will be exempt from federal income tax (but not necessarily the federal alternative minimum tax). The Fund may invest up to 20% of its total assets in high quality taxable money market instruments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager evaluates a number of factors in identifying investment opportunities and constructing the Fund's portfolio. The Investment Manager considers local, national and global economic conditions, market conditions, interest rate movements and other relevant factors to determine the allocation of the Fund's assets among different issuers, industry sectors and maturities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager, in connection with selecting individual investments for the Fund, evaluates a security based on its potential to generate income and/or capital appreciation. The Investment Manager considers, among other factors, the creditworthiness of the issuer of the security and the various features of the security, such as its interest rate, yield, maturity, any call features and value relative to other securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager may sell a security if the Investment Manager believes that there is deterioration in the issuer's financial circumstances, or that other investments are more attractive; if there is deterioration in a security's credit rating; or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Low and Below Investment Grade Securities Risk</b> <b>– </b> Debt securities with the lowest investment grade rating (e.g., BBB by Standard &amp; Poor's, a division of the McGraw-Hill Companies, Inc. (S&amp;P), or Fitch, Inc. (Fitch) or Baa by Moody's Investors Service, Inc. (Moody's)), or that are below investment grade (which are commonly referred to as "junk bonds") (e.g., BB or below by S&amp;P or Fitch or Ba by Moody's) and unrated securities of comparable quality are more speculative than securities with higher ratings and may experience greater price fluctuations. These securities tend to be more sensitive to credit risk than higher-rated securities, particularly during a downturn in the economy, which is more likely to weaken the ability of the issuers to make principal and interest payments on these securities. These securities typically pay a premium – a higher interest rate or yield – because of the increased risk of loss, including default. These securities also are generally less liquid than higher-rated securities. The securities ratings provided by Moody's, S&amp;P and Fitch are based on analyses by these ratings agencies of the credit quality of the securities and may not take into account every risk related to whether interest or principal will be timely repaid.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Interest Rate Risk</b> <b>–</b> Debt securities are subject to interest rate risk. In general, if prevailing interest rates rise, the values of debt securities will tend to fall, and if interest rates fall, the values of debt securities will tend to rise. Changes in the value of a debt security usually will not affect the amount of income the Fund receives from it but may affect the value of the Fund's shares. Interest rate risk is generally greater for debt securities with longer maturities/durations.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Credit Risk</b> <b>–</b> Credit risk applies to most debt securities, but is generally less of a factor for obligations backed by the "full faith and credit" of the U.S. Government. The Fund could lose money if the issuer of a debt security owned by the Fund is unable or perceived to be unable to pay interest or repay principal when it becomes due. Various factors could affect the issuer's actual or perceived willingness or ability to make timely interest or principal payments, including changes in the issuer's financial condition or in general economic conditions. Debt securities backed by an issuer's taxing authority may be subject to legal limits on the issuer's power to increase taxes or otherwise to raise revenue, or may be dependent on legislative appropriation or government aid. Certain debt securities are backed only by revenues derived from a particular project or source, rather than by an issuer's taxing authority, and thus may have a greater risk of default.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk</b> <b>–</b> Municipal securities are debt obligations generally issued to obtain funds for various public purposes, including general financing for state and local governments, or financing for a specific project or public facility. Municipal securities may be fully or partially backed by the taxing authority of the local government, by the credit of a private issuer, by the current or anticipated revenues from a specific project or specific assets or by domestic or foreign entities providing credit support, such as letters of credit, guarantees or insurance, and are generally classified into general obligation bonds and special revenue obligations. General obligation bonds are backed by an issuer's taxing authority and may be vulnerable to limits on a government's power or ability to raise revenue or increase taxes. They may also depend for payment on legislative appropriation and/or funding or other support from other governmental bodies. Revenue obligations are payable from revenues generated by a particular project or other revenue source, and are typically subject to greater risk of default than general obligation bonds because investors can look only to the revenue generated by the project or other revenue source backing the project, rather than to the general taxing authority of the state or local government issuer of the obligations. Because many municipal securities are issued to finance projects in sectors such as education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market. Municipal securities generally pay interest that, in the opinion of bond counsel, is free from U.S. federal income tax (and, often, the federal alternative minimum tax). There is no assurance that the Internal Revenue Service (IRS) will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued, and the value of the security would likely fall. As a shareholder of the Fund, you may be required to file an amended tax return and pay additional taxes as a result.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Inverse Floating Rate Obligations Risk –</b> Inverse floating rate obligations (inverse floaters) represent interests in bonds with interest rates that vary inversely to changes in short-term rates. As short-term rates rise, inverse floaters produce less income, and as short-term rates decline, inverse floaters produce more income. The value of inverse floaters is typically more volatile than the value of bonds with similar maturities. The market value of inverse floaters generally declines when rates rise, and generally will decline further than the market value of a bond with a similar maturity.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Health Care Industry Risk –</b> The Fund's investments in municipal securities may include securities of issuers in the health care industry. The health care industry is subject to the risk of regulatory action or policy changes by a number of governmental agencies and bodies, including federal, state, and local governmental agencies, as well as requirements imposed by private entities, such as insurance companies. A major source of revenue for the health care industry is payments from the Medicare and Medicaid programs. As a result, the industry is sensitive to legislative changes and reductions in governmental spending for such programs. Numerous other factors may affect the industry, such as general and local economic conditions, demand for services, expenses (including malpractice insurance premiums) and competition among health care providers. Additional factors also may adversely affect health care facility operations, such as adoption of legislation proposing a national health insurance program, other state or local health care reform measures, medical and technological advances that alter the need for or cost of health services or the way in which such services are delivered, changes in medical coverage that alter the traditional fee-for-service revenue stream, and efforts by employers, insurers, and governmental agencies to reduce the costs of health insurance and health care services.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>State-Specific Municipal Securities Risk</b> – Securities issued by a particular state and its instrumentalities are subject to the risk of unfavorable developments in such state. Because the Fund may invest without limit in municipal securities of issuers in any state, the value of Fund shares may be more volatile than the value of shares of funds that limit their investments in municipal securities of issuers in any one state, as unfavorable developments have the potential to impact more significantly the Fund than funds that limit their investments in municipal securities of any one state. A municipal security can be significantly affected by adverse tax, legislative, demographic or political changes as well as changes in the state's financial or economic condition and prospects. The Statement of Additional Information provides greater detail about risks specific to the municipal securities of the state in which the Fund invests, which investors should carefully consider.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Prepayment and Extension Risk –</b> Prepayment and extension risk is the risk that a loan, bond or other security might be called or otherwise converted, prepaid or redeemed before maturity. This risk is primarily associated with asset-backed securities, including mortgage-backed securities and floating rate loans. If a loan or security is converted, prepaid or redeemed before maturity, particularly during a time of declining interest rates or spreads, the portfolio managers may not be able to invest the proceeds in securities or loans providing as high a level of income, resulting in a reduced yield to the Fund. Conversely, as interest rates rise or spreads widen, the likelihood of prepayment decreases. The portfolio managers may be unable to capitalize on securities with higher interest rates or wider spreads because the Fund's investments are locked in at a lower rate for a longer period of time.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The inception date for the Fund's Class B and Class C shares is July 15, 2002. The returns shown for each of these classes of shares include the returns of the Fund's Class Z shares (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 expenses and sales charges (where applicable), these classes of shares have annual returns substantially similar to those of Class Z shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower.</p> 3rd quarter 2009: 4th quarter 2008: 0.1157 -0.1688 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of Fund's primary benchmark, the Barclays High Yield Municipal Bond Index, which is comprised of bonds with maturities greater than one year, having a par value of at least $3 million issued as part of a transaction size greater than $20 million, and rated no higher than "BB+" or equivalent by any of the three principal rating agencies. The Fund also compares its returns to a Blended Benchmark, which is a custom composite, established by the Investment Manager, consisting of a 60% weighting of the Barclays High Yield Municipal Bond Index and a 40% weighting of the Barclays Municipal Bond Index. The Barclays Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns are shown only for Class A shares and will vary for other share classes.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares.</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010615Member ~</div> 0.0475 0.01 0.05 0.01 <div style="display:none">~ http://columbia/role/OperatingExpensesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010615Member ~</div> 0.0054 0.002 0.0023 0.0001 0.0098 -0.0008 0.009 0.0054 0.0095 0.0023 0.0001 0.0173 -0.0008 0.0165 0.0054 0.0095 0.0023 0.0001 0.0173 -0.0008 0.0165 <div style="display:none">~ http://columbia/role/ExpenseExampleCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010615Member ~</div> 562 668 268 765 837 537 984 1131 931 1612 1836 2034 <div style="display:none">~ http://columbia/role/ExpenseExampleNoRedemptionCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010615Member ~</div> 168 168 537 537 931 931 1836 2034 <div style="display:none">~ http://columbia/role/BarChartDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010615Member ~</div> 0.0631 0.0669 0.0506 0.0531 0.0632 -0.0198 -0.2304 0.2752 0.0521 0.1104 <div style="display:none">~ http://columbia/role/PerformanceTableDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010615Member ~</div> 0.0579 0.0579 0.0561 0.0521 0.0938 0.0925 0.0983 0.0138 0.0138 0.0186 0.0127 0.0175 0.022 0.0348 0.0362 0.0362 0.0381 0.0339 0.0354 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund seeks total return, consisting of current income exempt from federal income tax and capital appreciation. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class Z shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above expire on September 30, 2013, they are only reflected in the 1 year example and the first year of the 3, 5 and 10 year examples.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal period, the Fund's fiscal year end changed from June 30 to May 31. For the fiscal period from July 1, 2011 to May 31, 2012, the Fund's portfolio turnover rate was 9% of the average value of its portfolio and for the prior fiscal year ended June 30, 2011, the Fund's portfolio turnover rate was 23% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests at least 80% of its net assets in high yield securities. These securities generally include medium grade or below investment grade debt securities or unrated debt securities determined by Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager), to be of comparable quality, but also may include other securities that the Investment Manager believes have the potential for relatively high yield. Below investment grade securities are commonly referred to as "junk bonds." The Fund may invest in bonds of any maturity. The Fund also may invest in industrial development bonds or in participation interests in those bonds.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">As a fundamental policy, the Fund will invest its assets so that at least 80% of the Fund's gross income will be exempt from federal income tax (but not necessarily the federal alternative minimum tax). The Fund may invest up to 20% of its total assets in high quality taxable money market instruments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager evaluates a number of factors in identifying investment opportunities and constructing the Fund's portfolio. The Investment Manager considers local, national and global economic conditions, market conditions, interest rate movements and other relevant factors to determine the allocation of the Fund's assets among different issuers, industry sectors and maturities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager, in connection with selecting individual investments for the Fund, evaluates a security based on its potential to generate income and/or capital appreciation. The Investment Manager considers, among other factors, the creditworthiness of the issuer of the security and the various features of the security, such as its interest rate, yield, maturity, any call features and value relative to other securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager may sell a security if the Investment Manager believes that there is deterioration in the issuer's financial circumstances, or that other investments are more attractive; if there is deterioration in a security's credit rating; or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Low and Below Investment Grade Securities Risk</b> <b>– </b> Debt securities with the lowest investment grade rating (e.g., BBB by Standard &amp; Poor's, a division of the McGraw-Hill Companies, Inc. (S&amp;P), or Fitch, Inc. (Fitch) or Baa by Moody's Investors Service, Inc. (Moody's)), or that are below investment grade (which are commonly referred to as "junk bonds") (e.g., BB or below by S&amp;P or Fitch or Ba by Moody's) and unrated securities of comparable quality are more speculative than securities with higher ratings and may experience greater price fluctuations. These securities tend to be more sensitive to credit risk than higher-rated securities, particularly during a downturn in the economy, which is more likely to weaken the ability of the issuers to make principal and interest payments on these securities. These securities typically pay a premium – a higher interest rate or yield – because of the increased risk of loss, including default. These securities also are generally less liquid than higher-rated securities. The securities ratings provided by Moody's, S&amp;P and Fitch are based on analyses by these ratings agencies of the credit quality of the securities and may not take into account every risk related to whether interest or principal will be timely repaid.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Interest Rate Risk</b> <b>–</b> Debt securities are subject to interest rate risk. In general, if prevailing interest rates rise, the values of debt securities will tend to fall, and if interest rates fall, the values of debt securities will tend to rise. Changes in the value of a debt security usually will not affect the amount of income the Fund receives from it but may affect the value of the Fund's shares. Interest rate risk is generally greater for debt securities with longer maturities/durations.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Credit Risk</b> <b>–</b> Credit risk applies to most debt securities, but is generally less of a factor for obligations backed by the "full faith and credit" of the U.S. Government. The Fund could lose money if the issuer of a debt security owned by the Fund is unable or perceived to be unable to pay interest or repay principal when it becomes due. Various factors could affect the issuer's actual or perceived willingness or ability to make timely interest or principal payments, including changes in the issuer's financial condition or in general economic conditions. Debt securities backed by an issuer's taxing authority may be subject to legal limits on the issuer's power to increase taxes or otherwise to raise revenue, or may be dependent on legislative appropriation or government aid. Certain debt securities are backed only by revenues derived from a particular project or source, rather than by an issuer's taxing authority, and thus may have a greater risk of default.