0001193125-13-017604.txt : 20130118 0001193125-13-017604.hdr.sgml : 20130118 20130118172243 ACCESSION NUMBER: 0001193125-13-017604 CONFORMED SUBMISSION TYPE: 485BPOS PUBLIC DOCUMENT COUNT: 6 FILED AS OF DATE: 20130118 DATE AS OF CHANGE: 20130118 EFFECTIVENESS DATE: 20130118 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: 13538359 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: 13538360 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 S000012068 Columbia Balanced Fund C000032838 Class A CBLAX C000032839 Class B CBLBX C000032840 Class C CBLCX C000032842 Class Z CBALX C000094665 Class R CBLRX C000094666 Class K CLRFX C000094667 Class R5 CLREX C000122659 Class R4 CBDRX C000122660 Class Y CBDYX 0000773757 S000012069 Columbia Greater China Fund C000032843 Class A NGCAX C000032844 Class B NGCBX C000032845 Class C NGCCX C000032846 Class Z LNGZX C000105496 Class I CCINX C000117687 Class W CGCWX C000122661 Class R5 CGCRX 0000773757 S000012070 Columbia Mid Cap Growth Fund C000032847 Class A CBSAX C000032848 Class B CBSBX C000032849 Class C CMCCX C000032852 Class R CMGRX C000032853 Class T CBSTX C000032854 Class Z CLSPX C000078986 Class Y CMGYX C000094668 Class I CMTIX C000094669 Class R5 CMGVX C000094670 Class W CMRWX C000121788 Class K C000121789 Class R4 CPGRX 0000773757 S000012073 Columbia Small Cap Growth Fund I C000032868 Class A CGOAX C000032869 Class B CGOBX C000032870 Class C CGOCX C000032871 Class Z CMSCX C000078987 Class Y CSGYX C000094676 Class I CSWIX C000094677 Class R CCRIX C000121790 Class K C000121791 Class R4 CHHRX C000121792 Class R5 0000773757 S000012074 Columbia Global Dividend Opportunity Fund C000032872 Class A CSVAX C000032873 Class B CSVBX C000032874 Class C CSRCX C000032876 Class Z CSVFX C000078988 Class Y CLSYX C000094678 Class I CEVIX C000094679 Class R CSGRX C000094680 Class W CTVWX 0000773757 S000012075 Columbia Technology Fund C000032877 Class A CTCAX C000032878 Class B CTCBX C000032879 Class C CTHCX C000032881 Class Z CMTFX C000122664 Class R4 CTYRX C000122665 Class R5 CTHRX 0000773757 S000012077 Columbia Contrarian Core Fund C000032888 Class A LCCAX C000032889 Class B LCCBX C000032890 Class C LCCCX C000032892 Class T SGIEX C000032893 Class Z SMGIX C000094681 Class R CCCRX C000094682 Class K CCRFX C000094683 Class W CTRWX C000094684 Class I CCCIX C000122666 Class R4 CORRX C000122667 Class R5 COFRX C000122668 Class Y COFYX 0000773757 S000012083 Columbia Small Cap Core Fund C000032920 Class A LSMAX C000032921 Class B LSMBX C000032922 Class C LSMCX C000032924 Class T SSCEX C000032925 Class Z SMCEX C000094692 Class I CPOIX C000094693 Class W CSCWX C000122673 Class R4 CFFRX C000122674 Class R5 CLLRX C000122675 Class Y CPFRX 0000773757 S000021572 Columbia Emerging Markets Fund C000061809 Class A Shares EEMAX C000061810 Class C Shares EEMCX C000061811 Class Z Shares UMEMX C000094702 Class I CEHIX C000094703 Class R CEMRX C000094704 Class W CEMWX C000121796 Class B C000121797 Class K C000121798 Class R5 CEKRX C000122684 Class Y CEKYX 0000773757 S000021573 Columbia Energy and Natural Resources Fund C000061812 Class A Shares EENAX C000061813 Class C Shares EENCX C000061814 Class Z Shares UMESX C000094705 Class B CEGBX C000094706 Class I CERIX C000094707 Class R CETRX C000094708 Class K CEGFX C000122685 Class R4 CENRX C000122686 Class R5 CNRRX 0000773757 S000021577 Columbia Select Small Cap Fund C000061825 Class A Shares ESCAX C000061826 Class C Shares ESCCX C000061827 Class R Shares URLCX C000061828 Class Z Shares UMLCX 0000773757 S000021578 Columbia Value and Restructuring Fund C000061829 Class A Shares EVRAX C000061830 Class C Shares EVRCX C000061831 Class R Shares URBIX C000061832 Class Z Shares UMBIX C000094712 Class I Shares CVRIX C000094713 Class W Shares CVRWX C000122690 Class R4 CVRRX C000122691 Class R5 CVCRX C000122692 Class Y CVRYX 0000773757 S000036205 Active Portfolios Multi-Manager Core Plus Bond Fund C000110856 Class A CMCPX 0000773757 S000036206 Active Portfolios Multi-Manager Small Cap Equity Fund C000110857 Class A CSCEX 0000773757 S000036207 Active Portfolios Multi-Manager Alternative Strategies Fund C000110858 Class A CPASX 485BPOS 1 d458740d485bpos.htm COLUMBIA FUNDS SERIES TRUST I Columbia Funds Series Trust I

As filed with the Securities and Exchange Commission on January 18, 2013.

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. 170   x
REGISTRATION STATEMENT
  UNDER  
THE INVESTMENT COMPANY ACT OF 1940
  Amendment No. 171   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 Contrarian Core Fund, Columbia Emerging Markets Fund, Columbia Energy and Natural Resources Fund, Columbia Global Dividend Opportunity Fund, Columbia Greater China Fund, Columbia Mid Cap Growth Fund, Columbia Select Small Cap Fund, Columbia Small Cap Core Fund, Columbia Small Cap Growth Fund I, Columbia Technology Fund, Columbia Value and Restructuring Fund, Active Portfolios® Multi-Manager Alternative Strategies Fund, Active Portfolios® Multi-Manager Core Plus Bond Fund and Active Portfolios® Multi-Manager Small Cap Equity 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 18 th day of January, 2013.

 

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     January 18, 2013      
J. Kevin Connaughton     (Principal Executive Officer)    

/s/ Michael G. Clarke

     Chief Financial Officer    

January 18, 2013

Michael G. Clarke     (Principal Financial Officer)    

/s/ Joseph F. DiMaria

     Chief Accounting Officer    

January 18, 2013

Joseph F. DiMaria     (Principal Accounting Officer)    

/s/ Rodman L. Drake*

     Trustee    

January 18, 2013

Rodman L. Drake        

/s/ Douglas A. Hacker*

     Trustee    

January 18, 2013

Douglas A. Hacker        

/s/ Janet Langford Kelly*

     Trustee    

January 18, 2013

Janet Langford Kelly        

/s/ Nancy T. Lukitsh*

     Trustee    

January 18, 2013

Nancy T. Lukitsh        

/s/ William E. Mayer*

     Trustee    

January 18, 2013

William E. Mayer        

/s/ David M. Moffett*

     Trustee    

January 18, 2013

David M. Moffett        

/s/ Charles R. Nelson*

     Trustee    

January 18, 2013

Charles R. Nelson        

/s/ John J. Neuhauser*

     Trustee    

January 18, 2013

John J. Neuhauser        

/s/ Patrick J. Simpson*

     Trustee    

January 18, 2013

Patrick J. Simpson        

/s/ William F. Truscott*

     Trustee    

January 18, 2013

William F. Truscott        

/s/ Anne-Lee Verville*

     Trustee    

January 18, 2013

Anne-Lee Verville        

 

*By:  

/s/ Ryan C. Larrenaga

  Ryan C. Larrenaga**
 

Attorney-in-Fact

January 18, 2013

 

 

