0001193125-12-487558.txt : 20121130 0001193125-12-487558.hdr.sgml : 20121130 20121130161134 ACCESSION NUMBER: 0001193125-12-487558 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121130 DATE AS OF CHANGE: 20121130 EFFECTIVENESS DATE: 20121130 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA FUNDS SERIES TRUST I CENTRAL INDEX KEY: 0000773757 IRS NUMBER: 363376651 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1933 Act SEC FILE NUMBER: 002-99356 FILM NUMBER: 121234829 BUSINESS ADDRESS: STREET 1: 225 FRANKLIN STREET CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 8003382550 MAIL ADDRESS: STREET 1: 225 FRANKLIN STREET CITY: BOSTON STATE: MA ZIP: 02110 FORMER COMPANY: FORMER CONFORMED NAME: COLUMBIA FUNDS TRUST IX DATE OF NAME CHANGE: 20031107 FORMER COMPANY: FORMER CONFORMED NAME: LIBERTY STEIN ROE FUNDS MUNICIPAL TRUST DATE OF NAME CHANGE: 19991025 FORMER COMPANY: FORMER CONFORMED NAME: STEINROE MUNICIPAL TRUST DATE OF NAME CHANGE: 19920703 FILER: COMPANY DATA: COMPANY CONFORMED NAME: COLUMBIA FUNDS SERIES TRUST I CENTRAL INDEX KEY: 0000773757 IRS NUMBER: 363376651 STATE OF INCORPORATION: MA FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 485BPOS SEC ACT: 1940 Act SEC FILE NUMBER: 811-04367 FILM NUMBER: 121234830 BUSINESS ADDRESS: STREET 1: 225 FRANKLIN STREET CITY: BOSTON STATE: MA ZIP: 02110 BUSINESS PHONE: 8003382550 MAIL ADDRESS: STREET 1: 225 FRANKLIN STREET CITY: BOSTON STATE: MA ZIP: 02110 FORMER COMPANY: FORMER CONFORMED NAME: COLUMBIA FUNDS TRUST IX DATE OF NAME CHANGE: 20031107 FORMER COMPANY: FORMER CONFORMED NAME: LIBERTY STEIN ROE FUNDS MUNICIPAL TRUST DATE OF NAME CHANGE: 19991025 FORMER COMPANY: FORMER CONFORMED NAME: STEINROE MUNICIPAL TRUST DATE OF NAME CHANGE: 19920703 0000773757 S000010615 Columbia High Yield Municipal Fund C000122656 Class R5 CHMYX 0000773757 S000010617 Columbia Strategic Income Fund C000122657 Class R4 CMNRX 0000773757 S000010623 Columbia Intermediate Municipal Bond Fund C000122658 Class R5 CTMRX 0000773757 S000012068 Columbia Balanced Fund C000122659 Class R4 CBDRX C000122660 Class Y CBDYX 0000773757 S000012069 Columbia Greater China Fund C000122661 Class R5 CGCRX 0000773757 S000012070 Columbia Mid Cap Growth Fund C000121789 Class R4 CPGRX 0000773757 S000012071 Columbia Oregon Intermediate Municipal Bond Fund C000032858 Class A COEAX C000032859 Class B COEBX C000032860 Class C CORCX C000032862 Class Z CMBFX C000122662 Class R5 CODRX 0000773757 S000012072 Columbia Real Estate Equity Fund C000122663 Class R4 CRERX 0000773757 S000012073 Columbia Small Cap Growth Fund I C000121791 Class R4 CHHRX 0000773757 S000012075 Columbia Technology Fund C000122664 Class R4 CTYRX C000122665 Class R5 CTHRX 0000773757 S000012077 Columbia Contrarian Core Fund C000122666 Class R4 CORRX C000122667 Class R5 COFRX C000122668 Class Y COFYX 0000773757 S000012079 Columbia Dividend Income Fund C000122669 Class R4 CVIRX C000122670 Class R5 CDDRX C000122671 Class Y CDDYX 0000773757 S000012081 Columbia Large Cap Growth Fund C000032910 Class A LEGAX C000032911 Class B LEGBX C000032912 Class C LEGCX C000032914 Class T GAEGX C000032915 Class Z GEGTX C000034322 Class E CLGEX C000034323 Class F CLGFX C000078989 Class Y CGFYX C000094687 Class I CLGIX C000094688 Class R CGWRX C000094689 Class K CLRUX C000094690 Class R5 CLWFX C000094691 Class W CLGWX C000122672 Class R4 CCGRX 0000773757 S000012083 Columbia Small Cap Core Fund C000122673 Class R4 CFFRX C000122674 Class R5 CLLRX C000122675 Class Y CPFRX 0000773757 S000012093 Columbia New York Tax-Exempt Fund C000122676 Class R5 CNYRX 0000773757 S000012096 Columbia Corporate Income Fund C000122677 Class Y CRIYX C000122678 Class R4 CIFRX C000122679 Class R5 CPIRX 0000773757 S000012097 Columbia Intermediate Bond Fund C000121793 Class R4 CBNRX C000121794 Class R5 CTBRX C000121795 Class K C000122680 Class Y CTBYX 0000773757 S000012098 Columbia U.S. Treasury Index Fund C000122681 Class R5 CUTRX 0000773757 S000012102 Columbia Small Cap Value Fund I C000122682 Class R4 CVVRX C000122683 Class R5 CUURX 0000773757 S000021572 Columbia Emerging Markets Fund C000121798 Class R5 CEKRX C000122684 Class Y 0000773757 S000021573 Columbia Energy and Natural Resources Fund C000122685 Class R4 CENRX C000122686 Class R5 CNRRX 0000773757 S000021575 Columbia Select Large Cap Growth Fund C000122687 Class R4 CSRRX C000122688 Class R5 CGTRX C000122689 Class Y CCWRX 0000773757 S000021578 Columbia Value and Restructuring Fund C000122690 Class R4 CVRRX C000122691 Class R5 CVCRX C000122692 Class Y CVRYX 0000773757 S000021579 Columbia Bond Fund C000122693 Class R4 Shares CNDRX C000122694 Class R5 Shares CNFRX 485BPOS 1 d423497d485bpos.htm COLUMBIA FUNDS SERIES TRUST I Columbia Funds Series Trust I

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

Registration Nos. 2-99356

811-04367

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM N-1A
REGISTRATION STATEMENT
  UNDER THE  
  SECURITIES ACT OF 1933   x
  Pre-Effective Amendment No.   ¨
  Post-Effective Amendment No. 167   x
REGISTRATION STATEMENT
  UNDER  
THE INVESTMENT COMPANY ACT OF 1940
  Amendment No. 168   x

 

 

COLUMBIA FUNDS SERIES TRUST I

(Exact Name of Registrant as Specified in Charter)

225 Franklin Street, Boston, Massachusetts 02110

(Address of Principal Executive Officers) (Zip Code)

617-426-3750

(Registrant’s Telephone Number, Including Area Code)

Scott R. Plummer, Esq.

Columbia Management Investment Advisers, LLC

225 Franklin Street

Boston, Massachusetts 02110

 

 

with a copy to:

 

John M. Loder, Esq.   Bruce A. Rosenblum, Esq.
Ropes & Gray LLP   K&L Gates LLP
800 Boylston Street   1601 K St, N.W., Suite 1200
Boston, Massachusetts 02199   Washington, DC, 20006-1600

(Name and Address of Agent for Service)

 

 

It is proposed that this filing will become effective:

  x Immediately upon filing pursuant to paragraph (b)
  ¨ on (date) pursuant to paragraph (b)
  ¨ 60 days after filing pursuant to paragraph (a)(1)
  ¨ On (date) pursuant to paragraph (a)(1)
  ¨ 75 days after filing pursuant to paragraph (a)(2)
  ¨ on (date) pursuant to paragraph (a)(2) of Rule 485.

If appropriate, check the following box:

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

This Post-Effective Amendment relates solely to the Registrant’s Columbia Balanced Fund, Columbia Bond Fund, Columbia Contrarian Core Fund, Columbia Corporate Income Fund, Columbia Dividend Income Fund, Columbia Emerging Markets Fund, Columbia Energy and Natural Resources Fund, Columbia Greater China Fund, Columbia High Yield Municipal Fund, Columbia Intermediate Bond Fund, Columbia Intermediate Municipal Bond Fund, Columbia Large Cap Growth Fund, Columbia Mid Cap Growth Fund, Columbia New York Tax-Exempt Fund, Columbia Oregon Intermediate Municipal Bond Fund, Columbia Real Estate Equity Fund, Columbia Select Large Cap Growth Fund, Columbia Small Cap Core Fund, Columbia Small Cap Growth Fund I, Columbia Small Cap Value Fund I, Columbia Strategic Income Fund, Columbia Technology Fund, Columbia U.S. Treasury Index Fund and Columbia Value and Restructuring Fund series. Information contained in the Registrant’s Registration Statement relating to any other series of the Registrant is neither amended nor superseded hereby.

 

 

 


SIGNATURES

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

 

COLUMBIA FUNDS SERIES TRUST I
By:  

/s/ J. Kevin Connaughton

Name:   J. Kevin Connaughton
Title:   President

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

 

SIGNATURES

     

TITLE

     

DATE

/s/ J. Kevin Connaughton

    President     November 30, 2012      
J. Kevin Connaughton     (Principal Executive Officer)    

/s/ Michael G. Clarke

    Chief Financial Officer     November 30, 2012
Michael G. Clarke     (Principal Financial Officer)    

/s/ Joseph F. DiMaria

    Chief Accounting Officer     November 30, 2012
Joseph F. DiMaria     (Principal Accounting Officer)    

/s/ Rodman L. Drake*

    Trustee     November 30, 2012
Rodman L. Drake        

/s/ Douglas A. Hacker*

    Trustee     November 30, 2012
Douglas A. Hacker        

/s/ Janet Langford Kelly*

    Trustee     November 30, 2012
Janet Langford Kelly        

/s/ Nancy T. Lukitsh*

    Trustee     November 30, 2012
Nancy T. Lukitsh        

/s/ William E. Mayer*

    Trustee     November 30, 2012
William E. Mayer        


/s/ David M. Moffett*

    Trustee     November 30, 2012
David M. Moffett        

/s/ Charles R. Nelson*

    Trustee     November 30, 2012
Charles R. Nelson        

/s/ John J. Neuhauser*

    Trustee     November 30, 2012
John J. Neuhauser        

/s/ Patrick J. Simpson*

    Trustee     November 30, 2012
Patrick J. Simpson        

/s/ William F. Truscott*

    Trustee     November 30, 2012
William F. Truscott        

/s/ Anne-Lee Verville*

    Trustee     November 30, 2012
Anne-Lee Verville        

 

*By:  

/s/ Ryan C. Larrenaga

  Ryan C. Larrenaga**
 

Attorney-in-Fact

November 30, 2012

 

 

** 

Executed by Ryan C. Larrenaga on behalf of William F. Truscott pursuant to a Power of Attorney dated March 9, 2012, and incorporated by reference to Post-Effective Amendment No. 143 to the Registration Statement of the Registrant on Form N-1A, filed with the Commission on March 14, 2012, on behalf of Nancy T. Lukitsh pursuant to a Power of Attorney dated August 24, 2011, and incorporated by reference to Post-Effective Amendment No. 128 to the Registration Statement of the Registrant on Form N-1A, filed with the Commission on August 31, 2011, on behalf of David M. Moffett pursuant to a Power of Attorney dated May 1, 2011 and incorporated by reference to Post-Effective Amendment No. 125 to the Registration Statement of the Registrant on Form N-1A, filed with the Commission on May 19, 2011, and on behalf of each of the other Trustees pursuant to a Power of Attorney dated May 1, 2010 and incorporated by reference to Post-Effective Amendment No. 105 to the Registration Statement of the Registrant on Form N-1A, filed with the Commission on May 28, 2010.


EXHIBIT INDEX

 

Exhibit No.

  