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Municipal Securities Risk</b> <b>–</b> Municipal securities are debt obligations generally issued to obtain funds for various public purposes, including general financing for state and local governments, or financing for a specific project or public facility. Municipal securities may be fully or partially backed by the taxing authority of the local government, by the credit of a private issuer, by the current or anticipated revenues from a specific project or specific assets or by domestic or foreign entities providing credit support, such as letters of credit, guarantees or insurance, and are generally classified into general obligation bonds and special revenue obligations. General obligation bonds are backed by an issuer's taxing authority and may be vulnerable to limits on a government's power or ability to raise revenue or increase taxes. They may also depend for payment on legislative appropriation and/or funding or other support from other governmental bodies. Revenue obligations are payable from revenues generated by a particular project or other revenue source, and are typically subject to greater risk of default than general obligation bonds because investors can look only to the revenue generated by the project or other revenue source backing the project, rather than to the general taxing authority of the state or local government issuer of the obligations. Because many municipal securities are issued to finance projects in sectors such as education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal market. Municipal securities generally pay interest that, in the opinion of bond counsel, is free from U.S. federal income tax (and, often, the federal alternative minimum tax). There is no assurance that the Internal Revenue Service (IRS) will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued, and the value of the security would likely fall. As a shareholder of the Fund, you may be required to file an amended tax return and pay additional taxes as a result.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Inverse Floating Rate Obligations Risk –</b> Inverse floating rate obligations (inverse floaters) represent interests in bonds with interest rates that vary inversely to changes in short-term rates. As short-term rates rise, inverse floaters produce less income, and as short-term rates decline, inverse floaters produce more income. The value of inverse floaters is typically more volatile than the value of bonds with similar maturities. The market value of inverse floaters generally declines when rates rise, and generally will decline further than the market value of a bond with a similar maturity.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Health Care Industry Risk –</b> The Fund's investments in municipal securities may include securities of issuers in the health care industry. The health care industry is subject to the risk of regulatory action or policy changes by a number of governmental agencies and bodies, including federal, state, and local governmental agencies, as well as requirements imposed by private entities, such as insurance companies. A major source of revenue for the health care industry is payments from the Medicare and Medicaid programs. As a result, the industry is sensitive to legislative changes and reductions in governmental spending for such programs. Numerous other factors may affect the industry, such as general and local economic conditions, demand for services, expenses (including malpractice insurance premiums) and competition among health care providers. Additional factors also may adversely affect health care facility operations, such as adoption of legislation proposing a national health insurance program, other state or local health care reform measures, medical and technological advances that alter the need for or cost of health services or the way in which such services are delivered, changes in medical coverage that alter the traditional fee-for-service revenue stream, and efforts by employers, insurers, and governmental agencies to reduce the costs of health insurance and health care services.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>State-Specific Municipal Securities Risk</b> – Securities issued by a particular state and its instrumentalities are subject to the risk of unfavorable developments in such state. Because the Fund may invest without limit in municipal securities of issuers in any state, the value of Fund shares may be more volatile than the value of shares of funds that limit their investments in municipal securities of issuers in any one state, as unfavorable developments have the potential to impact more significantly the Fund than funds that limit their investments in municipal securities of any one state. A municipal security can be significantly affected by adverse tax, legislative, demographic or political changes as well as changes in the state's financial or economic condition and prospects. The Statement of Additional Information provides greater detail about risks specific to the municipal securities of the state in which the Fund invests, which investors should carefully consider.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Prepayment and Extension Risk –</b> Prepayment and extension risk is the risk that a loan, bond or other security might be called or otherwise converted, prepaid or redeemed before maturity. This risk is primarily associated with asset-backed securities, including mortgage-backed securities and floating rate loans. If a loan or security is converted, prepaid or redeemed before maturity, particularly during a time of declining interest rates or spreads, the portfolio managers may not be able to invest the proceeds in securities or loans providing as high a level of income, resulting in a reduced yield to the Fund. Conversely, as interest rates rise or spreads widen, the likelihood of prepayment decreases. The portfolio managers may be unable to capitalize on securities with higher interest rates or wider spreads because the Fund's investments are locked in at a lower rate for a longer period of time.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown.</p> 3rd quarter 2009: 0.1163 4th quarter 2008: -0.1684 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of Fund's primary benchmark, the Barclays High Yield Municipal Bond Index, which is comprised of bonds with maturities greater than one year, having a par value of at least $3 million issued as part of a transaction size greater than $20 million, and rated no higher than "BB+" or equivalent by any of the three principal rating agencies. The Fund also compares its returns to a Blended Benchmark, which is a custom composite, established by the Investment Manager, consisting of a 60% weighting of the Barclays High Yield Municipal Bond Index and a 40% weighting of the Barclays Municipal Bond Index. The Barclays Municipal Bond Index is considered representative of the broad market for investment-grade, tax-exempt bonds with a maturity of at least one year.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares.</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010615Member ~</div> <div style="display:none">~ http://columbia/role/OperatingExpensesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010615Member ~</div> 0.0054 0 0.0023 0.0001 0.0078 -0.0008 0.007 <div style="display:none">~ http://columbia/role/ExpenseExampleDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010615Member ~</div> 72 241 425 959 <div style="display:none">~ http://columbia/role/BarChartDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010615Member ~</div> 0.0685 0.0693 0.053 0.0552 0.0653 -0.0179 -0.2288 0.2777 0.0542 0.1125 <div style="display:none">~ http://columbia/role/PerformanceTableDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010615Member ~</div> 0.1125 0.1125 0.0932 0.0925 0.0983 0.0256 0.0256 0.0291 0.022 0.0348 0.0438 0.0438 0.0451 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks total return, consisting of current income and capital appreciation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible Columbia Funds. More information about these and other discounts is available from your financial advisor, in the <i>Choosing a Share Class</i> section beginning on page 20 of this prospectus and in Appendix C to the Statement of Additional Information under <b> <i>Sales Charge Waivers</i> </b> beginning on page C-1.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class A, Class B or Class C shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above expire on September 30, 2013, they are only reflected in the 1 year example and the first year of the 3, 5 and 10 year examples.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 79% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests at least 80% of its net assets in below investment grade corporate debt securities. These securities commonly are referred to as "junk bonds" and generally will be rated below investment grade by at least one nationally recognized rating service or unrated but determined by Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager), to be of comparable quality. The Fund may invest in debt securities issued by foreign governments, companies or other entities, including in emerging market countries. The Fund also may invest in equity securities, including common stocks, preferred stocks, warrants and debt securities convertible into common stocks.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in credit default swaps and other derivative instruments. The Fund may invest in derivatives for both hedging and non-hedging purposes, including, for example, to seek to enhance returns or as a substitute for a position in an underlying asset. The Fund also may invest in private placements.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager evaluates a number of factors in identifying investment opportunities and constructing the Fund's portfolio. The Investment Manager considers local, national and global economic conditions, market conditions, interest rate movements and other relevant factors to determine the allocation of the Fund's assets among different issuers, industry sectors and maturities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager, in connection with selecting individual investments for the Fund, evaluates a security based on its potential to generate income and/or capital appreciation. The Investment Manager considers, among other factors, the creditworthiness of the issuer of the security and the various features of the security, such as its interest rate, yield, maturity, any call features and value relative to other securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager may sell a security if the Investment Manager believes that there is deterioration in the issuer's financial circumstances, or that other investments are more attractive; if there is deterioration in a security's credit rating; or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Low and Below Investment Grade Securities Risk</b> <b>– </b> Debt securities with the lowest investment grade rating (e.g., BBB by Standard &amp; Poor's, a division of the McGraw-Hill Companies, Inc. (S&amp;P), or Fitch, Inc. (Fitch) or Baa by Moody's Investors Service, Inc. (Moody's)), or that are below investment grade (which are commonly referred to as "junk bonds") (e.g., BB or below by S&amp;P or Fitch or Ba by Moody's) and unrated securities of comparable quality are more speculative than securities with higher ratings and may experience greater price fluctuations. These securities tend to be more sensitive to credit risk than higher-rated securities, particularly during a downturn in the economy, which is more likely to weaken the ability of the issuers to make principal and interest payments on these securities. These securities typically pay a premium – a higher interest rate or yield – because of the increased risk of loss, including default. These securities also are generally less liquid than higher-rated securities. The securities ratings provided by Moody's, S&amp;P and Fitch are based on analyses by these ratings agencies of the credit quality of the securities and may not take into account every risk related to whether interest or principal will be timely repaid.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Credit Risk</b> <b>–</b> Credit risk applies to most debt securities, but is generally less of a factor for obligations backed by the "full faith and credit" of the U.S. Government. The Fund could lose money if the issuer of a debt security owned by the Fund is unable or perceived to be unable to pay interest or repay principal when it becomes due. Various factors could affect the issuer's actual or perceived willingness or ability to make timely interest or principal payments, including changes in the issuer's financial condition or in general economic conditions. Debt securities backed by an issuer's taxing authority may be subject to legal limits on the issuer's power to increase taxes or otherwise to raise revenue, or may be dependent on legislative appropriation or government aid. Certain debt securities are backed only by revenues derived from a particular project or source, rather than by an issuer's taxing authority, and thus may have a greater risk of default.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Changing Distribution Levels Risk</b> – The amount of the distributions paid by the Fund generally depends on the amount of interest and/or dividends received by the Fund on the securities it holds. The Fund may not be able to pay distributions or may have to reduce its distribution level if the interest and/or dividends the Fund receives from its investments decline.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk</b> <b>–</b> Illiquid securities are securities that cannot be readily disposed of in the normal course of business. There is a risk that the Fund may not be able to sell such securities at the time it desires or without adversely affecting their price.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Foreign Securities Risk –</b> Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Currency Risk –</b> Securities denominated in non-U.S. dollar currencies are subject to the risk that, for example, if the value of a foreign currency were to decline against the U.S. dollar, such decline would reduce the U.S. dollar value of any securities held by the Fund denominated in that currency.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Emerging Market Securities Risk</b> <b>–</b> Securities issued by foreign governments or companies in emerging market countries, like Russia and those in Eastern Europe, the Middle East, Asia, Latin America or Africa, are more likely to have greater exposure to the risks of investing in foreign securities that are described in <i>Foreign Securities Risk</i>. In addition, emerging market countries are more likely to experience instability resulting, for example, from rapid social, political and economic development. Their economies are usually less mature and their securities markets are typically less developed with more limited trading activity than more developed countries. Emerging market securities tend to be more volatile than securities in more developed markets. Many emerging market countries are heavily dependent on international trade, which makes them more sensitive to world commodity prices and economic downturns in other countries. Some emerging market countries have a higher risk of currency devaluations, and some of these countries may experience periods of high inflation or rapid changes in inflation rates.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Interest Rate Risk</b> <b>–</b> Debt securities are subject to interest rate risk. In general, if prevailing interest rates rise, the values of debt securities will tend to fall, and if interest rates fall, the values of debt securities will tend to rise. Changes in the value of a debt security usually will not affect the amount of income the Fund receives from it but may affect the value of the Fund's shares. Interest rate risk is generally greater for debt securities with longer maturities/durations.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Convertible Securities Risk –</b> Convertible securities are subject to the usual risks associated with debt securities, such as interest rate risk and credit risk. Convertible securities also react to changes in the value of the common stock into which they convert. Because the value of a convertible security can be influenced by both interest rates and the common stock's market movements, a convertible security generally is not as sensitive to interest rates as a similar debt security, and generally will not vary in value in response to other factors to the same extent as the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities would typically be paid before the company's common stockholders but after holders of any senior debt obligations of the company. The Fund may be forced to convert a convertible security before it otherwise would choose to do so, which may decrease the Fund's return.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk –</b> Derivatives are financial contracts whose values are, for example, based on (or "derived" from) traditional securities (such as a stock or bond), assets (such as a commodity like gold or a foreign currency), reference rates (such as LIBOR) or market indices (such as the Standard &amp; Poor's (S&amp;P) 500® Index). Derivatives involve special risks and may result in losses or may limit the Fund's potential gain from favorable market movements. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security or other asset. The values of derivatives may move in unexpected ways, especially in unusual market conditions, and may result in increased volatility, among other consequences. The use of derivatives may also increase the amount of taxes payable by shareholders holding shares in a taxable account. Other risks arise from the Fund's potential inability to terminate or to sell derivative positions. A liquid secondary market may not always exist for the Fund's derivative positions at times when the Fund might wish to terminate or to sell such positions. Over-the-counter instruments (investments not traded on an exchange) may be illiquid, and transactions in derivatives traded in the over-the-counter market are subject to the risk that the other party will not meet its obligations. The use of derivatives also involves the risks of mispricing or improper valuation and that changes in the value of the derivative may not correlate perfectly with the underlying security, asset, reference rate or index. The Fund also may not be able to find a suitable derivative transaction counterparty, and thus may be unable to engage in derivative transactions when it is deemed favorable to do so, or at all. U.S. federal legislation has recently been enacted that provides for new clearing, margin, reporting and registration requirements for participants in the derivatives market. While the ultimate impact is not yet clear, these changes could restrict and/or impose significant costs or other burdens upon the Fund's participation in derivatives transactions. For more information on the risks of derivative investments and strategies, see the Statement of Additional Information. </p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Reinvestment Risk</b> <b>–</b> Income from the Fund's debt securities portfolio will decline if and when the Fund invests the proceeds from matured, traded or called securities in securities with market interest rates that are below the current earnings rate of the Fund's portfolio.