485BPOS
2012-08-31
0001477434
2013-01-01
BofA Funds Series Trust
false
2012-12-06
2013-01-01
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 a "diversified" fund. This increases the risk that a change in the
value of any one investment held by the Fund could affect the value of
shares of the Fund more than it would affect the value of shares 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.
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<tt>BofA Connecticut Municipal Reserves (the Fund) seeks current income exempt from<br />federal income tax and Connecticut individual, trust and estate income tax,<br />consistent with capital preservation and maintenance of a high degree of<br />liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Trust Class shares of the Fund for the periods indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax and Connecticut state income tax on individuals, trusts and estates.<br />These securities are issued by or on behalf of the State of Connecticut, its<br />political subdivisions, agencies, instrumentalities and authorities, and other<br />qualified issuers that may include issuers located outside of Connecticut.<br /> <br />The Fund may invest up to 20% of its total assets in private activity bonds,<br />which are municipal securities that finance private projects. The Fund also may<br />invest in instruments issued by certain trusts or other special purpose issuers,<br />such as pass-through certificates representing participations in, or debt<br />instruments backed by, the securities and other assets owned by these issuers.<br />In addition, the Fund may invest in other money market funds, consistent with<br />its investment objective and strategies. The Fund is non-diversified, which<br />means that it can invest a greater percentage of its assets in a single issuer<br />than a diversified fund.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Connecticut Municipal Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        1st quarter 2005:     1.60%<br />Worst:       3rd quarter 2011:     0.01%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Capital Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in an<br />effort to generate sufficient cash to pay redeeming shareholders. The Fund may,<br />in circumstances, suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Non-Diversified Mutual Fund Risk - The Fund is non-diversified, which<br />generally means that it may invest a greater percentage of its total assets in<br />the securities of fewer issuers than a "diversified" fund. This increases the<br />risk that a change in the value of any one investment held by the Fund could<br />affect the value of shares of the Fund more than it would affect the value of<br />shares of a diversified fund holding a greater number of investments.<br />Accordingly, the Fund's value will likely be more volatile than the value of<br />more diversified funds. The Fund may not operate as a non-diversified fund at<br />all times.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o State-Specific Municipal Securities Risk - Securities issued by a particular<br />state and its political subdivisions, agencies, instrumentalities and authorities <br />are subject to the risk of unfavorable developments in such state. The value of <br />Fund shares may be more volatile than the value of shares of funds that invest <br />in municipal securities of issuers in more than one state, as unfavorable <br />developments have the potential to impact more significantly the Fund than funds <br />that invest in municipal securities of many different states. A municipal security <br />can be significantly affected by adverse tax, legislative, demographic or political <br />changes as well as changes in the state's financial or economic condition and <br />prospects. Since the Fund invests in Connecticut municipal securities, the value <br />of the Fund's shares may be especially affected by factors pertaining to the <br />economy of Connecticut and other factors specifically impacting the ability of <br />issuers of Connecticut municipal securities to meet their obligations. Connecticut <br />is continuing its efforts to recover from the economic recession. In May 2011, <br />the Connecticut General Assembly adopted its biennium budget for the fiscal years <br />ending June 30, 2012 and June 30, 2013. The approved budget included a reduction <br />in state expenditures, savings from state employee concessions and an increase in <br />various taxes, including, the state income and sales taxes. In May 2012, in an <br />effort to close a then projected budget deficit of approximately $284.6 million <br />due primarily to an increase in various expenditures and lower than expected<br />revenues, legislation was approved which made mid-term budget revisions for<br />fiscal year 2012-13, including transferring $222 million from an account that<br />was set aside to pay down economic recovery notes the State issued to cover its<br />deficit in 2009. On November 15, 2012, the Secretary of the Office of Policy and<br />Management and the Director of the Office of Fiscal Analysis each submitted a<br />fiscal accountability report for the current fiscal year which reflected a<br />general fund deficit of between $320.7 million and $365.0 million for the fiscal<br />year ending June 30, 2013. The reports also reflect general fund deficits of<br />between: $1.08 billion and $1.138 billion for the fiscal year ending June 30,<br />2014; $858.6 million and $1.016 billion for the fiscal year ending June 30,<br />2015; and $807.1 million and $934.1 million for the fiscal year ending June 30,<br />2016. There can be no assurances that the financial condition of Connecticut<br />will not be materially adversely affected by continuing or unforeseen conditions<br />or circumstances, including, but not limited to, lower than expected revenues or<br />higher than expected expenditures. Such factors relating to Connecticut and its<br />municipalities may affect the ability of Connecticut or its municipalities to<br />pay their respective obligations. The statement of additional information<br />provides additional detail about the current financial condition of, and risks<br />specific to, Connecticut municipal securities, which investors should carefully <br />consider.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services <br />company or such company's failure to fulfill its obligations could cause the <br />Fund's investments in securities backed by guarantees, letters of credit, <br />insurance or other credit or liquidity enhancements issued or provided by such <br />company to decline in value. Credit and liquidity enhancements are designed to <br />help assure timely payment of a security and do not protect the Fund or its <br />shareholders from losses caused by declines in a security's market value due to <br />changes in market conditions. In addition, having multiple portfolio securities' <br />credit or liquidity enhanced by the same financial services company increases the <br />potential adverse effects on the Fund that can result from a downgrading of, or <br />a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could affect <br />the issuer's actual or perceived willingness or ability to make timely interest <br />or principal payments, including changes in the issuer's financial condition or <br />in general economic conditions. Debt securities backed by an issuer's taxing <br />authority may be subject to legal limits on the issuer's power to increase taxes <br />or otherwise to raise revenue, or may be dependent on legislative appropriation <br />or government aid. Certain debt securities are backed only by revenues derived <br />from a particular project or source, rather than by an issuer's taxing authority, <br />and thus may have a greater risk of default. Historically, credit risk has been a<br />limited factor for short-term obligations backed by the "full faith and credit"<br />of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. Trust<br />Class shares of the Fund were first offered on July 18, 2012. The returns shown<br />for all periods are the returns of Capital Class shares of the Fund, which are<br />not offered in this prospectus. Trust Class shares would have annual returns<br />substantially similar to those of Capital Class shares because each of the<br />Fund's share classes is invested in the same portfolio of securities, and its<br />returns would differ only to the extent that its expenses differ. The returns<br />shown for Capital Class shares have not been adjusted to reflect any differences<br />in expenses between Trust Class shares and Capital Class shares. On October 1,<br />2011, G-Trust shares and Retail A shares of the Fund converted into Capital<br />Class shares when Capital Class shares of the Fund were first offered. The<br />financial information of Capital Class shares prior to this conversion is that<br />of G-Trust shares, which reflects substantially the same expenses as those of<br />Capital Class shares. The returns shown for periods prior to January 1, 2010 are<br />the returns of G-Trust shares of Columbia Connecticut Municipal Reserves, the<br />predecessor to the Fund and a series of Columbia Funds Series Trust. For periods<br />prior to November 23, 2005, the performance of the Fund's G-Trust shares<br />represents that of the Galaxy Connecticut Municipal Money Market Fund's Trust<br />shares, the predecessor to Columbia Connecticut Municipal Reserves' G-Trust<br />shares. The Fund's past performance is no guarantee of how the Fund will perform<br />in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or
guaranteed by the Advisor or the Advisor's affiliates, including Bank
of America, N.A. and Bank of America Corporation (collectively, Bank
of America), the Federal Deposit Insurance Corporation or any other
government agency
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BCRXX
0.00
0.0010
31
166
-0.0032
744
314
0.0037
0.0025
2013-01-01
0.0027
0.0000
0.0030
0.0062
0.00
Worst:
Best:
2012-09-30
2005-03-31
0.0001
0.0011
0.0348
0.0160
0.0014
0.0207
2011-09-30
0.0033
0.0122
0.0191
Year-to-date return
0.0014
0.0328
0.0151
2004-03-01
0.0004
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 a "diversified" fund. This increases the risk that a change in the
value of any one investment held by the Fund could affect the value of
shares of the Fund more than it would affect the value of shares 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.