Description

EX-101.INS

   XBRL Instance Document

EX-101.SCH

   XBRL Taxonomy Extension Schema Document

EX-101.CAL

   XBRL Taxonomy Extension Calculation Linkbase

EX-101.DEF

   XBRL Taxonomy Extension Definition Linkbase

EX-101.LAB

   XBRL Taxonomy Extension Labels Linkbase

EX-101.PRE

   XBRL Taxonomy Extension Presentation Linkbase
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style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks high total return by investing in common stocks and debt securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R4 or Class Y shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 130% 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 in a mix of equity and debt securities. Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager), allocates the Fund's assets among equity and debt securities (which includes cash and cash equivalents) based on the Investment Manager's assessment of the relative risks and returns of each asset class. The Fund generally will invest between 35% and 65% of its net assets in each asset class, and in any event will invest at least 25% and no more than 75% of its net assets in each asset class under normal market conditions.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">With respect to its equity securities investments, which may include among other types of equity securities common stocks, preferred stocks and securities convertible into common or preferred stocks, the Fund invests primarily in equity securities of large-capitalization companies. The Investment Manager evaluates the relative attractiveness of each potential investment in constructing the Fund's portfolio by considering a wide variety of factors which may include, among other factors, valuation, fundamentals, quantitative analysis and economic and market expectations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">With respect to its debt securities investments, the Fund invests primarily in securities that, at the time of purchase, are rated investment grade or are unrated but determined by the Investment Manager to be of comparable quality. These securities include debt securities issued by the U.S. Government and its agencies and instrumentalities, debt securities issued by corporations, mortgage- and other asset-backed securities, and other intermediate- to long-term debt securities. The Fund may invest up to 10% of total assets in securities that, at the time of purchase, are rated 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. Foreign securities include equity and fixed-income securities of foreign issuers.</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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager may sell a security when the Fund's asset allocation changes; 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>Allocation Risk</b> <b>–</b> The Fund uses an asset allocation strategy in pursuit of its investment objective. There is a risk that the Fund's allocation among asset classes or investments will cause the Fund's shares to lose value or cause the Fund to underperform other funds with similar investment objectives, or that the investments themselves will not produce the returns expected.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>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>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>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>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>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>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> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R4 and Class Y shares had not commenced operations prior to the date of this prospectus; therefore, performance information for these classes is not yet available. The performance of Class Z shares, which have been outstanding longer than any other share class of the Fund, is shown in the bar chart and average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), these classes of shares would have annual returns substantially similar to those of Class Z shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown.</p> 2nd quarter 2009: 0.1422 4th quarter 2008: -0.1405 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Standard &amp; Poor's 500® Index (S&amp;P 500® Index) and the Barclays Aggregate Bond Index. The S&amp;P 500® Index tracks the performance of 500 widely held, large-capitalization U.S. stocks. 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.</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/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012068Member ~</div> 0 0 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012068Member ~</div> 0.0069 0 0.0025 0.0094 0.0069 0 0.0005 0.0074 <div style="display:none">~ http://columbia/role/ExpenseExampleAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012068Member ~</div> 96 76 300 237 520 411 1155 918 <div style="display:none">~ http://columbia/role/BarChartDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012068Member ~</div> -0.1297 0.1873 0.0664 0.0576 0.1066 0.1001 -0.2327 0.2838 0.127 0.0157 <div style="display:none">~ http://columbia/role/PerformanceTableDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012068Member ~</div> 0.0157 0.0075 0.0186 0.0211 0.0784 0.0441 0.0369 0.0349 -0.0025 0.065 0.0481 0.0413 0.0385 0.0292 0.0578 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income, consistent with minimal fluctuation of principal.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R4 or Class R5 shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above expire on November 8, 2013, they are only reflected in the 1 year example and the first year of the 3, 5 and 10 year examples.</p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal period, the Fund's fiscal year end changed from March 31 to April 30. For the fiscal period from April 1, 2012 to April 30, 2012, the Fund's portfolio turnover rate was 10% of the average value of its portfolio and for the prior fiscal year ended March 31, 2012, the Fund's portfolio turnover rate was 136% 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 bonds and other debt securities. The Fund generally invests at least 65% of its assets in debt securities issued by the U.S. Government and its agencies and instrumentalities, debt securities issued by corporations, and mortgage- and other asset-backed securities that, at the time of purchase, are rated in at least one of the three highest rating categories or are 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 up to 25% of its assets in dollar-denominated debt securities issued by foreign governments, companies or other entities and up to 20% of its assets in preferred stock. The Fund also may invest up to 25% of its assets in securities that, at the time of purchase, are rated below investment grade (commonly referred to as "high yield securities" or "junk bonds") or are unrated but determined by the Investment Manager to be of comparable quality. The Fund's dollar-weighted average maturity and duration will vary over time depending on the Investment Manager's expectations for market and economic conditions.</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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in private placements. 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 selection of individual debt obligations is the primary decision in building the portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager 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 also considers local, national and global economic conditions, market conditions, interest rate movements and other relevant factors in allocating the Fund's assets among issuers, securities, industry sectors and maturities.</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;"> The Fund's investment strategy may involve the frequent trading of portfolio securities. This may cause the Fund to incur higher transaction costs (which may adversely affect the Fund's performance) and may increase taxable distributions for shareholders. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Interest Rate Risk</b> <b>–</b> Debt securities are subject to interest rate risk. In general, if prevailing interest rates rise, the values of debt securities will tend to fall, and if interest rates fall, the values of debt securities will tend to rise. Changes in the value of a debt security usually will not affect the amount of income the Fund receives from it but may affect the value of the Fund's shares. Interest rate risk is generally greater for debt securities with longer maturities/durations.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>U.S. Government Obligations Risk –</b> While U.S. Treasury obligations are backed by the "full faith and credit" of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or may be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. For example, securities issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks are neither insured nor guaranteed by the U.S. Government. These securities may be supported by the ability to borrow from the U.S. Treasury or only by the credit of the issuing agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than securities issued or guaranteed by the U.S. Treasury. Securities guaranteed by the Federal Deposit Insurance Corporation under its Temporary Liquidity Guarantee Program (TLGP) are subject to certain risks, including whether such securities will continue to trade in line with recent experience in relation to treasury and government agency securities in terms of yield spread and the volatility of such spread, as well as uncertainty as to how such securities will trade in the secondary market and whether that market will be liquid or illiquid. The TLGP is subject to change.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Dollar Rolls Risk</b> <b>–</b> Dollar rolls are transactions in which the Fund sells securities to a counterparty and simultaneously agrees to purchase those or similar securities in the future at a predetermined price. Dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. These transactions may also increase the Fund's portfolio turnover rate. If the Fund reinvests the proceeds of the security sold, the Fund will also be subject to the risk that the investments purchased with such proceeds will decline in value (a form of leverage risk).</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>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>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>Credit Risk</b> <b>–</b> Credit risk applies to most debt securities, but is generally less of a factor for obligations backed by the "full faith and credit" of the U.S. Government. The Fund could lose money if the issuer of a debt security owned by the Fund is unable or perceived to be unable to pay interest or repay principal when it becomes due. Various factors could affect the issuer's actual or perceived willingness or ability to make timely interest or principal payments, including changes in the issuer's financial condition or in general economic conditions. Debt securities backed by an issuer's taxing authority may be subject to legal limits on the issuer's power to increase taxes or otherwise to raise revenue, or may be dependent on legislative appropriation or government aid. Certain debt securities are backed only by revenues derived from a particular project or source, rather than by an issuer's taxing authority, and thus may have a greater risk of default.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Low and Below Investment Grade Securities Risk</b> <b>– </b> Debt securities with the lowest investment grade rating (e.g., BBB by Standard &amp; Poor's, a division of the McGraw-Hill Companies, Inc. (S&amp;P), or Fitch, Inc. (Fitch) or Baa by Moody's Investors Service, Inc. (Moody's)), or that are below investment grade (which are commonly referred to as "junk bonds") (e.g., BB or below by S&amp;P or Fitch or Ba by Moody's) and unrated securities of comparable quality are more speculative than securities with higher ratings and may experience greater price fluctuations. These securities tend to be more sensitive to credit risk than higher-rated securities, particularly during a downturn in the economy, which is more likely to weaken the ability of the issuers to make principal and interest payments on these securities. These securities typically pay a premium – a higher interest rate or yield – because of the increased risk of loss, including default. These securities also are generally less liquid than higher-rated securities. The securities ratings provided by Moody's, S&amp;P and Fitch are based on analyses by these ratings agencies of the credit quality of the securities and may not take into account every risk related to whether interest or principal will be timely repaid.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Foreign Securities Risk –</b> Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Prepayment and Extension Risk —</b> Prepayment and extension risk is the risk that a loan, bond or other security might be called or otherwise converted, prepaid or redeemed before maturity. This risk is primarily associated with asset-backed securities, including mortgage-backed securities and floating rate loans. If a loan or security is converted, prepaid or redeemed before maturity, particularly during a time of declining interest rates or spreads, the portfolio managers may not be able to invest the proceeds in securities or loans providing as high a level of income, resulting in a reduced yield to the Fund. Conversely, as interest rates rise or spreads widen, the likelihood of prepayment decreases. The portfolio managers may be unable to capitalize on securities with higher interest rates or wider spreads because the Fund's investments are locked in at a lower rate for a longer period of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk</b> <b>–</b> Illiquid securities are securities that cannot be readily disposed of in the normal course of business. There is a risk that the Fund may not be able to sell such securities at the time it desires or without adversely affecting their price.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk –</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 – 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>Frequent Trading Risk</b> <b>–</b> Frequent trading of investments increases the possibility that the Fund will realize taxable capital gains (including short-term capital gains, which are generally taxable at higher rates than long-term capital gains for U.S. federal income tax purposes), which could reduce the Fund's after-tax returns. Frequent trading can also mean higher brokerage and other transaction costs, which could reduce the Fund's returns.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R4 and Class R5 shares had not commenced operations prior to the date of this prospectus; therefore, performance information for these classes is not yet available. The performance of Class Z shares, which have been outstanding longer than any other share class of the Fund, is shown in the bar chart and the average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), these classes of shares would have annual returns substantially similar to those of Class Z shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The returns shown for the Fund include the returns of Core Bond Fund, the predecessor to the Fund and a series of Excelsior Funds, Inc., for periods prior to March 31, 2008.</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: 0.0455 2nd quarter 2004: -0.0226 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Barclays Aggregate Bond Index, a market value-weighted index that tracks the daily price, coupon, pay-downs, and total return performance of fixed-rate, publicly placed, dollar-denominated, and non-convertible investment grade debt issues with at least $250 million par amount outstanding and with at least one year to final maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021579Member ~</div> 0 0 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021579Member ~</div> 0.0049 0 0.0025 0.0074 -0.0005 0.0069 0.0049 0 0.0009 0.0058 0 0.0058 <div style="display:none">~ http://columbia/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021579Member ~</div> 70 59 232 186 407 324 914 726 <div style="display:none">~ http://columbia/role/BarChartDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021579Member ~</div> 0.0942 0.0463 0.0471 0.023 0.0402 0.0598 0.0143 0.0959 0.0655 0.0725 <div style="display:none">~ http://columbia/role/PerformanceTableDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021579Member ~</div> 0.0725 0.0571 0.0486 0.0784 0.0613 0.0441 0.0424 0.065 0.0556 0.038 0.0374 0.0578 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks total return, consisting of long-term capital appreciation and current income.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R4, Class R5 or Class Y shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above 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 62% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests at least 80% of its net assets in common stocks. In addition, under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of U.S. companies that have large market capitalizations (generally over $2 billion) that Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager), believes are undervalued and have the potential for long-term growth and current income.</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>Growth Securities Risk –</b> Because growth securities typically trade at a higher multiple of earnings than other types of securities, the market values of growth securities may be more sensitive to changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Value Securities Risk</b> <b>–</b> Value securities are securities of companies that may have experienced, for example, adverse business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the Investment Manager's future value assessment of that security, or may decline. There is also a risk that it may take longer than expected for the value of these investments to rise to the believed value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Foreign Securities Risk –</b> Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R4, Class R5 and Class Y shares had not commenced operations prior to the date of this prospectus; therefore, performance information for these classes is not yet available. The performance of Class Z shares, which have been outstanding longer than any other share class of the Fund, is shown in the bar chart and average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), these classes of shares would have annual returns substantially similar to those of Class Z shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities. The performance shown for the Fund includes the performance of Galaxy Growth &amp; Income Fund, the predecessor to the Fund, for periods prior to December 9, 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 2009: 0.2069 4th quarter 2008: -0.2317 <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> <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/OperatingExpensesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012077Member ~</div> 0.007 0 0.0026 0.0096 -0.0001 0.0095 0.007 0 0.0009 0.0079 0 0.0079 0.007 0 0.0004 0.0074 0 0.0074 <div style="display:none">~ http://columbia/role/ExpenseExampleCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012077Member ~</div> 97 81 76 305 252 237 530 439 411 1177 978 918 <div style="display:none">~ http://columbia/role/BarChartDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012077Member ~</div> -0.2486 0.2283 0.0594 0.1132 0.1464 0.1253 -0.3542 0.3725 0.1621 -0.0093 <div style="display:none">~ http://columbia/role/PerformanceTableDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012077Member ~</div> -0.0093 -0.0137 -0.0002 0.015 0.0281 0.0235 0.0239 -0.0002 0.0366 0.0308 0.0306 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 primarily of current income and secondarily of capital appreciation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R4, Class R5 or Class Y shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above expire on November 8, 2013, they are only reflected in the 1 year example and the first year of the 3, 5 and 10 year examples. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal period, the Fund's fiscal year end changed from March 31 to April 30. For the fiscal period from April 1, 2012 to April 30, 2012, the Fund's portfolio turnover rate was 6% of the average value of its portfolio and for the prior fiscal year ended March 31, 2012, the Fund's portfolio turnover rate was 183% 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 debt securities issued by corporate and other non-governmental issuers, including dollar-denominated debt securities issued by foreign companies. The Fund also invests at least 60% of total assets in securities that, at the time of purchase, are investment grade securities or in unrated securities determined by Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager) to be of comparable quality. The Fund may invest up to 40% of total assets in securities that, at the time of purchase, are below investment grade securities (commonly referred to as "high yield securities" or "junk bonds") or in unrated securities determined by the Investment Manager to be of comparable quality. Under normal circumstances, the Fund's average effective duration will be between three and ten years.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in derivatives for both hedging and non-hedging purposes, including interest rate futures for hedging purposes. The Fund also may invest in private placements.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in U.S. Government obligations, asset-backed securities, mortgage-backed securities and 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, duration, 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;"> The Fund's investment strategy may involve the frequent trading of portfolio securities. This may cause the Fund to incur higher transaction costs (which may adversely affect the Fund's performance) and may increase taxable distributions for shareholders. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Interest Rate Risk</b> <b>–</b> Debt securities are subject to interest rate risk. In general, if prevailing interest rates rise, the values of debt securities will tend to fall, and if interest rates fall, the values of debt securities will tend to rise. Changes in the value of a debt security usually will not affect the amount of income the Fund receives from it but may affect the value of the Fund's shares. Interest rate risk is generally greater for debt securities with longer maturities/durations.