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk – Credit Default Swaps –</b> The Fund may enter into credit default swaps for investment purposes, for risk management (hedging) purposes, and to increase investment flexibility. 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 subject the Fund to the risk that the counterparty to the instrument will not perform or will be unable to perform in accordance with the terms of the instrument, and pricing risk (i.e., swaps may be difficult to value). In addition, it may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses. 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.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Rule 144A Securities Risk –</b> The Fund may invest significantly in privately placed securities that have not been registered for sale under the Securities Act of 1933 pursuant to Rule 144A (Rule 144A securities) which are determined to be liquid in accordance with procedures adopted by the Fund's Board of Trustees. However, an insufficient number of qualified institutional buyers interested in purchasing Rule 144A securities could affect adversely the marketability of such securities and the Fund might be unable to dispose of such securities promptly or at reasonable prices. Accordingly, even if determined to be liquid, the Fund's holdings of Rule 144A securities may increase the level of Fund illiquidity if eligible buyers become uninterested in buying them. The Fund may also have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Additionally, the purchase price and subsequent valuation of restricted and illiquid securities normally reflect a discount, which may be significant, from the market price of comparable securities for which a liquid market exists.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower.</p> 2nd quarter 2009: 0.1759 4th quarter 2008: -0.186 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns to the BofA Merrill Lynch US High Yield Cash Pay Constrained Index. The BofA Merrill Lynch US High Yield Cash Pay Constrained Index tracks the performance of U.S. dollar-denominated below investment grade corporate debt, currently in a coupon paying period, that is publicly issued in the U.S. domestic market. The table also compares the Fund's returns for each period with those of its former benchmark, the JPMorgan Global High Yield Index, an index that is designed to mirror the investable universe of the U.S. dollar global high-yield corporate debt market, including domestic and international issues.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund changed its primary benchmark from the JPMorgan Global High Yield Index to the BofA Merrill Lynch US High Yield Cash Pay Constrained Index, effective April 1, 2012 because the Investment Manager believes that it better reflects how the Fund is managed.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns are shown only for Class A shares and will vary for other share classes.</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataEEEE column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012101Member ~</div> 0.0475 0.01 0.05 0.01 <div style="display:none">~ http://columbia/role/OperatingExpensesDataEEEE column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012101Member ~</div> 0.0066 0.0025 0.0028 0.0119 -0.0011 0.0108 0.0066 0.01 0.0028 0.0194 -0.0011 0.0183 0.0066 0.01 0.0028 0.0194 -0.0011 0.0183 <div style="display:none">~ http://columbia/role/ExpenseExampleEEEE column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012101Member ~</div> 580 686 286 825 899 599 1088 1237 1037 1840 2061 2255 <div style="display:none">~ http://columbia/role/ExpenseExampleNoRedemptionEEEE column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012101Member ~</div> 186 186 599 599 1037 1037 2061 2255 <div style="display:none">~ http://columbia/role/BarChartDataEEEE column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012101Member ~</div> -0.0427 0.2567 0.118 0.014 0.0995 0.0089 -0.2698 0.4466 0.1421 0.0584 <div style="display:none">~ http://columbia/role/PerformanceTableDataEEEE column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012101Member ~</div> 0.0083 -0.0149 0.0051 0.001 0.0422 0.0449 0.0573 0.0418 0.0132 0.018 0.0413 0.0457 0.0743 0.0779 0.0629 0.0334 0.0355 0.0602 0.0617 0.0866 0.0928 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks total return, consisting of current income and capital appreciation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class Z shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above expire on September 30, 2013, they are only reflected in the 1 year example and the first year of the 3, 5 and 10 year examples.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 79% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests at least 80% of its net assets in below investment grade corporate debt securities. These securities commonly are referred to as "junk bonds" and generally will be rated below investment grade by at least one nationally recognized rating service or unrated but determined by Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager), to be of comparable quality. The Fund may invest in debt securities issued by foreign governments, companies or other entities, including in emerging market countries. The Fund also may invest in equity securities, including common stocks, preferred stocks, warrants and debt securities convertible into common stocks.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in credit default swaps and other derivative instruments. The Fund may invest in derivatives for both hedging and non-hedging purposes, including, for example, to seek to enhance returns or as a substitute for a position in an underlying asset. The Fund also may invest in private placements.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager evaluates a number of factors in identifying investment opportunities and constructing the Fund's portfolio. The Investment Manager considers local, national and global economic conditions, market conditions, interest rate movements and other relevant factors to determine the allocation of the Fund's assets among different issuers, industry sectors and maturities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager, in connection with selecting individual investments for the Fund, evaluates a security based on its potential to generate income and/or capital appreciation. The Investment Manager considers, among other factors, the creditworthiness of the issuer of the security and the various features of the security, such as its interest rate, yield, maturity, any call features and value relative to other securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager may sell a security if the Investment Manager believes that there is deterioration in the issuer's financial circumstances, or that other investments are more attractive; if there is deterioration in a security's credit rating; or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Low and Below Investment Grade Securities Risk</b> <b>– </b> Debt securities with the lowest investment grade rating (e.g., BBB by Standard &amp; Poor's, a division of the McGraw-Hill Companies, Inc. (S&amp;P), or Fitch, Inc. (Fitch) or Baa by Moody's Investors Service, Inc. (Moody's)), or that are below investment grade (which are commonly referred to as "junk bonds") (e.g., BB or below by S&amp;P or Fitch or Ba by Moody's) and unrated securities of comparable quality are more speculative than securities with higher ratings and may experience greater price fluctuations. These securities tend to be more sensitive to credit risk than higher-rated securities, particularly during a downturn in the economy, which is more likely to weaken the ability of the issuers to make principal and interest payments on these securities. These securities typically pay a premium – a higher interest rate or yield – because of the increased risk of loss, including default. These securities also are generally less liquid than higher-rated securities. The securities ratings provided by Moody's, S&amp;P and Fitch are based on analyses by these ratings agencies of the credit quality of the securities and may not take into account every risk related to whether interest or principal will be timely repaid.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Credit Risk</b> <b>–</b> Credit risk applies to most debt securities, but is generally less of a factor for obligations backed by the "full faith and credit" of the U.S. Government. The Fund could lose money if the issuer of a debt security owned by the Fund is unable or perceived to be unable to pay interest or repay principal when it becomes due. Various factors could affect the issuer's actual or perceived willingness or ability to make timely interest or principal payments, including changes in the issuer's financial condition or in general economic conditions. Debt securities backed by an issuer's taxing authority may be subject to legal limits on the issuer's power to increase taxes or otherwise to raise revenue, or may be dependent on legislative appropriation or government aid. Certain debt securities are backed only by revenues derived from a particular project or source, rather than by an issuer's taxing authority, and thus may have a greater risk of default.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Changing Distribution Levels Risk</b> – The amount of the distributions paid by the Fund generally depends on the amount of interest and/or dividends received by the Fund on the securities it holds. The Fund may not be able to pay distributions or may have to reduce its distribution level if the interest and/or dividends the Fund receives from its investments decline.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk</b> <b>–</b> Illiquid securities are securities that cannot be readily disposed of in the normal course of business. There is a risk that the Fund may not be able to sell such securities at the time it desires or without adversely affecting their price.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Foreign Securities Risk –</b> Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Currency Risk –</b> Securities denominated in non-U.S. dollar currencies are subject to the risk that, for example, if the value of a foreign currency were to decline against the U.S. dollar, such decline would reduce the U.S. dollar value of any securities held by the Fund denominated in that currency.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Emerging Market Securities Risk</b> <b>–</b> Securities issued by foreign governments or companies in emerging market countries, like Russia and those in Eastern Europe, the Middle East, Asia, Latin America or Africa, are more likely to have greater exposure to the risks of investing in foreign securities that are described in <i>Foreign Securities Risk</i>. In addition, emerging market countries are more likely to experience instability resulting, for example, from rapid social, political and economic development. Their economies are usually less mature and their securities markets are typically less developed with more limited trading activity than more developed countries. Emerging market securities tend to be more volatile than securities in more developed markets. Many emerging market countries are heavily dependent on international trade, which makes them more sensitive to world commodity prices and economic downturns in other countries. Some emerging market countries have a higher risk of currency devaluations, and some of these countries may experience periods of high inflation or rapid changes in inflation rates.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Interest Rate Risk</b> <b>–</b> Debt securities are subject to interest rate risk. In general, if prevailing interest rates rise, the values of debt securities will tend to fall, and if interest rates fall, the values of debt securities will tend to rise. Changes in the value of a debt security usually will not affect the amount of income the Fund receives from it but may affect the value of the Fund's shares. Interest rate risk is generally greater for debt securities with longer maturities/durations.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Convertible Securities Risk –</b> Convertible securities are subject to the usual risks associated with debt securities, such as interest rate risk and credit risk. Convertible securities also react to changes in the value of the common stock into which they convert. Because the value of a convertible security can be influenced by both interest rates and the common stock's market movements, a convertible security generally is not as sensitive to interest rates as a similar debt security, and generally will not vary in value in response to other factors to the same extent as the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities would typically be paid before the company's common stockholders but after holders of any senior debt obligations of the company. The Fund may be forced to convert a convertible security before it otherwise would choose to do so, which may decrease the Fund's return.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk –</b> Derivatives are financial contracts whose values are, for example, based on (or "derived" from) traditional securities (such as a stock or bond), assets (such as a commodity like gold or a foreign currency), reference rates (such as LIBOR) or market indices (such as the Standard &amp; Poor's (S&amp;P) 500® Index). Derivatives involve special risks and may result in losses or may limit the Fund's potential gain from favorable market movements. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security or other asset. The values of derivatives may move in unexpected ways, especially in unusual market conditions, and may result in increased volatility, among other consequences. The use of derivatives may also increase the amount of taxes payable by shareholders holding shares in a taxable account. Other risks arise from the Fund's potential inability to terminate or to sell derivative positions. A liquid secondary market may not always exist for the Fund's derivative positions at times when the Fund might wish to terminate or to sell such positions. Over-the-counter instruments (investments not traded on an exchange) may be illiquid, and transactions in derivatives traded in the over-the-counter market are subject to the risk that the other party will not meet its obligations. The use of derivatives also involves the risks of mispricing or improper valuation and that changes in the value of the derivative may not correlate perfectly with the underlying security, asset, reference rate or index. The Fund also may not be able to find a suitable derivative transaction counterparty, and thus may be unable to engage in derivative transactions when it is deemed favorable to do so, or at all. U.S. federal legislation has recently been enacted that provides for new clearing, margin, reporting and registration requirements for participants in the derivatives market. While the ultimate impact is not yet clear, these changes could restrict and/or impose significant costs or other burdens upon the Fund's participation in derivatives transactions. For more information on the risks of derivative investments and strategies, see the Statement of Additional Information. </p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Reinvestment Risk</b> <b>–</b> Income from the Fund's debt securities portfolio will decline if and when the Fund invests the proceeds from matured, traded or called securities in securities with market interest rates that are below the current earnings rate of the Fund's portfolio.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk – Credit Default Swaps –</b> The Fund may enter into credit default swaps for investment purposes, for risk management (hedging) purposes, and to increase investment flexibility. 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 subject the Fund to the risk that the counterparty to the instrument will not perform or will be unable to perform in accordance with the terms of the instrument, and pricing risk (i.e., swaps may be difficult to value). In addition, it may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses. 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.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Rule 144A Securities Risk –</b> The Fund may invest significantly in privately placed securities that have not been registered for sale under the Securities Act of 1933 pursuant to Rule 144A (Rule 144A securities) which are determined to be liquid in accordance with procedures adopted by the Fund's Board of Trustees. However, an insufficient number of qualified institutional buyers interested in purchasing Rule 144A securities could affect adversely the marketability of such securities and the Fund might be unable to dispose of such securities promptly or at reasonable prices. Accordingly, even if determined to be liquid, the Fund's holdings of Rule 144A securities may increase the level of Fund illiquidity if eligible buyers become uninterested in buying them. The Fund may also have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Additionally, the purchase price and subsequent valuation of restricted and illiquid securities normally reflect a discount, which may be significant, from the market price of comparable securities for which a liquid market exists.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown.</p> 2nd quarter 2009: 0.1766 4th quarter 2008: -0.1855 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns to the BofA Merrill Lynch US High Yield Cash Pay Constrained Index. The BofA Merrill Lynch US High Yield Cash Pay Constrained Index tracks the performance of U.S. dollar-denominated below investment grade corporate debt, currently in a coupon paying period, that is publicly issued in the U.S. domestic market. The table also compares the Fund's returns for each period with those of its former benchmark, the JPMorgan Global High Yield Index, an index that is designed to mirror the investable universe of the U.S. dollar global high-yield corporate debt market, including domestic and international issues.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund changed its primary benchmark from the JPMorgan Global High Yield Index to the BofA Merrill Lynch US High Yield Cash Pay Constrained Index, effective April 1, 2012 because the Investment Manager believes that it better reflects how the Fund is managed.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataFFFF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012101Member ~</div> <div style="display:none">~ http://columbia/role/OperatingExpensesDataFFFF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012101Member ~</div> 0.0066 0 0.0028 0.0094 -0.0011 0.0083 <div style="display:none">~ http://columbia/role/ExpenseExampleFFFF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012101Member ~</div> 85 289 509 1145 <div style="display:none">~ http://columbia/role/BarChartDataFFFF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012101Member ~</div> -0.0403 0.2598 0.1208 0.0166 0.1022 0.0114 -0.268 0.45 0.1449 0.061 <div style="display:none">~ http://columbia/role/PerformanceTableDataFFFF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012101Member ~</div> 0.061 0.0357 0.0393 0.0449 0.0573 0.0545 0.0248 0.0282 0.0743 0.0779 0.0707 0.04 0.0416 0.0866 0.0928 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks total return, consisting of current income and capital appreciation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible Columbia Funds. More information about these and other discounts is available from your financial advisor, in the <i>Choosing a Share Class</i> section beginning on page 20 of this prospectus and in Appendix C to the Statement of Additional Information under <b> <i>Sales Charge Waivers</i> </b> beginning on page C-1.