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<tt>BofA Connecticut Municipal Reserves (the Fund) seeks current income exempt <br />from federal income tax and Connecticut individual, trust and estate income <br />tax, consistent with capital preservation and maintenance of a high degree <br />of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Investor Class shares of the Fund for the periods indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the table <br />on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax and Connecticut state income tax on individuals, trusts and estates.<br />These securities are issued by or on behalf of the State of Connecticut, its<br />political subdivisions, agencies, instrumentalities and authorities, and other<br />qualified issuers that may include issuers located outside of Connecticut.<br /> <br />The Fund may invest up to 20% of its total assets in private activity bonds,<br />which are municipal securities that finance private projects. The Fund also may<br />invest in instruments issued by certain trusts or other special purpose issuers,<br />such as pass-through certificates representing participations in, or debt<br />instruments backed by, the securities and other assets owned by these issuers.<br />In addition, the Fund may invest in other money market funds, consistent with<br />its investment objective and strategies. The Fund is non-diversified, which<br />means that it can invest a greater percentage of its assets in a single issuer<br />than a diversified fund.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Connecticut Municipal Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        1st quarter 2005:     1.60% <br />Worst:       3rd quarter 2011:     0.01%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Capital Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund <br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund <br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Non-Diversified Mutual Fund Risk - The Fund is non-diversified, which<br />generally means that it may invest a greater percentage of its total assets in<br />the securities of fewer issuers than a "diversified" fund. This increases the<br />risk that a change in the value of any one investment held by the Fund could<br />affect the value of shares of the Fund more than it would affect the value of<br />shares of a diversified fund holding a greater number of investments.<br />Accordingly, the Fund's value will likely be more volatile than the value of<br />more diversified funds. The Fund may not operate as a non-diversified fund at<br />all times.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o State-Specific Municipal Securities Risk - Securities issued by a particular<br />state and its political subdivisions, agencies, instrumentalities and authorities <br />are subject to the risk of unfavorable developments in such state. The value of <br />Fund shares may be more volatile than the value of shares of funds that invest <br />in municipal securities of issuers in more than one state, as unfavorable <br />developments have the potential to impact more significantly the Fund than funds <br />that invest in municipal securities of many different states. A municipal security <br />can be significantly affected by adverse tax, legislative, demographic or political<br />changes as well as changes in the state's financial or economic condition and<br />prospects. Since the Fund invests in Connecticut municipal securities, the value<br />of the Fund's shares may be especially affected by factors pertaining to the<br />economy of Connecticut and other factors specifically impacting the ability of<br />issuers of Connecticut municipal securities to meet their obligations. Connecticut <br />is continuing its efforts to recover from the economic recession. In May 2011, the <br />Connecticut General Assembly adopted its biennium budget for the fiscal years <br />ending June 30, 2012 and June 30, 2013. The approved budget included a reduction <br />in state expenditures, savings from state employee concessions and an increase <br />in various taxes, including, the state income and sales taxes. In May 2012, in <br />an effort to close a then projected budget deficit of approximately $284.6 million <br />due primarily to an increase in various expenditures and lower than expected <br />revenues, legislation was approved which made mid-term budget revisions for fiscal <br />year 2012-13, including transferring $222 million from an account that was set <br />aside to pay down economic recovery notes the State issued to cover its deficit <br />in 2009. On November 15, 2012, the Secretary of the Office of Policy and Management <br />and the Director of the Office of Fiscal Analysis each submitted a fiscal <br />accountability report for the current fiscal year which reflected a general fund <br />deficit of between $320.7 million and $365.0 million for the fiscal year ending <br />June 30, 2013. The reports also reflect general fund deficits of between: $1.08 <br />billion and $1.138 billion for the fiscal year ending June 30, 2014; $858.6 <br />million and $1.016 billion for the fiscal year ending June 30, 2015; and $807.1 <br />million and $934.1 million for the fiscal year ending June 30, 2016. There can be <br />no assurances that the financial condition of Connecticut will not be materially <br />adversely affected by continuing or unforeseen conditions or circumstances, <br />including, but not limited to, lower than expected revenues or higher than expected <br />expenditures. Such factors relating to Connecticut and its municipalities may <br />affect the ability of Connecticut or its municipalities to pay their respective <br />obligations. The statement of additional information provides additional detail <br />about the current financial condition of, and risks specific to, Connecticut <br />municipal securities, which investors should carefully consider.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters<br />of credit, insurance or other credit or liquidity enhancements issued or<br />provided by such company to decline in value. Credit and liquidity enhancements<br />are designed to help assure timely payment of a security and do not protect the<br />Fund or its shareholders from losses caused by declines in a security's market<br />value due to changes in market conditions. In addition, having multiple<br />portfolio securities' credit or liquidity enhanced by the same financial<br />services company increases the potential adverse effects on the Fund that can<br />result from a downgrading of, or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely <br />interest or principal payments, including changes in the issuer's financial <br />condition or in general economic conditions. Debt securities backed by an <br />issuer's taxing authority may be subject to legal limits on the issuer's<br />power to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. Investor<br />Class shares of the Fund were first offered on October 1, 2011. The returns<br />shown for all periods are the returns of Capital Class shares of the Fund, which<br />are not offered in this prospectus. Investor Class shares would have annual<br />returns substantially similar to those of Capital Class shares because each of<br />the Fund's share classes is invested in the same portfolio of securities, and<br />its returns would differ only to the extent that its expenses differ. The<br />returns shown for Capital Class shares have not been adjusted to reflect any<br />differences in expenses between Investor Class shares and Capital Class shares.<br />On October 1, 2011, G-Trust shares and Retail A shares of the Fund converted<br />into Capital Class shares when Capital Class shares of the Fund were first<br />offered. The financial information of Capital Class shares prior to this<br />conversion is that of G-Trust shares, which reflects substantially the same<br />expenses as those of Capital Class shares. The returns shown for periods prior<br />to January 1, 2010 are the returns of G-Trust shares of Columbia Connecticut<br />Municipal Reserves, the predecessor to the Fund and a series of Columbia Funds<br />Series Trust. For periods prior to November 23, 2005, the performance of the<br />Fund's G-Trust shares represents that of the Galaxy Connecticut Municipal Money<br />Market Fund's Trust shares, the predecessor to Columbia Connecticut Municipal<br />Reserves' G-Trust shares. The Fund's past performance is no guarantee of how the<br />Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or
guaranteed by the Advisor or the Advisor's affiliates, including Bank
of America, N.A. and Bank of America Corporation (collectively, Bank
of America), the Federal Deposit Insurance Corporation or any other
government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Worst:
Best:
2012-09-30
2005-03-31
0.0001
0.0011
0.0348
0.0160
0.0014
0.0207
2011-09-30
0.0033
0.0122
0.0191
Year-to-date return
0.0014
0.0328
0.0151
2004-03-01
0.0001
BONXX
0.00
0.0025
56
246
-0.0032
1043
451
0.0052
0.0025
2013-01-01
0.0027
0.0010
0.0055
0.0087
0.00
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 a "diversified" fund. This increases the risk that a change in the
value of any one investment held by the Fund could affect the value of
shares of the Fund more than it would affect the value of shares 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.
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<tt>BofA Connecticut Municipal Reserves (the Fund) seeks current income exempt <br />from federal income tax and Connecticut individual, trust and estate income <br />tax, consistent with capital preservation and maintenance of a high degree <br />of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Capital Class shares of the Fund for the periods indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the table <br />on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax and Connecticut state income tax on individuals, trusts and estates.<br />These securities are issued by or on behalf of the State of Connecticut, its<br />political subdivisions, agencies, instrumentalities and authorities, and other<br />qualified issuers that may include issuers located outside of Connecticut.<br /> <br />The Fund may invest up to 20% of its total assets in private activity bonds,<br />which are municipal securities that finance private projects. The Fund also may<br />invest in instruments issued by certain trusts or other special purpose issuers,<br />such as pass-through certificates representing participations in, or debt<br />instruments backed by, the securities and other assets owned by these issuers.<br />In addition, the Fund may invest in other money market funds, consistent with<br />its investment objective and strategies. The Fund is non-diversified, which<br />means that it can invest a greater percentage of its assets in a single issuer<br />than a diversified fund.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Connecticut Municipal Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        1st quarter 2005:     1.60% <br />Worst:       3rd quarter 2011:     0.01%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Capital Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund <br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund <br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Non-Diversified Mutual Fund Risk - The Fund is non-diversified, which<br />generally means that it may invest a greater percentage of its total assets in<br />the securities of fewer issuers than a "diversified" fund. This increases the<br />risk that a change in the value of any one investment held by the Fund could<br />affect the value of shares of the Fund more than it would affect the value of<br />shares of a diversified fund holding a greater number of investments.<br />Accordingly, the Fund's value will likely be more volatile than the value of<br />more diversified funds. The Fund may not operate as a non-diversified fund at<br />all times.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o State-Specific Municipal Securities Risk - Securities issued by a particular<br />state and its political subdivisions, agencies, instrumentalities and authorities <br />are subject to the risk of unfavorable developments in such state. The value of <br />Fund shares may be more volatile than the value of shares of funds that invest <br />in municipal securities of issuers in more than one state, as unfavorable <br />developments have the potential to impact more significantly the Fund than funds <br />that invest in municipal securities of many different states. A municipal security <br />can be significantly affected by adverse tax, legislative, demographic or political<br />changes as well as changes in the state's financial or economic condition and<br />prospects. Since the Fund invests in Connecticut municipal securities, the value<br />of the Fund's shares may be especially affected by factors pertaining to the<br />economy of Connecticut and other factors specifically impacting the ability of<br />issuers of Connecticut municipal securities to meet their obligations.<br />Connecticut is continuing its efforts to recover from the economic recession. In<br />May 2011, the Connecticut General Assembly adopted its biennium budget for the<br />fiscal years ending June 30, 2012 and June 30, 2013. The approved budget<br />included a reduction in state expenditures, savings from state employee<br />concessions and an increase in various taxes, including, the state income and<br />sales taxes. In May 2012, in an effort to close a then projected budget deficit<br />of approximately $284.6 million due primarily to an increase in various<br />expenditures and lower than expected revenues, legislation was approved which<br />made mid-term budget revisions for fiscal year 2012-13, including transferring<br />$222 million from an account that was set aside to pay down economic recovery<br />notes the State issued to cover its deficit in 2009. On November 15, 2012, the<br />Secretary of the Office of Policy and Management and the Director of the Office<br />of Fiscal Analysis each submitted a fiscal accountability report for the current<br />fiscal year which reflected a general fund deficit of between $320.7 million and<br />$365.0 million for the fiscal year ending June 30, 2013. The reports also<br />reflect general fund deficits of between: $1.08 billion and $1.138 billion for<br />the fiscal year ending June 30, 2014; $858.6 million and $1.016 billion for the<br />fiscal year ending June 30, 2015; and $807.1 million and $934.1 million for the<br />fiscal year ending June 30, 2016. There can be no assurances that the financial<br />condition of Connecticut will not be materially adversely affected by continuing<br />or unforeseen conditions or circumstances, including, but not limited to, lower<br />than expected revenues or higher than expected expenditures. Such factors<br />relating to Connecticut and its municipalities may affect the ability of<br />Connecticut or its municipalities to pay their respective obligations. The<br />statement of additional information provides additional detail about the current<br />financial condition of, and risks specific to, Connecticut municipal securities,<br />which investors should carefully consider.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters<br />of credit, insurance or other credit or liquidity enhancements issued or<br />provided by such company to decline in value. Credit and liquidity enhancements<br />are designed to help assure timely payment of a security and do not protect the<br />Fund or its shareholders from losses caused by declines in a security's market<br />value due to changes in market conditions. In addition, having multiple<br />portfolio securities' credit or liquidity enhanced by the same financial<br />services company increases the potential adverse effects on the Fund that can<br />result from a downgrading of, or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely <br />interest or principal payments, including changes in the issuer's financial <br />condition or in general economic conditions. Debt securities backed by an <br />issuer's taxing authority may be subject to legal limits on the issuer's power <br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. On October<br />1, 2011, G-Trust shares and Retail A shares of the Fund converted into Capital<br />Class shares of the Fund when Capital Class shares of the Fund were first<br />offered. The financial information for Capital Class shares prior to this<br />conversion is that of G-Trust shares, which reflects substantially the same<br />expenses as those of Capital Class shares. If the historic financial information<br />of Retail A shares was used instead of that of G-Trust shares, the total return<br />for each period prior to the conversion would be lower due to the higher<br />expenses applicable to Retail A shares. The returns shown for periods prior to<br />January 1, 2010 are the returns of G-Trust shares of Columbia Connecticut<br />Municipal Reserves, the predecessor to the Fund and a series of Columbia Funds<br />Series Trust. For periods prior to November 23, 2005, the performance of the<br />Fund's G-Trust shares represents that of the Galaxy Connecticut Municipal Money<br />Market Fund's Trust shares, the predecessor to Columbia Connecticut Municipal<br />Reserves' G-Trust shares. The Fund's past performance is no guarantee of how the<br />Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or
guaranteed by the Advisor or the Advisor's affiliates, including Bank
of America, N.A. and Bank of America Corporation (collectively, Bank
of America), the Federal Deposit Insurance Corporation or any other
government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
BOCXX
Worst:
Best:
0.00
2012-09-30
20
2005-03-31
134
0.0001
-0.0032
0.0011
622
259
0.0348
0.0160
0.0014
0.0027
0.0207
0.0025
2013-12-31
2011-09-30
0.0033
0.0122
0.0191
Year-to-date return
0.0014
0.0000
0.0020
0.0052
0.0328
0.0151
2004-03-01
0.0004
0.00
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 a "diversified" fund. This increases the risk that a change in the
value of any one investment held by the Fund could affect the value of
shares of the Fund more than it would affect the value of shares 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.