** 

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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FUNDS SERIES TRUST I 0000773757 false 2013-01-01 2012-12-21 2012-12-31 <div style="display: none">~ http://xbrl.sec.gov/rr/role/RiskReturnDetailData column period compact * row dei_DocumentInformationDocumentAxis compact * row dei_LegalEntityAxis compact * row rr_ProspectusShareClassAxis compact * row rr_PerformanceMeasureAxis compact * row primary compact * ~</div> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Investment Objective</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund seeks 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. 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 21 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 K, Class R, Class R4, Class R5, 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 year, the Fund's portfolio turnover rate was 130% of the average value of its portfolio (66% excluding mortgage dollar rolls).</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 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 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> <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>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 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; the inception date for the Fund's Class C shares is October 10, 2003; the inception date for the Fund's Class R shares is September 27, 2010; and the inception date for the Fund's Class K and Class R5 shares is March 7, 2011. The returns shown for each of these classes of shares include the returns of the Fund's Class Z shares (adjusted to reflect the higher class-related operating expenses of such classes, where applicable) for periods prior to its inception date. Except for differences in expenses and sales charges (where applicable), these classes of shares 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. Class R4 and Class Y shares of the Fund commenced operations on November 8, 2012; therefore, performance information for Class R4 and Class Y shares is not yet available. Except for differences in annual returns resulting from difference 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.</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 U.S. Aggregate Bond Index. The S&amp;P 500® Index measures the performance of 500 widely held, large-capitalization U.S. stocks. The Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage passthroughs), asset-backed securities, and commercial mortgage-backed securities.</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/ShareholderFeesDataAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012068Member ~</div> 0.0575 0.01 0 0.05 0 0.01 0 0 0 0 0 0 0 0 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 0.0025 0.0025 0.0119 0.0069 0.01 0.0025 0.0194 0.0069 0.01 0.0025 0.0194 0.0069 0 0.0035 0.0104 0.0069 0.005 0.0025 0.0144 0.0069 0 0.0025 0.0094 0.0069 0 0.001 0.0079 0.0069 0 0.0005 0.0074 0.0069 0 0.0025 0.0094 <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> 689 697 297 106 147 96 81 76 96 931 909 609 331 456 300 252 237 300 1192 1247 1047 574 787 520 439 411 520 1935 2070 2264 1271 1724 1155 978 918 1155 <div style="display:none">~ http://columbia/role/ExpenseExampleNoRedemptionAAAA column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012068Member ~</div> 197 197 609 609 1047 1047 2070 2264 <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 -0.0444 -0.0429 -0.0042 0.0141 0.0108 0.0165 0.0211 0.0784 0.0441 0.0369 0.0349 0.0293 0.0301 0.0336 0.0417 0.0388 0.0442 -0.0025 0.065 0.0481 0.0413 0.0385 0.0392 0.0374 0.0376 0.0457 0.0428 0.0482 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 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 A, Class B, Class C, Class I, Class R5, Class W 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 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 A share performance (without sales charge) is shown in the bar chart because Class A shares of the Fund have been outstanding as long as any other share class of the Fund and the returns of Class A shares (adjusted, where applicable, to reflect higher class-related operating expenses) are included in the returns shown for any share class without a full ten calendar years of performance. The inception date for the Fund's Class I shares is August 2, 2011. Except for differences in expenses and sales charges (where applicable), this class of shares would have annual returns substantially similar to those of Class A shares, because all classes of the Fund's shares invest in the same portfolio of securities. Class W shares of the Fund commenced operations on June 18, 2012; and Class R5 shares of the Fund commenced operations on November 8, 2012; therefore, performance information for Class R5 and Class W shares is not yet available. Except for differences in annual returns resulting from difference in expenses and sales charges (where applicable), these classes of shares have annual returns substantially similar to those of Class A shares (without sales charges), 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: 3rd quarter 2011: 0.3652 -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). The after-tax returns are shown only for Class A shares and will vary for other share classes.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares.</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012069Member ~</div> 0.0575 0.01 0 0.05 0 0.01 0 0 0 0 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_S000012069Member ~</div> 0.0095 0.0025 0.0035 0.0155 0.0095 0.01 0.0035 0.023 0.0095 0.01 0.0035 0.023 0.0095 0 0.0013 0.0108 0.0095 0 0.0018 0.0113 0.0095 0.0025 0.0035 0.0155 0.0095 0 0.0035 0.013 <div style="display:none">~ http://columbia/role/ExpenseExampleBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012069Member ~</div> 724 733 333 110 115 158 132 1036 1018 718 343 359 490 412 1371 1430 1230 595 622 845 713 2314 2448 2636 1317 1375 1845 1568 <div style="display:none">~ http://columbia/role/ExpenseExampleNoRedemptionBBBB column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012069Member ~</div> 233 233 718 718 1230 1230 2448 2636 <div style="display:none">~ http://columbia/role/BarChartDataBBBB 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/PerformanceTableDataBBBB 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 -0.2747 -0.2461 -0.2317 -0.2313 -0.1841 -0.1991 0.0079 0.005 0.0075 0.0199 0.0086 0.0123 0.0203 0.0225 0.0252 -0.0155 0.1154 0.1128 0.1036 0.122 0.1137 0.1135 0.1222 0.1277 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 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. 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 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 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 (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 Russell Midcap Index at the time of purchase (between $298 million and $20.37 billion as of November 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>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>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>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>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>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> <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 A, Class B and Class T shares is November 1, 2002; the inception date for the Fund's Class C shares is October 13, 2003; the inception date for the Fund's Class R is January 23, 2006; the inception date for the Fund's Class Y is July 15, 2009; the inception date for the Fund's Class I and Class W shares is September 27, 2010; and the inception date for the Fund's Class R5 shares is March 7, 2011. The returns shown for each of these classes of shares include the returns of the Fund's Class Z shares (adjusted to reflect the higher class-related operating expenses of such classes, where applicable) for periods prior to its inception date. Except for differences in expenses and sales charges (where applicable), these classes of shares 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. Class K shares of the Fund had not commenced operations prior to the date of this prospectus and Class R4 shares of the Fund commenced operations on November 8, 2012; therefore, performance information for Class K and Class R4 shares is not yet available. Except for differences in annual returns resulting from difference 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.</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: 4th quarter 2008: 0.1913 -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). 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/ShareholderFeesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012070Member ~</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/OperatingExpensesDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012070Member ~</div> 0.0074 0.0025 0.0024 0.0123 0.0074 0.01 0.0024 0.0198 0.0074 0.01 0.0024 0.0198 0.0074 0 0.0004 0.0078 0.0074 0 0.0034 0.0108 0.0074 0.005 0.0024 0.0148 0.0074 0 0.0024 0.0098 0.0074 0 0.0009 0.0083 0.0074 0 0.0054 0.0128 0.0074 0.0025 0.0024 0.0123 0.0074 0 0.0004 0.0078 0.0074 0 0.0024 0.0098 <div style="display:none">~ http://columbia/role/ExpenseExampleCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012070Member ~</div> 693 701 301 80 110 151 100 85 698 125 80 100 943 921 621 249 343 468 312 265 958 390 249 312 1212 1268 1068 433 595 808 542 460 1237 676 433 542 1978 2113 2306 966 1317 1768 1201 1025 2031 1489 966 1201 <div style="display:none">~ http://columbia/role/ExpenseExampleNoRedemptionCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012070Member ~</div> 201 201 621 621 1068 1068 2113 2306 <div style="display:none">~ http://columbia/role/BarChartDataCCCC 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/PerformanceTableDataCCCC column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012070Member ~</div> -0.0441 -0.0486 -0.0224 -0.1014 -0.0995 -0.0628 -0.0429 -0.0489 -0.043 -0.1019 -0.0467 -0.0437 -0.0165 -0.0155 0.0374 0.0298 0.0303 0.0226 0.0236 0.0271 0.0378 0.0321 0.0376 0.022 0.0349 0.0377 0.0244 0.0141 0.0515 0.0465 0.0439 0.0422 0.0406 0.0411 0.0517 0.0463 0.0516 0.042 0.049 0.0517 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 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. 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 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 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 million and $3.6 billion as of November 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>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>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> <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 A, Class B and Class C shares is November 1, 2005; the inception date for the Fund's Class Y shares is July 15, 2009; and the inception date for the Fund's Class I and Class R shares is September 27, 2010. The returns shown for each of these classes of shares include the returns of the Fund's Class Z shares (adjusted to reflect the higher class-related operating expenses of such classes, where applicable) for periods prior to its inception date. Except for differences in expenses and sales charges (where applicable), these classes of shares 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. Class K and Class R5 shares of the Fund had not commenced operations prior to the date of this prospectus and Class R4 shares of the Fund commenced operations on November 8, 2012; therefore, performance information for Class K, Class R4 and Class R5 shares is not yet available. Except for differences in annual returns resulting from difference 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.</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). 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/ShareholderFeesDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012073Member ~</div> 0.0575 0.01 0 0.05 0 0.01 0 0 0 0 0 0 0 0 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_S000012073Member ~</div> 0.0084 0.0025 0.0025 0.0134 0.0084 0.01 0.0025 0.0209 0.0084 0.01 0.0025 0.0209 0.0084 0 0.0004 0.0088 0.0084 0 0.0034 0.0118 0.0084 0.005 0.0025 0.0159 0.0084 0 0.0025 0.0109 0.0084 0 0.0009 0.0093 0.0084 0 0.0004 0.0088 0.0084 0 0.0025 0.0109 <div style="display:none">~ http://columbia/role/ExpenseExampleDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012073Member ~</div> 704 712 312 90 120 162 111 95 90 111 975 955 655 281 375 502 347 296 281 347 1267 1324 1124 488 649 866 601 515 488 601 2095 2229 2421 1084 1432 1889 1329 1143 1084 1329 <div style="display:none">~ http://columbia/role/ExpenseExampleNoRedemptionDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012073Member ~</div> 212 212 655 655 1124 1124 2229 2421 <div style="display:none">~ http://columbia/role/BarChartDataDDDD 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/PerformanceTableDataDDDD column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012073Member ~</div> -0.0518 -0.066 -0.0161 -0.1088 -0.1037 -0.0697 -0.0499 -0.0566 -0.05 -0.0418 -0.0291 0.0356 0.0279 0.0295 0.0208 0.0219 0.0252 0.0361 0.0305 0.0363 0.0015 0.0209 0.0621 0.0546 0.0528 0.0532 0.0517 0.0517 0.0624 0.0569 0.0625 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 total return, consisting of current income and capital appreciation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Fees and Expenses of the Fund</b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible Columbia Funds. More information about these and other discounts is available from your financial advisor, in the <i>Choosing a Share Class</i> section beginning on page 19 of this prospectus and in Appendix 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 R, 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 year, the Fund's portfolio turnover rate was 97% 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 income-producing (dividend-paying) equity securities of U.S. and foreign companies. Equity securities include, for example, common stock, preferred stock, convertible securities and shares of real estate investment trusts (REITs). The Fund invests principally in securities of companies that Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager), believes are attractively valued and 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;">Under normal circumstances, the Fund will invest at least 40% of its net assets in foreign securities, including securities of companies in emerging market countries. 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;">In pursuit of the Fund's objectives, the Investment Manager chooses investments by applying quantitative screens to determine yield potential. The Investment Manager conducts fundamental research on and seeks to purchase potentially attractive securities based on its analysis of various factors, which may include one or more of the following, as well as other, statistical measures:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">Current yield.</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">Dividend growth capability (considering a company's financial statements and management's ability to increase the dividend if it chooses to do so) and dividend history.</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">Balance sheet strength.</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">Earnings per share and free cash flow sustainability.</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">Dividend payout ratio.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Preference is generally given to higher dividend paying companies.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Investment Manager monitors holding periods, tax qualification and transaction costs with regard to tax consequences.</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 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>Quantitative Model Risk –</b> The Fund may use quantitative methods to select investments. Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns, among others. Any errors or imperfections in the quantitative analyses or models, or in the data on which they are based, could adversely affect the ability to use such analyses or models effectively, which in turn could adversely affect the Fund's performance. There can be no assurance that these methodologies will help the Fund to achieve its objective.</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>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>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>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>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> <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>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>Real Estate Investment Trusts Risk</b> <b>–</b> Real estate investment trusts (REITs) are entities that either own properties or make construction or mortgage loans, and also may include operating or finance companies. The value of REIT shares is affected by, among other factors, changes in the value of the underlying properties owned by the REIT and/or by changes in the prospect for earnings and/or cash flow growth of the REIT itself. In addition, certain of the risks associated with general real estate ownership apply to the Fund's REIT investments, including risks related to general and local economic conditions, possible lack of availability of financing and changes in interest rates.</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; the inception date for the Fund's Class C shares is October 13, 2003; 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 Y shares is July 15, 2009. The returns shown for each of these classes of shares include the returns of the Fund's Class Z shares (adjusted to reflect the higher class-related operating expenses of such classes, where applicable) for periods prior to its inception date. Except for differences in expenses and sales charges (where applicable), these classes of shares 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> 2nd quarter 2003: 4th quarter 2008: 0.1981 -0.25 <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 its primary benchmark, the MSCI All Country World Index, which tracks the equity market performance of developed and emerging markets. The Fund changed its benchmark effective August 17, 2012 because the new benchmark is more consistent with the changes in the Fund's principal investment strategies that became effective on such date. Previously, the table compared the Fund's returns for each period with those of the Russell 1000 Index, an index that measures the performance of the 1,000 largest U.S. companies and represents approximately 90% of the U.S. equity market.</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/ShareholderFeesDataEEEE column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012074Member ~</div> 0.0575 0.01 0 0.05 0 0.01 0 0 0 0 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_S000012074Member ~</div> 0.0075 0.0025 0.0026 0.0126 0.0075 0.01 0.0026 0.0201 0.0075 0.01 0.0026 0.0201 0.0075 0 0.0008 0.0083 0.0075 0.005 0.0026 0.0151 0.0075 0.0025 0.0026 0.0126 0.0075 0 0.0008 0.0083 0.0075 0 0.0026 0.0101 <div style="display:none">~ http://columbia/role/ExpenseExampleEEEE column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012074Member ~</div> 696 704 304 85 154 128 85 103 952 930 630 265 477 400 265 322 1227 1283 1083 460 824 692 460 558 2010 2144 2338 1025 1802 1523 1025 1236 <div style="display:none">~ http://columbia/role/ExpenseExampleNoRedemptionEEEE column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012074Member ~</div> 204 204 630 630 1083 1083 2144 2338 <div style="display:none">~ http://columbia/role/BarChartDataEEEE column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012074Member ~</div> -0.0856 0.3645 0.157 0.0738 0.1458 0.1477 -0.4151 0.3714 0.1725 -0.0889 <div style="display:none">~ http://columbia/role/PerformanceTableDataEEEE column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012074Member ~</div> -0.0889 -0.0897 -0.0568 -0.1435 -0.1432 -0.1071 -0.0875 -0.093 -0.0908 -0.0878 -0.0735 0.015 -0.0033 -0.0069 -0.0024 -0.0174 -0.0168 -0.0131 -0.0028 -0.0083 -0.005 -0.0025 -0.0193 -0.0002 0.0574 0.051 0.0496 0.0485 0.0467 0.0469 0.0576 0.0521 0.0557 0.0578 0.0424 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 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. 