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class A, Class C, Class I or Class W shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above expire on February 28, 2014, they are only reflected in the 1 year example and the first two years of the 3, 5 and 10 year examples.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 20% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund will invest at least 80% of its net assets in fixed-income securities of foreign (non-U.S.) issuers. Generally, the Fund seeks to achieve its investment objective by investing in debt securities of issuers in at least three foreign countries, including foreign governments, quasi-governments, provincials, agencies, instrumentalities, supranationals and corporate entities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund is not limited as to any particular countries in which it may invest. The Fund will invest in the securities of issuers in developed countries and the securities of issuers in emerging or developing countries. Securities may be denominated in foreign (non-U.S. dollar) currencies, baskets of foreign currencies or the U.S. dollar.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's dollar-weighted average maturity and duration will vary, based on the forecast for interest rates, in various countries, by Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager). Duration measures the sensitivity of fixed-income security prices to changes in interest rates. The longer the duration of a fixed-income security, the more sensitive that security will be to changes in interest rates. For example, a bond with a three-year duration is expected to decrease in value by 3% if interest rates rise 1% and increase in value by 3% if interest rates fall 1%. The Fund does not have a duration target.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 government or corporate debt obligations, including money market instruments, of issuers located in at least three foreign 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 investing in below investment-grade fixed-income securities (commonly referred to as "high yield securities" or "junk bonds").</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in derivatives, including futures, forwards, options, swap contracts and other derivative instruments. The Fund may invest in derivatives for both hedging and non-hedging purposes, including, for example, to seek to enhance returns or as a substitute for a position in an underlying asset. The Fund may attempt to hedge the effects of currency value fluctuations on the Fund's investments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund also may invest in private placements.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">In addition, the Investment Manager may use futures (including index and currency futures) in an effort to produce incremental earnings, to hedge existing positions, to increase market or credit exposure, to increase investment flexibility (including using the derivative as a substitute for the purchase or sale of an underlying security, currency, commodity or other instrument).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund is non-diversified, which means that it can invest a greater percentage of its assets in a single issuer than can a diversified fund. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager evaluates a number of factors in identifying investment opportunities and constructing the Fund's portfolio. The Investment Manager considers local, national and global economic conditions, market conditions, interest rate movements and other relevant factors to determine the allocation of the Fund's assets among different issuers, industry sectors and maturities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager, in connection with selecting individual investments for the Fund, evaluates a security based on its potential to generate income and/or capital appreciation. The Investment Manager considers, among other factors, the creditworthiness of the issuer of the security and the various features of the security, such as its interest rate, yield, maturity, any call features and value relative to other securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager may sell a security if the Investment Manager believes that there is deterioration in the issuer's financial circumstances, or that other investments are more attractive; if there is deterioration in a security's credit rating; or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Interest Rate Risk</b> <b>–</b> Debt securities are subject to interest rate risk. In general, if prevailing interest rates rise, the values of debt securities will tend to fall, and if interest rates fall, the values of debt securities will tend to rise. Changes in the value of a debt security usually will not affect the amount of income the Fund receives from it but may affect the value of the Fund's shares. Interest rate risk is generally greater for debt securities with longer maturities/durations.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Currency Risk –</b> Securities denominated in non-U.S. dollar currencies are subject to the risk that, for example, if the value of a foreign currency were to decline against the U.S. dollar, such decline would reduce the U.S. dollar value of any securities held by the Fund denominated in that currency.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Foreign Securities Risk –</b> Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Emerging Market Securities Risk</b> <b>–</b> Securities issued by foreign governments or companies in emerging market countries, like Russia and those in Eastern Europe, the Middle East, Asia, Latin America or Africa, are more likely to have greater exposure to the risks of investing in foreign securities that are described in <i>Foreign Securities Risk</i>. In addition, emerging market countries are more likely to experience instability resulting, for example, from rapid social, political and economic development. Their economies are usually less mature and their securities markets are typically less developed with more limited trading activity than more developed countries. Emerging market securities tend to be more volatile than securities in more developed markets. Many emerging market countries are heavily dependent on international trade, which makes them more sensitive to world commodity prices and economic downturns in other countries. Some emerging market countries have a higher risk of currency devaluations, and some of these countries may experience periods of high inflation or rapid changes in inflation rates.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Credit Risk</b> <b>–</b> Credit risk applies to most debt securities, but is generally less of a factor for obligations backed by the "full faith and credit" of the U.S. Government. The Fund could lose money if the issuer of a debt security owned by the Fund is unable or perceived to be unable to pay interest or repay principal when it becomes due. Various factors could affect the issuer's actual or perceived willingness or ability to make timely interest or principal payments, including changes in the issuer's financial condition or in general economic conditions. Debt securities backed by an issuer's taxing authority may be subject to legal limits on the issuer's power to increase taxes or otherwise to raise revenue, or may be dependent on legislative appropriation or government aid. Certain debt securities are backed only by revenues derived from a particular project or source, rather than by an issuer's taxing authority, and thus may have a greater risk of default.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk</b> <b>–</b> Illiquid securities are securities that cannot be readily disposed of in the normal course of business. There is a risk that the Fund may not be able to sell such securities at the time it desires or without adversely affecting their price.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Low and Below Investment Grade Securities Risk</b> <b>– </b> Debt securities with the lowest investment grade rating (e.g., BBB by Standard &amp; Poor's, a division of the McGraw-Hill Companies, Inc. (S&amp;P), or Fitch, Inc. (Fitch) or Baa by Moody's Investors Service, Inc. (Moody's)), or that are below investment grade (which are commonly referred to as "junk bonds") (e.g., BB or below by S&amp;P or Fitch or Ba by Moody's) and unrated securities of comparable quality are more speculative than securities with higher ratings and may experience greater price fluctuations. These securities tend to be more sensitive to credit risk than higher-rated securities, particularly during a downturn in the economy, which is more likely to weaken the ability of the issuers to make principal and interest payments on these securities. These securities typically pay a premium – a higher interest rate or yield – because of the increased risk of loss, including default. These securities also are generally less liquid than higher-rated securities. The securities ratings provided by Moody's, S&amp;P and Fitch are based on analyses by these ratings agencies of the credit quality of the securities and may not take into account every risk related to whether interest or principal will be timely repaid.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Rule 144A Securities Risk –</b> The Fund may invest significantly in privately placed securities that have not been registered for sale under the Securities Act of 1933 pursuant to Rule 144A (Rule 144A securities) which are determined to be liquid in accordance with procedures adopted by the Fund's Board of Trustees. However, an insufficient number of qualified institutional buyers interested in purchasing Rule 144A securities could affect adversely the marketability of such securities and the Fund might be unable to dispose of such securities promptly or at reasonable prices. Accordingly, even if determined to be liquid, the Fund's holdings of Rule 144A securities may increase the level of Fund illiquidity if eligible buyers become uninterested in buying them. The Fund may also have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Additionally, the purchase price and subsequent valuation of restricted and illiquid securities normally reflect a discount, which may be significant, from the market price of comparable securities for which a liquid market exists.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk – Futures Contracts</b> – The Fund may buy or sell futures. A futures contract is a contract between a buyer (holding the "long" position) and a seller (holding the "short" position) for an asset with delivery deferred until a future date. The buyer agrees to pay a fixed price at the agreed future date and the seller agrees to deliver the asset. The seller hopes that the market price on the delivery date is less than the agreed upon price, while the buyer hopes for the contrary. The liquidity of the futures markets depends on participants entering into offsetting transactions rather than making or taking delivery. To the extent participants decide to make or take delivery, liquidity in the particular futures market could be reduced. Certain futures markets are more liquid than others. In addition, certain futures exchanges often impose a maximum permissible price movement on each futures contract for each trading session. To the extent that the Fund trades on such futures exchanges, the Fund may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk - Forward Foreign Currency Contracts</b> – The Fund may enter into forward foreign currency contracts, which are a type of derivative contract, whereby the Fund may agree to buy or sell a country's currency at a specific price on a specific date, usually 30, 60, or 90 days in the future. These currency contracts may change in value due to foreign market fluctuations or foreign currency value fluctuations. The effectiveness of any currency hedging strategy by a Fund may be reduced by the Fund's inability to precisely match forward contract amounts and the value of securities involved. Forward foreign currency contracts used for hedging may also limit any potential gain that might result from an increase or decrease in the value of the currency. When entering into forward foreign currency contracts for investment purposes, unanticipated changes in the currency markets could result in reduced performance for the Fund. At or prior to maturity of a forward contract, the Fund may enter into an offsetting contract and may incur a loss to the extent there has been movement in forward contract prices. When the Fund converts its foreign currencies into U.S. dollars it may incur currency conversion costs due to the spread between the prices at which it may buy and sell various currencies in the market.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk – Options</b> – 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, and if the call option sold is not covered (for example, by owning the underlying asset), the Fund's losses are theoretically unlimited.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk – Swap Agreements –</b> The Fund may enter into swap agreements to seek to obtain or preserve a desired return or spread at a lower cost than through a direct investment in an instrument that yields the desired return or spread. A swap agreement can increase or decrease the volatility of the Fund's investments and its net asset value. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged, are subject to the risk that a counterparty becomes bankrupt or otherwise fails to perform its obligations, may be difficult to value and may not be possible for the Fund to liquidate at an advantageous time or price, which may result in significant losses.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Non-Diversified Mutual Fund Risk</b> <b>–</b> The Fund is non-diversified, which generally means that it may invest a greater percentage of its total assets in the securities of fewer issuers than may a "diversified" fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of more diversified funds. The Fund may not operate as a non-diversified fund at all times.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The inception date for the Fund's Class I shares is September 27, 2010. The returns shown for Class I shares include the returns of the Fund's Class A shares for periods prior to its inception date. The inception date for the Fund's Class W shares is June 18, 2012; therefore performance information for this share class is not yet available. The average annual total return table on the following page includes the returns of Class A shares without sales charges. Except for differences in expenses (where applicable), these classes of shares have annual returns substantially similar to those of Class A shares, because all classes of the Fund's shares invest in the same portfolio of securities. The returns shown have not been adjusted to reflect any differences in expenses between Class W shares and Class A shares.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower.</p> 3rd quarter 2010: 0.1026 1st quarter 2009: -0.0488 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Fund's primary benchmark, the Citigroup Non-U.S. Dollar World Government Bond (All Maturities) Index (the Citigroup Non-U.S. WGBI or the Primary Benchmark). The Citigroup Non-U.S. WGBI is calculated on a market-weighted basis and includes investment-grade, fixed-rate bonds, issued by governments outside of the United States (currently, 21 countries), with a remaining maturity of one year or longer and with amounts outstanding of at least the equivalent of U.S. $25 million.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table also compares the Fund's returns to a secondary benchmark, which is a weighted custom composite, established by the Investment Manager (the Blended Benchmark). The Blended Benchmark consists of a 60% weighting in the Citigroup World Government Bond (excluding the U.S. and Japan) Index (the Citigroup WGBI - ex U.S./Japan), a 20% weighting in the Citigroup Japan Government Bond Index (the Citigroup Japan GBI) and a 20% weighting in the JPMorgan Government Bond Index - Emerging Markets Global Diversified Composite (the JPM GBI EM - Global Diversified). The Citigroup WGBI - ex U.S./Japan has the same calculation and inclusion criteria as the Primary Benchmark, while excluding issues from the United States and also Japan. The Citigroup Japan GBI is a market-weighted index based on Yen-denominated debt instruments issued by the government of Japan. The JPM GBI - EM Global Diversified tracks total returns for emerging markets local-currency-denominated fixed income instruments. The Primary Benchmark and the components of the Blended Benchmark are each "unhedged" against non-U.S. dollar denominated currency value fluctuation. The Fund added the Blended Benchmark as a secondary benchmark, effective July 1, 2012, because it is representative of the Fund's investment approach.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns are shown only for Class A shares and will vary for other share classes.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares.</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataGGGG column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000024212Member ~</div> 0.0475 0.01 0.01 <div style="display:none">~ http://columbia/role/OperatingExpensesDataGGGG column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000024212Member ~</div> 0.0065 0.0025 0.0043 0.0133 -0.0024 0.0109 0.0065 0.01 0.0043 0.0208 -0.0024 0.0184 0.0065 0 0.0029 0.0094 -0.002 0.0074 0.0065 0.0025 0.0043 0.0133 -0.0024 0.0109 <div style="display:none">~ http://columbia/role/ExpenseExampleGGGG column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000024212Member ~</div> 581 287 76 111 854 629 280 398 1147 1097 501 706 1980 2391 1136 1581 <div style="display:none">~ http://columbia/role/ExpenseExampleNoRedemptionGGGG column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000024212Member ~</div> 187 629 1097 2391 <div style="display:none">~ http://columbia/role/BarChartDataGGGG column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000024212Member ~</div> 0.0477 0.0573 0.0314 <div style="display:none">~ http://columbia/role/PerformanceTableDataGGGG column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000024212Member ~</div> -0.0178 -0.0274 -0.0115 0.0314 0.0137 0.0351 0.0517 0.0313 0.0431 0.0336 0.0313 0.0598 0.0516 0.0609 0.0738 0.0861 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks total return, consisting of current income and capital appreciation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class Z shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above expire on February 28, 2014, they are only reflected in the 1 year example and the first two years of the 3, 5 and 10 year examples. Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 20% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund will invest at least 80% of its net assets in fixed-income securities of foreign (non-U.S.) issuers. Generally, the Fund seeks to achieve its investment objective by investing in debt securities of issuers in at least three foreign countries, including foreign governments, quasi-governments, provincials, agencies, instrumentalities, supranationals and corporate entities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund is not limited as to any particular countries in which it may invest. The Fund will invest in the securities of issuers in developed countries and the securities of issuers in emerging or developing countries. Securities may be denominated in foreign (non-U.S. dollar) currencies, baskets of foreign currencies or the U.S. dollar.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund's dollar-weighted average maturity and duration will vary, based on the forecast for interest rates, in various countries, by Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager). Duration measures the sensitivity of fixed-income security prices to changes in interest rates. The longer the duration of a fixed-income security, the more sensitive that security will be to changes in interest rates. For example, a bond with a three-year duration is expected to decrease in value by 3% if interest rates rise 1% and increase in value by 3% if interest rates fall 1%. The Fund does not have a duration target.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 government or corporate debt obligations, including money market instruments, of issuers located in at least three foreign 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 investing in below investment-grade fixed-income securities (commonly referred to as "high yield securities" or "junk bonds").</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in derivatives, including futures, forwards, options, swap contracts and other derivative instruments. The Fund may invest in derivatives for both hedging and non-hedging purposes, including, for example, to seek to enhance returns or as a substitute for a position in an underlying asset. The Fund may attempt to hedge the effects of currency value fluctuations on the Fund's investments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund also may invest in private placements.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">In addition, the Investment Manager may use futures (including index and currency futures) in an effort to produce incremental earnings, to hedge existing positions, to increase market or credit exposure, to increase investment flexibility (including using the derivative as a substitute for the purchase or sale of an underlying security, currency, commodity or other instrument).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund is non-diversified, which means that it can invest a greater percentage of its assets in a single issuer than can a diversified fund. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager evaluates a number of factors in identifying investment opportunities and constructing the Fund's portfolio. The Investment Manager considers local, national and global economic conditions, market conditions, interest rate movements and other relevant factors to determine the allocation of the Fund's assets among different issuers, industry sectors and maturities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager, in connection with selecting individual investments for the Fund, evaluates a security based on its potential to generate income and/or capital appreciation. The Investment Manager considers, among other factors, the creditworthiness of the issuer of the security and the various features of the security, such as its interest rate, yield, maturity, any call features and value relative to other securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager may sell a security if the Investment Manager believes that there is deterioration in the issuer's financial circumstances, or that other investments are more attractive; if there is deterioration in a security's credit rating; or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Interest Rate Risk</b> <b>–</b> Debt securities are subject to interest rate risk. In general, if prevailing interest rates rise, the values of debt securities will tend to fall, and if interest rates fall, the values of debt securities will tend to rise. Changes in the value of a debt security usually will not affect the amount of income the Fund receives from it but may affect the value of the Fund's shares. Interest rate risk is generally greater for debt securities with longer maturities/durations.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Currency Risk –</b> Securities denominated in non-U.S. dollar currencies are subject to the risk that, for example, if the value of a foreign currency were to decline against the U.S. dollar, such decline would reduce the U.S. dollar value of any securities held by the Fund denominated in that currency.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Foreign Securities Risk –</b> Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Emerging Market Securities Risk</b> <b>–</b> Securities issued by foreign governments or companies in emerging market countries, like Russia and those in Eastern Europe, the Middle East, Asia, Latin America or Africa, are more likely to have greater exposure to the risks of investing in foreign securities that are described in <i>Foreign Securities Risk</i>. In addition, emerging market countries are more likely to experience instability resulting, for example, from rapid social, political and economic development. Their economies are usually less mature and their securities markets are typically less developed with more limited trading activity than more developed countries. Emerging market securities tend to be more volatile than securities in more developed markets. Many emerging market countries are heavily dependent on international trade, which makes them more sensitive to world commodity prices and economic downturns in other countries. Some emerging market countries have a higher risk of currency devaluations, and some of these countries may experience periods of high inflation or rapid changes in inflation rates.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Credit Risk</b> <b>–</b> Credit risk applies to most debt securities, but is generally less of a factor for obligations backed by the "full faith and credit" of the U.S. Government. The Fund could lose money if the issuer of a debt security owned by the Fund is unable or perceived to be unable to pay interest or repay principal when it becomes due. Various factors could affect the issuer's actual or perceived willingness or ability to make timely interest or principal payments, including changes in the issuer's financial condition or in general economic conditions. Debt securities backed by an issuer's taxing authority may be subject to legal limits on the issuer's power to increase taxes or otherwise to raise revenue, or may be dependent on legislative appropriation or government aid. Certain debt securities are backed only by revenues derived from a particular project or source, rather than by an issuer's taxing authority, and thus may have a greater risk of default.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk</b> <b>–</b> Illiquid securities are securities that cannot be readily disposed of in the normal course of business. There is a risk that the Fund may not be able to sell such securities at the time it desires or without adversely affecting their price.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Low and Below Investment Grade Securities Risk</b> <b>– </b> Debt securities with the lowest investment grade rating (e.g., BBB by Standard &amp; Poor's, a division of the McGraw-Hill Companies, Inc. (S&amp;P), or Fitch, Inc. (Fitch) or Baa by Moody's Investors Service, Inc. (Moody's)), or that are below investment grade (which are commonly referred to as "junk bonds") (e.g., BB or below by S&amp;P or Fitch or Ba by Moody's) and unrated securities of comparable quality are more speculative than securities with higher ratings and may experience greater price fluctuations. These securities tend to be more sensitive to credit risk than higher-rated securities, particularly during a downturn in the economy, which is more likely to weaken the ability of the issuers to make principal and interest payments on these securities. These securities typically pay a premium – a higher interest rate or yield – because of the increased risk of loss, including default. These securities also are generally less liquid than higher-rated securities. The securities ratings provided by Moody's, S&amp;P and Fitch are based on analyses by these ratings agencies of the credit quality of the securities and may not take into account every risk related to whether interest or principal will be timely repaid.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Rule 144A Securities Risk –</b> The Fund may invest significantly in privately placed securities that have not been registered for sale under the Securities Act of 1933 pursuant to Rule 144A (Rule 144A securities) which are determined to be liquid in accordance with procedures adopted by the Fund's Board of Trustees. However, an insufficient number of qualified institutional buyers interested in purchasing Rule 144A securities could affect adversely the marketability of such securities and the Fund might be unable to dispose of such securities promptly or at reasonable prices. Accordingly, even if determined to be liquid, the Fund's holdings of Rule 144A securities may increase the level of Fund illiquidity if eligible buyers become uninterested in buying them. The Fund may also have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Additionally, the purchase price and subsequent valuation of restricted and illiquid securities normally reflect a discount, which may be significant, from the market price of comparable securities for which a liquid market exists.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk – Futures Contracts</b> – The Fund may buy or sell futures. A futures contract is a contract between a buyer (holding the "long" position) and a seller (holding the "short" position) for an asset with delivery deferred until a future date. The buyer agrees to pay a fixed price at the agreed future date and the seller agrees to deliver the asset. The seller hopes that the market price on the delivery date is less than the agreed upon price, while the buyer hopes for the contrary. The liquidity of the futures markets depends on participants entering into offsetting transactions rather than making or taking delivery. To the extent participants decide to make or take delivery, liquidity in the particular futures market could be reduced. Certain futures markets are more liquid than others. In addition, certain futures exchanges often impose a maximum permissible price movement on each futures contract for each trading session. To the extent that the Fund trades on such futures exchanges, the Fund may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk - Forward Foreign Currency Contracts</b> – The Fund may enter into forward foreign currency contracts, which are a type of derivative contract, whereby the Fund may agree to buy or sell a country's currency at a specific price on a specific date, usually 30, 60, or 90 days in the future. These currency contracts may change in value due to foreign market fluctuations or foreign currency value fluctuations. The effectiveness of any currency hedging strategy by a Fund may be reduced by the Fund's inability to precisely match forward contract amounts and the value of securities involved. Forward foreign currency contracts used for hedging may also limit any potential gain that might result from an increase or decrease in the value of the currency. When entering into forward foreign currency contracts for investment purposes, unanticipated changes in the currency markets could result in reduced performance for the Fund. At or prior to maturity of a forward contract, the Fund may enter into an offsetting contract and may incur a loss to the extent there has been movement in forward contract prices. When the Fund converts its foreign currencies into U.S. dollars it may incur currency conversion costs due to the spread between the prices at which it may buy and sell various currencies in the market.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk – Options</b> – 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, and if the call option sold is not covered (for example, by owning the underlying asset), the Fund's losses are theoretically unlimited.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk – Swap Agreements –</b> The Fund may enter into swap agreements to seek to obtain or preserve a desired return or spread at a lower cost than through a direct investment in an instrument that yields the desired return or spread. A swap agreement can increase or decrease the volatility of the Fund's investments and its net asset value. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged, are subject to the risk that a counterparty becomes bankrupt or otherwise fails to perform its obligations, may be difficult to value and may not be possible for the Fund to liquidate at an advantageous time or price, which may result in significant losses.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Non-Diversified Mutual Fund Risk</b> <b>–</b> The Fund is non-diversified, which generally means that it may invest a greater percentage of its total assets in the securities of fewer issuers than may a "diversified" fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of more diversified funds. The Fund may not operate as a non-diversified fund at all times.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown.</p> 3rd quarter 2010: 0.1033 1st quarter 2009: -0.0482 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Fund's primary benchmark, the Citigroup Non-U.S. Dollar World Government Bond (All Maturities) Index (the Citigroup Non-U.S. WGBI or the Primary Benchmark). The Citigroup Non-U.S. WGBI is calculated on a market-weighted basis and includes investment-grade, fixed-rate bonds, issued by governments outside of the United States (currently, 21 countries), with a remaining maturity of one year or longer and with amounts outstanding of at least the equivalent of U.S. $25 million.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table also compares the Fund's returns to a secondary benchmark, which is a weighted custom composite, established by the Investment Manager (the Blended Benchmark). The Blended Benchmark consists of a 60% weighting in the Citigroup World Government Bond (excluding the U.S. and Japan) Index (the Citigroup WGBI - ex U.S./Japan), a 20% weighting in the Citigroup Japan Government Bond Index (the Citigroup Japan GBI) and a 20% weighting in the JPMorgan Government Bond Index - Emerging Markets Global Diversified Composite (the JPM GBI EM - Global Diversified). The Citigroup WGBI - ex U.S./Japan has the same calculation and inclusion criteria as the Primary Benchmark, while excluding issues from the United States and also Japan. The Citigroup Japan GBI is a market-weighted index based on Yen-denominated debt instruments issued by the government of Japan. The JPM GBI - EM Global Diversified tracks total returns for emerging markets local-currency-denominated fixed income instruments. The Primary Benchmark and the components of the Blended Benchmark are each "unhedged" against non-U.S. dollar denominated currency value fluctuation. The Fund added the Blended Benchmark as a secondary benchmark, effective July 1, 2012, because it is representative of the Fund's investment approach.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataHHHH column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000024212Member ~</div> <div style="display:none">~ http://columbia/role/OperatingExpensesDataHHHH column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000024212Member ~</div> 0.0065 0 0.0043 0.0108 -0.0024 0.0084 <div style="display:none">~ http://columbia/role/ExpenseExampleHHHH column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000024212Member ~</div> 86 320 572 1296 <div style="display:none">~ http://columbia/role/BarChartDataHHHH column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000024212Member ~</div> 0.0503 0.059 0.0349 <div style="display:none">~ http://columbia/role/PerformanceTableDataHHHH column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000024212Member ~</div> 0.0349 0.0239 0.0227 0.0517 0.0313 0.0624 0.0518 0.0473 0.0738 0.0861 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks total return, consisting of current income and capital appreciation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible Columbia Funds. More information about these and other discounts is available from your financial advisor, in the <i>Choosing a Share Class</i> section beginning on page 22 of this prospectus and in Appendix C to the Statement of Additional Information under <b> <i>Sales Charge Waivers</i> </b> beginning on page C-1.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class A, Class B, Class C, Class R, Class R4, Class R5 or Class W shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 83% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests primarily in debt securities in the following three segments of the debt securities market: (i) securities issued by the U.S. Government and its agencies, including mortgage- and other asset-backed securities; (ii) securities issued by foreign governments, companies or other entities, including in emerging market countries and non-dollar denominated securities; and (iii) below investment grade corporate debt securities or unrated corporate debt securities determined by Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager), to be of comparable quality, which are commonly referred to as "junk bonds."</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in derivatives, including futures, forwards, options, swap contracts and other derivative instruments. The Fund may invest in derivatives for both hedging and non-hedging purposes, including, for example, to seek to enhance returns or as a substitute for a position in an underlying asset. The Fund also may invest in private placements.