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<tt>BofA New York Tax-Exempt Reserves (the Fund) seeks current income exempt from<br />federal income tax and New York individual income tax, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Trust Class shares of the Fund for the periods indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /><br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax and New York individual income tax. These securities are issued by or<br />on behalf of the State of New York, its political subdivisions, agencies,<br />instrumentalities and authorities, and other qualified issuers that may include<br />issuers located outside of New York.<br /> <br />The Fund may invest up to 20% of its total assets in private activity bonds,<br />which are municipal securities that finance private projects. The Fund also may<br />invest in instruments issued by certain trusts or other special purpose issuers,<br />such as pass-through certificates representing participations in, or debt<br />instruments backed by, the securities and other assets owned by these issuers.<br />In addition, the Fund may invest in other money market funds, consistent with<br />its investment objective and strategies. The Fund is non-diversified, which<br />means that it can invest a greater percentage of its assets in a single issuer<br />than a diversified fund.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA New York Tax-Exempt Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        2nd quarter 2007:     0.87%<br />Worst:       1st quarter 2010:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Trust Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund<br />may, in circumstances, suspend redemptions or the payment of redemption proceeds<br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Non-Diversified Mutual Fund Risk - The Fund is non-diversified, which<br />generally means that it may invest a greater percentage of its total assets in<br />the securities of fewer issuers than a "diversified" fund. This increases the<br />risk that a change in the value of any one investment held by the Fund could<br />affect the value of shares of the Fund more than it would affect the value of<br />shares of a diversified fund holding a greater number of investments.<br />Accordingly, the Fund's value will likely be more volatile than the value of<br />more diversified funds. The Fund may not operate as a non-diversified fund at<br />all times.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o State-Specific Municipal Securities Risk - Securities issued by a particular<br />state and its political subdivisions, agencies, instrumentalities and authorities <br />are subject to the risk of unfavorable developments in such state. The value of <br />Fund shares may be more volatile than the value of shares of funds that invest <br />in municipal securities of issuers in more than one state, as unfavorable <br />developments have the potential to impact more significantly the Fund than funds <br />that invest in municipal securities of many different states. A municipal security <br />can be significantly affected by adverse tax, legislative, demographic or political<br />changes as well as changes in the state's financial or economic condition and<br />prospects. Since the Fund invests in New York municipal securities, the value of<br />the Fund's shares may be especially affected by factors pertaining to the<br />economy of New York and other factors specifically impacting the ability of<br />issuers of New York municipal securities to meet their obligations. New York is<br />continuing its efforts to recover from an economic recession. In the first<br />quarterly update to the state's published financial plan, issued on July 30,<br />2012, New York's Division of the Budget ("DOB") estimated that the state's<br />general fund will remain in balance in fiscal year 2012-13, consistent with the<br />enacted budget financial plan reflected in the state's annual information<br />statement, dated May 11, 2012. General fund receipts, including transfers from<br />other funds, are still expected by the DOB to total $58.9 billion in fiscal year<br />2012-13. General fund disbursements, including transfers to other funds, are<br />expected by the DOB to total $59.2 billion, an increase of $340 million.<br />Economic and financial conditions in New York City will continue to play a<br />significant role in connection with the state-wide economic landscape. There can<br />be no assurances, however, that the financial condition of New York will not be<br />further materially adversely affected by continuing or unforeseen conditions or<br />circumstances, including, but not limited to, lower than expected revenues or<br />higher than expected expenditures. Such factors relating to New York and its<br />municipalities may affect the ability of New York or its municipalities to pay<br />their respective obligations. The statement of additional information provides<br />additional detail about the current financial condition of, and risks specific<br />to, New York municipal securities, which investors should carefully consider.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the <br />types and amounts of loans and other commitments they make and the interest rates <br />and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services <br />company or such company's failure to fulfill its obligations could cause the <br />Fund's investments in securities backed by guarantees, letters of credit, <br />insurance or other credit or liquidity enhancements issued or provided by such <br />company to decline in value. Credit and liquidity enhancements are designed to <br />help assure timely payment of a security and do not protect the Fund or its <br />shareholders from losses caused by declines in a security's market value due to <br />changes in market conditions. In addition, having multiple portfolio securities' <br />credit or liquidity enhanced by the same financial services company increases the <br />potential adverse effects on the Fund that can result from a downgrading of, or a <br />default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations <br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in <br />the past, and can help you understand the risks of investing in the Fund. <br />The returns shown for periods prior to January 1, 2010 are the returns of <br />Trust Class shares of Columbia New York Tax-Exempt Reserves, the predecessor <br />to the Fund and a series of Columbia Funds Series Trust. The Fund's past <br />performance is no guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or
guaranteed by the Advisor or the Advisor's affiliates, including Bank
of America, N.A. and Bank of America Corporation (collectively, Bank
of America), the Federal Deposit Insurance Corporation or any other
government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NYRXX
Worst:
Best:
0.00
2012-09-30
0.0010
31
2007-06-30
125
0.0000
0.0096
-0.0013
0.0003
530
228
0.0340
0.0087
0.0008
0.0018
0.0196
0.0025
2013-12-31
2010-03-31
0.0028
0.0114
0.0212
Year-to-date return
0.0008
0.0008
0.0084
0.0000
0.0030
0.0043
0.0321
0.0140
2002-02-15
0.0001
0.00
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 a "diversified" fund. This increases the risk that a change in the
value of any one investment held by the Fund could affect the value of
shares of the Fund more than it would affect the value of shares 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.
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<tt>BofA New York Tax-Exempt Reserves (the Fund) seeks current income exempt from<br />federal income tax and New York individual income tax, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Investor Class shares of the Fund for the periods<br />indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax and New York individual income tax. These securities are issued by or<br />on behalf of the State of New York, its political subdivisions, agencies,<br />instrumentalities and authorities, and other qualified issuers that may include<br />issuers located outside of New York.<br /> <br />The Fund may invest up to 20% of its total assets in private activity bonds,<br />which are municipal securities that finance private projects. The Fund also may<br />invest in instruments issued by certain trusts or other special purpose issuers,<br />such as pass-through certificates representing participations in, or debt<br />instruments backed by, the securities and other assets owned by these issuers.<br />In addition, the Fund may invest in other money market funds, consistent with<br />its investment objective and strategies. The Fund is non-diversified, which<br />means that it can invest a greater percentage of its assets in a single issuer<br />than a diversified fund.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of <br />the issuer of the security, the creditworthiness of any entity that provides <br />any supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA New York Tax-Exempt Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        2nd quarter 2007:     0.78%<br />Worst:       3rd quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Investor Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund <br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Non-Diversified Mutual Fund Risk - The Fund is non-diversified, which<br />generally means that it may invest a greater percentage of its total assets in<br />the securities of fewer issuers than a "diversified" fund. This increases the<br />risk that a change in the value of any one investment held by the Fund could<br />affect the value of shares of the Fund more than it would affect the value of<br />shares of a diversified fund holding a greater number of investments.<br />Accordingly, the Fund's value will likely be more volatile than the value of<br />more diversified funds. The Fund may not operate as a non-diversified fund at<br />all times.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o State-Specific Municipal Securities Risk - Securities issued by a particular<br />state and its political subdivisions, agencies, instrumentalities and authorities <br />are subject to the risk of unfavorable developments in such state. The value of <br />Fund shares may be more volatile than the value of shares of funds that invest <br />in municipal securities of issuers in more than one state, as unfavorable <br />developments have the potential to impact more significantly the Fund than funds <br />that invest in municipal securities of many different states. A municipal security <br />can be significantly affected by adverse tax, legislative, demographic or political <br />changes as well as changes in the state's financial or economic condition and <br />prospects. Since the Fund invests in New York municipal securities, the value of <br />the Fund's shares may be especially affected by factors pertaining to the economy <br />of New York and other factors specifically impacting the ability of issuers of New <br />York municipal securities to meet their obligations. New York is continuing its <br />efforts to recover from an economic recession. In the first quarterly update to <br />the state's published financial plan, issued on July 30, 2012, New York's Division <br />of the Budget ("DOB") estimated that the state's general fund will remain in balance <br />in fiscal year 2012-13, consistent with the enacted budget financial plan reflected <br />in the state's annual information statement, dated May 11, 2012. General fund receipts,<br />including transfers from other funds, are still expected by the DOB to total $58.9 <br />billion in fiscal year 2012-13. General fund disbursements, including transfers to <br />other funds, are expected by the DOB to total $59.2 billion, an increase of $340 <br />million. Economic and financial conditions in New York City will continue to play <br />a significant role in connection with the state-wide economic landscape. There can <br />be no assurances, however, that the financial condition of New York will not be <br />further materially adversely affected by continuing or unforeseen conditions or <br />circumstances, including, but not limited to, lower than expected revenues or higher <br />than expected expenditures. Such factors relating to New York and its municipalities <br />may affect the ability of New York or its municipalities to pay their respective <br />obligations. The statement of additional information provides additional detail <br />about the current financial condition of, and risks specific to, New York municipal <br />securities, which investors should carefully consider.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies <br />are subject to increasingly extensive government regulation, which can limit the <br />types and amounts of loans and other commitments they make and the interest rates <br />and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services <br />company or such company's failure to fulfill its obligations could cause the <br />Fund's investments in securities backed by guarantees, letters of credit, <br />insurance or other credit or liquidity enhancements issued or provided by such <br />company to decline in value. Credit and liquidity enhancements are designed to <br />help assure timely payment of a security and do not protect the Fund or its <br />shareholders from losses caused by declines in a security's market value due to <br />changes in market conditions. In addition, having multiple portfolio securities' <br />credit or liquidity enhanced by the same financial services company increases the <br />potential adverse effects on the Fund that can result from a downgrading of, or a <br />default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default. <br />Historically, credit risk has been a limited factor for short-term obligations <br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. On October<br />1, 2011, Class A shares of the Fund converted into Investor Class shares of the<br />Fund when Investor Class shares of the Fund were first offered. The returns<br />shown for periods prior to October 1, 2011 are the returns of Class A shares of<br />the Fund, and include the higher expenses applicable to Class A shares of the<br />Fund. If these expenses had not been included, returns would be higher. The<br />returns shown for periods prior to January 1, 2010 are the returns of Class A<br />shares of Columbia New York Tax-Exempt Reserves, the predecessor to the Fund and<br />a series of Columbia Funds Series Trust (the Predecessor Fund). The Predecessor<br />Fund's Class A shares were fully redeemed on December 22, 2002 and recommenced<br />operations on August 25, 2003. From December 22, 2002 to August 25, 2003,<br />performance for the share class could not be calculated due to nominal asset<br />levels. The Predecessor Fund's first full calendar year of returns after it<br />recommenced operations was the year ended December 31, 2004. The Fund's past<br />performance is no guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy <br />and hold shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or
guaranteed by the Advisor or the Advisor's affiliates, including Bank
of America, N.A. and Bank of America Corporation (collectively, Bank
of America), the Federal Deposit Insurance Corporation or any other
government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
BOYXX
Worst:
Best:
0.00
2012-09-30
0.0025
56
2007-06-30
204
0.0000
0.0061
-0.0013
0.0000
834
366
0.0304
0.0078
0.0004
0.0033
0.0160
0.0025
2013-12-31
2011-09-30
0.0009
0.0095
0.0176
Year-to-date return
0.0008
0.0004
0.0010
0.0055
0.0068
0.0285
0.0121
2003-08-25
0.0001
0.00
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 a "diversified" fund. This increases the risk that a change in the
value of any one investment held by the Fund could affect the value of
shares of the Fund more than it would affect the value of shares 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.