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 R4, 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;"> 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 220% 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 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>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>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>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>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> <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 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. Except for 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. Class R4 and Class R5 shares of the Fund commenced operations on November 8, 2012; therefore, performance information for Class R4 and Class R5 shares is not yet available. Except for differences in annual returns resulting from difference 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.</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). 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/ShareholderFeesDataFFFF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012075Member ~</div> 0.0575 0.01 0 0.05 0 0.01 0 0 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_S000012075Member ~</div> 0.0087 0.0025 0.0033 0.0145 0.0087 0.01 0.0033 0.022 0.0087 0.01 0.0033 0.022 0.0087 0 0.0033 0.012 0.0087 0 0.0017 0.0104 0.0087 0 0.0033 0.012 <div style="display:none">~ http://columbia/role/ExpenseExampleFFFF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012075Member ~</div> 714 723 323 122 106 122 1007 988 688 381 331 381 1322 1380 1180 660 574 660 2210 2344 2534 1455 1271 1455 <div style="display:none">~ http://columbia/role/ExpenseExampleNoRedemptionFFFF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012075Member ~</div> 223 223 688 688 1180 1180 2344 2534 <div style="display:none">~ http://columbia/role/BarChartDataFFFF 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/PerformanceTableDataFFFF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012075Member ~</div> -0.1459 -0.1459 -0.0949 -0.1971 -0.1971 -0.163 -0.1227 -0.0036 -0.0057 -0.0033 -0.018 -0.0173 -0.0135 -0.001 0.0569 0.0542 0.049 0.0478 0.0459 0.0466 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, 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. 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 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;"> 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 September 30 to August 31. For the fiscal period from October 1, 2011 to August 31, 2012, the Fund's portfolio turnover rate was 62% of the average value of its portfolio and for the prior fiscal year ended September 30, 2011, the Fund's portfolio turnover rate was 78% 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 Fund may from time to time emphasize one or more economic sectors in selecting its investments.</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> <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> <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 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 December 9, 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 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. Except for 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. Class R4, Class R5 and Class Y shares of the Fund commenced operations on November 8, 2012; therefore, performance information for Class R4, Class R5 and Class Y shares is not yet available. Except for differences in annual returns resulting from difference 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 returns shown for the Fund includes the returns 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: 4th quarter 2008: 0.2069 -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). 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/ShareholderFeesDataGGGG column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012077Member ~</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/OperatingExpensesDataGGGG column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012077Member ~</div> 0.007 0.0025 0.0026 0.0121 -0.0001 0.012 0.007 0.01 0.0026 0.0196 -0.0001 0.0195 0.007 0.01 0.0026 0.0196 -0.0001 0.0195 0.007 0 0.0004 0.0074 0 0.0074 0.007 0 0.0034 0.0104 0 0.0104 0.007 0.005 0.0026 0.0146 -0.0001 0.0145 0.007 0 0.0026 0.0096 -0.0001 0.0095 0.007 0 0.0009 0.0079 0 0.0079 0.007 0 0.0056 0.0126 -0.0001 0.0125 0.007 0.0025 0.0026 0.0121 -0.0001 0.012 0.007 0 0.0004 0.0074 0 0.0074 0.007 0 0.0026 0.0096 -0.0001 0.0095 <div style="display:none">~ http://columbia/role/ExpenseExampleGGGG column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012077Member ~</div> 690 698 298 76 106 148 97 81 695 122 76 97 936 914 614 237 331 461 305 252 951 383 237 305 1201 1256 1056 411 574 796 530 439 1226 664 411 530 1956 2090 2284 918 1271 1745 1177 978 2009 1465 918 1177 <div style="display:none">~ http://columbia/role/ExpenseExampleNoRedemptionGGGG column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012077Member ~</div> 198 198 614 614 1056 1056 2090 2284 <div style="display:none">~ http://columbia/role/BarChartDataGGGG 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/PerformanceTableDataGGGG column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012077Member ~</div> -0.0093 -0.0137 -0.0002 -0.0686 -0.067 -0.0294 -0.0084 -0.011 -0.0138 -0.0683 -0.0119 0.015 0.0281 0.0235 0.0239 0.0135 0.0142 0.0178 0.0284 0.0266 0.0232 0.0127 0.0255 -0.0002 0.0366 0.0308 0.0306 0.0279 0.0262 0.0263 0.0368 0.0352 0.0317 0.0273 0.0341 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. 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 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 August 31. For the fiscal period from October 1, 2011 to August 31, 2012, the Fund's portfolio turnover rate was 26% of the average value of its portfolio and for the prior fiscal year ended September 30, 2011, 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 $29 million and $4.84 billion as of November 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> <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 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 and the inception date for the Fund's Class I and Class W shares is September 27, 2010. The returns shown for each of these classes of shares include the returns of the Fund's Class Z shares (adjusted to reflect the higher class-related operating expenses of such classes, where applicable) for periods prior to its inception date. Except for differences in expenses and sales charges (where applicable), these classes of shares 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. Class R4, Class R5 and Class Y shares of the Fund commenced operations on November 8, 2012; therefore, performance information for Class R4, Class R5 and Class Y shares is not yet available. Except for differences in annual returns resulting from difference 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 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: 4th quarter 2008: 0.2594 -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 small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. The Russell 2000 Index includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. 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). 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/ShareholderFeesDataHHHH column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012083Member ~</div> 0.0575 0.01 0 0.05 0 0.01 0 0 0 0 0 0 0.0575 0.01 0 0 0 0 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_S000012083Member ~</div> 0.0085 0.0025 0.0028 0.0138 0.0085 0.01 0.0028 0.0213 0.0085 0.01 0.0028 0.0213 0.0085 0 0.0005 0.009 0.0085 0 0.0028 0.0113 0.0085 0 0.001 0.0095 0.0085 0 0.0058 0.0143 0.0085 0.0025 0.0028 0.0138 0.0085 0 0.0005 0.009 0.0085 0 0.0028 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_S000012083Member ~</div> 707 716 316 92 115 97 712 140 92 115 987 967 667 287 359 303 1001 437 287 359 1287 1344 1144 498 622 525 1312 755 498 622 2137 2271 2462 1108 1375 1166 2190 1657 1108 1375 <div style="display:none">~ http://columbia/role/ExpenseExampleNoRedemptionHHHH column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012083Member ~</div> 216 216 667 667 1144 1144 2271 2462 <div style="display:none">~ http://columbia/role/BarChartDataHHHH 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/PerformanceTableDataHHHH column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012083Member ~</div> -0.0295 -0.0348 -0.012 -0.0865 -0.0844 -0.0475 -0.0275 -0.0879 -0.0309 -0.0418 0.0102 0.0217 0.0112 0.0169 0.0072 0.0089 0.0116 0.0222 0.0066 0.0194 0.0015 0.0194 0.0742 0.0625 0.0624 0.0651 0.0632 0.0636 0.0745 0.0644 0.0717 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 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 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 I, Class K, Class R, Class R5, 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;">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 period, the Fund's fiscal year end changed from March 31 to August 31. For the fiscal period from April 1, 2012 to August 31, 2012, the Fund's portfolio turnover rate was 35% of the average value of its portfolio and for the prior fiscal year ended March 31, 2012, 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>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>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>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>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>Derivatives Risk – Forward Foreign Currency Contracts</b> <b>–</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> <b>–</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 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 C shares is September 28, 2007; and the inception date for the Fund's Class I, Class R and Class W shares is September 27, 2010. The returns shown for each of these classes of shares include the returns of the Fund's Class Z shares (adjusted to reflect the higher class-related operating expenses of such classes, where applicable) for periods prior to its inception date. Except for differences in expenses and sales charges (where applicable), these classes of shares 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. Class B and Class K shares of the Fund had not commenced operations prior to the date of this prospectus and Class R5 and Class Y shares of the Fund commenced operations on November 8, 2012; therefore, performance information for Class B, Class K, Class R5 and Class Y shares is not yet available. Except for differences in annual returns resulting from difference 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 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) is a free float-adjusted market capitalization index designed to measure equity market performance of emerging markets. The MSCI EAFE Index (Net) is also 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). 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/ShareholderFeesDataIIII column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021572Member ~</div> 0.0575 0.01 0 0.05 0 0.01 0 0 0 0 0 0 0 0 0 0 0 0 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_S000021572Member ~</div> 0.0135 0.0025 0.0048 0.0208 -0.0029 0.0179 0.0135 0.01 0.0048 0.0283 -0.0029 0.0254 0.0135 0.01 0.0048 0.0283 -0.0029 0.0254 0.0135 0 0.0017 0.0152 -0.0018 0.0134 0.0135 0 0.0047 0.0182 -0.0018 0.0164 0.0135 0.005 0.0048 0.0233 -0.0029 0.0204 0.0135 0 0.0022 0.0157 -0.0018 0.0139 0.0135 0.0025 0.0048 0.0208 -0.0029 0.0179 0.0135 0 0.0017 0.0152 -0.0018 0.0134 0.0135 0 0.0048 0.0183 -0.0029 0.0154 <div style="display:none">~ http://columbia/role/ExpenseExampleIIII column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021572Member ~</div> 746 757 357 136 167 207 142 182 136 157 1163 1150 850 463 555 700 478 624 463 547 1604 1668 1468 812 968 1219 838 1092 812 963 2825 2957 3136 1797 2123 2644 1852 2387 1797 2124 <div style="display:none">~ http://columbia/role/ExpenseExampleNoRedemptionIIII column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021572Member ~</div> 257 257 850 850 1468 1468 2957 3136 <div style="display:none">~ http://columbia/role/BarChartDataIIII 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/PerformanceTableDataIIII column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021572Member ~</div> -0.189 -0.1953 -0.1123 -0.2379 -0.2058 -0.1881 -0.1931 -0.1924 -0.1842 -0.1214 -0.0049 -0.0173 -0.0018 -0.0187 -0.0146 -0.0046 -0.0099 -0.0076 0.024 -0.0472 0.1301 0.1218 0.119 0.1207 0.119 0.1303 0.1244 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. 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 I, Class K Class R, Class R4, 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;">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 August 31. For the fiscal period from April 1, 2012 to August 31, 2012, the Fund's portfolio turnover rate was 14% of the average value of its portfolio and for the prior fiscal year ended March 31, 2012, 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>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>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>Derivatives Risk — Options</b> <b>–</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 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 C shares is September 28, 2007; the inception date for the Fund's Class I and Class R shares is September 27, 2010; and the inception date for the Fund's Class B and Class K 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. Except for 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. Class R4 and Class R5 shares of the Fund commenced operations on November 8, 2012; therefore, performance information for Class R4 and Class R5 shares is not yet available. Except for differences in annual returns resulting from difference 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 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 Fund's primary benchmark, the S&amp;P North American Natural Resources Sector Index (the S&amp;P NANR Index), a modified capitalization-weighted index designed as a benchmark for U.S. traded securities in the natural resources sector. The S&amp;P NANR 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 table also compares the Fund's returns to a secondary benchmark, which is a weighted custom composite, established by the Investment Manager (the Blended Benchmark). The Blended Benchmark consists of a 60% weighting in the MSCI World Energy Sector Index and a 40% weighting in the MSCI World Materials Sector Index. The MSCI World Energy Sector Index is a free float-adjusted market capitalization weighted index that represents the energy segment in global developed market equity performance. The MSCI World Materials Sector Index is a free float-adjusted market capitalization weighted index that represents the materials segment in global developed-market equity performance.</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/ShareholderFeesDataJJJJ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021573Member ~</div> 0.0575 0.01 0 0.05 0 0.01 0 0 0 0 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_S000021573Member ~</div> 0.0075 0.0025 0.0035 0.0135 0.0075 0.01 0.0035 0.021 0.0075 0.01 0.0035 0.021 0.0075 0 0.0011 0.0086 0.0075 0 0.0041 0.0116 0.0075 0.005 0.0035 0.016 0.0075 0 0.0035 0.011 0.0075 0 0.0016 0.0091 0.0075 0 0.0035 0.011 <div style="display:none">~ http://columbia/role/ExpenseExampleJJJJ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021573Member ~</div> 705 713 313 88 118 163 112 93 112 978 958 658 274 368 505 350 290 350 1272 1329 1129 477 638 871 606 504 606 2105 2240 2431 1061 1409 1900 1340 1120 1340 <div style="display:none">~ http://columbia/role/ExpenseExampleNoRedemptionJJJJ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021573Member ~</div> 213 213 658 658 1129 1129 2240 2431 <div style="display:none">~ http://columbia/role/BarChartDataJJJJ 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/PerformanceTableDataJJJJ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021573Member ~</div> -0.1092 -0.1122 -0.0668 -0.1629 -0.1615 -0.1267 -0.1074 -0.1106 -0.1138 -0.0735 -0.082 0.0239 0.0141 0.0168 0.0096 0.0086 0.0143 0.0245 0.0215 0.0182 0.0404 0.0218 0.1133 0.0986 0.0964 0.1041 0.1004 0.1026 0.1136 0.1106 0.107 0.1099 0.103 <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 A, Class C, Class R 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;"> 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 period, the Fund's fiscal year end changed from March 31 to August 31. For the fiscal period from April 1, 2012 to August 31, 2012, the Fund's portfolio turnover rate was 107% of the average value of its portfolio and for the prior fiscal year ended March 31, 2012, the Fund's portfolio turnover rate was 61% 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 the companies in the Russell 2000 Growth Index at the time of purchase (between $29 million and $4.84 billion as of November 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 at time of purchase outside the range of Russell 2000 Growth 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;">the financial condition and management of a company, including its competitive position, the quality of its balance sheet and earnings, its future prospects, the strength of its corporate culture, including the structure of economic and other incentives for employees and management, 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>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>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>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>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>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>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>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 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 C shares is September 28, 2007; and the inception date for the Fund's Class R shares is December 31, 2004. The returns shown for each of these classes of shares include the returns of the Fund's Class Z shares (adjusted to reflect the higher class-related operating expenses of such classes, where applicable) for periods prior to its inception date. Except for differences in expenses and sales charges (where applicable), these classes of shares 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. The performance shown for the Fund includes the performance of Small Cap 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 2003: 4th quarter 2008: 0.2904 -0.2664 <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 Russell 2000 Growth Index, which measures the performance of those Russell 2000 Index companies with higher price-to-book ratios and higher forecasted growth values. The table also compares the Fund's returns with the Russell 2000 Index, which measures the performance of the small-cap segment of the U.S. equity universe. The Russell 2000 Index is a subset of the Russell 3000 Index representing approximately 10% of the total market capitalization of that index. The Russell 2000 Index includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. Prior to January 27, 2012, the Russell 2000 Index was the Fund's sole benchmark. The Fund added the Russell 2000 Growth Index as the primary benchmark effective January 27, 2012 because the Investment Manager believes that the index provides a useful performance comparison given the Fund's investment in companies believed to 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 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/ShareholderFeesDataKKKK column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021577Member ~</div> 0.0575 0.01 0 0.01 0 0 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_S000021577Member ~</div> 0.0087 0.0025 0.0037 0.0149 -0.0008 0.0141 0.0087 0.01 0.0037 0.0224 -0.0008 0.0216 0.0087 0.005 0.0037 0.0174 -0.0008 0.0166 0.0087 0 0.0037 0.0124 -0.0008 0.0116 <div style="display:none">~ http://columbia/role/ExpenseExampleKKKK column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021577Member ~</div> 710 319 169 118 1012 693 540 386 1334 1193 936 673 2246 2569 2045 1493 <div style="display:none">~ http://columbia/role/ExpenseExampleNoRedemptionKKKK column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021577Member ~</div> 219 693 1193 2569 <div style="display:none">~ http://columbia/role/BarChartDataKKKK column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021577Member ~</div> -0.1938 0.4871 0.2266 0.0269 0.1635 0.108 -0.4142 0.2975 0.3011 -0.125 <div style="display:none">~ http://columbia/role/PerformanceTableDataKKKK column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021577Member ~</div> -0.125 -0.125 -0.0813 -0.1768 -0.1417 -0.1286 -0.0291 -0.0418 -0.0084 -0.0115 -0.0068 -0.0222 -0.018 -0.0132 0.0209 0.0015 0.0535 0.0501 0.0471 0.0443 0.0427 0.048 0.0448 0.0562 <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 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 C, Class I, Class R, Class R4, Class R5, 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;">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 period, the Fund's fiscal year end changed from March 31 to August 31. For the fiscal period from April 1, 2012 to August 31, 2012, the Fund's portfolio turnover rate was 64% of the average value of its portfolio and for the prior fiscal year ended March 31, 2012, 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 assets in common stocks of companies that Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Investment Manager) believes are undervalued and have the potential for long-term appreciation. In addition, under normal circumstances, the Fund invests at least 65% of its assets in common stocks of companies the Investment Manager believes will benefit from various types of restructuring efforts or industry consolidation. 