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund also may participate in mortgage dollar rolls up to the Fund's then current position in mortgage-backed securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager evaluates a number of factors in identifying investment opportunities and constructing the Fund's portfolio. The Investment Manager considers local, national and global economic conditions, market conditions, interest rate movements and other relevant factors to determine the allocation of the Fund's assets among different issuers, industry sectors and maturities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager, in connection with selecting individual investments for the Fund, evaluates a security based on its potential to generate income and/or capital appreciation. The Investment Manager considers, among other factors, the creditworthiness of the issuer of the security and the various features of the security, such as its interest rate, yield, maturity, any call features and value relative to other securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager may sell a security if the Investment Manager believes that there is deterioration in the issuer's financial circumstances, or that other investments are more attractive; if there is deterioration in a security's credit rating; or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Low and Below Investment Grade Securities Risk</b> <b>– </b> Debt securities with the lowest investment grade rating (e.g., BBB by Standard &amp; Poor's, a division of the McGraw-Hill Companies, Inc. (S&amp;P), or Fitch, Inc. (Fitch) or Baa by Moody's Investors Service, Inc. (Moody's)), or that are below investment grade (which are commonly referred to as "junk bonds") (e.g., BB or below by S&amp;P or Fitch or Ba by Moody's) and unrated securities of comparable quality are more speculative than securities with higher ratings and may experience greater price fluctuations. These securities tend to be more sensitive to credit risk than higher-rated securities, particularly during a downturn in the economy, which is more likely to weaken the ability of the issuers to make principal and interest payments on these securities. These securities typically pay a premium – a higher interest rate or yield – because of the increased risk of loss, including default. These securities also are generally less liquid than higher-rated securities. The securities ratings provided by Moody's, S&amp;P and Fitch are based on analyses by these ratings agencies of the credit quality of the securities and may not take into account every risk related to whether interest or principal will be timely repaid.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Interest Rate Risk</b> <b>–</b> Debt securities are subject to interest rate risk. In general, if prevailing interest rates rise, the values of debt securities will tend to fall, and if interest rates fall, the values of debt securities will tend to rise. Changes in the value of a debt security usually will not affect the amount of income the Fund receives from it but may affect the value of the Fund's shares. Interest rate risk is generally greater for debt securities with longer maturities/durations.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Credit Risk</b> <b>–</b> Credit risk applies to most debt securities, but is generally less of a factor for obligations backed by the "full faith and credit" of the U.S. Government. The Fund could lose money if the issuer of a debt security owned by the Fund is unable or perceived to be unable to pay interest or repay principal when it becomes due. Various factors could affect the issuer's actual or perceived willingness or ability to make timely interest or principal payments, including changes in the issuer's financial condition or in general economic conditions. Debt securities backed by an issuer's taxing authority may be subject to legal limits on the issuer's power to increase taxes or otherwise to raise revenue, or may be dependent on legislative appropriation or government aid. Certain debt securities are backed only by revenues derived from a particular project or source, rather than by an issuer's taxing authority, and thus may have a greater risk of default.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Foreign Securities Risk –</b> Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Currency Risk –</b> Securities denominated in non-U.S. dollar currencies are subject to the risk that, for example, if the value of a foreign currency were to decline against the U.S. dollar, such decline would reduce the U.S. dollar value of any securities held by the Fund denominated in that currency.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Emerging Market Securities Risk</b> <b>–</b> Securities issued by foreign governments or companies in emerging market countries, like Russia and those in Eastern Europe, the Middle East, Asia, Latin America or Africa, are more likely to have greater exposure to the risks of investing in foreign securities that are described in <i>Foreign Securities Risk</i>. In addition, emerging market countries are more likely to experience instability resulting, for example, from rapid social, political and economic development. Their economies are usually less mature and their securities markets are typically less developed with more limited trading activity than more developed countries. Emerging market securities tend to be more volatile than securities in more developed markets. Many emerging market countries are heavily dependent on international trade, which makes them more sensitive to world commodity prices and economic downturns in other countries. Some emerging market countries have a higher risk of currency devaluations, and some of these countries may experience periods of high inflation or rapid changes in inflation rates.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>U.S. Government Obligations Risk –</b> While U.S. Treasury obligations are backed by the "full faith and credit" of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or may be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. For example, securities issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks are neither insured nor guaranteed by the U.S. Government. These securities may be supported by the ability to borrow from the U.S. Treasury or only by the credit of the issuing agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than securities issued or guaranteed by the U.S. Treasury. Securities guaranteed by the Federal Deposit Insurance Corporation under its Temporary Liquidity Guarantee Program (TLGP) are subject to certain risks, including whether such securities will continue to trade in line with recent experience in relation to treasury and government agency securities in terms of yield spread and the volatility of such spread, as well as uncertainty as to how such securities will trade in the secondary market and whether that market will be liquid or illiquid. The TLGP is subject to change.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Mortgage-Backed Securities Risk</b> <b>–</b> The value of the Fund's mortgage-backed securities may be affected by, among other things, changes or perceived changes in: interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgages, the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements, or the market's assessment of the quality of underlying assets. Mortgage-backed securities represent interests in, or are backed by, pools of mortgages from which payments of interest and principal (net of fees paid to the issuer or guarantor of the securities) are distributed to the holders of the mortgage-backed securities. Mortgage-backed securities can have a fixed or an adjustable rate. Payment of principal and interest on some mortgage-backed securities (but not the market value of the securities themselves) may be guaranteed (i) by the full faith and credit of the U.S. Government (in the case of securities guaranteed by the Government National Mortgage Association) or (ii) by its agencies, authorities, enterprises or instrumentalities (in the case of securities guaranteed by the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC)), which are not insured or guaranteed by the U.S. Government (although FNMA and FHLMC may be able to access capital from the U.S. Treasury to meet their obligations under such securities). Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers) may be supported by various credit enhancements, such as pool insurance, guarantees issued by governmental entities, letters of credit from a bank or senior/subordinated structures, and may entail greater risk than obligations guaranteed by the U.S. Government, whether or not such obligations are guaranteed by the private issuer. Mortgage-backed securities are subject to prepayment risk, which is the possibility that the underlying mortgage may be refinanced or prepaid prior to maturity during periods of declining or low interest rates, causing the Fund to have to reinvest the money received in securities that have lower yields. In addition, the impact of prepayments on the value of mortgage-backed securities may be difficult to predict and may result in greater volatility. Rising or high interest rates tend to extend the duration of mortgage-backed securities, making them more volatile and more sensitive to changes in interest rates.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Asset-Backed Securities Risk</b> <b>–</b> The value of the Fund's asset-backed securities may be affected by, among other things, changes in: interest rates, factors concerning the interests in and structure of the issuer or the originator of the receivables, the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements, or the market's assessment of the quality of underlying assets. Asset-backed securities represent interests in, or are backed by, pools of receivables such as credit card, auto, student and home equity loans. They may also be backed, in turn, by securities backed by these types of loans and others, such as mortgage loans. Asset-backed securities can have a fixed or an adjustable rate. Most asset-backed securities are subject to prepayment risk, which is the possibility that the underlying debt may be refinanced or prepaid prior to maturity during periods of declining or low interest rates, causing the Fund to have to reinvest the money received in securities that have lower yields. In addition, the impact of prepayments on the value of asset-backed securities may be difficult to predict and may result in greater volatility. Rising or high interest rates tend to extend the duration of asset-backed securities, making them more volatile and more sensitive to changes in interest rates. </p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Reinvestment Risk</b> <b>–</b> Income from the Fund's debt securities portfolio will decline if and when the Fund invests the proceeds from matured, traded or called securities in securities with market interest rates that are below the current earnings rate of the Fund's portfolio.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Dollar Rolls Risk</b> <b>–</b> Dollar rolls are transactions in which the Fund sells securities to a counterparty and simultaneously agrees to purchase those or similar securities in the future at a predetermined price. Dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. These transactions may also increase the Fund's portfolio turnover rate. If the Fund reinvests the proceeds of the security sold, the Fund will also be subject to the risk that the investments purchased with such proceeds will decline in value (a form of leverage risk).</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk –</b> Derivatives are financial contracts whose values are, for example, based on (or "derived" from) traditional securities (such as a stock or bond), assets (such as a commodity like gold or a foreign currency), reference rates (such as LIBOR) or market indices (such as the Standard &amp; Poor's (S&amp;P) 500® Index). Derivatives involve special risks and may result in losses or may limit the Fund's potential gain from favorable market movements. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security or other asset. The values of derivatives may move in unexpected ways, especially in unusual market conditions, and may result in increased volatility, among other consequences. The use of derivatives may also increase the amount of taxes payable by shareholders holding shares in a taxable account. Other risks arise from the Fund's potential inability to terminate or to sell derivative positions. A liquid secondary market may not always exist for the Fund's derivative positions at times when the Fund might wish to terminate or to sell such positions. Over-the-counter instruments (investments not traded on an exchange) may be illiquid, and transactions in derivatives traded in the over-the-counter market are subject to the risk that the other party will not meet its obligations. The use of derivatives also involves the risks of mispricing or improper valuation and that changes in the value of the derivative may not correlate perfectly with the underlying security, asset, reference rate or index. The Fund also may not be able to find a suitable derivative transaction counterparty, and thus may be unable to engage in derivative transactions when it is deemed favorable to do so, or at all. U.S. federal legislation has recently been enacted that provides for new clearing, margin, reporting and registration requirements for participants in the derivatives market. While the ultimate impact is not yet clear, these changes could restrict and/or impose significant costs or other burdens upon the Fund's participation in derivatives transactions. For more information on the risks of derivative investments and strategies, see the Statement of Additional Information. </p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk - Forward Foreign Currency Contracts</b> – The Fund may enter into forward foreign currency contracts, which are a type of derivative contract, whereby the Fund may agree to buy or sell a country's currency at a specific price on a specific date, usually 30, 60, or 90 days in the future. These currency contracts may change in value due to foreign market fluctuations or foreign currency value fluctuations. The effectiveness of any currency hedging strategy by a Fund may be reduced by the Fund's inability to precisely match forward contract amounts and the value of securities involved. Forward foreign currency contracts used for hedging may also limit any potential gain that might result from an increase or decrease in the value of the currency. When entering into forward foreign currency contracts for investment purposes, unanticipated changes in the currency markets could result in reduced performance for the Fund. At or prior to maturity of a forward contract, the Fund may enter into an offsetting contract and may incur a loss to the extent there has been movement in forward contract prices. When the Fund converts its foreign currencies into U.S. dollars it may incur currency conversion costs due to the spread between the prices at which it may buy and sell various currencies in the market.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk – Futures Contracts</b> – The Fund may buy or sell futures. A futures contract is a contract between a buyer (holding the "long" position) and a seller (holding the "short" position) for an asset with delivery deferred until a future date. The buyer agrees to pay a fixed price at the agreed future date and the seller agrees to deliver the asset. The seller hopes that the market price on the delivery date is less than the agreed upon price, while the buyer hopes for the contrary. The liquidity of the futures markets depends on participants entering into offsetting transactions rather than making or taking delivery. To the extent participants decide to make or take delivery, liquidity in the particular futures market could be reduced. Certain futures markets are more liquid than others. In addition, certain futures exchanges often impose a maximum permissible price movement on each futures contract for each trading session. To the extent that the Fund trades on such futures exchanges, the Fund may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk</b> <b>–</b> Illiquid securities are securities that cannot be readily disposed of in the normal course of business. There is a risk that the Fund may not be able to sell such securities at the time it desires or without adversely affecting their price.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Rule 144A Securities Risk –</b> The Fund may invest significantly in privately placed securities that have not been registered for sale under the Securities Act of 1933 pursuant to Rule 144A (Rule 144A securities) which are determined to be liquid in accordance with procedures adopted by the Fund's Board of Trustees. However, an insufficient number of qualified institutional buyers interested in purchasing Rule 144A securities could affect adversely the marketability of such securities and the Fund might be unable to dispose of such securities promptly or at reasonable prices. Accordingly, even if determined to be liquid, the Fund's holdings of Rule 144A securities may increase the level of Fund illiquidity if eligible buyers become uninterested in buying them. The Fund may also have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Additionally, the purchase price and subsequent valuation of restricted and illiquid securities normally reflect a discount, which may be significant, from the market price of comparable securities for which a liquid market exists.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Prepayment and Extension Risk –</b> Prepayment and extension risk is the risk that a loan, bond or other security might be called or otherwise converted, prepaid or redeemed before maturity. This risk is primarily associated with asset-backed securities, including mortgage-backed securities and floating rate loans. If a loan or security is converted, prepaid or redeemed before maturity, particularly during a time of declining interest rates or spreads, the portfolio managers may not be able to invest the proceeds in securities or loans providing as high a level of income, resulting in a reduced yield to the Fund. Conversely, as interest rates rise or spreads widen, the likelihood of prepayment decreases. The portfolio managers may be unable to capitalize on securities with higher interest rates or wider spreads because the Fund's investments are locked in at a lower rate for a longer period of time.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The inception date for the Fund's Class R and Class W shares is September 27, 2010; and the inception date for the Fund's Class R4 and Class R5 shares is March 7, 2011. The returns shown for each of these classes of shares include the returns of the Fund's Class A shares (adjusted to reflect the higher class-related operating expenses of such classes, where applicable) for periods prior to its inception date. Except for differences in expenses and sales charges (where applicable), these classes of shares have annual returns substantially similar to those of Class A shares, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower.</p> 3rd quarter 2009: 4th quarter 2008: 0.0771 -0.0389 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Fund's primary benchmark, the Barclays Government/Credit Bond Index, which tracks the performance of U.S. government and corporate bonds rated investment grade or better, with maturities of at least one year. Effective on February 29, 2012, the Fund changed its blended benchmark because the Investment Manager believes it is more consistent with the Fund's investment strategy. The table compares the Fund's returns to this New Blended Benchmark, a weighted custom composite, established by the Investment Manager, consisting of a 35% weighting of the Barclays Aggregate Bond Index, a 35% weighting of the BofA Merrill Lynch US High Yield Cash Pay Constrained Index, a 15% weighting of the Citigroup Non-U.S. World Government Bond Index – Unhedged and a 15% weighting of the JPMorgan Emerging Markets Bond Index (EMBI) – Global. The Barclays Aggregate Bond Index is a market value-weighted index that tracks the daily price, coupon, pay-downs and total return performance of fixed-rate, publicly placed, dollar-denominated and non-convertible investment grade debt issues with at least $250 million par amount outstanding and with at least one year to final maturity. The BofA Merrill Lynch US High Yield Cash Pay Constrained Index tracks the performance of U.S. dollar-denominated below investment grade corporate debt, currently in a coupon paying period, that is publicly issued in the U.S. domestic market. The Citigroup Non-U.S. World Government Bond Index - Unhedged is calculated on a market-weighted basis and includes all fixed-rate bonds with a remaining maturity of one year or longer and with amounts outstanding of at least the equivalent of U.S. $25 million, while excluding floating or variable rate bonds, securities aimed principally at non-institutional investors and private placement-type securities. The JPMorgan EMBI – Global is based on U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities, such as Brady bonds, Eurobonds and loans, and reflects reinvestment of all distributions and changes in market prices. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The table also compares the Fund's returns to the Former Blended Benchmark, a weighted custom composite, established by the Investment Manager, consisting of a 35% weighting of the Barclays Aggregate Bond Index, a 35% weighting of the JPMorgan Global High Yield Index, a 15% weighting of the Citigroup Non-U.S. World Government Bond Index - Unhedged and a 15% weighting of the JPMorgan EMBI Global Diversified Index. The JPMorgan Global High Yield Index is designed to mirror the investable universe of the U.S. dollar global high yield corporate debt market, including domestic and international issues. The JPMorgan EMBI Global Diversified Index tracks total returns for traded external debt instruments in the emerging markets including U.S. dollar-denominated Brady bonds, loans and Eurobonds with an outstanding face value of at least $500 million.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns are shown only for Class A shares and will vary for other share classes.</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataIIII column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010617Member ~</div> 0.0475 0.01 0.05 0.01 <div style="display:none">~ http://columbia/role/OperatingExpensesDataIIII column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010617Member ~</div> 0.0058 0.0025 0.0021 0.0104 0.0058 0.01 0.0021 0.0179 0.0058 0.01 0.0021 0.0179 0.0058 0.005 0.0021 0.0129 0.0058 0 0.0031 0.0089 0.0058 0 0.0006 0.0064 0.0058 0.0025 0.0021 0.0104 <div style="display:none">~ http://columbia/role/ExpenseExampleIIII column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010617Member ~</div> 576 682 282 131 91 65 106 790 863 563 409 284 205 331 1022 1170 970 708 493 357 574 1686 1908 2105 1556 1096 798 1271 <div style="display:none">~ http://columbia/role/ExpenseExampleNoRedemptionIIII column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010617Member ~</div> 182 182 563 563 970 970 1908 2105 <div style="display:none">~ http://columbia/role/BarChartDataIIII column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010617Member ~</div> 0.0797 0.1929 0.1004 0.0126 0.0676 0.0567 -0.0646 0.1867 0.0996 0.0611 <div style="display:none">~ http://columbia/role/PerformanceTableDataIIII column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010617Member ~</div> 0.0105 -0.0084 0.0066 0.0049 0.0447 0.062 0.0623 0.0646 0.0617 0.0874 0.0647 0.0674 0.0544 0.032 0.0329 0.0536 0.058 0.0632 0.065 0.0655 0.0649 0.0655 0.0742 0.0752 0.0717 0.0467 0.0463 0.069 0.0704 0.0747 0.077 0.0772 0.0769 0.0585 0.0813 0.0827 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks total return, consisting of current income and capital appreciation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class Z shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 83% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests primarily in debt securities in the following three segments of the debt securities market: (i) securities issued by the U.S. Government and its agencies, including mortgage- and other asset-backed securities; (ii) securities issued by foreign governments, companies or other entities, including in emerging market countries and non-dollar denominated securities; and (iii) below investment grade corporate debt securities or unrated corporate debt securities determined by Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager), to be of comparable quality, which are commonly referred to as "junk bonds."</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in derivatives, including futures, forwards, options, swap contracts and other derivative instruments. The Fund may invest in derivatives for both hedging and non-hedging purposes, including, for example, to seek to enhance returns or as a substitute for a position in an underlying asset. The Fund also may invest in private placements.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund also may participate in mortgage dollar rolls up to the Fund's then current position in mortgage-backed securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager evaluates a number of factors in identifying investment opportunities and constructing the Fund's portfolio. The Investment Manager considers local, national and global economic conditions, market conditions, interest rate movements and other relevant factors to determine the allocation of the Fund's assets among different issuers, industry sectors and maturities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager, in connection with selecting individual investments for the Fund, evaluates a security based on its potential to generate income and/or capital appreciation. The Investment Manager considers, among other factors, the creditworthiness of the issuer of the security and the various features of the security, such as its interest rate, yield, maturity, any call features and value relative to other securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager may sell a security if the Investment Manager believes that there is deterioration in the issuer's financial circumstances, or that other investments are more attractive; if there is deterioration in a security's credit rating; or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Low and Below Investment Grade Securities Risk</b> <b>– </b> Debt securities with the lowest investment grade rating (e.g., BBB by Standard &amp; Poor's, a division of the McGraw-Hill Companies, Inc. (S&amp;P), or Fitch, Inc. (Fitch) or Baa by Moody's Investors Service, Inc. (Moody's)), or that are below investment grade (which are commonly referred to as "junk bonds") (e.g., BB or below by S&amp;P or Fitch or Ba by Moody's) and unrated securities of comparable quality are more speculative than securities with higher ratings and may experience greater price fluctuations. These securities tend to be more sensitive to credit risk than higher-rated securities, particularly during a downturn in the economy, which is more likely to weaken the ability of the issuers to make principal and interest payments on these securities. These securities typically pay a premium – a higher interest rate or yield – because of the increased risk of loss, including default. These securities also are generally less liquid than higher-rated securities. The securities ratings provided by Moody's, S&amp;P and Fitch are based on analyses by these ratings agencies of the credit quality of the securities and may not take into account every risk related to whether interest or principal will be timely repaid.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Interest Rate Risk</b> <b>–</b> Debt securities are subject to interest rate risk. In general, if prevailing interest rates rise, the values of debt securities will tend to fall, and if interest rates fall, the values of debt securities will tend to rise. Changes in the value of a debt security usually will not affect the amount of income the Fund receives from it but may affect the value of the Fund's shares. Interest rate risk is generally greater for debt securities with longer maturities/durations.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Credit Risk</b> <b>–</b> Credit risk applies to most debt securities, but is generally less of a factor for obligations backed by the "full faith and credit" of the U.S. Government. The Fund could lose money if the issuer of a debt security owned by the Fund is unable or perceived to be unable to pay interest or repay principal when it becomes due. Various factors could affect the issuer's actual or perceived willingness or ability to make timely interest or principal payments, including changes in the issuer's financial condition or in general economic conditions. Debt securities backed by an issuer's taxing authority may be subject to legal limits on the issuer's power to increase taxes or otherwise to raise revenue, or may be dependent on legislative appropriation or government aid. Certain debt securities are backed only by revenues derived from a particular project or source, rather than by an issuer's taxing authority, and thus may have a greater risk of default.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Foreign Securities Risk –</b> Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Currency Risk –</b> Securities denominated in non-U.S. dollar currencies are subject to the risk that, for example, if the value of a foreign currency were to decline against the U.S. dollar, such decline would reduce the U.S. dollar value of any securities held by the Fund denominated in that currency.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Emerging Market Securities Risk</b> <b>–</b> Securities issued by foreign governments or companies in emerging market countries, like Russia and those in Eastern Europe, the Middle East, Asia, Latin America or Africa, are more likely to have greater exposure to the risks of investing in foreign securities that are described in <i>Foreign Securities Risk</i>. In addition, emerging market countries are more likely to experience instability resulting, for example, from rapid social, political and economic development. Their economies are usually less mature and their securities markets are typically less developed with more limited trading activity than more developed countries. Emerging market securities tend to be more volatile than securities in more developed markets. Many emerging market countries are heavily dependent on international trade, which makes them more sensitive to world commodity prices and economic downturns in other countries. Some emerging market countries have a higher risk of currency devaluations, and some of these countries may experience periods of high inflation or rapid changes in inflation rates.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>U.S. Government Obligations Risk –</b> While U.S. Treasury obligations are backed by the "full faith and credit" of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or may be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. For example, securities issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks are neither insured nor guaranteed by the U.S. Government. These securities may be supported by the ability to borrow from the U.S. Treasury or only by the credit of the issuing agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than securities issued or guaranteed by the U.S. Treasury. Securities guaranteed by the Federal Deposit Insurance Corporation under its Temporary Liquidity Guarantee Program (TLGP) are subject to certain risks, including whether such securities will continue to trade in line with recent experience in relation to treasury and government agency securities in terms of yield spread and the volatility of such spread, as well as uncertainty as to how such securities will trade in the secondary market and whether that market will be liquid or illiquid. The TLGP is subject to change.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Mortgage-Backed Securities Risk</b> <b>–</b> The value of the Fund's mortgage-backed securities may be affected by, among other things, changes or perceived changes in: interest rates, factors concerning the interests in and structure of the issuer or the originator of the mortgages, the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements, or the market's assessment of the quality of underlying assets. Mortgage-backed securities represent interests in, or are backed by, pools of mortgages from which payments of interest and principal (net of fees paid to the issuer or guarantor of the securities) are distributed to the holders of the mortgage-backed securities. Mortgage-backed securities can have a fixed or an adjustable rate. Payment of principal and interest on some mortgage-backed securities (but not the market value of the securities themselves) may be guaranteed (i) by the full faith and credit of the U.S. Government (in the case of securities guaranteed by the Government National Mortgage Association) or (ii) by its agencies, authorities, enterprises or instrumentalities (in the case of securities guaranteed by the Federal National Mortgage Association (FNMA) or the Federal Home Loan Mortgage Corporation (FHLMC)), which are not insured or guaranteed by the U.S. Government (although FNMA and FHLMC may be able to access capital from the U.S. Treasury to meet their obligations under such securities). Mortgage-backed securities issued by non-governmental issuers (such as commercial banks, savings and loan institutions, private mortgage insurance companies, mortgage bankers and other secondary market issuers) may be supported by various credit enhancements, such as pool insurance, guarantees issued by governmental entities, letters of credit from a bank or senior/subordinated structures, and may entail greater risk than obligations guaranteed by the U.S. Government, whether or not such obligations are guaranteed by the private issuer. Mortgage-backed securities are subject to prepayment risk, which is the possibility that the underlying mortgage may be refinanced or prepaid prior to maturity during periods of declining or low interest rates, causing the Fund to have to reinvest the money received in securities that have lower yields. In addition, the impact of prepayments on the value of mortgage-backed securities may be difficult to predict and may result in greater volatility. Rising or high interest rates tend to extend the duration of mortgage-backed securities, making them more volatile and more sensitive to changes in interest rates.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Asset-Backed Securities Risk</b> <b>–</b> The value of the Fund's asset-backed securities may be affected by, among other things, changes in: interest rates, factors concerning the interests in and structure of the issuer or the originator of the receivables, the creditworthiness of the entities that provide any supporting letters of credit, surety bonds or other credit enhancements, or the market's assessment of the quality of underlying assets. Asset-backed securities represent interests in, or are backed by, pools of receivables such as credit card, auto, student and home equity loans. They may also be backed, in turn, by securities backed by these types of loans and others, such as mortgage loans. Asset-backed securities can have a fixed or an adjustable rate. Most asset-backed securities are subject to prepayment risk, which is the possibility that the underlying debt may be refinanced or prepaid prior to maturity during periods of declining or low interest rates, causing the Fund to have to reinvest the money received in securities that have lower yields. In addition, the impact of prepayments on the value of asset-backed securities may be difficult to predict and may result in greater volatility. Rising or high interest rates tend to extend the duration of asset-backed securities, making them more volatile and more sensitive to changes in interest rates. </p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Reinvestment Risk</b> <b>–</b> Income from the Fund's debt securities portfolio will decline if and when the Fund invests the proceeds from matured, traded or called securities in securities with market interest rates that are below the current earnings rate of the Fund's portfolio.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Dollar Rolls Risk</b> <b>–</b> Dollar rolls are transactions in which the Fund sells securities to a counterparty and simultaneously agrees to purchase those or similar securities in the future at a predetermined price. Dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. These transactions may also increase the Fund's portfolio turnover rate. If the Fund reinvests the proceeds of the security sold, the Fund will also be subject to the risk that the investments purchased with such proceeds will decline in value (a form of leverage risk).</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk –</b> Derivatives are financial contracts whose values are, for example, based on (or "derived" from) traditional securities (such as a stock or bond), assets (such as a commodity like gold or a foreign currency), reference rates (such as LIBOR) or market indices (such as the Standard &amp; Poor's (S&amp;P) 500® Index). Derivatives involve special risks and may result in losses or may limit the Fund's potential gain from favorable market movements. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security or other asset. The values of derivatives may move in unexpected ways, especially in unusual market conditions, and may result in increased volatility, among other consequences. The use of derivatives may also increase the amount of taxes payable by shareholders holding shares in a taxable account. Other risks arise from the Fund's potential inability to terminate or to sell derivative positions. A liquid secondary market may not always exist for the Fund's derivative positions at times when the Fund might wish to terminate or to sell such positions. Over-the-counter instruments (investments not traded on an exchange) may be illiquid, and transactions in derivatives traded in the over-the-counter market are subject to the risk that the other party will not meet its obligations. The use of derivatives also involves the risks of mispricing or improper valuation and that changes in the value of the derivative may not correlate perfectly with the underlying security, asset, reference rate or index. The Fund also may not be able to find a suitable derivative transaction counterparty, and thus may be unable to engage in derivative transactions when it is deemed favorable to do so, or at all. U.S. federal legislation has recently been enacted that provides for new clearing, margin, reporting and registration requirements for participants in the derivatives market. While the ultimate impact is not yet clear, these changes could restrict and/or impose significant costs or other burdens upon the Fund's participation in derivatives transactions. For more information on the risks of derivative investments and strategies, see the Statement of Additional Information. </p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk - Forward Foreign Currency Contracts</b> – The Fund may enter into forward foreign currency contracts, which are a type of derivative contract, whereby the Fund may agree to buy or sell a country's currency at a specific price on a specific date, usually 30, 60, or 90 days in the future. These currency contracts may change in value due to foreign market fluctuations or foreign currency value fluctuations. The effectiveness of any currency hedging strategy by a Fund may be reduced by the Fund's inability to precisely match forward contract amounts and the value of securities involved. Forward foreign currency contracts used for hedging may also limit any potential gain that might result from an increase or decrease in the value of the currency. When entering into forward foreign currency contracts for investment purposes, unanticipated changes in the currency markets could result in reduced performance for the Fund. At or prior to maturity of a forward contract, the Fund may enter into an offsetting contract and may incur a loss to the extent there has been movement in forward contract prices. When the Fund converts its foreign currencies into U.S. dollars it may incur currency conversion costs due to the spread between the prices at which it may buy and sell various currencies in the market.