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>U.S. Government Obligations Risk –</b> While U.S. Treasury obligations are backed by the "full faith and credit" of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or may be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. For example, securities issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks are neither insured nor guaranteed by the U.S. Government. These securities may be supported by the ability to borrow from the U.S. Treasury or only by the credit of the issuing agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than securities issued or guaranteed by the U.S. Treasury. Securities guaranteed by the Federal Deposit Insurance Corporation under its Temporary Liquidity Guarantee Program (TLGP) are subject to certain risks, including whether such securities will continue to trade in line with recent experience in relation to treasury and government agency securities in terms of yield spread and the volatility of such spread, as well as uncertainty as to how such securities will trade in the secondary market and whether that market will be liquid or illiquid. The TLGP is subject to change.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Dollar Rolls Risk</b> <b>–</b> Dollar rolls are transactions in which the Fund sells securities to a counterparty and simultaneously agrees to purchase those or similar securities in the future at a predetermined price. Dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. These transactions may also increase the Fund's portfolio turnover rate. If the Fund reinvests the proceeds of the security sold, the Fund will also be subject to the risk that the investments purchased with such proceeds will decline in value (a form of leverage risk).</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>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>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>Credit Risk</b> <b>–</b> Credit risk applies to most debt securities, but is generally less of a factor for obligations backed by the "full faith and credit" of the U.S. Government. The Fund could lose money if the issuer of a debt security owned by the Fund is unable or perceived to be unable to pay interest or repay principal when it becomes due. Various factors could affect the issuer's actual or perceived willingness or ability to make timely interest or principal payments, including changes in the issuer's financial condition or in general economic conditions. Debt securities backed by an issuer's taxing authority may be subject to legal limits on the issuer's power to increase taxes or otherwise to raise revenue, or may be dependent on legislative appropriation or government aid. Certain debt securities are backed only by revenues derived from a particular project or source, rather than by an issuer's taxing authority, and thus may have a greater risk of default.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Prepayment and Extension Risk —</b> Prepayment and extension risk is the risk that a loan, bond or other security might be called or otherwise converted, prepaid or redeemed before maturity. This risk is primarily associated with asset-backed securities, including mortgage-backed securities and floating rate loans. If a loan or security is converted, prepaid or redeemed before maturity, particularly during a time of declining interest rates or spreads, the portfolio managers may not be able to invest the proceeds in securities or loans providing as high a level of income, resulting in a reduced yield to the Fund. Conversely, as interest rates rise or spreads widen, the likelihood of prepayment decreases. The portfolio managers may be unable to capitalize on securities with higher interest rates or wider spreads because the Fund's investments are locked in at a lower rate for a longer period of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>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>Foreign Securities Risk –</b> Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Reinvestment Risk</b> <b>–</b> Income from the Fund's debt securities portfolio will decline if and when the Fund invests the proceeds from matured, traded or called securities in securities with market interest rates that are below the current earnings rate of the Fund's portfolio.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk</b> <b>–</b> Illiquid securities are securities that cannot be readily disposed of in the normal course of business. There is a risk that the Fund may not be able to sell such securities at the time it desires or without adversely affecting their price.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk – Futures Contracts</b> - The Fund may buy or sell futures. A futures contract is a contract between a buyer (holding the "long" position) and a seller (holding the "short" position) for an asset with delivery deferred until a future date. The buyer agrees to pay a fixed price at the agreed future date and the seller agrees to deliver the asset. The seller hopes that the market price on the delivery date is less than the agreed upon price, while the buyer hopes for the contrary. The liquidity of the futures markets depends on participants entering into offsetting transactions rather than making or taking delivery. To the extent participants decide to make or take delivery, liquidity in the particular futures market could be reduced. Certain futures markets are more liquid than others. In addition, certain futures exchanges often impose a maximum permissible price movement on each futures contract for each trading session. To the extent that the Fund trades on such futures exchanges, the Fund may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Changing Distribution Levels Risk</b> <b>–</b> The amount of the distributions paid by the Fund generally depends on the amount of interest and/or dividends received by the Fund on the securities it holds. The Fund may not be able to pay distributions or may have to reduce its distribution level if the interest and/or dividends the Fund receives from its investments decline.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Frequent Trading Risk</b> <b>–</b> Frequent trading of investments increases the possibility that the Fund will realize taxable capital gains (including short-term capital gains, which are generally taxable at higher rates than long-term capital gains for U.S. federal income tax purposes), which could reduce the Fund's after-tax returns. Frequent trading can also mean higher brokerage and other transaction costs, which could reduce the Fund's returns.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Rule 144A Securities Risk —</b> The Fund may invest significantly in privately placed securities that have not been registered for sale under the Securities Act of 1933 pursuant to Rule 144A (Rule 144A securities) which are determined to be liquid in accordance with procedures adopted by the Fund's Board of Trustees. However, an insufficient number of qualified institutional buyers interested in purchasing Rule 144A securities could affect adversely the marketability of such securities and the Fund might be unable to dispose of such securities promptly or at reasonable prices. Accordingly, even if determined to be liquid, the Fund's holdings of Rule 144A securities may increase the level of Fund illiquidity if eligible buyers become uninterested in buying them. The Fund may also have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Additionally, the purchase price and subsequent valuation of restricted and illiquid securities normally reflect a discount, which may be significant, from the market price of comparable securities for which a liquid market exists.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R4, Class R5 and Class Y shares had not commenced operations prior to the date of this prospectus; therefore, performance information for these classes is not yet available. The performance of Class Z shares, which have been outstanding longer than any other share class of the Fund, is shown in the bar chart and average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), these classes of shares would have annual returns substantially similar to those of Class Z shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown.</p> 2nd quarter 2009: 0.1422 3rd quarter 2008: -0.0761 <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 U.S. Corporate Index, which measures the investment grade, fixed-rate, taxable, corporate bond market, and the New Blended Benchmark, which is a weighted custom composite, established by the Investment Manager, consisting of a 85% weighting in the Barclays U.S. Corporate Index and a 15% weighting in the BofA Merrill Lynch U.S. High Yield Cash Pay Constrained Index. The BofA Merrill Lynch U.S. 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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table also compares the Fund's returns to its former benchmark, the Barclays Credit Bond Index, which is an index of publicly issued investment grade, corporate securities and dollar-denominated SEC registered global debentures, and its Former Blended Benchmark, which is a weighted custom composite, established by the Investment Manager, consisting of a 85% weighting in the Barclays Credit Bond Index and a 15% weighting in the JPMorgan Global High Yield 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.</p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund changed its primary benchmark and Blended Benchmark effective April 1, 2012 because the Investment Manager believes that it is more representative of the investment approach used by the Fund.</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/ShareholderFeesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012096Member ~</div> 0 0 0 0 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012096Member ~</div> 0.005 0 0.0023 0.0073 -0.0002 0.0071 0.005 0 0.0009 0.0059 0 0.0059 0.005 0 0.0004 0.0054 0 0.0054 <div style="display:none">~ http://columbia/role/ExpenseExampleDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012096Member ~</div> 73 60 55 231 189 173 404 329 302 905 738 677 <div style="display:none">~ http://columbia/role/BarChartDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012096Member ~</div> 0.0761 0.1197 0.0603 0.0219 0.0453 0.017 -0.1069 0.2856 0.0895 0.0871 <div style="display:none">~ http://columbia/role/PerformanceTableDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012096Member ~</div> 0.0871 0.0709 0.0562 0.0815 0.0763 0.0835 0.0799 0.067 0.0459 0.0444 0.0682 0.0698 0.068 0.0703 0.0656 0.0442 0.0432 0.0636 0.0675 0.0635 0.0683 <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 R4, Class R5 or Class Y shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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> <b>–</b> The amount of the distributions paid by the Fund generally depends on the amount of interest and/or dividends received by the Fund on the securities it holds. The Fund may not be able to pay distributions or may have to reduce its distribution level if the interest and/or dividends the Fund receives from its investments decline.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>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. Class R4, Class R5 and Class Y shares had not commenced operations prior to the date of this prospectus; therefore, performance information for these classes is not yet available. The performance of Class Z shares, which have been outstanding as long as any other share class of the Fund, is shown in the bar chart and average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), these classes of shares would have annual returns substantially similar to those of Class 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 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/ShareholderFeesDataEEEE column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012079Member ~</div> 0 0 0 0 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataEEEE column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012079Member ~</div> 0.0059 0 0.0024 0.0083 0.0059 0 0.0009 0.0068 0.0059 0 0.0004 0.0063 <div style="display:none">~ http://columbia/role/ExpenseExampleEEEE column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012079Member ~</div> 85 69 64 265 218 202 460 379 351 1025 847 786 <div style="display:none">~ http://columbia/role/BarChartDataEEEE 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/PerformanceTableDataEEEE 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 long-term capital appreciation. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R5 or Class Y shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above expire on December 31, 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 117% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities (including, but not limited to, common stocks, preferred stocks and securities convertible into common or preferred stocks) of companies located in emerging market countries. Emerging market countries include those countries whose economies are considered to be developing or emerging from underdevelopment. The Fund may invest in a variety of countries, industries and sectors and does not attempt to invest a specific percentage of its assets in any given country, industry or sector. 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 in currency forwards for hedging purposes and futures for both hedging and non-hedging purposes, including, for example, to seek to enhance returns or, in certain unusual circumstances, when holding a derivative is deemed preferable to holding the underlying asset. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in special situations such as companies involved in initial public offerings, tender offers, mergers and other corporate restructurings, and in companies involved in management changes or companies developing new technologies.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in securities that Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager) believes are undervalued, represent growth opportunities, or both. 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, price-to-book value and discounted cash flow. 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></ul> <ul><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>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>Growth Securities Risk –</b> Because growth securities typically trade at a higher multiple of earnings than other types of securities, the market values of growth securities may be more sensitive to changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Value Securities Risk</b> <b>–</b> Value securities are securities of companies that may have experienced, for example, adverse business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the Investment Manager's future value assessment of that security, or may decline. There is also a risk that it may take longer than expected for the value of these investments to rise to the believed value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>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>Special Situations Risk –</b> Securities of companies that are involved in an initial public offering or a major corporate event, such as a business consolidation or restructuring, may present special risk because of the high degree of uncertainty that can be associated with such events. Securities issued in initial public offerings often are issued by companies that are in the early stages of development, have a history of little or no revenues and may operate at a loss following the offering. It is possible that there will be no active trading market for the securities after the offering, and that the market price of the securities may be subject to significant and unpredictable fluctuations. Investing in special situations may have a magnified effect on the performance of funds with small amounts of assets.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Smaller Company Securities Risk</b> <b>–</b> Securities of small- or mid-capitalization companies (smaller companies) can, in certain circumstances, have a higher potential for gains than securities of large-capitalization companies (larger companies) but may also have more risk. For example, smaller companies may be more vulnerable to market downturns and adverse business or economic events than larger, more established companies because they may have more limited financial resources and business operations. These companies are also more likely than larger companies to have more limited product lines and operating histories and to depend on smaller management teams. Their securities may trade less frequently and in smaller volumes and may be less liquid and fluctuate more sharply in value than securities of larger companies. In addition, some smaller companies may not be widely followed by the investment community, which can lower the demand for their stocks.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>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> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R5 and Class Y shares had not commenced operations prior to the date of this prospectus; therefore, performance information for these classes is not yet available. The performance of Class Z shares, which have been outstanding longer than any other share class of the Fund, is shown in the bar chart and average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), these classes of shares would have annual returns substantially similar to those of Class Z shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The returns shown for the Fund include the returns of Emerging Markets Fund, the predecessor to the Fund and a series of Excelsior Funds, Inc., for periods prior to March 31, 2008.</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: 0.3314 3rd quarter 2008: -0.2998 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the MSCI Emerging Markets Index (Net) and the MSCI Europe, Australasia and Far East (EAFE) Index (Net). The MSCI Emerging Markets Index (Net), a market capitalization-weighted index, is designed to measure equity market performance in the global emerging markets. The MSCI EAFE Index (Net) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Fund also measures itself against the MSCI EAFE Index (Net) because the Investment Manager believes that the additional index provides a reasonable view of the equity opportunities in developed, international markets and therefore provides an additional, useful performance comparison.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares.</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataFFFF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021572Member ~</div> 0 0 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataFFFF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021572Member ~</div> 0.0135 0 0.0022 0.0157 -0.0018 0.0139 0.0135 0 0.0017 0.0152 -0.0018 0.0134 <div style="display:none">~ http://columbia/role/ExpenseExampleFFFF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021572Member ~</div> 142 136 478 463 838 812 1852 1797 <div style="display:none">~ http://columbia/role/BarChartDataFFFF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021572Member ~</div> -0.0538 0.639 0.3002 0.2909 0.3379 0.2695 -0.5537 0.7688 0.2004 -0.189 <div style="display:none">~ http://columbia/role/PerformanceTableDataFFFF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021572Member ~</div> -0.189 -0.1953 -0.1123 -0.1842 -0.1214 -0.0049 -0.0173 -0.0018 0.024 -0.0472 0.1301 0.1218 0.119 0.1386 0.0467 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund seeks long-term capital appreciation. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R4 or Class R5 shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 167% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities (including, but not limited to, common stocks, preferred stocks and securities convertible into common or preferred stocks) of U.S. and foreign companies engaged in the energy and natural resources industries. These companies include those engaged in the discovery, development, production or distribution of energy or natural resources and companies that develop technologies for, and furnish energy and natural resource supplies and services to, these companies. 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 typically invests at least 50% of its assets in crude oil, petroleum and natural gas companies. The Fund also may invest up to 35% of its assets in precious metals, such as gold bullion, and companies engaged in the production of precious metals.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in derivatives, including options and other derivative instruments. The Fund may invest in derivatives for both hedging and non-hedging purposes, including, for example, to seek to enhance returns or as a substitute for a position in an underlying asset.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The 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 Fund may invest in securities that Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager) believes are undervalued, represent growth opportunities, or both. 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, price-to-book value and discounted cash flow. 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></ul> <ul><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;"> The Fund's investment strategy may involve the frequent trading of portfolio securities. This may cause the Fund to incur higher transaction costs (which may adversely affect the Fund's performance) and may increase taxable distributions for shareholders. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Energy and Natural Resources Sector Risk</b> <b>–</b> The Fund is subject to the risk that the securities of the issuers engaged in the energy and natural resources sector will underperform other market sectors or the market as a whole. To the extent that the Fund invests in issuers conducting business in the same or similar sectors, the Fund is subject to a greater extent to legislative or regulatory changes, adverse market conditions and/or increased competition affecting that sector or those sectors. The values of natural resources are affected by numerous factors including events occurring in nature and international politics. For instance, natural events (such as earthquakes, hurricanes or fires in prime natural resources areas) and political events (such as coups or military confrontations) can affect the overall supply of a natural resource and thereby the value of companies involved in business activities relating to such natural resource. In addition, rising interest rates and high inflation may affect the demand for certain natural resources and, therefore, the price of energy-related investments. In addition, prices of, and thus the Fund's investments in, precious metals are considered speculative and are affected by a variety of worldwide and economic, financial and political factors. Prices of precious metals may fluctuate sharply over 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>Value Securities Risk</b> <b>–</b> Value securities are securities of companies that may have experienced, for example, adverse business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the Investment Manager's future value assessment of that security, or may decline. There is also a risk that it may take longer than expected for the value of these investments to rise to the believed value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Foreign Securities Risk –</b> Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Smaller Company Securities Risk</b> <b>–</b> Securities of small- or mid-capitalization companies (smaller companies) can, in certain circumstances, have a higher potential for gains than securities of large-capitalization companies (larger companies) but may also have more risk. For example, smaller companies may be more vulnerable to market downturns and adverse business or economic events than larger, more established companies because they may have more limited financial resources and business operations. These companies are also more likely than larger companies to have more limited product lines and operating histories and to depend on smaller management teams. Their securities may trade less frequently and in smaller volumes and may be less liquid and fluctuate more sharply in value than securities of larger companies. In addition, some smaller companies may not be widely followed by the investment community, which can lower the demand for their stocks.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>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>Frequent Trading Risk</b> <b>–</b> Frequent trading of investments increases the possibility that the Fund will realize taxable capital gains (including short-term capital gains, which are generally taxable at higher rates than long-term capital gains for U.S. federal income tax purposes), which could reduce the Fund's after-tax returns. Frequent trading can also mean higher brokerage and other transaction costs, which could reduce the Fund's returns.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Non-Diversified Mutual Fund Risk</b> <b>–</b> The Fund is non-diversified, which generally means that it may invest a greater percentage of its total assets in the securities of fewer issuers than may a "diversified" fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of more diversified funds. The Fund may not operate as a non-diversified fund at all times.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R4 and Class R5 shares had not commenced operations prior to the date of this prospectus; therefore, performance information for these classes is not yet available. The performance of Class Z shares, which have been outstanding longer than any other share class of the Fund, is shown in the bar chart and the average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), these classes of shares would have annual returns substantially similar to those of Class Z shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The returns shown for the Fund include the returns of Energy and Natural Resources Fund, the predecessor to the Fund and a series of Excelsior Funds, Inc., for periods prior to March 31, 2008.</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 2008: 0.2735 3rd quarter 2008: -0.3819 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the S&amp;P North American Natural Resources Sector Index, a modified capitalization-weighted index designed as a benchmark for U.S. traded securities in the natural resources sector. The index includes companies involved in the following categories: extractive industries, energy companies, owners and operators of timber tracts, forestry services, producers of pulp and paper and owners of plantations. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares.</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataGGGG column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021573Member ~</div> 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataGGGG column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021573Member ~</div> 0.0075 0 0.0035 0.011 0.0075 0 0.0016 0.0091 <div style="display:none">~ http://columbia/role/ExpenseExampleGGGG column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021573Member ~</div> 112 93 350 290 606 504 1340 1120 <div style="display:none">~ http://columbia/role/BarChartDataGGGG column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021573Member ~</div> -0.1014 0.3281 0.3427 0.4569 0.1134 0.3625 -0.438 0.407 0.1725 -0.1092 <div style="display:none">~ http://columbia/role/PerformanceTableDataGGGG column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021573Member ~</div> -0.1092 -0.1122 -0.0668 -0.0735 0.0239 0.0141 0.0168 0.0404 0.1133 0.0986 0.0964 0.1099 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund seeks long-term capital appreciation. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R5 shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 38% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of companies whose principal activities are located in the Greater China region. The Greater China region includes Hong Kong, The People's Republic of China, Taiwan and certain other countries. Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager), will determine if a company's principal activities are located in the Greater China region by considering the company's country of organization, its primary stock exchange listing, the source of its revenues, the location of its assets and other factors.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in companies that have market capitalizations of any size that the Investment Manager believes are undervalued or have the potential for long-term growth.</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 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>Greater China Regional Risk</b> – The Greater China region consists of Hong Kong, The People's Republic of China and Taiwan, among other countries, and the Fund's investments in the region are particularly susceptible to risks in that region. Events in any one country within the region may impact the other countries in the region or the Asia region as a whole. As a result, events in the region will generally have a greater effect on the Fund than if the Fund were more geographically diversified, which could result in greater volatility and losses. Markets in the Greater China region can experience significant volatility due to social, regulatory and political uncertainties.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Foreign Securities Risk –</b> Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Growth Securities Risk –</b> Because growth securities typically trade at a higher multiple of earnings than other types of securities, the market values of growth securities may be more sensitive to changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Value Securities Risk</b> <b>–</b> Value securities are securities of companies that may have experienced, for example, adverse business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the Investment Manager's future value assessment of that security, or may decline. There is also a risk that it may take longer than expected for the value of these investments to rise to the believed value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Smaller Company Securities Risk</b> <b>–</b> Securities of small- or mid-capitalization companies (smaller companies) can, in certain circumstances, have a higher potential for gains than securities of large-capitalization companies (larger companies) but may also have more risk. For example, smaller companies may be more vulnerable to market downturns and adverse business or economic events than larger, more established companies because they may have more limited financial resources and business operations. These companies are also more likely than larger companies to have more limited product lines and operating histories and to depend on smaller management teams. Their securities may trade less frequently and in smaller volumes and may be less liquid and fluctuate more sharply in value than securities of larger companies. In addition, some smaller companies may not be widely followed by the investment community, which can lower the demand for their stocks.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>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>Non-Diversified Mutual Fund Risk</b> <b>–</b> The Fund is non-diversified, which generally means that it may invest a greater percentage of its total assets in the securities of fewer issuers than may a "diversified" fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of more diversified funds. The Fund may not operate as a non-diversified fund at all times.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R5 shares had not commenced operations prior to the date of this prospectus; therefore, performance information for this class is not yet available. The performance of Class A shares, which have been outstanding as long as any other share class of the Fund, is shown in the bar chart and average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), this class of shares would have annual returns substantially similar to those of Class A shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class A share performance (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: 0.3652 3rd quarter 2011: -0.2802 <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 MSCl China Index (Net) and the Hang Seng Index. The MSCI China Index (Net) is designed to broadly and fairly represent the full diversity of business activities in China. This index aims to capture 85% of the free float adjusted market capitalization in each industry group. The Hang Seng Index tracks the performance of approximately 70% of the total market capitalization of the stock exchange of Hong Kong.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares.</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataHHHH column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012069Member ~</div> 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataHHHH column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012069Member ~</div> 0.0095 0 0.0018 0.0113 <div style="display:none">~ http://columbia/role/ExpenseExampleHHHH column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012069Member ~</div> 115 359 622 1375 <div style="display:none">~ http://columbia/role/BarChartDataHHHH column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012069Member ~</div> -0.1249 0.5483 0.1443 0.0904 0.695 0.5907 -0.5008 0.5816 0.1458 -0.2333 <div style="display:none">~ http://columbia/role/PerformanceTableDataHHHH column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012069Member ~</div> -0.2773 -0.2827 -0.1706 -0.2333 -0.1841 -0.1991 0.0079 0.005 0.0075 0.0199 0.0252 -0.0155 0.1154 0.1128 0.1036 0.122 0.1508 0.0497 <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 R5 shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above expire on November 8, 2013, they are only reflected in the 1 year example and the first year of the 3, 5 and 10 year examples.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal period, the Fund's fiscal year end changed from 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. Class R5 shares had not commenced operations prior to the date of this prospectus; therefore, performance information for this class is not yet available. The performance of Class Z shares, which have been outstanding longer than any other share class of the Fund, is shown in the bar chart and the average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), this class of shares would have annual returns substantially similar to those of Class Z shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown.</p> 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> <div style="display:none">~http://columbia/role/ShareholderFeesDataIIII column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010615Member ~</div> 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataIIII column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010615Member ~</div> 0.0054 0 0.001 0.0001 0.0065 -0.0003 0.0062 <div style="display:none">~ http://columbia/role/ExpenseExampleIIII column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010615Member ~</div> 63 205 359 808 <div style="display:none">~ http://columbia/role/BarChartDataIIII 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/PerformanceTableDataIIII 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.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class K, Class R4, Class R5 or Class Y shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above for Class R4 are only reflected in the 1 year example and the first year of the 3, 5 and 10 year examples.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal period, the Fund's fiscal year end changed from March 31 to April 30. For the fiscal period from April 1, 2012 to April 30, 2012, the Fund's portfolio turnover rate was 10% of the average value of its portfolio and for the prior fiscal year ended March 31, 2012, the Fund's portfolio turnover rate was 170% 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 bonds, including debt securities issued by the U.S. Government and its agencies, debt securities issued by corporations, mortgage- and other asset-backed securities and dollar-denominated securities issued by foreign governments, companies or other entities. The Fund also invests at least 60% of its net assets in debt securities that, at the time of purchase, are rated in at least one of the three highest bond rating categories or are unrated securities determined by Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager) to be of comparable quality. The Fund may invest up to 20% of net assets in securities that, at the time of purchase, are below investment grade securities (commonly referred to as "high yield securities" or "junk bonds") or in unrated securities determined by the Investment Manager to be of comparable quality. Under normal circumstances, the Fund's dollar-weighted average effective maturity will be between three and ten years.</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 selection of individual debt obligations is the primary decision in building the portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager 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 also considers local, national and global economic conditions, market conditions, interest rate movements and other relevant factors in allocating the Fund's assets among issuers, securities, industry sectors and maturities.</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;"> The Fund's investment strategy may involve the frequent trading of portfolio securities. This may cause the Fund to incur higher transaction costs (which may adversely affect the Fund's performance) and may increase taxable distributions for shareholders. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Interest Rate Risk</b> <b>–</b> Debt securities are subject to interest rate risk. In general, if prevailing interest rates rise, the values of debt securities will tend to fall, and if interest rates fall, the values of debt securities will tend to rise. Changes in the value of a debt security usually will not affect the amount of income the Fund receives from it but may affect the value of the Fund's shares. Interest rate risk is generally greater for debt securities with longer maturities/durations.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>U.S. Government Obligations Risk –</b> While U.S. Treasury obligations are backed by the "full faith and credit" of the U.S. Government, such securities are nonetheless subject to credit risk (i.e., the risk that the U.S. Government may be, or may be perceived to be, unable or unwilling to honor its financial obligations, such as making payments). Securities issued or guaranteed by federal agencies or authorities and U.S. Government-sponsored instrumentalities or enterprises may or may not be backed by the full faith and credit of the U.S. Government. For example, securities issued by the Federal Home Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal Home Loan Banks are neither insured nor guaranteed by the U.S. Government. These securities may be supported by the ability to borrow from the U.S. Treasury or only by the credit of the issuing agency, authority, instrumentality or enterprise and, as a result, are subject to greater credit risk than securities issued or guaranteed by the U.S. Treasury. Securities guaranteed by the Federal Deposit Insurance Corporation under its Temporary Liquidity Guarantee Program (TLGP) are subject to certain risks, including whether such securities will continue to trade in line with recent experience in relation to treasury and government agency securities in terms of yield spread and the volatility of such spread, as well as uncertainty as to how such securities will trade in the secondary market and whether that market will be liquid or illiquid. The TLGP is subject to change.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Dollar Rolls Risk</b> <b>–</b> Dollar rolls are transactions in which the Fund sells securities to a counterparty and simultaneously agrees to purchase those or similar securities in the future at a predetermined price. Dollar rolls involve the risk that the market value of the securities the Fund is obligated to repurchase may decline below the repurchase price, or that the counterparty may default on its obligations. These transactions may also increase the Fund's portfolio turnover rate. If the Fund reinvests the proceeds of the security sold, the Fund will also be subject to the risk that the investments purchased with such proceeds will decline in value (a form of leverage risk).</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>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>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>Credit Risk</b> <b>–</b> Credit risk applies to most debt securities, but is generally less of a factor for obligations backed by the "full faith and credit" of the U.S. Government. The Fund could lose money if the issuer of a debt security owned by the Fund is unable or perceived to be unable to pay interest or repay principal when it becomes due. Various factors could affect the issuer's actual or perceived willingness or ability to make timely interest or principal payments, including changes in the issuer's financial condition or in general economic conditions. Debt securities backed by an issuer's taxing authority may be subject to legal limits on the issuer's power to increase taxes or otherwise to raise revenue, or may be dependent on legislative appropriation or government aid. Certain debt securities are backed only by revenues derived from a particular project or source, rather than by an issuer's taxing authority, and thus may have a greater risk of default.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Low and Below Investment Grade Securities Risk</b> <b>– </b> Debt securities with the lowest investment grade rating (e.g., BBB by Standard &amp; Poor's, a division of the McGraw-Hill Companies, Inc. (S&amp;P), or Fitch, Inc. (Fitch) or Baa by Moody's Investors Service, Inc. (Moody's)), or that are below investment grade (which are commonly referred to as "junk bonds") (e.g., BB or below by S&amp;P or Fitch or Ba by Moody's) and unrated securities of comparable quality are more speculative than securities with higher ratings and may experience greater price fluctuations. These securities tend to be more sensitive to credit risk than higher-rated securities, particularly during a downturn in the economy, which is more likely to weaken the ability of the issuers to make principal and interest payments on these securities. These securities typically pay a premium – a higher interest rate or yield – because of the increased risk of loss, including default. These securities also are generally less liquid than higher-rated securities. The securities ratings provided by Moody's, S&amp;P and Fitch are based on analyses by these ratings agencies of the credit quality of the securities and may not take into account every risk related to whether interest or principal will be timely repaid.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Foreign Securities Risk –</b> Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Prepayment and Extension Risk —</b> Prepayment and extension risk is the risk that a loan, bond or other security might be called or otherwise converted, prepaid or redeemed before maturity. This risk is primarily associated with asset-backed securities, including mortgage-backed securities and floating rate loans. If a loan or security is converted, prepaid or redeemed before maturity, particularly during a time of declining interest rates or spreads, the portfolio managers may not be able to invest the proceeds in securities or loans providing as high a level of income, resulting in a reduced yield to the Fund. Conversely, as interest rates rise or spreads widen, the likelihood of prepayment decreases. The portfolio managers may be unable to capitalize on securities with higher interest rates or wider spreads because the Fund's investments are locked in at a lower rate for a longer period of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Reinvestment Risk</b> <b>–</b> Income from the Fund's debt securities portfolio will decline if and when the Fund invests the proceeds from matured, traded or called securities in securities with market interest rates that are below the current earnings rate of the Fund's portfolio.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Liquidity Risk</b> <b>–</b> Illiquid securities are securities that cannot be readily disposed of in the normal course of business. There is a risk that the Fund may not be able to sell such securities at the time it desires or without adversely affecting their price.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk –</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>Changing Distribution Levels Risk</b> <b>–</b> The amount of the distributions paid by the Fund generally depends on the amount of interest and/or dividends received by the Fund on the securities it holds. The Fund may not be able to pay distributions or may have to reduce its distribution level if the interest and/or dividends the Fund receives from its investments decline.