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 foreign securities, including securities of companies in emerging market countries. 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 Fund may from time to time emphasize one or more economic sectors in selecting its investments.</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;">the potential impact of restructuring activities, such as consolidations, outsourcing, corporate reorganizations, changes in management or business model changes, on a company's potential for long-term growth.</p> </li><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, 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;">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, 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>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>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>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>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> <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 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 C shares is September 28, 2007; the inception date for the Fund's Class I shares and Class W shares is September 27, 2010 and the inception date for the Fund's Class R shares is December 31, 2004. The returns shown for each of these classes of shares include the returns of the Fund's Class Z shares (adjusted to reflect the higher class-related operating expenses of such classes, where applicable) for periods prior to its inception date. Except for differences in expenses and sales charges (where applicable), these classes of shares 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. Class R4, Class R5 and Class Y shares of the Fund commenced operations on November 8, 2012; therefore, performance information for Class R4, Class R5 and Class Y shares is not yet available. Except for differences in annual returns resulting from difference 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 returns shown for the Fund include the returns of Value and Restructuring 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: 4th quarter 2008: 0.2559 -0.3037 <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 Value Index and the S&amp;P 500® Index. The Russell 1000 Value Index measures the performance of those companies in the Russell 1000 Index with lower price-to-book ratios and lower forecasted growth values. The Russell 1000 Index measures the performance of 1,000 of the largest U.S. companies, based on market capitalization. The S&amp;P 500® Index tracks the performance of 500 widely held, large-capitalization U.S. 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). 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_S000021578Member ~</div> 0.0575 0.01 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_S000021578Member ~</div> 0.0074 0.0025 0.0029 0.0003 0.0131 -0.0002 0.0129 0.0074 0.01 0.0029 0.0003 0.0206 -0.0002 0.0204 0.0074 0 0.0006 0.0003 0.0083 0 0.0083 0.0074 0.005 0.0029 0.0003 0.0156 -0.0002 0.0154 0.0074 0 0.0029 0.0003 0.0106 -0.0002 0.0104 0.0074 0 0.0011 0.0003 0.0088 0 0.0088 0.0074 0.0025 0.0029 0.0003 0.0131 -0.0002 0.0129 0.0074 0 0.0006 0.0003 0.0083 0 0.0083 0.0074 0 0.0029 0.0003 0.0106 -0.0002 0.0104 <div style="display:none">~ http://columbia/role/ExpenseExampleLLLL column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021578Member ~</div> 699 307 85 157 106 90 131 85 106 964 644 265 491 335 281 413 265 335 1250 1107 460 848 583 488 716 460 583 2062 2388 1025 1855 1292 1084 1577 1025 1292 <div style="display:none">~ http://columbia/role/ExpenseExampleNoRedemptionLLLL column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021578Member ~</div> 207 644 1107 2388 <div style="display:none">~ http://columbia/role/BarChartDataLLLL column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021578Member ~</div> -0.2332 0.4778 0.1936 0.0996 0.1488 0.1043 -0.473 0.4729 0.1968 -0.1079 <div style="display:none">~ http://columbia/role/PerformanceTableDataLLLL column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000021578Member ~</div> -0.1079 -0.1097 -0.0677 -0.1613 -0.1257 -0.1079 -0.1122 -0.1101 0.0039 0.0211 -0.0176 -0.0199 -0.0149 -0.0313 -0.0269 -0.0175 -0.0222 -0.0199 -0.0264 -0.0025 0.0457 0.0437 0.0396 0.0371 0.0356 0.0458 0.0407 0.0432 0.0389 0.0292 <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 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 A 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 78% of the average value of its portfolio (76% excluding mortgage dollar rolls).</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;">The Fund is a diversified fund that pursues its investment objective by allocating the Fund's assets among different asset managers that use multiple investment styles to invest in bonds and other debt securities. The Fund's investment manager, Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager), and investment subadvisers (Subadvisers) each provide day-to-day portfolio management for a portion of the Fund's assets, or <i>sleeve</i> of the Fund. Columbia Management and the Subadvisers employ different investment styles and processes that, in the aggregate, are intended to complement the strategies of one another in pursuit of the Fund's investment objective.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Columbia Management is responsible for providing day-to-day portfolio management of a sleeve of the Fund and is also responsible for oversight of the Fund's Subadvisers. The Subadvisers are Federated Investment Management Company (Federated) and TCW Investment Management Company (TCW). Columbia Management, subject to the oversight of the Fund's Board of Trustees, determines the allocation of the Fund's assets to each sleeve, and may change these allocations at any time. Columbia Management and the Subadvisers act independently of each other and use their own methodologies for selecting investments.</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 (including the amount of any borrowings for investment purposes) in bonds and other debt securities, including debt securities issued by the U.S. Government, its agencies, instrumentalities or sponsored corporations, debt securities issued by corporations, mortgage- and other asset-backed securities and dollar-denominated securities issued by foreign governments, companies or other entities and bank loans and other obligations. The Fund 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 rating categories or are unrated securities determined by Columbia Management or the applicable Subadviser to be of comparable quality. The Fund may invest up to 20% of its net 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 in unrated securities determined by Columbia Management or the applicable Subadviser to be of comparable quality. The Fund also may participate in mortgage dollar rolls in an amount up to the Fund's then current position in mortgage-backed securities. The Fund may invest in fixed income securities of any maturity and does not seek to maintain a particular dollar-weighted average maturity or duration at the Fund level.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Up to 25% of the Fund's net assets may be invested in foreign investments, which may include investments in non-U.S. dollar denominated securities, as well as investments in emerging markets securities. In connection with its strategy relating to foreign investments, the Fund may buy or sell foreign currencies in lieu of or in addition to non-dollar denominated fixed-income securities in order to increase or decrease its exposure to foreign interest rate and/or currency markets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in derivatives, including futures contracts (including currency, fixed income, index and interest rate futures), forward foreign currency contracts, forward rate agreements, options (including options on currencies, interest rates and swap agreements, which are commonly referred to as swaptions), swap contracts (including swaps on fixed income futures and credit default, cross-currency, and interest rate swaps) and other derivative instruments, including instruments commonly known as mortgage derivatives, such as inverse floaters, To Be Announced (TBA) securities, and interest-only (IO), principal-only (PO), inverse IO and tiered index bonds. The Fund may use derivatives in an effort to produce incremental earnings, to hedge existing positions, to increase market or credit exposure and investment flexibility (including using the derivative as a substitute for the purchase or sale of the underlying security, currency or other asset), and/or to change the effective duration of the Fund or a sleeve of the Fund. The Fund also may invest in private placements.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Each sleeve manager's investment strategy may involve the frequent trading of portfolio securities, which may increase brokerage and other transaction costs and have adverse tax consequences.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Columbia Management Sleeve </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Columbia Management evaluates a number of factors in identifying investment opportunities and constructing its sleeve of the Fund. The selection of debt obligations is the primary decision in building the investment portfolio.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Columbia Management evaluates a security based on its potential to generate income and/or capital appreciation. Columbia Management 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;">Columbia Management also considers local, national and global economic conditions, market conditions, interest rate movements and other relevant factors to allocate sleeve assets among issuers, securities, industry sectors and maturities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Columbia Management may sell a security if it 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> Federated Sleeve </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Federated seeks to enhance the performance of its sleeve by allocating relatively more assets to a fixed-income sector that Federated expects to offer the best balance between total return and risk and thus offer the greatest potential for return.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Federated utilizes a four-part decision making process. First, Federated lengthens or shortens portfolio duration from time to time based on its interest rate outlook. The greater a portfolio's average duration, the greater the change in the portfolio's value in response to a change in market interest rates. Second, Federated strategically positions sleeve assets based on its expectations for changes in the relative yield of similar securities with different maturities (frequently referred to as a "yield curve"). Federated tries to combine individual portfolio securities with different durations to take advantage of relative changes in interest rates. Relative changes in interest rates may occur whenever longer-term interest rates move more, less or in a different direction than shorter-term interest rates. Third, Federated pursues relative value opportunities within the sectors in which the Fund may invest. Finally, Federated selects individual securities within each sector that it believes may outperform a sector-specific benchmark. For example, Federated employs fundamental analysis in an effort to identify those corporate debt securities with the most potential upside within specific credit quality constraints. Similarly, with respect to mortgage-backed securities, Federated utilizes quantitative models to analyze specific characteristics of the underlying mortgage pool and find those securities in the sector it believes are most attractive.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">This four-part investment process is designed to capture the depth of experience and focus of each of Federated's fixed-income sector teams - government, corporate, mortgage-backed, asset-backed, high-yield and international.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Federated may seek to hedge investment returns from securities denominated in foreign currencies. A currency hedge is a transaction intended to remove the influence of currency fluctuations on investment returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Federated typically sells securities for one of two reasons: first and foremost, for credit concerns - if Federated believes that the credit will deteriorate more than anticipated by the market; and second, for valuation reasons - if the yield moves inside of other comparable industry issuers and thus represents a lesser risk/reward profile on a total return basis. Federated does not employ or set strict quantitative sell disciplines.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> TCW Sleeve </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">With respect to its sleeve, TCW seeks to enhance the Fund's performance through the measured and diversified application of five fixed income management strategies: (1) duration management, (2) yield curve positioning, (3) sector allocation, (4) security selection, and (5) opportunistic execution. TCW's investment philosophy is predicated on a long-term economic outlook, and investments are characterized by diversification among the sectors of the fixed income marketplace. In seeking to identify undervalued securities, TCW focuses on such investment metrics as current yield, potential for price appreciation, position in capital structure via other creditors, yield to maturity, rating, duration, and liquidity. The most important facet of TCW's portfolio construction process is the application of independent, bottom-up research in an effort to identify securities that are undervalued and that offer a superior risk/return profile. TCW seeks to control risk through a variety of techniques including diversification, duration constraints, and quantitative scenario analysis. Under normal market conditions, TCW seeks to construct for its sleeve an investment portfolio with a weighted average effective duration of no more than eight years.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">TCW may sell portfolio securities when it determines to take advantage of a better investment opportunity because TCW believes that the Fund's current portfolio securities no longer represent relatively attractive investment opportunities.</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>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, investments, managers, strategies and/or investment styles 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>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>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>Derivatives Risk — Credit Default Swaps – </b>The Fund may enter into credit default swaps for investment purposes, for risk management (hedging) purposes, and to increase investment flexibility. A credit default swap enables an investor to buy or sell protection against a credit event, such as an issuer's failure to make timely payments of interest or principal, bankruptcy or restructuring. A credit default swap may be embedded within a structured note or other derivative instrument. Swaps can involve greater risks than direct investment in the underlying securities, because swaps subject the Fund to the risk that the counterparty to the instrument will not perform or will be unable to perform in accordance with the terms of the instrument, and pricing risk (i.e., swaps may be difficult to value). In addition, it may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses. If the Fund is selling credit protection, there is a risk that a credit event will occur and that the Fund will have to pay the counterparty. If the Fund is buying credit protection, there is a risk that no credit event will occur and the Fund will receive no benefit for the premium paid.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk — Forward Contracts</b> <b>–</b> A forward is a contract between two parties to buy or sell an asset at a specified future time at a price agreed today. Forwards are traded in the over-the-counter markets. The Fund may purchase forward contracts, including those on mortgage-backed securities in the "to be announced" (TBA) market. In the TBA market, the seller agrees to deliver the mortgage backed securities for an agreed upon price on an agreed upon date, but makes no guarantee as to which or how many securities are to be delivered. Investments in forward contracts subject the Fund to counterparty risk.