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<tt>BofA New York Tax-Exempt Reserves (the Fund) seeks current income exempt from<br />federal income tax and New York individual income tax, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Institutional Class shares of the Fund for the periods<br />indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax and New York individual income tax. These securities are issued by or<br />on behalf of the State of New York, its political subdivisions, agencies,<br />instrumentalities and authorities, and other qualified issuers that may include<br />issuers located outside of New York.<br /> <br />The Fund may invest up to 20% of its total assets in private activity bonds,<br />which are municipal securities that finance private projects. The Fund also may<br />invest in instruments issued by certain trusts or other special purpose issuers,<br />such as pass-through certificates representing participations in, or debt<br />instruments backed by, the securities and other assets owned by these issuers.<br />In addition, the Fund may invest in other money market funds, consistent with<br />its investment objective and strategies. The Fund is non-diversified, which<br />means that it can invest a greater percentage of its assets in a single issuer<br />than a diversified fund.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of <br />the issuer of the security, the creditworthiness of any entity that provides <br />any supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA New York Tax-Exempt Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        2nd quarter 2007:     0.88%<br />Worst:       1st quarter 2010:     0.01%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Institutional<br />Class shares has varied from year to year. For the Fund's current 7-day yield,<br />call BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904<br />(individual investors) or 800.353.0828 (institutional investors) or contact your<br />financial advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund <br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund <br />may, in circumstances, suspend redemptions or the payment of redemption <br />proceeds when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Non-Diversified Mutual Fund Risk - The Fund is non-diversified, which<br />generally means that it may invest a greater percentage of its total assets in<br />the securities of fewer issuers than a "diversified" fund. This increases the<br />risk that a change in the value of any one investment held by the Fund could<br />affect the value of shares of the Fund more than it would affect the value of<br />shares of a diversified fund holding a greater number of investments.<br />Accordingly, the Fund's value will likely be more volatile than the value of<br />more diversified funds. The Fund may not operate as a non-diversified fund at<br />all times.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o State-Specific Municipal Securities Risk - Securities issued by a particular<br />state and its political subdivisions, agencies, instrumentalities and authorities <br />are subject to the risk of unfavorable developments in such state. The value of <br />Fund shares may be more volatile than the value of shares of funds that invest <br />in municipal securities of issuers in more than one state, as unfavorable <br />developments have the potential to impact more significantly the Fund than funds <br />that invest in municipal securities of many different states. A municipal security <br />can be significantly affected by adverse tax, legislative, demographic or political <br />changes as well as changes in the state's financial or economic condition and <br />prospects. Since the Fund invests in New York municipal securities, the value <br />of the Fund's shares may be especially affected by factors pertaining to the <br />economy of New York and other factors specifically impacting the ability of <br />issuers of New York municipal securities to meet their obligations. New York <br />is continuing its efforts to recover from an economic recession. In the first <br />quarterly update to the state's published financial plan, issued on July 30, <br />2012, New York's Division of the Budget ("DOB") estimated that the state's <br />general fund will remain in balance in fiscal year 2012-13, consistent with <br />the enacted budget financial plan reflected in the state's annual information <br />statement, dated May 11, 2012. General fund receipts, including transfers from <br />other funds, are still expected by the DOB to total $58.9 billion in fiscal <br />year 2012-13. General fund disbursements, including transfers to other funds, <br />are expected by the DOB to total $59.2 billion, an increase of $340 million. <br />Economic and financial conditions in New York City will continue to play a <br />significant role in connection with the state-wide economic landscape. There <br />can be no assurances, however, that the financial condition of New York will <br />not be further materially adversely affected by continuing or unforeseen <br />conditions or circumstances, including, but not limited to, lower than <br />expected revenues or higher than expected expenditures. Such factors relating <br />to New York and its municipalities may affect the ability of New York or its <br />municipalities to pay their respective obligations. The statement of additional <br />information provides additional detail about the current financial condition of, <br />and risks specific to, New York municipal securities, which investors should <br />carefully consider.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate <br />and consumer debt defaults, and price competition. Financial services companies <br />are subject to increasingly extensive government regulation, which can limit the <br />types and amounts of loans and other commitments they make and the interest rates <br />and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services <br />company or such company's failure to fulfill its obligations could cause the <br />Fund's investments in securities backed by guarantees, letters of credit, insurance <br />or other credit or liquidity enhancements issued or provided by such company to <br />decline in value. Credit and liquidity enhancements are designed to help assure <br />timely payment of a security and do not protect the Fund or its shareholders from<br />losses caused by declines in a security's market value due to changes in market<br />conditions. In addition, having multiple portfolio securities' credit or<br />liquidity enhanced by the same financial services company increases the potential <br />adverse effects on the Fund that can result from a downgrading of, or a default by, <br />such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed <br />only by revenues derived from a particular project or source, rather than by an <br />issuer's taxing authority, and thus may have a greater risk of default. <br />Historically, credit risk has been a limited factor for short-term obligations <br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of<br />Institutional Class shares of Columbia New York Tax-Exempt Reserves, the<br />predecessor to the Fund and a series of Columbia Funds Series Trust. The<br />Columbia New York Tax-Exempt Reserves' Institutional Class shares were fully<br />redeemed on December 22, 2002 and recommenced operations on August 25, 2003.<br />From December 22, 2002 to August 25, 2003, performance for the share class could<br />not be calculated due to nominal asset levels. The first full calendar year of<br />returns of Columbia New York Tax-Exempt Reserves Institutional Class shares<br />after it recommenced operations was the year ended December 31, 2004. The Fund's<br />past performance is no guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or
guaranteed by the Advisor or the Advisor's affiliates, including Bank
of America, N.A. and Bank of America Corporation (collectively, Bank
of America), the Federal Deposit Insurance Corporation or any other
government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NYIXX
Worst:
Best:
0.00
2012-09-30
0.0004
25
2007-06-30
106
0.0001
0.0102
-0.0013
0.0008
455
195
0.0346
0.0088
0.0012
0.0012
0.0202
0.0025
2013-12-31
2010-03-31
0.0033
0.0119
0.0218
Year-to-date return
0.0008
0.0012
0.0000
0.0024
0.0037
0.0327
0.0152
2003-08-25
0.0003
0.00
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 a "diversified" fund. This increases the risk that a
change in the value of any one investment held by the Fund could
affect the value of shares of the Fund more than it would affect the
value of shares 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.
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<tt>BofA New York Tax-Exempt Reserves (the Fund) seeks current income exempt from<br />federal income tax and New York individual income tax, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Capital Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax and New York individual income tax. These securities are issued by or<br />on behalf of the State of New York, its political subdivisions, agencies,<br />instrumentalities and authorities, and other qualified issuers that may include<br />issuers located outside of New York.<br /> <br />The Fund may invest up to 20% of its total assets in private activity bonds,<br />which are municipal securities that finance private projects. The Fund also may<br />invest in instruments issued by certain trusts or other special purpose issuers,<br />such as pass-through certificates representing participations in, or debt<br />instruments backed by, the securities and other assets owned by these issuers.<br />In addition, the Fund may invest in other money market funds, consistent with<br />its investment objective and strategies. The Fund is non-diversified, which<br />means that it can invest a greater percentage of its assets in a single issuer<br />than a diversified fund.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA New York Tax-Exempt Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        2nd quarter 2007:     0.89%<br />Worst:       1st quarter 2010:     0.02%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Capital Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in an<br />effort to generate sufficient cash to pay redeeming shareholders. The Fund may,<br />in circumstances, suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Non-Diversified Mutual Fund Risk - The Fund is non-diversified, which<br />generally means that it may invest a greater percentage of its total assets in<br />the securities of fewer issuers than a "diversified" fund. This increases the<br />risk that a change in the value of any one investment held by the Fund could<br />affect the value of shares of the Fund more than it would affect the value of<br />shares of a diversified fund holding a greater number of investments.<br />Accordingly, the Fund's value will likely be more volatile than the value of<br />more diversified funds. The Fund may not operate as a non-diversified fund at<br />all times.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o State-Specific Municipal Securities Risk - Securities issued by a particular<br />state and its political subdivisions, agencies, instrumentalities and authorities <br />are subject to the risk of unfavorable developments in such state. The value of <br />Fund shares may be more volatile than the value of shares of funds that invest <br />in municipal securities of issuers in more than one state, as unfavorable <br />developments have the potential to impact more significantly the Fund than funds <br />that invest in municipal securities of many different states. A municipal security <br />can be significantly affected by adverse tax, legislative, demographic or political <br />changes as well as changes in the state's financial or economic condition and <br />prospects. Since the Fund invests in New York municipal securities, the value of <br />the Fund's shares may be especially affected by factors pertaining to the economy <br />of New York and other factors specifically impacting the ability of issuers of New <br />York municipal securities to meet their obligations. New York is continuing its <br />efforts to recover from an economic recession. In the first quarterly update to <br />the state's published financial plan, issued on July 30, 2012, New York's Division <br />of the Budget ("DOB") estimated that the state's general fund will remain in balance <br />in fiscal year 2012-13, consistent with the enacted budget financial plan reflected <br />in the state's annual information statement, dated May 11, 2012. General fund <br />receipts, including transfers from other funds, are still expected by the DOB to <br />total $58.9 billion in fiscal year 2012-13. General fund disbursements, including<br />transfers to other funds, are expected by the DOB to total $59.2 billion, an<br />increase of $340 million. Economic and financial conditions in New York City<br />will continue to play a significant role in connection with the state-wide<br />economic landscape. There can be no assurances, however, that the financial<br />condition of New York will not be further materially adversely affected by<br />continuing or unforeseen conditions or circumstances, including, but not limited<br />to, lower than expected revenues or higher than expected expenditures. Such<br />factors relating to New York and its municipalities may affect the ability of<br />New York or its municipalities to pay their respective obligations. The<br />statement of additional information provides additional detail about the current<br />financial condition of, and risks specific to, New York municipal securities,<br />which investors should carefully consider.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in financial <br />services activities. The financial services industry is particularly vulnerable to <br />certain factors, such as the availability and cost of borrowing and raising <br />additional capital, changes in interest rates, the rate of corporate and consumer <br />debt defaults, and price competition. Financial services companies are subject to <br />increasingly extensive government regulation, which can limit the types and <br />amounts of loans and other commitments they make and the interest rates and fees <br />they charge. Their profitability can, as a result, be significantly impacted. In <br />addition, changes in the credit quality of a financial services company or such <br />company's failure to fulfill its obligations could cause the Fund's investments <br />in securities backed by guarantees, letters of credit, insurance or other credit <br />or liquidity enhancements issued or provided by such company to decline in value. <br />Credit and liquidity enhancements are designed to help assure timely payment of <br />a security and do not protect the Fund or its shareholders from losses caused <br />by declines in a security's market value due to changes in market conditions. <br />In addition, having multiple portfolio securities' credit or liquidity enhanced <br />by the same financial services company increases the potential adverse effects <br />on the Fund that can result from a downgrading of, or a default by, such financial <br />services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an <br />issuer's taxing authority, and thus may have a greater risk of default. <br />Historically, credit risk has been a limited factor for short-term obligations <br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Capital<br />Class shares of Columbia New York Tax-Exempt Reserves, the predecessor to the<br />Fund and a series of Columbia Funds Series Trust. The Fund's past performance <br />is no guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NNYXX
Worst:
Best:
0.00
2012-09-30
20
2007-06-30
93
0.0002
0.0106
-0.0013
0.0012
405
172
0.0350
0.0089
0.0016
0.0008
0.0206
0.0025
2013-12-31
2010-03-31
0.0037
0.0123
0.0222
Year-to-date return
0.0016
0.0094
0.0000
0.0020
0.0033
0.0331
0.0150
2002-02-15
0.0005
0.00
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 a "diversified"
fund. This increases the risk that a change in the value of any one investment held by
the Fund could affect the value of shares of the Fund more than it would affect the
value of shares 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.