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Frequent Trading Risk</b> <b>–</b> Frequent trading of investments increases the possibility that the Fund will realize taxable capital gains (including short-term capital gains, which are generally taxable at higher rates than long-term capital gains for U.S. federal income tax purposes), which could reduce the Fund's after-tax returns. Frequent trading can also mean higher brokerage and other transaction costs, which could reduce the Fund's returns.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Rule 144A Securities Risk —</b> The Fund may invest significantly in privately placed securities that have not been registered for sale under the Securities Act of 1933 pursuant to Rule 144A (Rule 144A securities) which are determined to be liquid in accordance with procedures adopted by the Fund's Board of Trustees. However, an insufficient number of qualified institutional buyers interested in purchasing Rule 144A securities could affect adversely the marketability of such securities and the Fund might be unable to dispose of such securities promptly or at reasonable prices. Accordingly, even if determined to be liquid, the Fund's holdings of Rule 144A securities may increase the level of Fund illiquidity if eligible buyers become uninterested in buying them. The Fund may also have to bear the expense of registering the securities for resale and the risk of substantial delays in effecting the registration. Additionally, the purchase price and subsequent valuation of restricted and illiquid securities normally reflect a discount, which may be significant, from the market price of comparable securities for which a liquid market exists.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class K, Class R4, Class R5 and Class Y shares had not commenced operations prior to the date of this prospectus; therefore, performance information for these classes is not yet available. The performance of Class Z shares, which have been outstanding longer than any other share class of the Fund, is shown in the bar chart and average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), these classes of shares would have annual returns substantially similar to those of Class Z shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown.</p> 2nd quarter 2009: 0.082 3rd quarter 2008: -0.0524 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Barclays Aggregate Bond Index, a market value-weighted index that tracks the daily price, coupon, pay-downs, and total return performance of fixed-rate, publicly placed, dollar-denominated, and non-convertible investment grade debt issues with at least $250 million par amount outstanding and with at least one year to final maturity.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataJJJJ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012097Member ~</div> 0 0 0 0 0 0 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataJJJJ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012097Member ~</div> 0.0048 0 0.0032 0.008 0 0.008 0.0048 0 0.0022 0.007 -0.0007 0.0063 0.0048 0 0.0007 0.0055 0 0.0055 0.0048 0 0.0002 0.005 0 0.005 <div style="display:none">~ http://columbia/role/ExpenseExampleJJJJ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012097Member ~</div> 82 64 56 51 255 217 176 160 444 383 307 280 990 864 689 628 <div style="display:none">~ http://columbia/role/BarChartDataJJJJ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012097Member ~</div> 0.0578 0.095 0.0488 0.024 0.046 0.0462 -0.058 0.1911 0.0791 0.0668 <div style="display:none">~ http://columbia/role/PerformanceTableDataJJJJ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012097Member ~</div> 0.0668 0.0517 0.0431 0.0784 0.0621 0.0435 0.0419 0.065 0.0581 0.0389 0.0381 0.0578 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks current income exempt from federal income tax, consistent with preservation of principal.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R5 shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above 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 9% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests at least 80% of its net assets in municipal securities that pay interest exempt from federal income tax (including the federal alternative minimum tax). These securities are issued by states and their political subdivisions, agencies, authorities and instrumentalities, by other qualified issuers and by mutual funds that invest in such securities. The Fund may invest up to 20% of its net assets in securities that pay interest subject to taxation. The Fund normally invests at least 80% of its total assets in municipal securities that, at the time of purchase, are rated investment grade or are unrated but determined by Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager), to be of comparable quality. Under normal circumstances, the Fund's dollar-weighted average maturity will be between three and ten years. Qualified issuers include issuers located in U.S. territories Guam, Puerto Rico and the U.S. Virgin Islands.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest up to 10% of its total assets in securities that, at the time of purchase, are rated 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 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 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>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>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>Changing Distribution Levels Risk</b> <b>–</b> The amount of the distributions paid by the Fund generally depends on the amount of interest and/or dividends received by the Fund on the securities it holds. The Fund may not be able to pay distributions or may have to reduce its distribution level if the interest and/or dividends the Fund receives from its investments decline.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>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>Reinvestment Risk</b> <b>–</b> Income from the Fund's debt securities portfolio will decline if and when the Fund invests the proceeds from matured, traded or called securities in securities with market interest rates that are below the current earnings rate of the Fund's portfolio.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R5 shares had not commenced operations prior to the date of this prospectus; therefore, performance information for this class is not yet available. The performance of Class Z shares, which have been outstanding longer than any other share class of the Fund, is shown in the bar chart and the average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), this class of shares would have annual returns substantially similar to those of Class Z shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities. The performance shown for the Fund includes the performance of the Galaxy Intermediate Tax-Exempt Bond 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> 3rd quarter 2009: 0.062 4th quarter 2010: -0.0334 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Barclays 3-15 Year Blend Municipal Bond Index, which tracks the performance of municipal bonds issued after December 31, 1990 with remaining maturities between 2 and 17 years and at least $7 million in principal amount outstanding.</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/ShareholderFeesDataKKKK column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010623Member ~</div> 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataKKKK column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010623Member ~</div> 0.0045 0 0.0008 0.0053 -0.0007 0.0046 <div style="display:none">~ http://columbia/role/ExpenseExampleKKKK column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010623Member ~</div> 47 163 289 658 <div style="display:none">~ http://columbia/role/BarChartDataKKKK column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010623Member ~</div> 0.0811 0.0438 0.0274 0.0204 0.038 0.0309 -0.017 0.1027 0.0282 0.0966 <div style="display:none">~ http://columbia/role/PerformanceTableDataKKKK column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010623Member ~</div> 0.0966 0.0966 0.0762 0.0963 0.0473 0.0473 0.0459 0.0574 0.0446 0.0445 0.0438 0.0535 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund seeks long-term capital appreciation. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 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 S to the Statement of Additional Information under <b> <i>Sales Charge Waivers</i> </b> beginning on page S-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 K, Class R, Class R4, Class R5, Class T, Class W, Class Y or 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 July 31. For the fiscal period from October 1, 2011 to July 31, 2012, the Fund's portfolio turnover rate was 80% of the average value of its portfolio and for the prior fiscal year ended September 30, 2011, the Fund's portfolio turnover rate was 116% 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 market conditions, the Fund invests at least 80% of its net assets in equity securities of large-capitalization companies, primarily common stocks and securities that can be converted into common stocks. These companies generally have market capitalizations in the range of companies in the Russell 1000 Growth Index at the time of purchase (between $778.0 million and $623.9 billion as of September 30, 2012). The Fund invests primarily in common stocks of companies that Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager) believes have the potential for long-term, above-average earnings growth.</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 total 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;">overall economic and market conditions; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the financial condition and management of a company, including its competitive position, the quality of its balance sheet and earnings, its future prospects, and the potential for growth and stock price appreciation.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager may sell a security when the security's price reaches a target set by the Investment Manager; if the Investment Manager believes that there is deterioration in the issuer's financial circumstances or fundamental prospects, or that other investments are more attractive; or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund's investment strategy may involve the frequent trading of portfolio securities. This may cause the Fund to incur higher transaction costs (which may adversely affect the Fund's performance) and may increase taxable distributions for shareholders. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Growth Securities Risk –</b> Because growth securities typically trade at a higher multiple of earnings than other types of securities, the market values of growth securities may be more sensitive to changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>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>Convertible Securities Risk –</b> Convertible securities are subject to the usual risks associated with debt securities, such as interest rate risk and credit risk. Convertible securities also react to changes in the value of the common stock into which they convert. Because the value of a convertible security can be influenced by both interest rates and the common stock's market movements, a convertible security generally is not as sensitive to interest rates as a similar debt security, and generally will not vary in value in response to other factors to the same extent as the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities would typically be paid before the company's common stockholders but after holders of any senior debt obligations of the company. The Fund may be forced to convert a convertible security before it otherwise would choose to do so, which may decrease the Fund's return.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Sector Risk –</b> At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Frequent Trading Risk</b> <b>–</b> Frequent trading of investments increases the possibility that the Fund will realize taxable capital gains (including short-term capital gains, which are generally taxable at higher rates than long-term capital gains for U.S. federal income tax purposes), which could reduce the Fund's after-tax returns. Frequent trading can also mean higher brokerage and other transaction costs, which could reduce the Fund's returns.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class Z share performance is shown in the bar chart because Class Z is the oldest share class of the Fund. The inception date for the Fund's Class C shares is November 18, 2002; the inception date for the Fund's Class I, Class R and Class W shares is September 27, 2010; and the inception date for the Fund's Class K and R5 shares is March 7, 2011. 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. Class R4 shares of the Fund had not commenced operations prior to the date of this prospectus; therefore, performance information for Class R4 shares is not yet available. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), these classes of shares have annual returns substantially similar to those of Class Z shares, 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 Equity Growth Fund, the predecessor to the Fund, for periods prior to November 18, 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> 0.1560 -0.2362 <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 Growth Index, which measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns are shown only for Class Z 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/ShareholderFeesDataLLLL column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div> 0.0575 0.01 0 0.05 0 0.01 0 0 0 0 0 0 0 0 0 0 0.0575 0.01 0 0 0 0 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataLLLL column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div> 0.0068 0.0025 0.0028 0.0121 0.0068 0.01 0.0028 0.0196 0.0068 0.01 0.0028 0.0196 0.0068 0 0.0004 0.0072 0.0068 0 0.0034 0.0102 0.0068 0.005 0.0028 0.0146 0.0068 0 0.0028 0.0096 0.0068 0 0.0009 0.0077 0.0068 0 0.0058 0.0126 0.0068 0.0025 0.0028 0.0121 0.0068 0 0.0004 0.0072 0.0068 0 0.0028 0.0096 <div style="display:none">~ http://columbia/role/ExpenseExampleLLLL column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div> 691 699 299 74 104 149 98 79 696 123 74 98 937 915 615 230 325 462 306 246 952 384 230 306 1202 1257 1057 401 563 797 531 428 1227 665 401 531 1957 2091 2285 894 1248 1746 1178 954 2010 1466 894 1178 <div style="display:none">~ http://columbia/role/ExpenseExampleNoRedemptionLLLL column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div> 199 199 615 615 1057 1057 2091 2285 <div style="display:none">~ http://columbia/role/BarChartDataLLLL column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div> -0.2679 0.2255 0.0756 0.053 0.1033 0.1551 -0.405 0.3399 0.1745 -0.0283 <div style="display:none">~ http://columbia/role/PerformanceTableDataLLLL column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div> -0.0283 -0.0287 -0.0179 -0.0863 -0.0865 -0.0476 -0.0262 -0.029 -0.0327 -0.0264 -0.0871 -0.0305 -0.0266 0.0264 0.01 0.0068 0.008 -0.0044 -0.0039 0 0.0105 0.009 0.0047 0.0104 -0.0049 0.008 0.0109 0.025 0.0165 0.0144 0.0138 0.0082 0.0063 0.0064 0.0168 0.0155 0.011 0.0167 0.0072 0.0145 0.017 0.026 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund seeks long-term capital appreciation. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. 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 18 of this prospectus and in Appendix S to the Statement of Additional Information under <b> <i>Sales Charge Waivers</i> </b> beginning on page S-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 E or Class F 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 July 31. For the fiscal period from October 1, 2011 to July 31, 2012, the Fund's portfolio turnover rate was 80% of the average value of its portfolio and for the prior fiscal year ended September 30, 2011, the Fund's portfolio turnover rate was 116% 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 market conditions, the Fund invests at least 80% of its net assets in equity securities of large-capitalization companies, primarily common stocks and securities that can be converted into common stocks. These companies generally have market capitalizations in the range of companies in the Russell 1000 Growth Index at the time of purchase (between $778.0 million and $623.9 billion as of September 30, 2012). The Fund invests primarily in common stocks of companies that Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager) believes have the potential for long-term, above-average earnings growth.</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 total 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;">overall economic and market conditions; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the financial condition and management of a company, including its competitive position, the quality of its balance sheet and earnings, its future prospects, and the potential for growth and stock price appreciation.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager may sell a security when the security's price reaches a target set by the Investment Manager; if the Investment Manager believes that there is deterioration in the issuer's financial circumstances or fundamental prospects, or that other investments are more attractive; or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund's investment strategy may involve the frequent trading of portfolio securities. This may cause the Fund to incur higher transaction costs (which may adversely affect the Fund's performance) and may increase taxable distributions for shareholders. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Growth Securities Risk –</b> Because growth securities typically trade at a higher multiple of earnings than other types of securities, the market values of growth securities may be more sensitive to changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>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>Convertible Securities Risk –</b> Convertible securities are subject to the usual risks associated with debt securities, such as interest rate risk and credit risk. Convertible securities also react to changes in the value of the common stock into which they convert. Because the value of a convertible security can be influenced by both interest rates and the common stock's market movements, a convertible security generally is not as sensitive to interest rates as a similar debt security, and generally will not vary in value in response to other factors to the same extent as the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities would typically be paid before the company's common stockholders but after holders of any senior debt obligations of the company. The Fund may be forced to convert a convertible security before it otherwise would choose to do so, which may decrease the Fund's return.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Sector Risk –</b> At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Frequent Trading Risk</b> <b>–</b> Frequent trading of investments increases the possibility that the Fund will realize taxable capital gains (including short-term capital gains, which are generally taxable at higher rates than long-term capital gains for U.S. federal income tax purposes), which could reduce the Fund's after-tax returns. Frequent trading can also mean higher brokerage and other transaction costs, which could reduce the Fund's returns.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The inception date for the Fund's Class E and F shares is September 22, 2006. 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 annual returns resulting from 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 Equity Growth Fund, the predecessor to the Fund, for periods prior to November 18, 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 E 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: 0.1554 4th quarter 2008: -0.237 <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 Growth Index, which measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns are shown only for Class E 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/ShareholderFeesDataMMMM column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div> 0.045 0.01 0.05 <div style="display:none">~ http://columbia/role/OperatingExpensesDataMMMM column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div> 0.0068 0.0035 0.0028 0.0131 0.0068 0.01 0.0028 0.0196 <div style="display:none">~ http://columbia/role/ExpenseExampleMMMM column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div> 577 699 847 915 1136 1257 1958 2117 <div style="display:none">~ http://columbia/role/ExpenseExampleNoRedemptionMMMM column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div> 199 615 1057 2117 <div style="display:none">~ http://columbia/role/BarChartDataMMMM column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div> -0.2705 0.2212 0.0718 0.0493 0.0997 0.1514 -0.4073 0.3354 0.1702 -0.0315 <div style="display:none">~ http://columbia/role/PerformanceTableDataMMMM column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div> -0.075 -0.075 -0.0488 -0.0861 0.0264 -0.0027 -0.0054 -0.0027 -0.0038 0.025 0.0084 0.0065 0.0068 0.0064 0.026 <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 significant capital appreciation by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of companies with a market capitalization, at the time of initial purchase, equal to or less than the largest stock in the Russell Midcap Index.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R4 shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 141% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of companies that have market capitalizations in the range of the companies in the Russell Midcap Index at the time of purchase (between $300 million and $22 billion as of September 30, 2012). The Fund invests primarily in common stocks of companies that Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager), believes have the potential for long-term, above-average earnings growth. The Fund also may invest up to 20% of its net assets in equity securities of companies that have market capitalizations outside the range of the Russell Midcap Index. </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 total 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 Fund may invest in special situations such as companies involved in initial public offerings, tender offers, mergers and other corporate restructurings, and in companies involved in management changes or companies developing new technologies.