</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> <b>–</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 — Forward Rate Agreements</b> <b>–</b> Under forward rate agreements, the buyer locks in an interest rate at a future settlement date. If the interest rate on the settlement date exceeds the lock rate, the buyer pays the seller the difference between the two rates. If the lock rate exceeds the interest rate on the settlement date, the seller pays the buyer the difference between the two rates. The Fund may act as a buyer or a seller.</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> <b>–</b> The Fund may buy or sell futures. A futures contract is a contract between a buyer (holding the "long" position) and a seller (holding the "short" position) for an asset with delivery deferred until a future date. The buyer agrees to pay a fixed price at the agreed future date and the seller agrees to deliver the asset. The seller hopes that the market price on the delivery date is less than the agreed upon price, while the buyer hopes for the contrary. The liquidity of the futures markets depends on participants entering into offsetting transactions rather than making or taking delivery. To the extent participants decide to make or take delivery, liquidity in the particular futures market could be reduced. Certain futures markets are more liquid than others. In addition, certain futures exchanges often impose a maximum permissible price movement on each futures contract for each trading session. To the extent that the Fund trades on such futures exchanges, the Fund may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk — Interest Rate Swaps</b> <b>–</b> The Fund may enter into interest rate swap agreements to seek to obtain or preserve a desired return or spread at a lower cost than through a direct investment in an instrument that yields the desired return or spread. Interest rate swaps can be based on various measures of interest rates, including LIBOR, swap rates, treasury rates and other foreign interest rates. A swap agreement can increase or decrease the volatility of the Fund's investments and its net asset value. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged, are subject to the risk that a counterparty becomes bankrupt or otherwise fails to perform its obligations, may be difficult to value and may not be possible for the Fund to liquidate at an advantageous time or price, which may result in significant losses.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk — Options</b> <b>–</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>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>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>Leverage Risk –</b> Leverage occurs when the Fund increases its assets available for investment using borrowings, short sales, derivatives, or similar instruments or techniques. The use of leverage may make any change in the Fund's net asset value (NAV) even greater and thus result in increased volatility of returns. The Fund's assets that are used as collateral to secure the Fund's obligations to return the securities sold short may decrease in value while the short positions are outstanding, which may force the Fund to use its other assets to increase the collateral. Leverage can create an interest expense that may lower the Fund's overall returns. Leverage presents the opportunity for increased net income and capital gains, but also exaggerates the Fund's risk of loss. There can be no guarantee that a leveraging strategy will be successful.</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>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>Multi-Adviser Risk –</b> The Fund has multiple subadvisers. Each subadviser makes investment decisions independently from the other subadviser(s). It is possible that the security selection process of one subadviser will not complement or may even contradict that of the other subadviser(s), including makings off-setting trades that have no net effect to the Fund, but which may increase Fund expenses. As a result, the Fund's exposure to a given security, industry, sector or market capitalization could be smaller or larger than if the Fund were managed by a single subadviser, which could affect the Fund's performance.</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>Impairment of Collateral Risk –</b> The value of any collateral securing a floating rate loan can decline, and may be insufficient to meet the borrower's obligations or difficult to liquidate. In addition, the Underlying Fund's access to collateral may be limited by bankruptcy or other insolvency laws. Floating rate loans may decline in value.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Counterparty Risk</b> <b>—</b> The risk exists that a counterparty to a financial instrument held by the Fund or by a special purpose or structured vehicle in which the Fund invests may become insolvent or otherwise fail to perform its obligations due to financial difficulties, including making payments to the Fund. The Fund may obtain no or limited recovery in a bankruptcy or other organizational proceedings, and any recovery may be significantly delayed. Transactions that the Fund enters into may involve counterparties in the financial services sector and, as a result, events affecting the financial services sector may cause the Fund's share value to fluctuate.</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 Fund has not completed a full calendar year of performance; therefore, performance information is not provided.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">When available, the Fund intends to compare its performance to the performance of the Barclays U.S. Aggregate Bond Index, which 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;">Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>columbiamanagement.com</u>.</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataMMMM column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000036205Member ~</div> 0 0 <div style="display:none">~ http://columbia/role/OperatingExpensesDataMMMM column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000036205Member ~</div> 0.0047 0.0025 0.0009 0.0081 <div style="display:none">~ http://columbia/role/ExpenseExampleMMMM column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000036205Member ~</div> 83 259 <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 A 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, 2014, they are only reflected in the 1 year example and the first two years of the 3 year example. </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 26% 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;">The Fund is a diversified fund that pursues its investment objective by allocating the Fund's assets among different asset managers that use multiple investment styles to invest in equity securities. The Fund's investment manager, Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager), and investment subadvisers (Subadvisers) each provide day-to-day portfolio management for a portion of the Fund's assets, or <i>sleeve</i> of the Fund. Columbia Management and the Subadvisers employ different investment styles and processes that, in the aggregate, are intended to complement the strategies of one another in pursuit of the Fund's investment objective.</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 (plus the amount of any borrowings for investment purposes) in equity securities (including common stocks, preferred stocks and convertible securities) of companies that have market capitalizations in the range of the companies in the Russell 2000® Index at the time of purchase (between $29.0 million and $4.8 billion as of November 30, 2012). The Fund may invest up to 25% of its total assets in foreign securities. The Fund may also invest in real estate investment trusts (REITs) and exchange-traded funds (ETFs).</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Columbia Management is responsible for providing day-to-day portfolio management of two sleeves of the Fund and is also responsible for oversight of the Subadvisers. The Fund's Subadvisers are Conestoga Capital Advisors, LLC (Conestoga), Dalton, Greiner, Hartman, Maher &amp; Co., LLC (DGHM) and EAM Investors, LLC (EAM). In addition, Real Estate Management Services Group, LLC (REMS) provides advisory services with respect to REITs in DGHM's sleeve. Columbia Management, subject to the oversight of the Fund's Board of Trustees, determines the allocation of the Fund's assets to each sleeve (except for REMS, for which DGHM determines the proportion of its sleeve assets to be managed by REMS), and may change these allocations at any time. Columbia Management and the Subadvisers act independently of each other and use their own methodologies for selecting investments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in futures, including index futures, to seek to enhance returns, as a substitute for a position in an underlying asset, or for other purposes.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Each sleeve manager's investment strategy may involve the frequent trading of portfolio securities, which may increase brokerage and other transaction costs and have adverse tax consequences.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Columbia Management — Small Cap Value Strategy Sleeve </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Columbia Management combines fundamental and quantitative analysis with risk management in seeking to identify value opportunities and construct this sleeve. When selecting investments, Columbia Management considers, among other factors:</p> <ul> <li><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> businesses that Columbia Management believes 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:2;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. Columbia Management 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:2;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:2;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;">Columbia Management may sell a security when the security's price reaches a target set by Columbia Management; if Columbia Management 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> Conestoga — Small Cap Growth Strategy Sleeve </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Conestoga follows an investment style sometimes called "GARP" or "Growth at a Reasonable Price." Conestoga generally invests its sleeve assets in small-cap companies with expected earnings growth rates that exceed the average expected growth rate of all U.S. publicly traded companies, where Conestoga believes valuations seem reasonable compared to the expected earnings growth, fundamental financial characteristics appear to be strong, the business model offers a sustainable competitive advantage, and management has an important ownership stake in the company. Conestoga uses a bottom-up approach in selecting securities. Conestoga may sell a security when the security becomes overvalued in Conestoga's opinion; if Conestoga 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> DGHM — Small Cap Value Strategy Sleeve </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Other than assets invested in REITs (as described below), DGHM invests this sleeve's assets primarily in small capitalization equity securities of domestic companies that DGHM believes are undervalued. The companies may be unseasoned or established companies.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">In identifying securities for this sleeve, DGHM utilizes a proprietary valuation model combined with in-depth industry and company specific research developed by DGHM. More specifically, DGHM uses a bottom-up selection process to attempt to identify equity securities of companies that appear to be selling at a discount relative to DGHM's assessment of their potential value. DGHM focuses on the cash flows, historical profitability, projected future earnings, and financial condition of individual companies in identifying which securities to purchase. DGHM may weigh other factors against a company's valuation in deciding which companies appear attractive for investment. These factors may include the following:</p> <ul> <li><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">quality of the business franchise, </p></li> <li><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">competitive advantage, </p></li> <li><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">economic or market conditions, </p></li> <li><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">deployment of capital, and/or </p></li> <li><p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">reputation, experience, and competence of the company's management.</p></li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">In implementing its investment strategy, DGHM invests with a multi-year investment horizon rather than focusing on the month or quarter end data. DGHM does not attempt to make macroeconomic calls (i.e., predict economic growth, interest rates, currency levels, commodity prices, etc.). Additionally, DGHM does not attempt to predict the direction of the stock market.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">DGHM may invest a significant portion of its sleeve assets in one or more sectors of the equity securities market, including but not limited to healthcare, technology and natural resources sectors.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Generally, securities are sold when the characteristics and factors used to select the securities change or the securities have appreciated to the point where it is no longer attractive for the Fund to hold.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">REMS provides advisory services with respect to investments that this sleeve may make in REITs. DGHM is responsible for the overall management of this sleeve and the supervision of REMS. There is no pre-determined allocation to REMS, and the allocation is determined through on-going discussions between these Subadvisers. When providing advisory services with respect to DGHM's sleeve, REMS follows the investment approach described above for DGHM.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> EAM — Small Cap Growth Strategy Sleeve </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">EAM chooses investments for this sleeve through bottom-up fundamental analysis, which utilizes a blend of a quantitative discovery process to screen for investment ideas that meet certain criteria, including, but not limited to, technical factors, such as changes in relative price strength, and fundamental factors, such as earnings surprise and estimate revisions (the Discovery Phase), and a qualitative analysis process (the Analysis Phase). In selecting individual securities for investment, EAM seeks companies with the potential for sustained earnings acceleration.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">To that end, during the Discovery Phase EAM looks to identify companies likely to benefit from positive fundamental change by utilizing an objective screening process. Those companies meeting the criteria established to move beyond the Discovery Phase next move to the Analysis Phase, where EAM seeks to determine whether any changes in the company's fundamentals have occurred, whether those changes may lead to sustainable earnings growth acceleration and whether it is a timely investment in terms of EAM's fundamental valuation of the company and its current market price. During the Analysis Phase, EAM considers such factors as the company's internal environment (e.g., a new product, new management or change in cost structure) and/or external environment (e.g., new regulations, new geographies, market share shifts and new business incentives). </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> EAM may sell a security if EAM believes that other investments are more attractive, the company's fundamentals have deteriorated (including but not limited to deteriorating relative strength, negative internal and/or external change, negative estimate revisions and/or negative earnings surprise), the company's catalyst for growth is already reflected in the security's price (i.e., the security is fully valued), or for other reasons.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Columbia Management — Liquidity Strategy Sleeve </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Columbia Management is responsible for managing cash flows into and out of the Fund resulting from the purchase and redemption of Fund shares. Columbia Management typically invests this sleeve in U.S. government securities, high-quality, short-term debt instruments, including investments in affiliated or unaffiliated money market funds, ETFs and futures (including index futures).</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, investments, managers, strategies and/or investment styles 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>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>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 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>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>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>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>Investing in Other Funds Risk</b> – The Fund, and its shareholders, indirectly bear a portion of the expenses of any funds, including exchange-traded funds, in which the Fund invests. The performance of the funds in which the Fund invests could be adversely affected if other entities that invest in the same funds make relatively large investments or redemptions in the funds. In addition, because the expenses and costs of the funds are shared by investors in the underlying fund, redemptions by other investors in the underlying fund could result in decreased economies of scale and increased operating expenses for the underlying funds. These transactions might also result in higher brokerage, tax or other costs for the Fund. This risk may be particularly important when one investor owns a substantial portion of any underlying fund. If a fund pays fees to the Investment Manager or a subadviser (if any) or their respective affiliates, this could result in the Investment Manager or the subadviser having a potential conflict of interest in selecting the funds in which the Fund invests or in determining the percentage of the Fund's investments allocated to each fund. There are also circumstances in which the fiduciary duties of the Investment Manager or a subadviser (if any) to the Fund may conflict with its fiduciary duties to the underlying funds for which it serves as investment manager.</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> <b>–</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>Multi-Adviser Risk –</b> The Fund has multiple subadvisers. Each subadviser makes investment decisions independently from the other subadviser(s). It is possible that the security selection process of one subadviser will not complement or may even contradict that of the other subadviser(s), including makings off-setting trades that have no net effect to the Fund, but which may increase Fund expenses. As a result, the Fund's exposure to a given security, industry, sector or market capitalization could be smaller or larger than if the Fund were managed by a single subadviser, which could affect the Fund's performance.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Real Estate Investment Trusts Risk</b> <b>–</b> Real estate investment trusts (REITs) are entities that either own properties or make construction or mortgage loans, and also may include operating or finance companies. The value of REIT shares is affected by, among other factors, changes in the value of the underlying properties owned by the REIT and/or by changes in the prospect for earnings and/or cash flow growth of the REIT itself. In addition, certain of the risks associated with general real estate ownership apply to the Fund's REIT investments, including risks related to general and local economic conditions, possible lack of availability of financing and changes in interest rates.