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<tt>BofA California Tax-Exempt Reserves (the Fund) seeks current income exempt from<br />federal income tax and California individual income tax, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Trust Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax and California individual income tax. These securities are issued by<br />or on behalf of the State of California, its political subdivisions, agencies,<br />instrumentalities and authorities, and other qualified issuers that may include<br />issuers located outside of California.<br /> <br />The Fund may invest up to 20% of its total assets in private activity bonds,<br />which are municipal securities that finance private projects. The Fund also may<br />invest in instruments issued by certain trusts or other special purpose issuers,<br />such as pass-through certificates representing participations in, or debt<br />instruments backed by, the securities and other assets owned by these issuers.<br />In addition, the Fund may invest in other money market funds, consistent with<br />its investment objective and strategies. The Fund is non-diversified, which<br />means that it can invest a greater percentage of its assets in a single issuer<br />than a diversified fund.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA California Tax-Exempt Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        2nd quarter 2007:     0.86%  <br />Worst:       3rd quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Trust Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in an<br />effort to generate sufficient cash to pay redeeming shareholders. The Fund may,<br />in circumstances, suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Non-Diversified Mutual Fund Risk - The Fund is non-diversified, which<br />generally means that it may invest a greater percentage of its total assets in<br />the securities of fewer issuers than a "diversified" fund. This increases the<br />risk that a change in the value of any one investment held by the Fund could<br />affect the value of shares of the Fund more than it would affect the value of<br />shares of a diversified fund holding a greater number of investments.<br />Accordingly, the Fund's value will likely be more volatile than the value of<br />more diversified funds. The Fund may not operate as a non-diversified fund at<br />all times.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o State-Specific Municipal Securities Risk - Securities issued by a particular<br />state and its political subdivisions, agencies, instrumentalities and<br />authorities are subject to the risk of unfavorable developments in such state.<br />The value of Fund shares may be more volatile than the value of shares of funds<br />that invest in municipal securities of issuers in more than one state, as <br />unfavorable developments have the potential to impact more significantly the <br />Fund than funds that invest in municipal securities of many different states. <br />A municipal security can be significantly affected by adverse tax, legislative, <br />demographic or political changes as well as changes in the state's financial <br />or economic condition and prospects. Since the Fund invests in California <br />municipal securities, the value of the Fund's shares may be especially affected <br />by factors pertaining to the economy of California and other factors specifically <br />impacting the ability of issuers of California municipal securities to meet their <br />obligations. California continues to face substantial economic and business <br />budget pressures as a result of the economic recession and continues to take <br />various actions in response to the current situation. California's published <br />budget for fiscal year 2012-13, adopted by the state's legislature in June 2012, <br />projects continued steady growth of California's major tax revenue sources. <br />There can be no assurances, however, that the financial condition of California <br />will not be further materially adversely affected by continuing or unforeseen <br />conditions or circumstances, including, but not limited to, lower than expected <br />revenues or higher than expected expenditures. Such factors relating to California <br />and its municipalities may affect the ability of California or its municipalities <br />to pay their respective obligations. The statement of additional information <br />provides additional detail about the current financial condition of, and risks <br />specific to, California municipal securities, which investors should carefully <br />consider.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, <br />such as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services <br />company or such company's failure to fulfill its obligations could cause the <br />Fund's investments in securities backed by guarantees, letters of credit,<br />insurance or other credit or liquidity enhancements issued or provided by such<br />company to decline in value. Credit and liquidity enhancements are designed to<br />help assure timely payment of a security and do not protect the Fund or its<br />shareholders from losses caused by declines in a security's market value due to<br />changes in market conditions. In addition, having multiple portfolio securities'<br />credit or liquidity enhanced by the same financial services company increases<br />the potential adverse effects on the Fund that can result from a downgrading of,<br />or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's <br />power to increase taxes or otherwise to raise revenue, or may be dependent <br />on legislative appropriation or government aid. Certain debt securities are <br />backed only by revenues derived from a particular project or source, rather <br />than by an issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these  securities <br />are subject to structural risk that could cause the income the Fund receives to <br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Trust<br />Class shares of Columbia California Tax-Exempt Reserves, the predecessor to the<br />Fund and a series of Columbia Funds Series Trust. The Fund's past performance is<br />no guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NATXX
0.0116
Worst:
Best:
0.00
2012-09-30
0.0010
31
2007-06-30
123
0.0000
0.0092
-0.0012
0.0004
518
223
0.0335
0.0086
0.0008
0.0017
0.0196
0.0025
2013-12-31
2011-09-30
0.0022
0.0112
0.0211
Year-to-date return
0.0007
0.0008
0.0077
0.0000
0.0137
0.0030
0.0042
0.0316
0.0001
0.00
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 a "diversified" fund. This increases the risk that a change in the
value of any one investment held by the Fund could affect the value of
shares of the Fund more than it would affect the value of shares 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.
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<tt>BofA California Tax-Exempt Reserves (the Fund) seeks current income exempt from<br />federal income tax and California individual income tax, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Liquidity Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax and California individual income tax. These securities are issued by<br />or on behalf of the State of California, its political subdivisions, agencies,<br />instrumentalities and authorities, and other qualified issuers that may include<br />issuers located outside of California.<br /> <br />The Fund may invest up to 20% of its total assets in private activity bonds,<br />which are municipal securities that finance private projects. The Fund also may<br />invest in instruments issued by certain trusts or other special purpose issuers,<br />such as pass-through certificates representing participations in, or debt<br />instruments backed by, the securities and other assets owned by these issuers.<br />In addition, the Fund may invest in other money market funds, consistent with<br />its investment objective and strategies. The Fund is non-diversified, which<br />means that it can invest a greater percentage of its assets in a single issuer<br />than a diversified fund.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA California Tax-Exempt Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        2nd quarter 2007:     0.85%  <br />Worst:       3rd quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Liquidity Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund <br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund <br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the in 2010 recently adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Non-Diversified Mutual Fund Risk - The Fund is non-diversified, which<br />generally means that it may invest a greater percentage of its total assets in<br />the securities of fewer issuers than a "diversified" fund. This increases the<br />risk that a change in the value of any one investment held by the Fund could<br />affect the value of shares of the Fund more than it would affect the value of<br />shares of a diversified fund holding a greater number of investments.<br />Accordingly, the Fund's value will likely be more volatile than the value of<br />more diversified funds. The Fund may not operate as a non-diversified fund at<br />all times.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o State-Specific Municipal Securities Risk - Securities issued by a particular<br />state and its political subdivisions, agencies, instrumentalities and<br />authorities are subject to the risk of unfavorable developments in such state.<br />The value of Fund shares may be more volatile than the value of shares of funds<br />that invest in municipal securities of issuers in more than one state, as<br />unfavorable developments have the potential to impact more significantly the <br />Fund than funds that invest in municipal securities of many different states. <br />A municipal security can be significantly affected by adverse tax, legislative, <br />demographic or political changes as well as changes in the state's financial or <br />economic condition and prospects. Since the Fund invests in California municipal <br />securities, the value of the Fund's shares may be especially affected by factors <br />pertaining to the economy of California and other factors specifically impacting <br />the ability of issuers of California municipal securities to meet their obligations. <br />California continues to face substantial economic and business budget pressures as <br />a result of the economic recession and continues to take various actions in response <br />to the current situation. California's published budget for fiscal year 2012-13,<br />adopted by the state's legislature in June 2012, projects continued steady<br />growth of California's major tax revenue sources. There can be no assurances,<br />however, that the financial condition of California will not be further<br />materially adversely affected by continuing or unforeseen conditions or<br />circumstances, including, but not limited to, lower than expected revenues or<br />higher than expected expenditures. Such factors relating to California and its<br />municipalities may affect the ability of California or its municipalities to pay<br />their respective obligations. The statement of additional information provides<br />additional detail about the current financial condition of, and risks specific<br />to, California municipal securities, which investors should carefully consider.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, <br />such as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services <br />company or such company's failure to fulfill its obligations could cause the <br />Fund's investments in securities backed by guarantees, letters of credit, <br />insurance or other credit or liquidity enhancements issued or provided by such <br />company to decline in value. Credit and liquidity enhancements are designed to <br />help assure timely payment of a security and do not protect the Fund or its <br />shareholders from losses caused by declines in a security's market value due <br />to changes in market conditions. In addition, having multiple portfolio securities' <br />credit or liquidity enhanced by the same financial services company increases the <br />potential adverse effects on the Fund that can result from a downgrading of, or <br />a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by <br />an issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /><br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Liquidity<br />Class shares of Columbia California Tax-Exempt Reserves, the predecessor to the<br />Fund and a series of Columbia Funds Series Trust. The Fund's past performance is<br />no guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
CCLXX
0.0111
Worst:
Best:
0.00
2012-09-30
36
2007-06-30
160
0.0000
0.0087
-0.0022
0.0001
693
296
0.0330
0.0085
0.0007
0.0007
0.0190
0.0025
2013-12-31
2011-09-30
0.0018
0.0108
0.0206
Year-to-date return
0.0007
0.0072
0.0025
0.0133
0.0035
0.0057
0.0311
0.0000
0.00
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 a "diversified"
fund. This increases the risk that a change in the value of any one investment held by
the Fund could affect the value of shares of the Fund more than it would affect the
value of shares 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.