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager combines fundamental and quantitative analysis with risk management in identifying investment opportunities and constructing the Fund's portfolio. The Investment Manager considers, among other factors:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">overall economic and market conditions; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the financial condition and management of a company, including its competitive position, the quality of its balance sheet and earnings, its future prospects, and the potential for growth and stock price appreciation.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager may sell a security when the security's price reaches a target set by the Investment Manager; if the Investment Manager believes that there is deterioration in the issuer's financial circumstances or fundamental prospects, or that other investments are more attractive; or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund's investment strategy may involve the frequent trading of portfolio securities. This may cause the Fund to incur higher transaction costs (which may adversely affect the Fund's performance) and may increase taxable distributions for shareholders. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Growth Securities Risk –</b> Because growth securities typically trade at a higher multiple of earnings than other types of securities, the market values of growth securities may be more sensitive to changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Smaller Company Securities Risk</b> <b>–</b> Securities of small- or mid-capitalization companies (smaller companies) can, in certain circumstances, have a higher potential for gains than securities of large-capitalization companies (larger companies) but may also have more risk. For example, smaller companies may be more vulnerable to market downturns and adverse business or economic events than larger, more established companies because they may have more limited financial resources and business operations. These companies are also more likely than larger companies to have more limited product lines and operating histories and to depend on smaller management teams. Their securities may trade less frequently and in smaller volumes and may be less liquid and fluctuate more sharply in value than securities of larger companies. In addition, some smaller companies may not be widely followed by the investment community, which can lower the demand for their stocks.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Foreign Securities Risk –</b> Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>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>Special Situations Risk –</b> Securities of companies that are involved in an initial public offering or a major corporate event, such as a business consolidation or restructuring, may present special risk because of the high degree of uncertainty that can be associated with such events. Securities issued in initial public offerings often are issued by companies that are in the early stages of development, have a history of little or no revenues and may operate at a loss following the offering. It is possible that there will be no active trading market for the securities after the offering, and that the market price of the securities may be subject to significant and unpredictable fluctuations. Investing in special situations may have a magnified effect on the performance of funds with small amounts of assets.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Sector Risk –</b> At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Frequent Trading Risk</b> <b>–</b> Frequent trading of investments increases the possibility that the Fund will realize taxable capital gains (including short-term capital gains, which are generally taxable at higher rates than long-term capital gains for U.S. federal income tax purposes), which could reduce the Fund's after-tax returns. Frequent trading can also mean higher brokerage and other transaction costs, which could reduce the Fund's returns.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R4 shares had not commenced operations prior to the date of this prospectus; therefore, performance information for this class is not yet available. The performance of Class Z shares, which have been outstanding longer than any other share class of the Fund, is shown in the bar chart and average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), this class of shares would have annual returns substantially similar to those of Class Z shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown.</p> 3rd quarter 2009: 0.1913 4th quarter 2008: -0.2725 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Russell Midcap Growth Index and the Russell Midcap Index. The Russell Midcap Growth Index measures the performance of those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index, as ranked by total 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> <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/ShareholderFeesDataNNNN column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012070Member ~</div> 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataNNNN column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012070Member ~</div> 0.0074 0 0.0024 0.0098 <div style="display:none">~ http://columbia/role/ExpenseExampleNNNN column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012070Member ~</div> 100 312 542 1201 <div style="display:none">~ http://columbia/role/BarChartDataNNNN column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012070Member ~</div> -0.2454 0.3043 0.0731 0.1636 0.1193 0.2006 -0.4398 0.439 0.2984 -0.0441 <div style="display:none">~ http://columbia/role/PerformanceTableDataNNNN column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012070Member ~</div> -0.0441 -0.0486 -0.0224 -0.0165 -0.0155 0.0374 0.0298 0.0303 0.0244 0.0141 0.0515 0.0465 0.0439 0.0529 0.0699 <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 New York individual income tax and of capital appreciation, consistent with moderate fluctuation of principal. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R5 shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above 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 22% 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 municipal bonds that pay interest exempt from federal income tax (including the federal alternative minimum tax) and New York individual income tax. These securities are issued by the State of New York and its political subdivisions, agencies, authorities and instrumentalities, by other qualified issuers and by mutual funds that invest in such securities. The Fund may invest up to 20% of its net assets in securities that pay interest subject to taxation. The Fund may invest in bonds of any maturity. Qualified issuers include issuers located in U.S. territories Guam, Puerto Rico and the U.S. Virgin Islands.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund primarily invests in municipal securities that, at the time of purchase, are rated investment grade or are unrated but determined by Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager) to be of comparable quality. The Fund also may invest up to 25% of its total assets in securities that, at the time of purchase, are rated 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." The Fund may also invest in zero-coupon 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, inverse floaters and other derivative instruments. The Fund may invest in derivatives for both hedging and non-hedging purposes, including, for example, to seek to enhance returns or as a substitute for a position in an underlying asset.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The 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 capital appreciation. The Investment Manager considers, among other factors, the creditworthiness of the issuer of the security and the various features of the security, such as its interest rate, yield, maturity, any call features and value relative to other securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager may sell a security if the Investment Manager believes that there is deterioration in the issuer's financial circumstances, or that other investments are more attractive; if there is deterioration in a security's credit rating; or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>State-Specific Municipal Securities Risk</b> – Securities issued by a particular state and its instrumentalities are subject to the risk of unfavorable developments in such state. The value of Fund shares may be more volatile than the value of shares of funds that invest in municipal securities of issuers in more than one state, as unfavorable developments have the potential to impact more significantly the Fund than funds that invest in municipal securities of many different states. A municipal security can be significantly affected by adverse tax, legislative, demographic or political changes as well as changes in the state's financial or economic condition and prospects. The Statement of Additional Information provides greater detail about risks specific to the municipal securities of the state in which the Fund invests, which investors should carefully consider.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>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>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>Changing Distribution Levels Risk</b> <b>–</b> The amount of the distributions paid by the Fund generally depends on the amount of interest and/or dividends received by the Fund on the securities it holds. The Fund may not be able to pay distributions or may have to reduce its distribution level if the interest and/or dividends the Fund receives from its investments decline.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>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>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>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>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> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Zero-Coupon Bonds Risk</b> <b>–</b> Zero-coupon bonds are bonds that do not pay interest in cash on a current basis, but instead accrue interest over the life of the bond. As a result, these securities are issued at a discount and their values may fluctuate more than the values of similar securities that pay interest periodically. Although these securities pay no interest to holders prior to maturity, interest accrued on these securities is reported as income to the Fund and affects the amounts distributed to its shareholders.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R5 shares had not commenced operations prior to the date of this prospectus; therefore, performance information for this class is not yet available. The performance of Class A shares, which have been outstanding longer than any other share class of the Fund, is shown in the bar chart and average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), this class of shares would have annual returns substantially similar to those of Class A shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower.</p> 3rd quarter 2009: 0.0975 4th quarter 2010: -0.0591 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Barclays Municipal Bond Index, the Barclays New York Municipal Bond Index and the Lipper New York Municipal Debt Funds Classification. The Barclays Municipal Bond Index, the Fund's primary benchmark, is considered representative of the broad market for investment-grade, tax-exempt bonds with maturity of at least one year. The Fund also measures itself against the Barclays New York Municipal Bond Index, as a secondary benchmark, because the Investment Manager believes that the additional index provides a reasonable view of the available municipal investment opportunities in New York and therefore provides an additional useful performance comparison. The Barclays New York Municipal Bond Index is a market-capitalization-weighted index of New York investment grade bonds with maturity of one year or more. The Lipper New York Municipal Debt Funds Classification is a calculation of average total returns of mutual funds with investment objectives similar to those of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataOOOO column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012093Member ~</div> 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataOOOO column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012093Member ~</div> 0.0047 0 0.0021 0.0068 -0.0016 0.0052 <div style="display:none">~ http://columbia/role/ExpenseExampleOOOO column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012093Member ~</div> 53 201 363 831 <div style="display:none">~ http://columbia/role/BarChartDataOOOO column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012093Member ~</div> 0.0999 0.0631 0.0378 0.0292 0.0446 0.0202 -0.0872 0.1957 0.0137 0.1192 <div style="display:none">~ http://columbia/role/PerformanceTableDataOOOO column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012093Member ~</div> 0.0665 0.0663 0.0579 0.1192 0.107 0.0979 0.0969 0.0377 0.0361 0.0378 0.0479 0.0522 0.0526 0.0378 0.0462 0.045 0.0454 0.0513 0.0538 0.0535 0.0446 <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 a high level of income exempt from federal and Oregon income tax by investing at least 80% of its net assets (plus any borrowings for investment purposes) in municipal securities issued by the State of Oregon (and its political subdivisions, agencies, authorities and instrumentalities).</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 S to the Statement of Additional Information under <b> <i>Sales Charge Waivers</i> </b> beginning on page S-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 R5 or 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;">The waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above 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 August 31 to July 31. For the fiscal period from September 1, 2011 to July 31, 2012, the Fund's portfolio turnover rate was 9% of the average value of its portfolio and for the prior fiscal year ended August 31, 2011, the Fund's portfolio turnover rate was 13% 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 municipal securities issued by the State of Oregon and its political subdivisions, agencies, authorities and instrumentalities. These securities pay interest exempt from federal income tax (but not necessarily the federal alternative minimum tax) and Oregon individual income tax. The Fund may also invest in securities of other qualified issuers. The Fund may invest up to 20% of its total assets in securities the interest on which is subject to taxation, including the federal alternative minimum tax.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund normally invests in municipal securities that, at the time of purchase, are rated investment grade or are unrated but determined to be of comparable quality. Under normal circumstances, the Fund's dollar-weighted average maturity will be between three and ten years.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest up to 10% of its total assets in below investment grade securities, which are commonly referred to as "junk bonds."</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager), evaluates a number of factors in identifying investment opportunities and constructing the Fund's portfolio. The Investment Manager considers local, national and global economic conditions, market conditions, interest rate movements and other relevant factors to determine the allocation of the Fund's assets among different issuers, industry sectors and maturities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager, in connection with selecting individual investments for the Fund, evaluates a security based on its potential to generate income and/or capital appreciation. The Investment Manager considers, among other factors, the creditworthiness of the issuer of the security and the various features of the security, such as its interest rate, yield, maturity, any call features and value relative to other securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager may sell a security if the Investment Manager believes that there is deterioration in the issuer's financial circumstances, or that other investments are more attractive; if there is deterioration in a security's credit rating; or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>State-Specific Municipal Securities Risk</b> – Securities issued by a particular state and its instrumentalities are subject to the risk of unfavorable developments in such state. The value of Fund shares may be more volatile than the value of shares of funds that invest in municipal securities of issuers in more than one state, as unfavorable developments have the potential to impact more significantly the Fund than funds that invest in municipal securities of many different states. A municipal security can be significantly affected by adverse tax, legislative, demographic or political changes as well as changes in the state's financial or economic condition and prospects. The Statement of Additional Information provides greater detail about risks specific to the municipal securities of the state in which the Fund invests, which investors should carefully consider.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>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>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>Changing Distribution Levels Risk</b> <b>–</b> The amount of the distributions paid by the Fund generally depends on the amount of interest and/or dividends received by the Fund on the securities it holds. The Fund may not be able to pay distributions or may have to reduce its distribution level if the interest and/or dividends the Fund receives from its investments decline.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>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>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>Prepayment and Extension Risk —</b> Prepayment and extension risk is the risk that a loan, bond or other security might be called or otherwise converted, prepaid or redeemed before maturity. This risk is primarily associated with asset-backed securities, including mortgage-backed securities and floating rate loans. If a loan or security is converted, prepaid or redeemed before maturity, particularly during a time of declining interest rates or spreads, the portfolio managers may not be able to invest the proceeds in securities or loans providing as high a level of income, resulting in a reduced yield to the Fund. Conversely, as interest rates rise or spreads widen, the likelihood of prepayment decreases. The portfolio managers may be unable to capitalize on securities with higher interest rates or wider spreads because the Fund's investments are locked in at a lower rate for a longer period of time.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class Z share performance is shown in the bar chart because Class Z is the oldest share class of the Fund. The inception date for the Fund's Class A and Class B shares is November 1, 2002; and the inception date for the Fund's Class C shares is October 13, 2003. 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. Class R5 shares of the Fund had not commenced operations prior to the date of this prospectus; therefore, performance information for Class R5 shares is not yet available. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), these classes of shares would have annual returns substantially similar to those of Class Z 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 Z share performance has varied for each full calendar year shown.</p> 3rd quarter 2002: 4th quarter 2010: 0.0479 -0.0335 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Barclays 3-15 Year Blend Municipal Bond Index, which tracks the performance of municipal bonds issued after December 31, 1990 with remaining maturities between 2 and 17 years and at least $7 million in principal amount outstanding.</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 Z shares and will vary for other share classes.</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataPPPP column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012071Member ~</div> 0.0325 0.01 0 0.03 0 0.01 0 0 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataPPPP column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012071Member ~</div> 0.0047 0.0025 0.0015 0.0087 -0.0006 0.0081 0.0047 0.01 0.0015 0.0162 -0.0006 0.0156 0.0047 0.01 0.0015 0.0162 -0.0006 0.0156 0.0047 0 0.001 0.0057 -0.0002 0.0055 0.0047 0 0.0015 0.0062 -0.0006 0.0056 <div style="display:none">~ http://columbia/role/ExpenseExamplePPPP column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012071Member ~</div> 405 659 259 56 57 588 805 505 181 192 786 1076 876 316 340 1357 1716 1917 712 769 <div style="display:none">~ http://columbia/role/ExpenseExampleNoRedemptionPPPP column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012071Member ~</div> 159 159 505 505 876 876 1716 1917 <div style="display:none">~ http://columbia/role/BarChartDataPPPP column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012071Member ~</div> 0.0924 0.0516 0.0403 0.0294 0.0364 0.0314 0.001 0.092 0.0201 0.0921 <div style="display:none">~ http://columbia/role/PerformanceTableDataPPPP column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012071Member ~</div> 0.0921 0.0921 0.0726 0.0546 0.0514 0.0751 0.0963 0.0466 0.0466 0.0454 0.0372 0.0363 0.0398 0.0574 0.0482 0.0477 0.047 0.0404 0.0376 0.0414 0.0535 <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 capital appreciation and above-average income by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in the stocks of companies principally engaged in the real estate industry, including real estate investment trusts (REITs).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R4 shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 72% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of companies principally engaged in the real estate industry, including REITs. Equity securities include, among other things, common stocks, preferred stocks and securities convertible into common and preferred stocks. A company is "principally engaged" in the real estate industry if at least 50% of its gross income or net profits are attributable to the ownership, construction, management or sale of residential, commercial or industrial real estate. The Fund may invest in equity REITs, mortgage REITs and hybrid REITs.</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;">Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager), combines fundamental and quantitative analysis with risk management in identifying investment opportunities and constructing the Fund's portfolio. The Investment Manager considers, among other factors:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">overall economic and market conditions; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the financial condition and management of a company, including its competitive position, the quality of its balance sheet and earnings, its future prospects, and the potential for growth and stock price appreciation.