</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 Fund has not completed a full calendar year of performance; therefore, performance information is not provided.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">When available, the Fund intends to compare its performance to the performance of the Russell 2000 Index, which measures the performance of the 2,000 smallest companies in the Russell 3000 Index and represents approximately 8% of the total market capitalization of the Russell 3000 Index.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>columbiamanagement.com</u>.</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataNNNN column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000036206Member ~</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_S000036206Member ~</div> 0.0096 0.0025 0.0056 0.0001 0.0178 -0.0043 0.0135 <div style="display:none">~ http://columbia/role/ExpenseExampleNNNN column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000036206Member ~</div> 137 474 <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 with an emphasis on absolute (positive) returns.</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 A 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, 2014, they are only reflected in the 1 year example and the first two years of the 3 year example. </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 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;">The Fund pursues its investment objective by allocating the Fund's assets among different asset managers that use multiple investment styles and strategies across different markets. The Fund's investment manager, Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager), and investment subadvisers (Subadvisers) each provide day-to-day portfolio management for a portion of the Fund's assets, or <i>sleeve</i> of the Fund. The Investment Manager and the Subadvisers employ a variety of investment strategies, techniques and practices that are designed to seek positive returns, with a low correlation to the performance of the broad equity and fixed income markets over a complete market cycle.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Columbia Management is responsible for providing day-to-day portfolio management of a sleeve and is also responsible for oversight of the Subadvisers. The Fund's Subadvisers are AQR Capital Management, LLC (AQR), Eaton Vance Management (Eaton Vance), Wasatch Advisors, Inc. (Wasatch) and Water Island Capital, LLC (Water Island). Columbia Management, subject to the oversight of the Fund's Board of Trustees, determines the allocation of the Fund's assets to each sleeve, and may change these allocations at any time. Columbia Management and the Subadvisers act independently of each other and use their own methodologies for selecting investments.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">As described below, the Subadvisers' investment strategies and techniques may involve seeking exposure to capital markets; seeking to exploit disparities or inefficiencies in markets, geographical areas and companies; seeking to take advantage of security mispricings or anticipated price movements; and/or seeking to benefit from cyclical themes and relationships or special situations and events (such as mergers, acquisitions or reorganizations). Such strategies are subject to risks that are relatively unrelated to the broad equity and fixed income markets.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may employ both long (an ordinary purchase) and short (described below) positions in equity securities (including common stock, preferred stock and convertible securities), fixed-income securities (including sovereign and quasi-sovereign debt obligations, corporate bonds, notes and debentures), derivative instruments (including futures, forwards, swaps and commodity-linked investments) and exchange-traded funds (ETFs). When the Fund takes a short position, it typically sells a currency, security or other asset that it has borrowed in anticipation of a decline in the price of the asset. A sleeve may at any time have either a net long exposure or a net short exposure to markets, and neither the sleeves nor the Fund's portfolio as a whole will be managed to maintain any fixed net long or net short market exposure. To close out a short position, the Fund buys back the same security or other asset in the market and returns it to the lender. If the price of the security or other asset falls sufficiently, the Fund will make money. If it instead increases in price, the Fund will lose money.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in early stage companies and initial public offerings (IPOs). The Fund may invest in companies of any market capitalization and may invest without limitation in foreign securities or instruments and currencies, including investments in emerging market instruments. The Fund may invest in fixed income securities of any maturity (and does not seek to maintain a particular dollar-weighted average maturity) and of any credit quality, including investments that are rated below investment-grade (commonly referred to as "high yield securities" or "junk bonds") or, if unrated, deemed by the Investment Manager or applicable Subadviser, as the case may be, to be of comparable quality. The Fund may also engage in repurchase agreements and reverse repurchase agreements.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">It is anticipated that the Fund will make substantial use of derivatives, including both exchange-traded and over-the-counter (OTC) instruments. The Fund may invest in commodity-linked investments (including, but not limited to, commodity-linked futures, structured notes and swaps on commodity futures), futures (including, but not limited to, currency, equity, fixed income, index and interest rate futures), forward foreign currency contracts, forward rate agreements, options (including, but not limited to, options on currencies, equities, interest rates and swaps, which are commonly referred to as "swaptions") and swaps (including, but not limited to, swaps on commodity and fixed income futures and credit default, cross-currency, interest rate and total return swaps). The Fund may use these derivatives in an effort to produce incremental earnings and enhance total return, to hedge existing positions, to increase market or credit exposure (including using derivatives as a substitute for the purchase or sale of the underlying security or other asset), to manage certain investment risks and/or as a substitute for the purchase or sale of securities, currencies or commodities, and/or to change the Fund's effective duration. One or more of the strategies used by the Fund and the Subsidiaries may result in leveraged exposure in general and to one or more specific asset classes.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund may invest in securities and instruments, including derivatives, indirectly through two offshore, wholly-owned subsidiaries organized under the laws of the Cayman Islands (each, a Subsidiary) and managed by Columbia Management. One Subsidiary is subadvised by AQR and one is subadvised by Eaton Vance. Both Subsidiaries have substantially the same investment objective as the Fund and their investments are consistent with the Fund's investment restrictions applied on a "look through" basis. Generally, the Subsidiaries will invest mainly in futures and/or swaps, including, but not limited to, commodity-related futures, swaps and swaps on commodity futures, but they may also make any other investments the Fund may make, including investments intended to serve as margin or collateral for the Subsidiary's derivative positions. Unlike the Fund (which is subject to limitations under U.S. federal tax laws), the Subsidiaries may invest without limitation in commodity-linked derivatives; however, the Fund and its Subsidiaries will comply on a consolidated basis with asset coverage or segregation requirements. AQR and Eaton Vance are expected to invest no more than 25% of the total assets of their respective sleeves in the Subsidiary that they subadvise and the Fund, in the aggregate, will not invest more than 25% of its total assets in the Subsidiaries.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Fund expects to hold a significant amount of cash, U.S. Treasury securities, money market instruments (which may include investments in one or more affiliated or unaffiliated money market funds or similar vehicles), other high-quality, short-term investments or mortgage-backed securities, or other liquid assets to meet its segregation obligations as a result of its investments in derivatives.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">The Subsidiaries' commodity-linked investments are expected to produce leveraged exposure to the performance of the commodities markets. In addition to its investments in commodity-linked derivative instruments, the Fund may, through investments in Subsidiaries, invest directly in physical commodities, including but not limited to, gold, silver, platinum and palladium.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Each sleeve manager's investment strategy may involve the frequent trading of portfolio securities or instruments, which may increase brokerage and other transaction costs and have adverse tax consequences.</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;"><b> The AQR Sleeve – Managed Futures Strategy </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">AQR invests its sleeve primarily in a portfolio of futures contracts and futures-related instruments and equity swaps including, but not limited to, global developed and emerging market equity index futures, swaps on equity index futures and equity swaps; global developed and emerging market currency forwards; commodity futures and swaps on commodity futures; interest rate futures, bond futures and swaps on bond futures, either by investing directly in those instruments or indirectly by investing in a Subsidiary. AQR may invest this sleeve without limit in foreign instruments, including emerging market instruments. The sleeve's universe of investments includes futures, futures-related instruments, global developed and emerging market exchange traded futures, exchange traded notes, forward contracts and equity swaps across four major asset classes (commodities, currencies, fixed income and equities); however, this universe of investments may change as market conditions change and as these instruments evolve over time. The investment return of AQR's sleeve is expected to be derived principally from changes in the value of securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">AQR uses proprietary quantitative models to identify price trends in equity, fixed income, currency and commodity instruments. Once AQR identifies a trend, the sleeve will take either a long or short position in the given instrument. The size of the position taken will relate to AQR's confidence in the trend continuing as well as AQR's estimate of the instrument's risk. In addition, AQR may reduce the sleeve's position in an instrument if the trend strength weakens or for risk management purposes. AQR generally expects that its sleeve will have long and short positions across all four major asset classes (commodities, currencies, fixed income and equities), but AQR may emphasize one or two of the asset classes or a limited number of exposures within an asset class.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">AQR expects the value of sleeve assets over short-term periods to be volatile because of the significant use of instruments that have a leveraging effect. Volatility is a statistical measurement of the dispersion of returns of a security or a fund or index, as measured by the annualized standard deviation of its returns.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> The Eaton Vance Sleeve - Global Macro Advantage Strategy </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">With respect to its sleeve, Eaton Vance invests in securities, derivatives and other instruments to establish long and short investment exposures around the world. Eaton Vance normally invests in multiple countries and may have significant exposure to foreign currencies. Eaton Vance's long and short investments primarily are sovereign exposures, including sovereign debt, currencies, and interest rates. Eaton Vance may also invest in corporate debt and equity issuers, both foreign and domestic, including banks, and commodities-related investments. Eaton Vance's investments may be highly concentrated in a geographic region or country and typically a portion will be invested in emerging market countries. Eaton Vance may invest in fixed income securities, a wide variety of derivative instruments, commodities-related investments and equity securities. Eaton Vance expects to achieve certain exposures primarily through derivative transactions, including, but not limited to, foreign exchange forward contracts; futures on securities, indices, currencies, commodities, and other investments; options; interest rate swaps, cross-currency swaps, total return swaps; and credit default swaps, each of which may create economic leverage. Eaton Vance may engage in repurchase agreements, reverse repurchase agreements, forward commitments, short sales and securities lending.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Eaton Vance utilizes macroeconomic and political analysis to identify investment opportunities throughout the world, including in both developed and emerging markets. Eaton Vance seeks to identify countries and currencies it believes have potential to outperform investments in other countries and currencies, and to anticipate changes in global economies, markets, political conditions and other factors for this purpose.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Eaton Vance employs an absolute return investment approach. Absolute return strategies benchmark their performance primarily against short-term cash instruments, adjusting to compensate for the amount of investment risk assumed. Relative return strategies, by contrast, seek to outperform a designated stock, bond or other market index, and measure their performance primarily in relation to such benchmark. Over time, the investment performance of absolute return strategies is intended to be substantially independent of longer term movements in the stock and bond market.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> The Water Island Sleeve - Multi-Event Arbitrage Strategies </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Water Island invests this sleeve in equity and debt securities of companies the prices of which Water Island believes are being or will be impacted by a corporate event. Specifically, Water Island employs investment strategies designed to capture price movements generated by publicly announced or anticipated corporate events such as mergers, acquisitions, asset sales, restructurings, refinancings, recapitalizations, reorganizations or other special situations.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Water Island may utilize investment strategies such as merger arbitrage, convertible arbitrage and capital structure arbitrage in order to profit from event-driven opportunities. These investment strategies are described more fully below.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <i>Merger Arbitrage</i> seeks to profit from the successful completion of mergers, takeovers, tender offers, leveraged buyouts, spin-offs, liquidations and other corporate reorganizations. The most common arbitrage activity, and the approach Water Island generally will use, involves purchasing the shares of an announced acquisition target company at a discount to their expected value upon completion of the acquisition. Water Island may engage in short sales when the terms of a proposed acquisition call for the exchange of common stock and/or other securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <i>Convertible Arbitrage</i> seeks to profit from pricing discrepancies between an issuer's convertible securities and its underlying equity. The most common convertible arbitrage approach, and the strategy Water Island generally will use, matches a long position in the convertible security with a short position in the underlying common stock. Water Island seeks to purchase convertible securities at discounts to their expected future values and sell shares of the underlying common stock short in order to hedge against equity market movements. The positions are typically designed to earn income from coupon or dividend payments, and from the short sale of common stock.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> <i>Capital Structure Arbitrage</i> seeks to profit from pricing discrepancies between related debt and/or equity securities.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> For example, Water Island may purchase a senior secured security of an issuer and sell short an unsecured security of the same issuer. In this example, the trade would be profitable if credit quality spreads widened or if the issuer went bankrupt and the recovery rate for the senior debt was higher. It is expected that positions will be liquidated when pricing discrepancies disappear.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Water Island continuously monitors its investments and evaluates each investment's risk/return profile, on both an investment and sleeve level, taking into account the availability of other event-driven opportunities. As a result of this continuous examination of investment conditions, Water Island will not necessarily use each of its available strategies (principal and non-principal) at a particular time, but rather will allocate its investments according to what Water Island believes are the best risk-adjusted opportunities available.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">When determining whether to sell or cover a security, Water Island continuously reviews and rationalizes each investment's risk versus its reward relative to its predetermined exit strategy. Water Island will sell or cover a security when the securities of the companies involved in the transaction do not meet its expected return criteria in light of prevailing market prices and the relative risks of the situation.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> The Wasatch Sleeve - Equity Long/Short Strategy </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Wasatch invests this sleeve primarily in equity securities by maintaining long equity positions and short equity positions. Wasatch seeks to achieve higher risk-adjusted returns with lower volatility compared to the equity markets in general (as represented by the S&amp;P 500® Index). Under normal market conditions, Wasatch invests its sleeve's assets typically in the equity securities of companies with market capitalizations of at least $100 million at the time of purchase that Wasatch has identified as being undervalued ("long" equity positions) and sells short those securities ("short" equity positions) that Wasatch has identified as being overvalued.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Wasatch believes that the best opportunities to make both short and long equity investments arise when the market's perception of the values of individual companies (measured by the stock price) differs widely from Wasatch's assessment of the intrinsic values of such companies. Wasatch also believes that opportunities to invest in undervalued and overvalued stocks arise due to a variety of market inefficiencies including:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">Changes in market participant psychology and circumstances.