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<tt>BofA California Tax-Exempt Reserves (the Fund) seeks current income exempt from<br />federal income tax and California individual income tax, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Investor Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax and California individual income tax. These securities are issued by<br />or on behalf of the State of California, its political subdivisions, agencies,<br />instrumentalities and authorities, and other qualified issuers that may include<br />issuers located outside of California.<br /> <br />The Fund may invest up to 20% of its total assets in private activity bonds,<br />which are municipal securities that finance private projects. The Fund also may<br />invest in instruments issued by certain trusts or other special purpose issuers,<br />such as pass-through certificates representing participations in, or debt<br />instruments backed by, the securities and other assets owned by these issuers.<br />In addition, the Fund may invest in other money market funds, consistent with<br />its investment objective and strategies. The Fund is non-diversified, which<br />means that it can invest a greater percentage of its assets in a single issuer<br />than a diversified fund.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA California Tax-Exempt Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        2nd quarter 2007:     0.80%  <br />Worst:       3rd quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Investor Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund <br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund <br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Non-Diversified Mutual Fund Risk - The Fund is non-diversified, which<br />generally means that it may invest a greater percentage of its total assets in<br />the securities of fewer issuers than a "diversified" fund. This increases the<br />risk that a change in the value of any one investment held by the Fund could<br />affect the value of shares of the Fund more than it would affect the value of<br />shares of a diversified fund holding a greater number of investments.<br />Accordingly, the Fund's value will likely be more volatile than the value of<br />more diversified funds. The Fund may not operate as a non-diversified fund at<br />all times.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required <br />to file an amended tax return and pay additional taxes as a result.<br /> <br />o State-Specific Municipal Securities Risk - Securities issued by a particular<br />state and its political subdivisions, agencies, instrumentalities and<br />authorities are subject to the risk of unfavorable developments in such state.<br />The value of Fund shares may be more volatile than the value of shares of funds<br />that invest in municipal securities of issuers in more than one state, as<br />unfavorable developments have the potential to impact more significantly the <br />Fund than funds that invest in municipal securities of many different states. <br />A municipal security can be significantly affected by adverse tax, legislative, <br />demographic or political changes as well as changes in the state's financial or <br />economic condition and prospects. Since the Fund invests in California municipal <br />securities, the value of the Fund's shares may be especially affected by factors <br />pertaining to the economy of California and other factors specifically impacting <br />the ability of issuers of California municipal securities to meet their obligations. <br />California continues to face substantial economic and business budget pressures as <br />a result of the economic recession and continues to take various actions in response <br />to the current situation. California's published budget for fiscal year 2012-13,<br />adopted by the state's legislature in June 2012, projects continued steady<br />growth of California's major tax revenue sources. There can be no assurances,<br />however, that the financial condition of California will not be further<br />materially adversely affected by continuing or unforeseen conditions or<br />circumstances, including, but not limited to, lower than expected revenues or<br />higher than expected expenditures. Such factors relating to California and its<br />municipalities may affect the ability of California or its municipalities to pay<br />their respective obligations. The statement of additional information provides<br />additional detail about the current financial condition of, and risks specific<br />to, California municipal securities, which investors should carefully consider.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services <br />company or such company's failure to fulfill its obligations could cause the <br />Fund's investments in securities backed by guarantees, letters of credit, <br />insurance or other credit or liquidity enhancements issued or provided by such <br />company to decline in value. Credit and liquidity enhancements are designed to <br />help assure timely payment of a security and do not protect the Fund or its <br />shareholders from losses caused by declines in a security's market value due <br />to changes in market conditions. In addition, having multiple portfolio securities' <br />credit or liquidity enhanced by the same financial services company increases the <br />potential adverse effects on the Fund that can result from a downgrading of, or <br />a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's <br />power to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /><br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Investor<br />Class shares of Columbia California Tax-Exempt Reserves, the predecessor to the<br />Fund and a series of Columbia Funds Series Trust. The Fund's past performance is<br />no guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
<div style="display:none">~ http://www.bofacapital.com/role/ShareholderFeesData_S000027917Member5 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
CFTXX
0.0091
Worst:
Best:
0.00
2012-09-30
0.0025
56
2007-06-30
202
0.0000
0.0067
-0.0012
0.0000
823
361
0.0310
0.0080
0.0007
0.0032
0.0170
0.0025
2013-12-31
2011-09-30
0.0007
0.0098
0.0185
Year-to-date return
0.0007
0.0007
0.0052
0.0010
0.0117
0.0055
0.0067
0.0290
0.0001
0.00
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 a "diversified" fund. This
increases the risk that a change in the value of any one investment held by the Fund could
affect the value of shares of the Fund more than it would affect the value of shares 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.
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<tt>BofA California Tax-Exempt Reserves (the Fund) seeks current income exempt from<br />federal income tax and California individual income tax, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Institutional Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax and California individual income tax. These securities are issued by<br />or on behalf of the State of California, its political subdivisions, agencies,<br />instrumentalities and authorities, and other qualified issuers that may include<br />issuers located outside of California.<br /> <br />The Fund may invest up to 20% of its total assets in private activity bonds,<br />which are municipal securities that finance private projects. The Fund also may<br />invest in instruments issued by certain trusts or other special purpose issuers,<br />such as pass-through certificates representing participations in, or debt<br />instruments backed by, the securities and other assets owned by these issuers.<br />In addition, the Fund may invest in other money market funds, consistent with<br />its investment objective and strategies. The Fund is non-diversified, which<br />means that it can invest a greater percentage of its assets in a single issuer<br />than a diversified fund.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA California Tax-Exempt Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        2nd quarter 2007:     0.87%  <br />Worst:       1st quarter 2002:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Institutional<br />Class shares has varied from year to year. For the Fund's current 7-day yield,<br />call BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904<br />(individual investors) or 800.353.0828 (institutional investors) or contact your<br />financial advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund may, <br />in circumstances, suspend redemptions or the payment of redemption proceeds when <br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Non-Diversified Mutual Fund Risk - The Fund is non-diversified, which<br />generally means that it may invest a greater percentage of its total assets in<br />the securities of fewer issuers than a "diversified" fund. This increases the<br />risk that a change in the value of any one investment held by the Fund could<br />affect the value of shares of the Fund more than it would affect the value of<br />shares of a diversified fund holding a greater number of investments.<br />Accordingly, the Fund's value will likely be more volatile than the value of<br />more diversified funds. The Fund may not operate as a non-diversified fund at<br />all times.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o State-Specific Municipal Securities Risk - Securities issued by a particular<br />state and its political subdivisions, agencies, instrumentalities and<br />authorities are subject to the risk of unfavorable developments in such state.<br />The value of Fund shares may be more volatile than the value of shares of funds<br />that invest in municipal securities of issuers in more than one state, as<br />unfavorable developments have the potential to impact more significantly the<br />Fund than funds that invest in municipal securities of many different states. A<br />municipal security can be significantly affected by adverse tax, legislative,<br />demographic or political changes as well as changes in the state's financial or<br />economic condition and prospects. Since the Fund invests in California municipal<br />securities, the value of the Fund's shares may be especially affected by factors <br />pertaining to the economy of California and other factors specifically impacting <br />the ability of issuers of California municipal securities to meet their obligations. <br />California continues to face substantial economic and business budget pressures as a <br />result of the economic recession and continues to take various actions in response to <br />the current situation. California's published budget for fiscal year 2012-13, adopted <br />by the state's legislature in June 2012, projects continued steady growth of California's <br />major tax revenue sources. There can be no assurances, however, that the financial<br />condition of California will not be further materially adversely affected by<br />continuing or unforeseen conditions or circumstances, including, but not limited<br />to, lower than expected revenues or higher than expected expenditures. Such<br />factors relating to California and its municipalities may affect the ability of<br />California or its municipalities to pay their respective obligations. The<br />statement of additional information provides additional detail about the current<br />financial condition of, and risks specific to, California municipal securities,<br />which investors should carefully consider.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters<br />of credit, insurance or other credit or liquidity enhancements issued or<br />provided by such company to decline in value. Credit and liquidity enhancements<br />are designed to help assure timely payment of a security and do not protect the<br />Fund or its shareholders from losses caused by declines in a security's market<br />value due to changes in market conditions. In addition, having multiple<br />portfolio securities' credit or liquidity enhanced by the same financial<br />services company increases the potential adverse effects on the Fund that can <br />result from a downgrading of, or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of<br />Institutional Class shares of Columbia California Tax-Exempt Reserves, the<br />predecessor to the Fund and a series of Columbia Funds Series Trust. The Fund's<br />past performance is no guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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NCTXX
0.0086
Worst:
Best:
0.00
2012-09-30
0.0004
25
2007-06-30
104
0.0000
0.0098
-0.0012
0.0010
444
190
0.0342
0.0087
0.0011
0.0011
0.0202
0.0025
2013-12-31
2002-03-30
0.0028
0.0118
0.0217
Year-to-date return
0.0007
0.0011
0.0083
0.0000
0.0139
0.0024
0.0036
0.0322
0.0001
0.00
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 a "diversified" fund. This
increases the risk that a change in the value of any one investment held by the Fund could
affect the value of shares of the Fund more than it would affect the value of shares 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.