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The 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>Real Estate Sector Risk</b> – Interests held in real estate investment trusts (REITs) and in securities of other companies principally engaged in the real estate industry are subject to risks similar to those of direct investments in real estate. These risks include fluctuating property values, locally, regionally and nationally, which are affected by various factors including interest rates, property taxes, operating expenses, occupancy rates, environmental regulations and contamination, availability of credit, uninsured casualty and condemnation. The value of REITs and other companies principally engaged in the real estate industry are also affected by, among other factors, changes in the prospect for earnings and/or cash flow growth of the REIT or such real estate-related company itself. Because the value of REITs and real estate-related companies may fluctuate widely in response to changes in factors affecting the real estate markets, the value of an investment in the Fund may be more volatile than the value of an investment in a fund that is invested in a more diverse range of market sectors.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>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>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>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>Non-Diversified Mutual Fund Risk</b> <b>–</b> The Fund is non-diversified, which generally means that it may invest a greater percentage of its total assets in the securities of fewer issuers than may a "diversified" fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of more diversified funds. The Fund may not operate as a non-diversified fund at all times.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R4 shares had not commenced operations prior to the date of this prospectus; therefore, performance information for this class is not yet available. The performance of Class Z shares, which have been outstanding longer than any other share class of the Fund, is shown in the bar chart and average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), this class of shares would have annual returns substantially similar to those of Class Z shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown.</p> 3rd quarter 2009: 0.2841 4th quarter 2008: -0.3764 <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 FTSE National Association of Real Estate Investment Trusts (NAREIT) Equity REITs Index, which reflects performance of all publicly traded equity REITs other than those designated as timber REITs, and its former benchmark, FTSE NAREIT All Equity REITs Index, which reflects performance of all publicly traded equity REITs, including timber REITs. The Fund changed its benchmark because the Investment Manager believes that the FTSE NAREIT Equity REITs Index is more representative of the investment approach used to manage the Fund.</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/ShareholderFeesDataQQQQ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012072Member ~</div> 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataQQQQ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012072Member ~</div> 0.0075 0 0.0028 0.0103 <div style="display:none">~ http://columbia/role/ExpenseExampleQQQQ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012072Member ~</div> 105 328 569 1259 <div style="display:none">~ http://columbia/role/BarChartDataQQQQ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012072Member ~</div> 0.0312 0.3547 0.3108 0.0725 0.3381 -0.1738 -0.3466 0.2727 0.2629 0.0673 <div style="display:none">~ http://columbia/role/PerformanceTableDataQQQQ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012072Member ~</div> 0.0673 0.0568 0.0487 0.0829 0.0828 -0.0152 -0.0394 -0.0187 -0.0142 -0.0142 0.093 0.0674 0.0745 0.102 0.102 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund seeks long-term capital appreciation. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R4, Class R5 or Class Y shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 53% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests at least 80% of its net assets in common stocks of U.S. and foreign companies that have market capitalizations in the range of companies in the Russell 1000 Growth Index at the time of purchase (between $778 million and $624 billion as of September 30, 2012). The Fund invests primarily in common stocks of companies that Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager) believes have the potential for long-term growth.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> 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 Fund will not concentrate its assets in any single industry but may from time to time invest more than 25% of its assets in companies conducting business in various industries within an economic sector.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager combines fundamental and quantitative analysis with risk management in identifying investment opportunities and constructing the Fund's portfolio. The Investment Manager considers, among other factors:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">overall economic and market conditions; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the financial condition and management of a company, including its competitive position, the quality of its balance sheet and earnings, its future prospects, and the potential for growth and stock price appreciation.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The 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>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>Sector Risk –</b> At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Technology Sector Risk –</b> Companies in the technology sector, which are subject to significant competitive pressures, such as aggressive pricing of their products or services, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments and the potential for limited earnings and/or falling profit margins. These companies also face the risks that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of technology companies and, as a result, the value of their securities. Also, patent protection is integral to the success of many companies in the technology sector, and profitability can be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce profitability with respect to such products). In addition, many technology companies have limited operating histories. Prices of these companies' securities historically have been more volatile than other securities, especially over the short term. Because the Fund invests a significant portion of its net assets in the equity securities of technology companies, the Fund's price may be more volatile than a fund that is invested in a more diverse range of market sectors.</p> </li></ul> <ul><li> <b>Health Care Sector Risk</b> - Companies in the health care sector are subject to extensive government regulation. Their profitability can be affected significantly and adversely by restrictions on government reimbursement for medical expenses, government approval of medical products and services, competitive pricing pressures, an increased emphasis on outpatient and other alternative services and other factors. Patent protection is integral to the success of companies in the health care sector, and profitability can be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent protection for medical products (which significantly increases pricing pressures and can materially reduce profitability with respect to such products). Companies in the health care sector also potentially are subject to extensive product liability and other similar litigation. Companies in the health care sector are affected by the rising cost of medical products and services, and the effects of such rising costs can be particularly pronounced for companies that are dependent on a relatively limited number of products or services. Medical products also frequently become obsolete due to industry innovation or other causes. Because the Fund invests a significant portion of its net assets in the equity securities of health care companies, the Fund's price may be more volatile than a fund that is invested in a more diverse range of market sectors. </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Focused Portfolio Risk</b> - The Fund, because it may invest in a limited number of companies, may have more volatility and is considered to have more risk than a fund that invests in a greater number of companies because changes in the value of a single security may have a more significant effect, either negative or positive, on the Fund's net asset value. To the extent the Fund invests its assets in fewer securities, the Fund is subject to greater risk of loss if any of those securities declines in price.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Depositary Receipts Risk –</b> Some foreign securities are traded in the form of American Depositary Receipts (ADRs). Depositary receipts involve the risks of other investments in foreign securities, including risks associated with investing in the particular country, including the political, regulatory, economic, social and other conditions or events occurring in the country, as well as fluctuations in its currency. In addition, ADR holders may not have all the legal rights of shareholders and may experience difficulty in receiving shareholder communications.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R4, Class R5 and Class Y shares had not commenced operations prior to the date of this prospectus; therefore, performance information for these classes is not yet available. The performance of Class Z shares, which have been outstanding longer than any other share class of the Fund, is shown in the bar chart and average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), these classes of shares would have annual returns substantially similar to those of Class Z shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities. The returns shown for periods prior to March 31, 2008 include the returns of Large Cap Growth Fund, the predecessor to the Fund and a series of Excelsior Funds, Inc. </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: 0.1907 4th quarter 2008: -0.2694 <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 Growth Index, which measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. The Russell 1000 Index measures 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> <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/ShareholderFeesDataRRRR column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021575Member ~</div> 0 0 0 0 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataRRRR column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021575Member ~</div> 0.0064 0 0.0022 0.0086 0.0064 0 0.0007 0.0071 0.0064 0 0.0002 0.0066 <div style="display:none">~ http://columbia/role/ExpenseExampleRRRR column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021575Member ~</div> 88 73 67 274 227 211 477 395 368 1061 883 822 <div style="display:none">~ http://columbia/role/BarChartDataRRRR column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021575Member ~</div> -0.3734 0.2354 0.1473 0.1225 0.0787 0.213 -0.4411 0.4548 0.2436 -0.0321 <div style="display:none">~ http://columbia/role/PerformanceTableDataRRRR column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021575Member ~</div> -0.0321 -0.0343 -0.0175 0.0264 0.0349 0.0345 0.03 0.025 0.0247 0.0245 0.0214 0.026 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund seeks long-term capital appreciation. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R4, Class R5 or Class Y shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 33% 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 market conditions, the Fund invests at least 80% of its net assets in stocks of companies that have market capitalizations in the range of companies in the Russell 2000 Index at the time of purchase (between $45 million and $4.45 billion as of September 30, 2012). The Fund generally invests in common stocks of companies that Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager), believes are undervalued.</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 total assets in foreign equity 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 analysis with risk management in identifying value opportunities and constructing the Fund's portfolio. The Investment Manager considers, among other factors:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">businesses that are believed to be fundamentally sound and undervalued due to investor indifference, investor misperception of company prospects, or other factors.</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">various measures of valuation, including price-to-cash flow, price-to-earnings, price-to-sales, and price-to-book value. The Investment Manager believes that companies with lower valuations are generally more likely to provide opportunities for capital appreciation.</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">a company's current operating margins relative to its historic range and future potential.</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">potential indicators of stock price appreciation, such as anticipated earnings growth, company restructuring, changes in management, business model changes, new product opportunities or anticipated improvements in macroeconomic factors.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager may sell a security when the Investment Manager determines the security is no longer undervalued; 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>Smaller Company Securities Risk</b> <b>–</b> Securities of small- or mid-capitalization companies (smaller companies) can, in certain circumstances, have a higher potential for gains than securities of large-capitalization companies (larger companies) but may also have more risk. For example, smaller companies may be more vulnerable to market downturns and adverse business or economic events than larger, more established companies because they may have more limited financial resources and business operations. These companies are also more likely than larger companies to have more limited product lines and operating histories and to depend on smaller management teams. Their securities may trade less frequently and in smaller volumes and may be less liquid and fluctuate more sharply in value than securities of larger companies. In addition, some smaller companies may not be widely followed by the investment community, which can lower the demand for their stocks.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Value Securities Risk</b> <b>–</b> Value securities are securities of companies that may have experienced, for example, adverse business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the Investment Manager's future value assessment of that security, or may decline. There is also a risk that it may take longer than expected for the value of these investments to rise to the believed value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Foreign Securities Risk –</b> Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>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> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R4, Class R5 and Class Y shares had not commenced operations prior to the date of this prospectus; therefore, performance information for these classes is not yet available. The performance of Class Z shares, which have been outstanding longer than any other share class of the Fund, is shown in the bar chart and the average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), these classes of shares would have annual returns substantially similar to those of Class Z shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities. The performance shown for the Fund includes the performance of the Galaxy Small Cap Value Fund, the predecessor to the Fund, for periods prior to November 18, 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 2009: 0.2594 4th quarter 2008: -0.2767 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Russell 2000 Index and the Standard &amp; Poor's (S&amp;P) SmallCap 600® Index. The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. The S&amp;P SmallCap 600® Index tracks the performance of 600 domestic companies traded on major stock exchanges.</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/ShareholderFeesDataSSSS column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012083Member ~</div> 0 0 0 0 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataSSSS column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012083Member ~</div> 0.0085 0 0.0028 0.0113 0.0085 0 0.001 0.0095 0.0085 0 0.0005 0.009 <div style="display:none">~ http://columbia/role/ExpenseExampleSSSS column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012083Member ~</div> 115 97 92 359 303 287 622 526 498 1375 1166 1108 <div style="display:none">~ http://columbia/role/BarChartDataSSSS column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012083Member ~</div> -0.0823 0.3914 0.1655 0.0627 0.162 -0.0039 -0.3301 0.3395 0.2833 -0.0295 <div style="display:none">~ http://columbia/role/PerformanceTableDataSSSS column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012083Member ~</div> -0.0295 -0.0348 -0.012 -0.0418 0.0102 0.0217 0.0112 0.0169 0.0015 0.0194 0.0742 0.0625 0.0624 0.0562 0.0709 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks capital appreciation by investing, under normal market conditions, at least 80% of its net assets (plus any borrowings for investment purposes) in stocks of companies with a market capitalization, at the time of initial purchase, equal to or less than the largest stock in the Standard &amp; Poor's (S&amp;P) SmallCap 600® Index.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R4 shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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 113% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities (including, but not limited to, common stocks, preferred stocks and securities convertible into common or preferred stocks) of companies that have market capitalizations in the range of companies in the S&amp;P SmallCap 600® Index at the time of purchase (between $35.0 million and $3.82 billion as of September 30, 2012). The Fund invests primarily in common stocks of companies that Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager) believes have the potential for long-term, above-average earnings growth. The Fund may also invest up to 20% of its net assets in stocks of companies that have market capitalizations outside the range of the S&amp;P SmallCap 600® Index.</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 total 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;">overall economic and market conditions; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the financial condition and management of a company, including its competitive position, the quality of its balance sheet and earnings, its future prospects, and the potential for growth and stock price appreciation.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager may sell a security when the security's price reaches a target set by the Investment Manager; if the Investment Manager believes that there is deterioration in the issuer's financial circumstances or fundamental prospects, or that other investments are more attractive; or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund's investment strategy may involve the frequent trading of portfolio securities. This may cause the Fund to incur higher transaction costs (which may adversely affect the Fund's performance) and may increase taxable distributions for shareholders. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Growth Securities Risk –</b> Because growth securities typically trade at a higher multiple of earnings than other types of securities, the market values of growth securities may be more sensitive to changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Smaller Company Securities Risk</b> <b>–</b> Securities of small- or mid-capitalization companies (smaller companies) can, in certain circumstances, have a higher potential for gains than securities of large-capitalization companies (larger companies) but may also have more risk. For example, smaller companies may be more vulnerable to market downturns and adverse business or economic events than larger, more established companies because they may have more limited financial resources and business operations. These companies are also more likely than larger companies to have more limited product lines and operating histories and to depend on smaller management teams. Their securities may trade less frequently and in smaller volumes and may be less liquid and fluctuate more sharply in value than securities of larger companies. In addition, some smaller companies may not be widely followed by the investment community, which can lower the demand for their stocks.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Foreign Securities Risk –</b> Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>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>Sector Risk –</b> At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Frequent Trading Risk</b> <b>–</b> Frequent trading of investments increases the possibility that the Fund will realize taxable capital gains (including short-term capital gains, which are generally taxable at higher rates than long-term capital gains for U.S. federal income tax purposes), which could reduce the Fund's after-tax returns. Frequent trading can also mean higher brokerage and other transaction costs, which could reduce the Fund's returns.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R4 shares had not commenced operations prior to the date of this prospectus; therefore, performance information for this class is not yet available. The performance of Class Z shares, which have been outstanding longer than any other share class of the Fund, is shown in the bar chart and average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), this class of shares would have annual returns substantially similar to those of Class Z shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown.</p> 2nd quarter 2003: 0.2096 4th quarter 2008: -0.2852 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Russell 2000 Index and the Russell 2000 Growth Index. The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. The Russell 2000 Growth Index measures the performance of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares.</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataTTTT column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012073Member ~</div> 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataTTTT column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012073Member ~</div> 0.0084 0 0.0025 0.0109 <div style="display:none">~ http://columbia/role/ExpenseExampleTTTT column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012073Member ~</div> 111 347 601 1329 <div style="display:none">~ http://columbia/role/BarChartDataTTTT column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012073Member ~</div> -0.2658 0.4429 0.0961 0.1314 0.1672 0.2149 -0.4279 0.3768 0.3123 -0.0518 <div style="display:none">~ http://columbia/role/PerformanceTableDataTTTT column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012073Member ~</div> -0.0518 -0.066 -0.0161 -0.0418 -0.0291 0.0356 0.0279 0.0295 0.0015 0.0209 0.0621 0.0546 0.0528 0.0562 0.0448 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund seeks long-term capital appreciation. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R4 or Class R5 shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal period, the Fund's fiscal year end changed from June 30 to April 30. For the fiscal period from July 1, 2011 to April 30, 2012, the Fund's portfolio turnover rate was 23% of the average value of its portfolio and for the prior fiscal year ended June 30, 2011, the Fund's portfolio turnover rate was 31% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of companies that have market capitalizations in the range of the companies in the Russell 2000 Value Index at the time of purchase (between $45 million and $3.84 billion as of September 30, 2012), that Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager), believes are undervalued. The Fund may invest up to 20% of its total assets in foreign securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Investment Manager combines fundamental and quantitative analysis with risk management in identifying value opportunities and constructing the Fund's portfolio. The Investment Manager considers, among other factors: </p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> businesses that are believed to be fundamentally sound and undervalued due to investor indifference, investor misperception of company prospects, or other factors; </p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">various measures of valuation, including price-to-cash flow, price-to-earnings, price-to-sales, and price-to-book value. The Investment Manager believes that companies with lower valuations are generally more likely to provide opportunities for capital appreciation;</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">a company's current operating margins relative to its historic range and future potential; and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">potential indicators of stock price appreciation, such as anticipated earnings growth, company restructuring, changes in management, business model changes, new product opportunities, or anticipated improvements in macroeconomic factors.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager may sell a security when the security's price reaches a target set by the Investment Manager; if the Investment Manager believes that there is deterioration in the issuer's financial circumstances or fundamental prospects, or that other investments are more attractive; or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Value Securities Risk</b> <b>–</b> Value securities are securities of companies that may have experienced, for example, adverse business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the Investment Manager's future value assessment of that security, or may decline. There is also a risk that it may take longer than expected for the value of these investments to rise to the believed value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Smaller Company Securities Risk</b> <b>–</b> Securities of small- or mid-capitalization companies (smaller companies) can, in certain circumstances, have a higher potential for gains than securities of large-capitalization companies (larger companies) but may also have more risk. For example, smaller companies may be more vulnerable to market downturns and adverse business or economic events than larger, more established companies because they may have more limited financial resources and business operations. These companies are also more likely than larger companies to have more limited product lines and operating histories and to depend on smaller management teams. Their securities may trade less frequently and in smaller volumes and may be less liquid and fluctuate more sharply in value than securities of larger companies. In addition, some smaller companies may not be widely followed by the investment community, which can lower the demand for their stocks.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Foreign Securities Risk –</b> Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Sector Risk –</b> At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R4 and Class R5 shares had not commenced operations prior to the date of this prospectus; therefore, performance information for these classes is not yet available. The performance of Class A shares, which have been outstanding longer than any other share class of the Fund, is shown in the bar chart and average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), these classes of shares would have annual returns substantially similar to those of Class A shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower.</p> 3rd quarter 2009: 0.2059 4th quarter 2008: -0.2409 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Russell 2000 Value Index, which measures the performance of those Russell 2000 Index companies with lower price-to-book ratios and lower forecasted growth values.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares.</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataUUUU column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012102Member ~</div> 0 0 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataUUUU column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012102Member ~</div> 0.0081 0 0.0027 0.0002 0.011 0.0081 0 0.001 0.0002 0.0093 <div style="display:none">~ http://columbia/role/ExpenseExampleUUUU column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012102Member ~</div> 112 95 350 296 606 515 1340 1143 <div style="display:none">~ http://columbia/role/BarChartDataUUUU column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012102Member ~</div> -0.0695 0.3941 0.2281 0.0527 0.1928 -0.0263 -0.2823 0.2444 0.2572 -0.0624 <div style="display:none">~ http://columbia/role/PerformanceTableDataUUUU column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012102Member ~</div> -0.1163 -0.1266 -0.0647 -0.0624 -0.055 -0.0069 -0.0144 -0.0068 0.005 -0.0187 0.0681 0.0565 0.0561 0.0745 0.064 <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 R4 shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">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. Class R4 shares had not commenced operations prior to the date of this prospectus; therefore, performance information for this class is not yet available. The performance of Class A shares, which have been outstanding longer than any other share class of the Fund, is shown in the bar chart and average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), this class of shares would have annual returns substantially similar to those of Class A shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower.</p> 3rd quarter 2009: 0.0771 4th quarter 2008: -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).</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataVVVV column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010617Member ~</div> 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataVVVV 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/ExpenseExampleVVVV 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/BarChartDataVVVV 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/PerformanceTableDataVVVV column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000010617Member ~</div> 0.0105 -0.0084 0.0066 0.0611 0.0874 0.0647 0.0674 0.0544 0.032 0.0329 0.0648 0.0655 0.0742 0.0752 0.0717 0.0467 0.0463 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 capital appreciation by investing, under normal market conditions, at least 80% of its total net assets (plus any borrowings for investment purposes) in stocks of technology companies that may benefit from technological improvements, advancements or developments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds.</p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R4 or Class R5 shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 263% 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 net assets in equity securities (including, but not limited to, common stocks, preferred stocks and securities convertible into common or preferred stocks) of technology companies that may benefit from technological improvements, advancements or developments. The Fund may invest in companies that have market capitalizations of any size and may invest a significant amount of its assets in smaller companies.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund may invest in foreign securities. The Fund may invest in foreign securities directly 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;">Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager), evaluates a number of factors 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;">companies that have or that the Investment Manager believes will develop products, processes or services that will provide significant technological improvements, advances or developments.</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">companies that the Investment Manager expects to benefit from their extensive reliance on technology in connection with their operations and services.</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">companies from the biotechnology, cable and network broadcasting, communications, computer hardware, computer services and software, consumer electronics, defense, medical devices, pharmaceutical and semiconductor industries and other industries that may benefit from technological developments.</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">companies in all stages of corporate development, ranging from new companies developing a promising technology or scientific advancement to established companies with a record of producing breakthrough products and technologies from research and development efforts.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager may sell a security when the security's price reaches a target set by the Investment Manager; if the Investment Manager believes that there is deterioration in the issuer's financial circumstances or fundamental prospects, or that other investments are more attractive; or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The Fund's investment strategy may involve the frequent trading of portfolio securities. This may cause the Fund to incur higher transaction costs (which may adversely affect the Fund's performance) and may increase taxable distributions for shareholders. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Technology Sector Risk –</b> Companies in the technology sector, which are subject to significant competitive pressures, such as aggressive pricing of their products or services, new market entrants, competition for market share, short product cycles due to an accelerated rate of technological developments and the potential for limited earnings and/or falling profit margins. These companies also face the risks that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. These factors can affect the profitability of technology companies and, as a result, the value of their securities. Also, patent protection is integral to the success of many companies in the technology sector, and profitability can be affected materially by, among other things, the cost of obtaining (or failing to obtain) patent approvals, the cost of litigating patent infringement and the loss of patent protection for products (which significantly increases pricing pressures and can materially reduce profitability with respect to such products). In addition, many technology companies have limited operating histories. Prices of these companies' securities historically have been more volatile than other securities, especially over the short term. Because the Fund invests a significant portion of its net assets in the equity securities of technology companies, the Fund's price may be more volatile than a fund that is invested in a more diverse range of market sectors.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Smaller Company Securities Risk</b> <b>–</b> Securities of small- or mid-capitalization companies (smaller companies) can, in certain circumstances, have a higher potential for gains than securities of large-capitalization companies (larger companies) but may also have more risk. For example, smaller companies may be more vulnerable to market downturns and adverse business or economic events than larger, more established companies because they may have more limited financial resources and business operations. These companies are also more likely than larger companies to have more limited product lines and operating histories and to depend on smaller management teams. Their securities may trade less frequently and in smaller volumes and may be less liquid and fluctuate more sharply in value than securities of larger companies. In addition, some smaller companies may not be widely followed by the investment community, which can lower the demand for their stocks.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Foreign Securities Risk –</b> Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>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>Frequent Trading Risk</b> <b>–</b> Frequent trading of investments increases the possibility that the Fund will realize taxable capital gains (including short-term capital gains, which are generally taxable at higher rates than long-term capital gains for U.S. federal income tax purposes), which could reduce the Fund's after-tax returns. Frequent trading can also mean higher brokerage and other transaction costs, which could reduce the Fund's returns.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R4 and Class R5 shares had not commenced operations prior to the date of this prospectus; therefore, performance information for these classes is not yet available. The performance of Class Z shares, which have been outstanding longer than any other share class of the Fund, is shown in the bar chart and the average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), these classes of shares would have annual returns substantially similar to those of Class Z shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future.</b> Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>www.columbiamanagement.com</u>.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b>Year by Year Total Return (%) as of December 31 Each Year </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown.</p> 2nd quarter 2003: 0.3577 4th quarter 2008: -0.2855 <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Average Annual Total Return as of December 31, 2011 </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Bank of America Merrill Lynch 100 Technology Index, an unmanaged equally weighted index of 100 leading technology stocks.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares.</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataWWWW column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012075Member ~</div> 0 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataWWWW column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012075Member ~</div> 0.0087 0 0.0033 0.012 0.0087 0 0.0017 0.0104 <div style="display:none">~ http://columbia/role/ExpenseExampleWWWW column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012075Member ~</div> 122 106 381 331 660 574 1455 1271 <div style="display:none">~ http://columbia/role/BarChartDataWWWW column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012075Member ~</div> -0.3817 0.8522 0.2151 0.1676 0.0896 0.2354 -0.51 0.5085 0.2593 -0.1459 <div style="display:none">~ http://columbia/role/PerformanceTableDataWWWW column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012075Member ~</div> -0.1459 -0.1459 -0.0949 -0.1227 -0.0036 -0.0057 -0.0033 -0.001 0.0569 0.0542 0.049 0.0212 <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 that corresponds to the total return of the Citigroup Bond U.S. Treasury Index, before fees and expenses.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Shareholder Fees (fees paid directly from your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Example </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </p><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">you invest $10,000 in Class R5 shares of the Fund for the periods indicated,</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above expire on November 8, 2013, they are only reflected in the 1 year example and the first year of the 3, 5 and 10 year examples.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Based on the assumptions listed above, your costs would be:</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <b>Remember this is an example only.</b> Your actual costs may be higher or lower. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Portfolio Turnover </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal period, the Fund's fiscal year end changed from March 31 to April 30. For the fiscal period from April 1, 2012 to April 30, 2012, the Fund's portfolio turnover rate was 7% of the average value of its portfolio and for the prior fiscal year ended March 31, 2012, the Fund's portfolio turnover rate was 106% of the average value of its portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Investment Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests at least 80% of its net assets in securities that comprise the Citigroup Bond U.S. Treasury Index. The Citigroup Bond U.S. Treasury Index is an unmanaged index composed of U.S. Treasury notes and bonds with remaining maturities of at least one year and outstanding principal of at least $25 million and which are included in the Citigroup Broad Investment-Grade Bond Index. Different securities have different weightings in the Citigroup Bond U.S. Treasury Index. Securities in the Citigroup Bond U.S. Treasury Index are weighted by market value, that is, the price per bond or note multiplied by the number of bonds or notes outstanding.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">In seeking to match the performance of the Citigroup Bond U.S. Treasury Index, before fees and expenses, Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager) attempts to allocate the Fund's assets among securities in the Citigroup Bond U.S. Treasury Index. In determining whether to include a security in the Fund's portfolio, the Investment Manager will consider a security's effect on the Fund's total market value, average coupon rate, and average weighted maturity as compared to the Citigroup Bond U.S. Treasury Index. The Fund will only purchase securities that are included in the Citigroup Bond U.S. Treasury Index at the time of purchase.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund attempts to achieve at least a 95% correlation between the performance of the Citigroup Bond U.S. Treasury Index and the Fund's investment results, before fees and expenses. The Fund's ability to track the Citigroup Bond U.S. Treasury Index is affected by, among other things, transaction costs and other expenses, changes in the composition of the Citigroup Bond U.S. Treasury Index, and the timing and amount of shareholder purchases and redemptions. The Fund will not hold all of the securities in the Citigroup Bond U.S. Treasury Index.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager may sell a security when the security's percentage weighting in the index is reduced, when the security is removed from the index, or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Principal Risks</b></p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Investment Strategy Risk –</b> The Fund's manager uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions may not produce the expected returns, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Market Risk</b> <b>–</b> Market risk refers to the possibility that the market values of securities that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods, or fail to increase in value. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Index Risk</b> <b>–</b> The Fund's value will generally decline when the performance of its targeted index declines. In addition, because the Fund may not hold all issues included in its index, may not always be fully invested, and bears advisory, administrative and other expenses and transaction costs in trading securities, the Fund's performance may fail to match the performance of its targeted index, after taking expenses into account. It is not possible to invest directly in an index.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>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>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>Investment in Money Market Fund Risk</b> <b>–</b> The Fund may invest in money market funds. An investment in a money market fund is not a bank deposit and is not insured or guaranteed by any bank, the FDIC or any other government agency. Although money market funds seek to preserve the value of investments at $1.00 per share, it is possible for the Fund to lose money by investing in money market funds.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Performance Information </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. Class R5 shares had not commenced operations prior to the date of this prospectus; therefore, performance information for this class is not yet available. The performance of Class Z shares, which have been outstanding longer than any other share class of the Fund, is shown in the bar chart and average annual total return table. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), this class of shares would have annual returns substantially similar to those of Class Z shares, which are not offered in this prospectus, because all classes of the Fund's shares invest in the same portfolio of securities. The returns shown for periods prior to November 25, 2002 include the returns of Galaxy II U.S. Treasury Fund, the predecessor to 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> 4th quarter 2008: 0.0882 2nd quarter 2004: -0.0321