</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">Imperfect information.</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">Forecasts and projections by Wall Street analysts and company representatives that differ from Wasatch's forecasts and projections, based on its analysis of past market experience.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">When evaluating a potential long or short investment for the Fund, Wasatch employs a comprehensive valuation analysis intended to establish a range for fair valuation or intrinsic company value, with particular emphasis on company fundamentals.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Wasatch intends to engage in short sales of securities of companies that it believes:</p> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">Have earnings that appear to be reflected in the current price.</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">Are likely to fall short of market expectations.</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">Are in industries exhibiting weaknesses.</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">Have poor management.</p> </li><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;">Are likely to suffer an event affecting long-term earnings.</p> </li></ul> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Wasatch may invest in derivatives, such as options, in order to hedge risk. In addition, Wasatch may invest in fixed income securities (both short-term and long-term maturities), including corporate notes, bonds and debentures, including those rated below investment grade. The Wasatch sleeve may invest a large percentage of its assets in relatively few sectors, and the sleeve is expected to have a high turnover rate.</p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"><b> Columbia Management - Liquidity Strategy Sleeve </b></p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;">Columbia Management is responsible for managing cash flows into and out of the Fund resulting from the purchase and redemption of Fund shares. Columbia Management typically invests this sleeve in U.S. government securities, high-quality, short-term debt instruments, including investments in affiliated or unaffiliated money market funds, ETFs and futures (including index futures).</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, investments, managers, strategies and/or investment styles 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>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>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>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 — Credit Default Swaps – </b>The Fund may enter into credit default swaps for investment purposes, for risk management (hedging) purposes, and to increase investment flexibility. A credit default swap enables an investor to buy or sell protection against a credit event, such as an issuer's failure to make timely payments of interest or principal, bankruptcy or restructuring. A credit default swap may be embedded within a structured note or other derivative instrument. Swaps can involve greater risks than direct investment in the underlying securities, because swaps subject the Fund to the risk that the counterparty to the instrument will not perform or will be unable to perform in accordance with the terms of the instrument, and pricing risk (i.e., swaps may be difficult to value). In addition, it may not be possible for the Fund to liquidate a swap position at an advantageous time or price, which may result in significant losses. If the Fund is selling credit protection, there is a risk that a credit event will occur and that the Fund will have to pay the counterparty. If the Fund is buying credit protection, there is a risk that no credit event will occur and the Fund will receive no benefit for the premium paid.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk – Forward Foreign Currency Contracts</b> <b>–</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 — Forward Rate Agreements</b> <b>–</b> Under forward rate agreements, the buyer locks in an interest rate at a future settlement date. If the interest rate on the settlement date exceeds the lock rate, the buyer pays the seller the difference between the two rates. If the lock rate exceeds the interest rate on the settlement date, the seller pays the buyer the difference between the two rates. The Fund may act as a buyer or a seller.</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> <b>–</b> The Fund may buy or sell futures. A futures contract is a contract between a buyer (holding the "long" position) and a seller (holding the "short" position) for an asset with delivery deferred until a future date. The buyer agrees to pay a fixed price at the agreed future date and the seller agrees to deliver the asset. The seller hopes that the market price on the delivery date is less than the agreed upon price, while the buyer hopes for the contrary. The liquidity of the futures markets depends on participants entering into offsetting transactions rather than making or taking delivery. To the extent participants decide to make or take delivery, liquidity in the particular futures market could be reduced. Certain futures markets are more liquid than others. In addition, certain futures exchanges often impose a maximum permissible price movement on each futures contract for each trading session. To the extent that the Fund trades on such futures exchanges, the Fund may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk — Interest Rate Swaps</b> <b>–</b> The Fund may enter into interest rate swap agreements to seek to obtain or preserve a desired return or spread at a lower cost than through a direct investment in an instrument that yields the desired return or spread. Interest rate swaps can be based on various measures of interest rates, including LIBOR, swap rates, treasury rates and other foreign interest rates. A swap agreement can increase or decrease the volatility of the Fund's investments and its net asset value. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged, are subject to the risk that a counterparty becomes bankrupt or otherwise fails to perform its obligations, may be difficult to value and may not be possible for the Fund to liquidate at an advantageous time or price, which may result in significant losses.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk — Options</b> <b>–</b> The Fund may buy and sell call and put options, including options on currencies, interest rates and swap agreements (commonly referred to as swaptions), for investment purposes, for risk management (hedging) purposes, and to increase investment flexibility. If the Fund sells a put option, there is a risk that the Fund may be required to buy the underlying asset at a disadvantageous price. If the Fund sells a call option, there is a risk that the Fund may be required to sell the underlying asset at a disadvantageous price, and if the call option sold is not covered (for example, by owning the underlying asset), the Fund's losses are theoretically unlimited.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk – Total Return Swaps</b> - In a total return swap transaction, one party agrees to pay the other party an amount equal to the total return of a defined underlying asset (such as an equity security or basket of such securities) or a non-asset reference (such as an index) during a specified period of time. In return, the other party would make periodic payments based on a fixed or variable interest rate or on the total return from a different underlying asset or non-asset reference. Total return swaps could result in losses if the underlying asset or reference does not perform as anticipated. Such transactions can have the potential for unlimited losses. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged, are subject to counterparty credit risk, may be difficult to value, and may not be possible to liquidate at an advantageous time or price, which may result in significant losses.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>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>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>Investing in Other Funds Risk</b> – The Fund, and its shareholders, indirectly bear a portion of the expenses of any funds, including exchange-traded funds, in which the Fund invests. The performance of the funds in which the Fund invests could be adversely affected if other entities that invest in the same funds make relatively large investments or redemptions in the funds. In addition, because the expenses and costs of the funds are shared by investors in the underlying fund, redemptions by other investors in the underlying fund could result in decreased economies of scale and increased operating expenses for the underlying funds. These transactions might also result in higher brokerage, tax or other costs for the Fund. This risk may be particularly important when one investor owns a substantial portion of any underlying fund. If a fund pays fees to the Investment Manager or a subadviser (if any) or their respective affiliates, this could result in the Investment Manager or the subadviser having a potential conflict of interest in selecting the funds in which the Fund invests or in determining the percentage of the Fund's investments allocated to each fund. There are also circumstances in which the fiduciary duties of the Investment Manager or a subadviser (if any) to the Fund may conflict with its fiduciary duties to the underlying funds for which it serves as investment manager.</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>Liquidity Risk</b> <b>–</b> Illiquid securities are securities that cannot be readily disposed of in the normal course of business. There is a risk that the Fund may not be able to sell such securities at the time it desires or without adversely affecting their price.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Low and Below Investment Grade Securities Risk</b> <b>–</b> Debt securities with the lowest investment grade rating (e.g., BBB by Standard &amp; Poor's, a division of the McGraw-Hill Companies, Inc. (S&amp;P), or Fitch, Inc. (Fitch) or Baa by Moody's Investors Service, Inc. (Moody's)), or that are below investment grade (which are commonly referred to as "junk bonds") (e.g., BB or below by S&amp;P or Fitch or Ba by Moody's) and unrated securities of comparable quality are more speculative than securities with higher ratings and may experience greater price fluctuations. These securities tend to be more sensitive to credit risk than higher-rated securities, particularly during a downturn in the economy, which is more likely to weaken the ability of the issuers to make principal and interest payments on these securities. These securities typically pay a premium – a higher interest rate or yield – because of the increased risk of loss, including default. These securities also are generally less liquid than higher-rated securities. The securities ratings provided by Moody's, S&amp;P and Fitch are based on analyses by these ratings agencies of the credit quality of the securities and may not take into account every risk related to whether interest or principal will be timely repaid.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Commodity-Related Investment Risk –</b> The value of commodities investments will generally be affected by overall market movements, commodity index volatility and factors specific to a particular industry or commodity, which may include weather, embargoes, tariffs, livestock disease, changes in storage costs, and economic health, political, international regulatory and other developments. Economic and other events (whether real or perceived) can reduce the demand for commodities, which may reduce market prices and cause the value of Fund shares to fall. The frequency and magnitude of such changes cannot be predicted. Exposure to commodities and commodities markets may subject the Fund to greater volatility than investments in traditional securities. No active trading market may exist for certain commodities investments, which may impair the ability of the Fund to sell or to realize the full value of such investments in the event of the need to liquidate such investments. In addition, adverse market conditions may impair the liquidity of actively traded commodities investments. Price movements in the commodities market may be speculative. Certain types of commodities instruments (such as total return swaps and commodity-linked notes) are subject to the risk that the counterparty to the instrument will not perform or will be unable to perform in accordance with the terms of the instrument. Subsidiaries making commodity-related investments will not be subject to U.S. laws (including securities laws) and their protections. Further, they will be subject to the laws of a foreign jurisdiction, and may be adversely affected by developments in that jurisdiction.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Leverage Risk –</b> Leverage occurs when the Fund increases its assets available for investment using borrowings, short sales, derivatives, or similar instruments or techniques. The use of leverage may make any change in the Fund's net asset value (NAV) even greater and thus result in increased volatility of returns. The Fund's assets that are used as collateral to secure the Fund's obligations to return the securities sold short may decrease in value while the short positions are outstanding, which may force the Fund to use its other assets to increase the collateral. Leverage can create an interest expense that may lower the Fund's overall returns. Leverage presents the opportunity for increased net income and capital gains, but also exaggerates the Fund's risk of loss. There can be no guarantee that a leveraging strategy will be successful.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Geographic Concentration Risk –</b> The Fund may be particularly susceptible to economic, political, regulatory or other events or conditions affecting companies and countries within the specific geographic regions in which the Fund invests. The Fund may be more volatile than a more geographically diversified fund.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Quantitative Model Risk –</b> The Fund may use quantitative methods to select investments. Securities or other investments selected using quantitative methods may perform differently from the market as a whole or from their expected performance for many reasons, including factors used in building the quantitative analytical framework, the weights placed on each factor, and changing sources of market returns, among others. Any errors or imperfections in the Investment Manager's or a sub-adviser's quantitative analyses or models, or in the data on which they are based, could adversely affect the ability of the Investment Manager or a sub-adviser to use such analyses or models effectively, which in turn could adversely affect the Fund's performance. There can be no assurance that these methodologies will help the Fund to achieve its objective.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Reverse Repurchase Agreements Risk –</b> Reverse repurchase agreements are agreements in which a Fund sells a security to a counterparty, such as a bank or broker-dealer, in return for cash and agrees to repurchase that security at a mutually agreed upon price and time. Reverse repurchase agreements carry the risk that the market value of the security sold by the Fund may decline below the price at which the Fund must repurchase the security. Reverse repurchase agreements also may be viewed as a form of borrowing.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Repurchase Agreements Risk</b> <b>–</b> Repurchase agreements are agreements in which the seller of a security to the Fund agrees to repurchase that security from the Fund at a mutually agreed upon price and time. Repurchase agreements carry the risk that the counterparty may not fulfill its obligations under the agreement. This could cause the Fund's income and the value of your investment in the Fund to decline.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Short Selling Risk</b> <b>–</b> The Fund may make short sales, which involve selling a security or other assets the Fund does not own in anticipation that its price will decline. Short positions introduce more risk to the Fund than long positions (where the Fund owns the security) because the maximum sustainable loss on a security purchased (held long) is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum price of the shorted security when purchased in the open market. Therefore, in theory, securities sold short have unlimited risk. The Fund may also take a short position in a derivative instrument, such as a future, forward or swap. A short position in a derivative instrument involves the risk of a theoretically unlimited increase in the value of the underlying instrument. The Fund's use of short sales in effect "leverages" the Fund, as the Fund may use the cash proceeds from short sales to invest in additional long positions.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Risk of Investing in Wholly-Owned Subsidiary</b> - By investing in one or more wholly-owned subsidiaries organized under the laws of the Cayman Islands (any such subsidiary, the Subsidiary), the Fund is indirectly exposed to the risks associated with the Subsidiary's investments. There can be no assurance that the investment objective of the Subsidiary will be achieved. The Subsidiary is not registered under the Investment Company Act of 1940, as amended (the 1940 Act), and is not subject to all the investor protections of the 1940 Act. However, the Fund wholly owns and controls the Subsidiary, and the Fund and the Subsidiary are both managed by the Investment Manager and subadvised by a Subadviser. The Fund's Board of Trustees oversees the investment activities of the Fund, including its investment in a Subsidiary, and the Fund's role as sole shareholder of the Subsidiary. Changes in the laws of the United States and/or the Cayman Islands could result in the inability of the Fund and/or the Subsidiary to operate as described in this prospectus and SAI and could adversely affect the Fund and its shareholders.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Tax Risk —</b> As a regulated investment company, the Fund must derive at least 90% of its gross income for each taxable year from sources treated as "qualifying income" under the Internal Revenue Code of 1986, as amended. The Fund generally intends to gain exposure to the commodities markets through investments that give rise to qualifying income, by investing directly in commodity-linked instruments that the Fund believes give rise to qualifying income, or indirectly through its investments in the Subsidiaries, which, in turn, would invest in commodities or commodity-linked instruments. Each Subsidiary intends to operate in such a manner that the 90% gross income requirement in respect of the Fund is satisfied. The Fund must also meet certain asset diversification requirements in order to qualify as a regulated investment company, including investing no more than 25% of its total assets in the Subsidiaries as of the end of each quarter of its taxable year. If the Fund does not appropriately limit its commodity-linked investments, including its investments in the Subsidiaries, or if such investments are recharacterized for U.S. federal income tax purposes, the Fund may be unable to qualify as a regulated investment company for one or more years, which would adversely affect the value of the Fund. In this event, the Fund's Board of Trustees may authorize a significant change in investment strategy or the Fund's liquidation. See <i>Taxes</i> below for more information about the Fund's status as a regulated investment company.