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<tt>BofA California Tax-Exempt Reserves (the Fund) seeks current income exempt from<br />federal income tax and California individual income tax, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Daily Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax and California individual income tax. These securities are issued by<br />or on behalf of the State of California, its political subdivisions, agencies,<br />instrumentalities and authorities, and other qualified issuers that may include<br />issuers located outside of California.<br /> <br />The Fund may invest up to 20% of its total assets in private activity bonds,<br />which are municipal securities that finance private projects. The Fund also may<br />invest in instruments issued by certain trusts or other special purpose issuers,<br />such as pass-through certificates representing participations in, or debt<br />instruments backed by, the securities and other assets owned by these issuers.<br />In addition, the Fund may invest in other money market funds, consistent with<br />its investment objective and strategies. The Fund is non-diversified, which<br />means that it can invest a greater percentage of its assets in a single issuer<br />than a diversified fund.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA California Tax-Exempt Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        2nd quarter 2007:     0.73%  <br />Worst:       3rd quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Daily Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund <br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund may, <br />in circumstances, suspend redemptions or the payment of redemption proceeds when <br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Non-Diversified Mutual Fund Risk - The Fund is non-diversified, which<br />generally means that it may invest a greater percentage of its total assets in<br />the securities of fewer issuers than a "diversified" fund. This increases the<br />risk that a change in the value of any one investment held by the Fund could<br />affect the value of shares of the Fund more than it would affect the value of<br />shares of a diversified fund holding a greater number of investments.<br />Accordingly, the Fund's value will likely be more volatile than the value of<br />more diversified funds. The Fund may not operate as a non-diversified fund at<br />all times.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o State-Specific Municipal Securities Risk - Securities issued by a particular<br />state and its political subdivisions, agencies, instrumentalities and<br />authorities are subject to the risk of unfavorable developments in such state.<br />The value of Fund shares may be more volatile than the value of shares of funds<br />that invest in municipal securities of issuers in more than one state, as<br />unfavorable developments have the potential to impact more significantly the Fund <br />than funds that invest in municipal securities of many different states. A municipal <br />security can be significantly affected by adverse tax, legislative, demographic or <br />political changes as well as changes in the state's financial or economic condition <br />and prospects. Since the Fund invests in California municipal securities, the value<br />of the Fund's shares may be especially affected by factors pertaining to the<br />economy of California and other factors specifically impacting the ability of<br />issuers of California municipal securities to meet their obligations. California<br />continues to face substantial economic and business budget pressures as a result<br />of the economic recession and continues to take various actions in response to<br />the current situation. California's published budget for fiscal year 2012-13,<br />adopted by the state's legislature in June 2012, projects continued steady<br />growth of California's major tax revenue sources. There can be no assurances,<br />however, that the financial condition of California will not be further<br />materially adversely affected by continuing or unforeseen conditions or<br />circumstances, including, but not limited to, lower than expected revenues or<br />higher than expected expenditures. Such factors relating to California and its<br />municipalities may affect the ability of California or its municipalities to pay<br />their respective obligations. The statement of additional information provides<br />additional detail about the current financial condition of, and risks specific<br />to, California municipal securities, which investors should carefully consider.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters<br />of credit, insurance or other credit or liquidity enhancements issued or provided by <br />such company to decline in value. Credit and liquidity enhancements are designed to <br />help assure timely payment of a security and do not protect the Fund or its shareholders <br />from losses caused by declines in a security's market value due to changes in market <br />conditions. In addition, having multiple portfolio securities' credit or liquidity enhanced <br />by the same financial services company increases the potential adverse effects on the Fund<br />that can result from a downgrading of, or a default by, such financial services<br />company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br />  <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Daily<br />Class shares of Columbia California Tax-Exempt Reserves, the predecessor to the<br />Fund and a series of Columbia Funds Series Trust. The Fund's past performance is<br />no guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NADXX
0.0066
Worst:
Best:
0.00
2012-09-30
0.0025
82
2007-06-30
281
0.0000
0.0042
-0.0012
0.00
1120
498
0.0284
0.0073
0.0007
0.0032
0.0145
0.0025
2013-12-31
2011-09-30
0.0001
0.0087
0.0160
Year-to-date return
0.0007
0.0007
0.0030
0.0035
0.0099
0.0080
0.0092
0.0265
0.0001
0.00
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 a "diversified" fund. This
increases the risk that a change in the value of any one investment held by the Fund could
affect the value of shares of the Fund more than it would affect the value of shares 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.
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<tt>BofA California Tax-Exempt Reserves (the Fund) seeks current income exempt from<br />federal income tax and California individual income tax, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Capital Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax and California individual income tax. These securities are issued by<br />or on behalf of the State of California, its political subdivisions, agencies,<br />instrumentalities and authorities, and other qualified issuers that may include<br />issuers located outside of California.<br /> <br />The Fund may invest up to 20% of its total assets in private activity bonds,<br />which are municipal securities that finance private projects. The Fund also may<br />invest in instruments issued by certain trusts or other special purpose issuers,<br />such as pass-through certificates representing participations in, or debt<br />instruments backed by, the securities and other assets owned by these issuers.<br />In addition, the Fund may invest in other money market funds, consistent with<br />its investment objective and strategies. The Fund is non-diversified, which<br />means that it can invest a greater percentage of its assets in a single issuer<br />than a diversified fund.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA California Tax-Exempt Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        2nd quarter 2007:     0.88%  <br />Worst:       3rd quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Capital Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund shares, <br />(ii) a disruption in the normal operation of the markets in which the Fund buys and <br />sells portfolio securities or (iii) the inability of the Fund to sell portfolio <br />securities because such securities are illiquid. In such events, the Fund could be <br />forced to sell portfolio securities at unfavorable prices in an effort to generate<br />sufficient cash to pay redeeming shareholders. The Fund may, in circumstances,<br />suspend redemptions or the payment of redemption proceeds when permitted by<br />applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Non-Diversified Mutual Fund Risk - The Fund is non-diversified, which<br />generally means that it may invest a greater percentage of its total assets in<br />the securities of fewer issuers than a "diversified" fund. This increases the<br />risk that a change in the value of any one investment held by the Fund could<br />affect the value of shares of the Fund more than it would affect the value of<br />shares of a diversified fund holding a greater number of investments.<br />Accordingly, the Fund's value will likely be more volatile than the value of<br />more diversified funds. The Fund may not operate as a non-diversified fund at<br />all times.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o State-Specific Municipal Securities Risk - Securities issued by a particular<br />state and its political subdivisions, agencies, instrumentalities and<br />authorities are subject to the risk of unfavorable developments in such state.<br />The value of Fund shares may be more volatile than the value of shares of funds<br />that invest in municipal securities of issuers in more than one state, as<br />unfavorable developments have the potential to impact more significantly the Fund <br />than funds that invest in municipal securities of many different states. A municipal <br />security can be significantly affected by adverse tax, legislative, demographic or <br />political changes as well as changes in the state's financial or economic condition <br />and prospects. Since the Fund invests in California municipal securities, the value<br />of the Fund's shares may be especially affected by factors pertaining to the<br />economy of California and other factors specifically impacting the ability of<br />issuers of California municipal securities to meet their obligations. California<br />continues to face substantial economic and business budget pressures as a result<br />of the economic recession and continues to take various actions in response to<br />the current situation. California's published budget for fiscal year 2012-13,<br />adopted by the state's legislature in June 2012, projects continued steady<br />growth of California's major tax revenue sources. There can be no assurances,<br />however, that the financial condition of California will not be further<br />materially adversely affected by continuing or unforeseen conditions or<br />circumstances, including, but not limited to, lower than expected revenues or<br />higher than expected expenditures. Such factors relating to California and its<br />municipalities may affect the ability of California or its municipalities to pay<br />their respective obligations. The statement of additional information provides<br />additional detail about the current financial condition of, and risks specific<br />to, California municipal securities, which investors should carefully consider.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters<br />of credit, insurance or other credit or liquidity enhancements issued or provided <br />by such company to decline in value. Credit and liquidity enhancements are designed <br />to help assure timely payment of a security and do not protect the Fund or its shareholders <br />from losses caused by declines in a security's market value due to changes in market <br />conditions. In addition, having multiple portfolio securities' credit or liquidity enhanced <br />by the same financial services company increases the potential adverse effects on the Fund<br />that can result from a downgrading of, or a default by, such financial services<br />company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br />  <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Capital<br />Class shares of Columbia California Tax-Exempt Reserves, the predecessor to the<br />Fund and a series of Columbia Funds Series Trust. The Fund's past performance is<br />no guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed
by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and
Bank of America Corporation (collectively, Bank of America), the Federal Deposit
Insurance Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NCAXX
0.0126
Worst:
Best:
0.00
2012-09-30
20
2007-06-30
91
0.0000
0.0102
-0.0012
0.0014
394
168
0.0346
0.0088
0.0014
0.0007
0.0206
0.0025
2013-12-31
2011-09-30
0.0032
0.0122
0.0221
Year-to-date return
0.0014
0.0087
0.0000
0.0147
0.0020
0.0032
0.0326
0.0003
0.00
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 a "diversified" fund. This
increases the risk that a change in the value of any one investment held by the Fund could
affect the value of shares of the Fund more than it would affect the value of shares 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.
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<tt>BofA California Tax-Exempt Reserves (the Fund) seeks current income exempt from<br />federal income tax and California individual income tax, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Adviser Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax and California individual income tax. These securities are issued by<br />or on behalf of the State of California, its political subdivisions, agencies,<br />instrumentalities and authorities, and other qualified issuers that may include<br />issuers located outside of California.<br /> <br />The Fund may invest up to 20% of its total assets in private activity bonds,<br />which are municipal securities that finance private projects. The Fund also may<br />invest in instruments issued by certain trusts or other special purpose issuers,<br />such as pass-through certificates representing participations in, or debt<br />instruments backed by, the securities and other assets owned by these issuers.<br />In addition, the Fund may invest in other money market funds, consistent with<br />its investment objective and strategies. The Fund is non-diversified, which<br />means that it can invest a greater percentage of its assets in a single issuer<br />than a diversified fund.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA California Tax-Exempt Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        2nd quarter 2007:     0.82%  <br />Worst:       3rd quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Adviser Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the Fund <br />buys and sells portfolio securities or (iii) the inability of the Fund to sell<br />portfolio securities because such securities are illiquid. In such events, the<br />Fund could be forced to sell portfolio securities at unfavorable prices in an<br />effort to generate sufficient cash to pay redeeming shareholders. The Fund may,<br />in circumstances, suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 recently<br />adopted amendments to money market regulation, imposing new liquidity, credit<br />quality, and maturity requirements on all money market funds. These changes may<br />result in reduced yields for money market funds, including the Fund. The SEC,<br />other regulators or the Congress may adopt additional money market requirements,<br />which may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Non-Diversified Mutual Fund Risk - The Fund is non-diversified, which<br />generally means that it may invest a greater percentage of its total assets in<br />the securities of fewer issuers than a "diversified" fund. This increases the<br />risk that a change in the value of any one investment held by the Fund could<br />affect the value of shares of the Fund more than it would affect the value of<br />shares of a diversified fund holding a greater number of investments.<br />Accordingly, the Fund's value will likely be more volatile than the value of<br />more diversified funds. The Fund may not operate as a non-diversified fund at<br />all times.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o State-Specific Municipal Securities Risk - Securities issued by a particular<br />state and its political subdivisions, agencies, instrumentalities and<br />authorities are subject to the risk of unfavorable developments in such state.