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk – Futures Contracts</b> – The Fund may buy or sell futures. A futures contract is a contract between a buyer (holding the "long" position) and a seller (holding the "short" position) for an asset with delivery deferred until a future date. The buyer agrees to pay a fixed price at the agreed future date and the seller agrees to deliver the asset. The seller hopes that the market price on the delivery date is less than the agreed upon price, while the buyer hopes for the contrary. The liquidity of the futures markets depends on participants entering into offsetting transactions rather than making or taking delivery. To the extent participants decide to make or take delivery, liquidity in the particular futures market could be reduced. Certain futures markets are more liquid than others. In addition, certain futures exchanges often impose a maximum permissible price movement on each futures contract for each trading session. To the extent that the Fund trades on such futures exchanges, the Fund may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk</b> <b>–</b> Illiquid securities are securities that cannot be readily disposed of in the normal course of business. There is a risk that the Fund may not be able to sell such securities at the time it desires or without adversely affecting their price.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Rule 144A Securities Risk –</b> The Fund may invest significantly in privately placed securities that have not been registered for sale under the Securities Act of 1933 pursuant to Rule 144A (Rule 144A securities) which are determined to be liquid in accordance with procedures adopted by the Fund's Board of Trustees. However, an insufficient number of qualified institutional buyers interested in purchasing Rule 144A securities could affect adversely the marketability of such securities and the Fund might be unable to dispose of such securities promptly or at reasonable prices. Accordingly, even if determined to be liquid, the Fund's holdings of Rule 144A securities may increase the level of Fund illiquidity if eligible buyers become uninterested in buying them. The Fund may also have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Additionally, the purchase price and subsequent valuation of restricted and illiquid securities normally reflect a discount, which may be significant, from the market price of comparable securities for which a liquid market exists.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Prepayment and Extension Risk –</b> Prepayment and extension risk is the risk that a loan, bond or other security might be called or otherwise converted, prepaid or redeemed before maturity. This risk is primarily associated with asset-backed securities, including mortgage-backed securities and floating rate loans. If a loan or security is converted, prepaid or redeemed before maturity, particularly during a time of declining interest rates or spreads, the portfolio managers may not be able to invest the proceeds in securities or loans providing as high a level of income, resulting in a reduced yield to the Fund. Conversely, as interest rates rise or spreads widen, the likelihood of prepayment decreases. The portfolio managers may be unable to capitalize on securities with higher interest rates or wider spreads because the Fund's investments are locked in at a lower rate for a longer period of time.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown.</p> 3rd quarter 2009: 0.0786 4th quarter 2008: -0.0388 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Fund's primary benchmark, the Barclays Government/Credit Bond Index, which tracks the performance of U.S. government and corporate bonds rated investment grade or better, with maturities of at least one year. Effective on February 29, 2012, the Fund changed its blended benchmark because the Investment Manager believes it is more consistent with the Fund's investment strategy. The table compares the Fund's returns to this New Blended Benchmark, a weighted custom composite, established by the Investment Manager, consisting of a 35% weighting of the Barclays Aggregate Bond Index, a 35% weighting of the BofA Merrill Lynch US High Yield Cash Pay Constrained Index, a 15% weighting of the Citigroup Non-U.S. World Government Bond Index – Unhedged and a 15% weighting of the JPMorgan Emerging Markets Bond Index (EMBI) – Global. The Barclays Aggregate Bond Index is a market value-weighted index that tracks the daily price, coupon, pay-downs and total return performance of fixed-rate, publicly placed, dollar-denominated and non-convertible investment grade debt issues with at least $250 million par amount outstanding and with at least one year to final maturity. The BofA Merrill Lynch US High Yield Cash Pay Constrained Index tracks the performance of U.S. dollar-denominated below investment grade corporate debt, currently in a coupon paying period, that is publicly issued in the U.S. domestic market. The Citigroup Non-U.S. World Government Bond Index - Unhedged is calculated on a market-weighted basis and includes all fixed-rate bonds with a remaining maturity of one year or longer and with amounts outstanding of at least the equivalent of U.S. $25 million, while excluding floating or variable rate bonds, securities aimed principally at non-institutional investors and private placement-type securities. The JPMorgan EMBI – Global is based on U.S. dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities, such as Brady bonds, Eurobonds and loans, and reflects reinvestment of all distributions and changes in market prices.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The table also compares the Fund's returns to the Former Blended Benchmark, a weighted custom composite, established by the Investment Manager, consisting of a 35% weighting of the Barclays Aggregate Bond Index, a 35% weighting of the JPMorgan Global High Yield Index, a 15% weighting of the Citigroup Non-U.S. World Government Bond Index - Unhedged and a 15% weighting of the JPMorgan EMBI Global Diversified Index. The JPMorgan Global High Yield Index is designed to mirror the investable universe of the U.S. dollar global high yield corporate debt market, including domestic and international issues. The JPMorgan EMBI Global Diversified Index tracks total returns for traded external debt instruments in the emerging markets including U.S. dollar-denominated Brady bonds, loans and Eurobonds with an outstanding face value of at least $500 million.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataJJJJ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010617Member ~</div> <div style="display:none">~ http://columbia/role/OperatingExpensesDataJJJJ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010617Member ~</div> 0.0058 0 0.0021 0.0079 <div style="display:none">~ http://columbia/role/ExpenseExampleJJJJ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010617Member ~</div> 81 252 439 978 <div style="display:none">~ http://columbia/role/BarChartDataJJJJ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010617Member ~</div> 0.0788 0.1972 0.1021 0.0152 0.0708 0.0598 -0.0646 0.1919 0.1017 0.0644 <div style="display:none">~ http://columbia/role/PerformanceTableDataJJJJ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010617Member ~</div> 0.0644 0.0433 0.0416 0.0874 0.0647 0.0674 0.0674 0.0436 0.0433 0.0655 0.0742 0.0752 0.0793 0.053 0.0522 0.0585 0.0813 0.0827 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible Columbia Funds. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible Columbia Funds. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible Columbia Funds. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible Columbia Funds. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible Columbia Funds. 50000 0.23 0.23 0.09 50000 0.09 0.79 50000 0.79 50000 0.20 0.20 50000 0.83 0.83 2013-09-30 2013-09-30 2013-09-30 2013-09-30 2014-02-28 2014-02-28 The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown. The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown. The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown. The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown. The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower. If the sales charges were reflected, returns shown would be lower. If the sales charges were reflected, returns shown would be lower. If the sales charges were reflected, returns shown would be lower. If the sales charges were reflected, returns shown would be lower. Non-Diversified Mutual Fund Risk – The Fund is non-diversified, which generally means that it may invest a greater percentage of its total assets in the securities of fewer issuers than may a "diversified" fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of more diversified funds. The Fund may not operate as a non-diversified fund at all times. Non-Diversified Mutual Fund Risk – The Fund is non-diversified, which generally means that it may invest a greater percentage of its total assets in the securities of fewer issuers than may a "diversified" fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of more diversified funds. The Fund may not operate as a non-diversified fund at all times. <pre> Best and Worst Quarterly Returns During this Period Best: 2nd quarter 2003: 18.41% Worst: 3rd quarter 2002: -19.82% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 2nd quarter 2003: 18.51% Worst: 3rd quarter 2002: -19.78% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 3rd quarter 2009: 11.57% Worst: 4th quarter 2008: -16.88% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 3rd quarter 2009: 11.63% Worst: 4th quarter 2008: -16.84% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 2nd quarter 2009: 17.59% Worst: 4th quarter 2008: -18.60% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 2nd quarter 2009: 17.66% Worst: 4th quarter 2008: -18.55% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 3rd quarter 2010: 10.26% Worst: 1st quarter 2009: -4.88% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 3rd quarter 2010: 10.33% Worst: 1st quarter 2009: -4.82% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 3rd quarter 2009: 7.71% Worst: 4th quarter 2008: -3.89% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 3rd quarter 2009: 7.86% Worst: 4th quarter 2008: -3.88% </pre> www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com 800.345.6611 800.345.6611 800.345.6611 800.345.6611 800.345.6611 800.345.6611 800.345.6611 800.345.6611 800.345.6611 800.345.6611 The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. 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 after-tax returns are shown only for Class A shares and will vary for other share classes. The after-tax returns are shown only for Class A shares and will vary for other share classes. The after-tax returns are shown only for Class A shares and will vary for other share classes. 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. Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. Year-to-date return as of June 30, 2012: 7.53% 0.0753 2012-06-30 Year-to-date return as of June 30, 2012: 7.73% 0.0773 2012-06-30 Year-to-date return as of June 30, 2012: 7.55% 0.0755 2012-06-30 Year-to-date return as of June 30, 2012: 7.65% 0.0765 2012-06-30 Year-to-date return as of June 30, 2012: 7.23% 0.0723 2012-06-30 Year-to-date return as of June 30, 2012: 7.36% 0.0736 2012-06-30 Year-to-date return as of June 30, 2012: 2.47% 0.0247 2012-06-30 Year-to-date return as of June 30, 2012: 2.51% 0.0251 2012-06-30 Year-to-date return as of June 30, 2012: 5.04% 0.0504 2012-06-30 Year-to-date return as of June 30, 2012: 5.06% 0.0506 2012-06-30 2003-05-30 2003-05-30 2003-05-30 2003-05-30 2008-12-01 2008-12-01 2008-12-01 2008-12-01 2008-12-01 2008-12-01 2008-12-01 2008-12-01 2008-12-01 2008-12-01 2008-12-01 2008-12-01 2008-12-01 Other expenses have been restated to reflect contractual changes to certain fees paid by the Fund. Year-to-date return as of June 30, 2012: 5.06% Other expenses have been restated to reflect contractual changes to certain fees paid by the Fund. Management fees have been restated to reflect contractual changes to the investment advisory and/or administrative fee rates. Year-to-date return as of June 30, 2012: 7.73% Columbia Management Investment Advisers, LLC (the Investment Manager) and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) until September 30, 2013, unless sooner terminated at the sole discretion of the Fund's Board of Trustees. Under this agreement, the Fund's net operating expenses, subject to applicable exclusions, will not exceed the annual rate of 0.83% for Class Z. Management fees have been restated to reflect contractual changes to the investment advisory and/or administrative fee rates. Other expenses have been restated to reflect contractual changes to certain fees paid by the Fund. Year-to-date return as of June 30, 2012: 7.36% This charge applies to investors who buy Class C shares and redeem them within one year of purchase, with certain limited exceptions. Columbia Management Investment Advisers, LLC (the Investment Manager) and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) until September 30, 2013, unless sooner terminated at the sole discretion of the Fund's Board of Trustees. Under this agreement, the Fund's net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 1.08% for Class A, 1.83% for Class B and 1.83% for Class C. Contingent deferred sales charges (CDSC) on certain investments of between $1 million and $50 million redeemed within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months of purchase, with certain limited exceptions. This charge decreases over time. Year-to-date return as of June 30, 2012: 7.23% Other expenses have been restated to reflect contractual changes to certain fees paid by the Fund. Management fees have been restated to reflect contractual changes to the investment advisory and/or administrative fee rates. 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. This charge decreases over time. "Total annual Fund operating expenses" may not match "Net Expenses" in the Financial Highlights section of this prospectus, which does not include, among other things, fees and expenses incurred as a result of investment in shares of certain pooled investment vehicles. Year-to-date return as of June 30, 2012: 7.55% Columbia Management Investment Advisers, LLC (the Investment Manager) and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) until September 30, 2013, unless sooner terminated at the sole discretion of the Fund's Board of Trustees. Under this agreement, the Fund's net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 0.89% for Class A, 1.64% for Class B and 1.64% for Class C. Columbia Management Investment Advisers, LLC (the Investment Manager) and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) until February 28, 2014, unless sooner terminated at the sole discretion of the Fund's Board of Trustees. Under this agreement, the Fund's net operating expenses, subject to applicable exclusions, will not exceed the annual rate of 0.84% for Class Z. Other expenses have been restated to reflect contractual changes to certain fees paid by the Fund. Year-to-date return as of June 30, 2012: 2.51% This charge applies to investors who buy Class C shares and redeem them within one year of purchase, with certain limited exceptions. Contingent deferred sales charges (CDSC) on certain investments of between $1 million and $50 million redeemed within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months of purchase, with certain limited exceptions. This charge decreases over time. Other expenses have been restated to reflect contractual changes to certain fees paid by the Fund. Year-to-date return as of June 30, 2012: 5.04% "Total annual Fund operating expenses" may not match "Net Expenses" in the Financial Highlights section of this prospectus, which does not include, among other things, fees and expenses incurred as a result of investment in shares of certain pooled investment vehicles. Other expenses have been restated to reflect contractual changes to certain fees paid by the Fund. Columbia Management Investment Advisers, LLC (the Investment Manager) and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) until September 30, 2013, unless sooner terminated at the sole discretion of the Fund's Board of Trustees. Under this agreement, the Fund's net operating expenses, subject to applicable exclusions, will not exceed the annual rate of 0.69% for Class Z. Year-to-date return as of June 30, 2012: 7.65% This charge applies to investors who buy Class C shares and redeem them within one year of purchase, with certain limited exceptions. Contingent deferred sales charges (CDSC) on certain investments of between $1 million and $50 million redeemed within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months of purchase, with certain limited exceptions. This charge decreases over time. Management fees have been restated to reflect contractual changes to the investment advisory and/or administrative fee rates. Year-to-date return as of June 30, 2012: 7.53% 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 have been restated to reflect contractual changes to certain fees paid by the Fund. Columbia Management Investment Advisers, LLC (the Investment Manager) and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) until February 28, 2014, unless sooner terminated at the sole discretion of the Fund's Board of Trustees. Under this agreement, the Fund's net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 1.09% for Class A, 1.84% for Class C, 0.74% for Class I and 1.09% for Class W. This charge applies to investors who buy Class C shares and redeem them within one year of purchase, with certain limited exceptions. Year-to-date return as of June 30, 2012: 2.47%