</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>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>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>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>Sovereign Debt Risk —</b> A sovereign debtor's willingness or ability to repay principal and pay interest in a timely manner may be affected by a variety of factors, including its cash flow situation, the extent of its reserves, the availability of sufficient foreign exchange on the date a payment is due, the relative size of the debt service burden to the economy as a whole, the sovereign debtor's policy toward international lenders, and the political constraints to which a sovereign debtor may be subject. With respect to sovereign debt of emerging market issuers, investors should be aware that certain emerging market countries are among the largest debtors to commercial banks and foreign governments. At times, certain emerging market countries have declared moratoria on the payment of principal and interest on external debt. Certain emerging market countries have experienced difficulty in servicing their sovereign debt on a timely basis that led to defaults and the restructuring of certain indebtedness.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Multi-Adviser Risk –</b> The Fund has multiple subadvisers. Each subadviser makes investment decisions independently from the other subadviser(s). It is possible that the security selection process of one subadviser will not complement or may even contradict that of the other subadviser(s), including makings off-setting trades that have no net effect to the Fund, but which may increase Fund expenses. As a result, the Fund's exposure to a given security, industry, sector or market capitalization could be smaller or larger than if the Fund were managed by a single subadviser, which could affect the Fund's performance.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk — Swap Agreements —</b> The Fund may enter into swap agreements, for, among other reasons, to seek to obtain or preserve a desired return or spread at a lower cost than through a direct investment in an instrument that yields the desired return or spread. A swap agreement can increase or decrease the volatility of the Fund's investments and its net asset value. Swaps can involve greater risks than direct investment in securities, because swaps may be leveraged, are subject to the risk that a counterparty becomes bankrupt or otherwise fails to perform its obligations, may be difficult to value and may not be possible for the Fund to liquidate at an advantageous time or price, which may result in significant losses.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk</b> – <b>Commodity-Linked Futures Contracts</b> — The loss that may be incurred by the Fund in entering into futures contracts is potentially unlimited and may exceed the amount of the premium. Futures markets are highly volatile and the use of futures by the Fund may increase the volatility of the Fund's net asset value. Additionally, as a result of the low collateral deposits normally required in futures trading, a relatively small price movement in a futures contract may result in substantial losses to the Fund. Futures contracts may be illiquid. The liquidity of the futures market 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 futures market could be reduced. Furthermore, exchanges may limit fluctuations in futures contract prices during a trading session by imposing a maximum permissible price movement on each futures contract. The Fund may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement. Moreover, to the extent the Fund engages in futures contracts on foreign exchanges, such exchanges may not provide the same protection as U.S. exchanges.</p> </li></ul> <ul><li> <p style="font-size:12;padding-top:0;padding-bottom:0;padding-left:0;"> <b>Derivatives Risk</b> <b>– Commodity-Linked Swaps</b> – The use of commodity-linked swaps is a highly specialized activity which involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. If the forecasts of market values or evaluation of the creditworthiness of swap counterparties are incorrect, the investment performance of the Fund would be less favorable than it would have been if these investment techniques were not used.</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>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> <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 Fund has not completed a full calendar year of performance; therefore, performance information is not provided. </p> <p style="font-size:12;padding-top:2;padding-bottom:0;padding-left:0;"> When available, the Fund intends to compare its performance to the performance of the Citigroup 3-month U.S. Treasury Bill Index, an unmanaged index, representing the performance of three-month Treasury bills. The index 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;">Updated performance information can be obtained by calling toll-free 800.345.6611 or visiting <u>columbiamanagement.com</u>.</p> <div style="display:none">~http://columbia/role/ShareholderFeesDataOOOO column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000036207Member ~</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_S000036207Member ~</div> 0.011 0.0025 0.0013 0.0025 0.0038 0.0173 -0.001 0.0163 <div style="display:none">~ http://columbia/role/ExpenseExampleOOOO column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000036207Member ~</div> 166 525 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible Columbia Funds. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible Columbia Funds. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible Columbia Funds. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible Columbia Funds. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible Columbia Funds. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible Columbia Funds. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible Columbia Funds. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible Columbia Funds. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible Columbia Funds. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible Columbia Funds. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible Columbia Funds. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible Columbia Funds. 50000 50000 50000 50000 50000 50000 50000 50000 50000 50000 50000 50000 1.30 0.38 1.41 1.13 0.97 2.20 0.62 0.26 0.35 0.14 1.07 0.64 0.78 0.26 1.41 Non-Diversified Mutual Fund Risk – The Fund is non-diversified, which generally means that it may invest a greater percentage of its total assets in the securities of fewer issuers than may a "diversified" fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of more diversified funds. The Fund may not operate as a non-diversified fund at all times. Non-Diversified Mutual Fund Risk – The Fund is non-diversified, which generally means that it may invest a greater percentage of its total assets in the securities of fewer issuers than may a "diversified" fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of more diversified funds. The Fund may not operate as a non-diversified fund at all times. Non-Diversified Mutual Fund Risk – The Fund is non-diversified, which generally means that it may invest a greater percentage of its total assets in the securities of fewer issuers than may a "diversified" fund. This increases the risk that a change in the value of any one investment held by the Fund could affect the overall value of the Fund more than it would affect that of a diversified fund holding a greater number of investments. Accordingly, the Fund's value will likely be more volatile than the value of more diversified funds. The Fund may not operate as a non-diversified fund at all times. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The Fund's past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown. The bar chart shows how the Fund's Class A share performance (without sales charges) has varied for each full calendar year shown. The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown. The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown. The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown. The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown. The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown. The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown. The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown. The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown. The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown. The bar chart shows how the Fund's Class Z share performance has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower. <pre> Best and Worst Quarterly Returns During this Period Best: 2nd quarter 2009: 14.22% Worst: 4th quarter 2008: -14.05% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 2nd quarter 2009: 36.52% Worst: 3rd quarter 2011: -28.02% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 3rd quarter 2009: 19.13% Worst: 4th quarter 2008: -27.25% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 2nd quarter 2003: 20.96% Worst: 4th quarter 2008: -28.52% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 2nd quarter 2003: 19.81% Worst: 4th quarter 2008: -25.00% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 2nd quarter 2003: 35.77% Worst: 4th quarter 2008: -28.55% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 2nd quarter 2009: 20.69% Worst: 4th quarter 2008: -23.17% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 2nd quarter 2009: 25.94% Worst: 4th quarter 2008: -27.67% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 2nd quarter 2009: 33.14% Worst: 3rd quarter 2008: -29.98% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 2nd quarter 2008: 27.35% Worst: 3rd quarter 2008: -38.19% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 2nd quarter 2003: 29.04% Worst: 4th quarter 2008: -26.64% </pre> <pre> Best and Worst Quarterly Returns During this Period Best: 2nd quarter 2009: 25.59% Worst: 4th quarter 2008: -30.37% </pre> www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com www.columbiamanagement.com columbiamanagement.com columbiamanagement.com columbiamanagement.com 800.345.6611 800.345.6611 800.345.6611 800.345.6611 800.345.6611 800.345.6611 800.345.6611 800.345.6611 800.345.6611 800.345.6611 800.345.6611 800.345.6611 800.345.6611 800.345.6611 800.345.6611 The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns shown in the table above are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns are shown only for Class Z shares and will vary for other share classes. The after-tax returns are shown only for Class A shares and will vary for other share classes. The after-tax returns are shown only for Class Z shares and will vary for other share classes. The after-tax returns are shown only for Class Z shares and will vary for other share classes. The after-tax returns are shown only for Class Z shares and will vary for other share classes. The after-tax returns are shown only for Class Z shares and will vary for other share classes. The after-tax returns are shown only for Class Z shares and will vary for other share classes. The after-tax returns are shown only for Class Z shares and will vary for other share classes. The after-tax returns are shown only for Class Z shares and will vary for other share classes. The after-tax returns are shown only for Class Z shares and will vary for other share classes. The after-tax returns are shown only for Class Z shares and will vary for other share classes. The after-tax returns are shown only for Class Z shares and will vary for other share classes. Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. Returns after taxes on distributions and sale of Fund shares are higher than before-tax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. 2013-12-31 2013-12-31 2013-12-31 2013-12-31 2014-12-31 2014-12-31 Year-to-date return as of September 30, 2012: 13.36% 0.1336 2012-09-30 Year-to-date return as of September 30, 2012: 7.47% 0.0747 2012-09-30 Year-to-date return as of September 30, 2012: 12.21% 0.1221 2012-09-30 Year-to-date return as of September 30, 2012: 13.60% 0.1360 2012-09-30 Year-to-date return as of September 30, 2012: 15.11% 0.1511 2012-09-30 Year-to-date return as of September 30, 2012: 19.18% 0.1918 2012-09-30 Year-to-date return as of September 30, 2012: 18.14% 0.1814 2012-09-30 Year-to-date return as of September 30, 2012: 7.94% 0.0794 2012-09-30 Year-to-date return as of September 30, 2012: 14.21% 0.1421 2012-09-30 Year-to-date return as of September 30, 2012: 4.29% 0.0429 2012-09-30 Year-to-date return as of September 30, 2012: 5.63% 0.0563 2012-09-30 Year-to-date return as of September 30, 2012: 12.76% 0.1276 2012-09-30 This charge applies to investors who buy Class C shares and redeem them within one year of purchase, with certain limited exceptions. The Fund's Board of Trustees has approved, subject to shareholder approval at a meeting to be held on February 27, 2013 (the Meeting), certain changes to (1) the fundamental investment policy of the Fund with respect to industry concentration, and (2) the classification of the Fund from a "diversified" fund to a "non-diversified" fund. See Additional Investment Strategies and Policies – Changing the Fund's Investment Objective and Policies. Shareholders of record of the Fund at the close of business on November 27, 2012 (the Record Date) are entitled to notice of, and to vote at, the Meeting. Contingent deferred sales charges (CDSC) on certain investments of between $1 million and $50 million redeemed within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months of purchase, with certain limited exceptions. Other expenses for Class A, Class B, Class C, Class I, Class R, Class R5, Class T, Class W, Class Y and Class Z shares have been restated to reflect contractual changes to certain fees paid by the Fund and other expenses for Class K and Class R4 shares are based on estimated amounts for the Fund's current fiscal year. This charge decreases over time. Year-to-date return as of September 30, 2012: 12.21% Other expenses have been restated to reflect contractual changes to certain fees paid by the Fund. Contingent deferred sales charges (CDSC) on certain investments of between $1 million and $50 million redeemed within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months of purchase, with certain limited exceptions. Year-to-date return as of September 30, 2012: 5.63% Columbia Management Investment Advisers, LLC (the Investment Manager) and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) until December 31, 2013, unless sooner terminated at the sole discretion of the Fund's Board of Trustees. Under this agreement, the Fund's net operating expenses, subject to applicable exclusions, will not exceed the annual rates of 1.41% for Class A, 2.16% for Class C, 1.66% for Class R, and 1.16% for Class Z. This charge applies to investors who buy Class C shares and redeem them within one year of purchase, with certain limited exceptions. This charge applies to investors who buy Class C shares and redeem them within one year of purchase, with certain limited exceptions. Contingent deferred sales charges (CDSC) on certain investments of between $1 million and $50 million redeemed within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months of purchase, with certain limited exceptions. Other expenses for Class A, Class C, Class I, Class R, Class W and Class Z have been restated to reflect contractual changes to certain fees paid by the Fund and other expenses for Class B, Class K, Class R5 and Class Y are based on estimated amounts for the Fund's current fiscal year. This charge decreases over time. Columbia Management Investment Advisers, LLC (the Investment Manager) and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) until December 31, 2013, unless sooner terminated at the sole discretion of the Fund's Board of Trustees. Under this agreement, the Fund's net fund operating expenses, subject to applicable exclusions, will not exceed the annual rates of 1.79% for Class A, 2.54% for Class B, 2.54% for Class C, 1.34% for Class I, 1.64% for Class K, 2.04% for Class R, 1.39% for Class R5, 1.79% for Class W, 1.34% for Class Y and 1.54% for Class Z. Year-to-date return as of September 30, 2012: 14.21% Columbia Management Investment Advisers, LLC (the Investment Manager) and certain of its affiliates have contractually agreed to waive fees and/or to reimburse expenses (excluding certain fees and expenses, such as transaction costs and certain other investment related expenses, interest, taxes, acquired fund fees and expenses, and extraordinary expenses) until December 31, 2014 unless sooner terminated at the sole discretion of the Fund's Board of Trustees. Under this agreement, the Fund's net operating expenses, subject to applicable exclusions, will not exceed the annual rate of 1.34% for Class A. "Total annual Fund operating expenses" may not match "Net Expenses" in the Financial Highlights section of this prospectus, which does not include, among other things, fees and expenses incurred as a result of investment in shares of certain pooled investment vehicles. This charge applies to investors who buy Class C shares and redeem them within one year of purchase, with certain limited exceptions. Contingent deferred sales charges (CDSC) on certain investments of between $1 million and $50 million redeemed within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months of purchase, with certain limited exceptions. This charge decreases over time. Other expenses for Class A, Class B, Class C, Class I, Class T, Class W and Class Z have been restated to reflect contractual changes to certain fees paid by the Fund and other expenses for Class R4, Class R5 and Class Y are based on estimated amounts for the Fund's current fiscal year. Year-to-date return as of September 30, 2012: 7.94% This charge applies to investors who buy Class C shares and redeem them within one year of purchase, with certain limited exceptions. Contingent deferred sales charges (CDSC) on certain investments of between $1 million and $50 million redeemed within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months of purchase, with certain limited exceptions. This charge decreases over time. Year-to-date return as of September 30, 2012: 13.36% Other expenses for Class A, Class B, Class C, Class K, Class R, Class R5 and Class Z have been restated to reflect contractual changes to certain fees paid by the Fund and other expenses for Class R4 and Class Y are based on estimated amounts for the Fund's current fiscal year. This charge applies to investors who buy Class C shares and redeem them within one year of purchase, with certain limited exceptions. Contingent deferred sales charges (CDSC) on certain investments of between $1 million and $50 million redeemed within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months of purchase, with certain limited exceptions. This charge decreases over time. Other expenses for Class A, Class B, Class C, Class I, Class K, Class R and Class Z have been restated to reflect contractual changes to certain fees paid by the Fund and other expenses for Class R4 and Class R5 are based on estimated amounts for the Fund's current fiscal year.