<br />The value of Fund shares may be more volatile than the value of shares of funds<br />that invest in municipal securities of issuers in more than one state, as<br />unfavorable developments have the potential to impact more significantly the Fund <br />than funds that invest in municipal securities of many different states. A municipal <br />security can be significantly affected by adverse tax, legislative, demographic or <br />political changes as well as changes in the state's financial or economic condition <br />and prospects. Since the Fund invests in California municipal securities, the value<br />of the Fund's shares may be especially affected by factors pertaining to the<br />economy of California and other factors specifically impacting the ability of<br />issuers of California municipal securities to meet their obligations. California<br />continues to face substantial economic and business budget pressures as a result<br />of the economic recession and continues to take various actions in response to<br />the current situation. California's published budget for fiscal year 2012-13,<br />adopted by the state's legislature in June 2012, projects continued steady<br />growth of California's major tax revenue sources. There can be no assurances,<br />however, that the financial condition of California will not be further<br />materially adversely affected by continuing or unforeseen conditions or<br />circumstances, including, but not limited to, lower than expected revenues or<br />higher than expected expenditures. Such factors relating to California and its<br />municipalities may affect the ability of California or its municipalities to pay<br />their respective obligations. The statement of additional information provides<br />additional detail about the current financial condition of, and risks specific<br />to, California municipal securities, which investors should carefully consider.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters<br />of credit, insurance or other credit or liquidity enhancements issued or provided <br />by such company to decline in value. Credit and liquidity enhancements are designed <br />to help assure timely payment of a security and do not protect the Fund or its <br />shareholders from losses caused by declines in a security's market value due to <br />changes in market conditions. In addition, having multiple portfolio securities' <br />credit or liquidity enhanced by the same financial services company increases the <br />potential adverse effects on the Fund that can result from a downgrading of, or a <br />default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br />  <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Adviser<br />Class shares of Columbia California Tax-Exempt Reserves, the predecessor to the<br />Fund and a series of Columbia Funds Series Trust. The Fund's past performance is<br />no guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NARXX
0.0101
Worst:
Best:
0.00
2012-09-30
0.0025
46
2007-06-30
171
0.0000
0.0077
-0.0012
0.00
702
306
0.0320
0.0082
0.0007
0.0032
0.0180
0.0025
2013-12-31
2011-09-30
0.0012
0.0103
0.0196
Year-to-date return
0.0007
0.0007
0.0062
0.0000
0.0125
0.0045
0.0057
0.03
0.0001
0.00
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<tt>BofA Tax-Exempt Reserves (the Fund) seeks current income exempt from federal<br />income tax, consistent with capital preservation and maintenance of a high<br />degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Trust Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax.<br /> <br />The Fund purchases only first-tier securities. The Fund invests in municipal<br />securities that, at the time of purchase, BofA Advisors, LLC, the Fund's<br />investment advisor (the Advisor), believes have minimal credit risk and are of<br />high quality. The Fund may invest in instruments issued by certain trusts or<br />other special purpose issuers, such as pass-through certificates representing<br />participations in, or debt instruments backed by, the securities and other<br />assets owned by these issuers. The Fund also may invest in other money market<br />funds, consistent with its investment objective and strategies.<br /> <br />The Advisor evaluates a number of factors in identifying investment<br />opportunities and constructing the Fund's portfolio. The Advisor considers<br />local, national and global economic conditions, market conditions, interest rate<br />movements, and other relevant factors to determine the allocation of the Fund's<br />assets among different securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity, any call features and value relative to<br />other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Tax-Exempt Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        2nd quarter 2007:     0.87%  <br />Worst:       3rd quarter 2011:     0.00%</tt>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Trust Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities <br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund may,<br />in circumstances, suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues <br />generated by a particular project or other revenue source, and are typically <br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue <br />source backing the project, rather than to the general taxing authority of the <br />state or local government issuer of the obligations. Because many municipal <br />securities are issued to finance projects in sectors such as education, health <br />care, transportation and utilities, conditions in those sectors can affect the <br />overall municipal market. Municipal securities pay interest that is intended to <br />be free from federal income tax (and, in some cases, the federal alternative <br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will <br />agree with this position. For example, in the event that the IRS determines that <br />the issuer did not comply with relevant tax requirements, interest payments from <br />a municipal security could become federally taxable, possibly retroactively to <br />the date the municipal security was issued, and the value of the municipal <br />security would likely fall. As a shareholder of the Fund, you may be required to <br />file an amended tax return and pay additional taxes as a result.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters<br />of credit, insurance or other credit or liquidity enhancements issued or<br />provided by such company to decline in value. Credit and liquidity enhancements<br />are designed to help assure timely payment of a security and do not protect the<br />Fund or its shareholders from losses caused by declines in a security's market<br />value due to changes in market conditions. In addition, having multiple<br />portfolio securities' credit or liquidity enhanced by the same financial services <br />company increases the potential adverse effects on the Fund that can result from a<br />downgrading of, or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the <br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund <br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Trust<br />Class shares of Columbia Tax-Exempt Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured
or guaranteed by the Advisor or the Advisor's affiliates, including
Bank of America, N.A. and Bank of America Corporation (collectively,
Bank of America), the Federal Deposit Insurance Corporation or any
other government agency, and it is possible to lose money by investing
in the Fund.
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NTXXX
0.012
Worst:
Best:
0.00
2012-09-30
0.0010
31
2007-06-30
112
0.0000
0.0094
-0.0007
0.0002
461
201
0.0342
0.0087
0.0003
0.0012
0.0210
0.0025
2013-12-31
2011-09-30
0.0033
0.0117
0.0213
Year-to-date return
0.0002
0.0003
0.0081
0.0000
0.0141
0.0030
0.0037
0.0321
0.0000
0.00
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<tt>BofA Tax-Exempt Reserves (the Fund) seeks current income exempt from federal<br />income tax, consistent with capital preservation and maintenance of a high<br />degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Liquidity Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax.<br /> <br />The Fund purchases only first-tier securities. The Fund invests in municipal<br />securities that, at the time of purchase, BofA Advisors, LLC, the Fund's<br />investment advisor (the Advisor), believes have minimal credit risk and are of<br />high quality. The Fund may invest in instruments issued by certain trusts or<br />other special purpose issuers, such as pass-through certificates representing<br />participations in, or debt instruments backed by, the securities and other<br />assets owned by these issuers. The Fund also may invest in other money market<br />funds, consistent with its investment objective and strategies.<br /> <br />The Advisor evaluates a number of factors in identifying investment<br />opportunities and constructing the Fund's portfolio. The Advisor considers<br />local, national and global economic conditions, market conditions, interest rate<br />movements, and other relevant factors to determine the allocation of the Fund's<br />assets among different securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity, any call features and value relative to<br />other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Tax-Exempt Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        2nd quarter 2007:     0.86%  <br />Worst:       3rd quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Liquidity Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment strategies <br />and other investment strategies in pursuit of the Fund's investment objective. <br />Investment decisions made by the Advisor in using these strategies may not produce <br />the returns expected by the Advisor, may cause the securities held by the Fund to<br />lose value which, in turn, would cause the Fund's shares to lose value or may<br />cause the Fund to underperform other funds with similar investment objectives.<br />Also, cash held by the Fund may adversely impact the Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund may, <br />in circumstances, suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support <br />from other governmental bodies. Revenue obligations are payable from revenues <br />generated by a particular project or other revenue source, and are typically <br />subject to greater risk of default than general obligation bonds because investors <br />can look only to the revenue generated by the project or other revenue source <br />backing the project, rather than to the general taxing authority of the state or <br />local government issuer of the obligations. Because many municipal securities are <br />issued to finance projects in sectors such as education, health care, transportation <br />and utilities, conditions in those sectors can affect the overall municipal market. <br />Municipal securities pay interest that is intended to be free from federal income <br />tax (and, in some cases, the federal alternative minimum tax). There is no assurance <br />that the Internal Revenue Service (IRS) will agree with this position. For example, <br />in the event that the IRS determines that the issuer did not comply with relevant<br />tax requirements, interest payments from a municipal security could become<br />federally taxable, possibly retroactively to the date the municipal security was<br />issued, and the value of the municipal security would likely fall. As a<br />shareholder of the Fund, you may be required to file an amended tax return and<br />pay additional taxes as a result.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters<br />of credit, insurance or other credit or liquidity enhancements issued or<br />provided by such company to decline in value. Credit and liquidity enhancements<br />are designed to help assure timely payment of a security and do not protect the<br />Fund or its shareholders from losses caused by declines in a security's market<br />value due to changes in market conditions. In addition, having multiple portfolio <br />securities' credit or liquidity enhanced by the same financial services company <br />increases the potential adverse effects on the Fund that can result from a <br />downgrading of, or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the <br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund <br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Liquidity<br />Class shares of Columbia Tax-Exempt Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
<div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027916Member7 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed
by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and
Bank of America Corporation (collectively, Bank of America), the Federal Deposit
Insurance Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NELXX
Worst:
Best:
0.00
2012-09-30
36
2007-06-30
150
0.0000
0.0089
-0.0017
0.00
636
274
0.0336
0.0086
0.0002
0.0002
0.0205
0.0025
2013-12-31
2011-09-30
0.0028
0.0113
0.0208
Year-to-date return
0.0002
0.0076
0.0025
0.0035
0.0052
0.0316
0.0138
2002-09-03
0.0000
0.00
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<tt>BofA Tax-Exempt Reserves (the Fund) seeks current income exempt from federal<br />income tax, consistent with capital preservation and maintenance of a high<br />degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Investor Class shares of the Fund for the periods <br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax.<br /> <br />The Fund purchases only first-tier securities. The Fund invests in municipal<br />securities that, at the time of purchase, BofA Advisors, LLC, the Fund's<br />investment advisor (the Advisor), believes have minimal credit risk and are of<br />high quality. The Fund may invest in instruments issued by certain trusts or<br />other special purpose issuers, such as pass-through certificates representing<br />participations in, or debt instruments backed by, the securities and other<br />assets owned by these issuers. The Fund also may invest in other money market<br />funds, consistent with its investment objective and strategies.<br /> <br />The Advisor evaluates a number of factors in identifying investment<br />opportunities and constructing the Fund's portfolio. The Advisor considers<br />local, national and global economic conditions, market conditions, interest rate<br />movements, and other relevant factors to determine the allocation of the Fund's<br />assets among different securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity, any call features and value relative to<br />other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Tax-Exempt Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        2nd quarter 2007:     0.81%  <br />Worst:       3rd quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Investor Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies <br />may not produce the returns expected by the Advisor, may cause the securities <br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund <br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically subject <br />to greater risk of default than general obligation bonds because investors can <br />look only to the revenue generated by the project or other revenue source backing <br />the project, rather than to the general taxing authority of the state or local<br />government issuer of the obligations. Because many municipal securities are<br />issued to finance projects in sectors such as education, health care,<br />transportation and utilities, conditions in those sectors can affect the overall<br />municipal market. Municipal securities pay interest that is intended to be free<br />from federal income tax (and, in some cases, the federal alternative minimum<br />tax). There is no assurance that the Internal Revenue Service (IRS) will agree<br />with this position. For example, in the event that the IRS determines that the<br />issuer did not comply with relevant tax requirements, interest payments from a<br />municipal security could become federally taxable, possibly retroactively to the<br />date the municipal security was issued, and the value of the municipal security<br />would likely fall. As a shareholder of the Fund, you may be required to file an<br />amended tax return and pay additional taxes as a result.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters<br />of credit, insurance or other credit or liquidity enhancements issued or<br />provided by such company to decline in value. Credit and liquidity enhancements<br />are designed to help assure timely payment of a security and do not protect the<br />Fund or its shareholders from losses caused by declines in a security's market<br />value due to changes in market conditions. In addition, having multiple<br />portfolio securities' credit or liquidity enhanced by the same financial services <br />company increases the potential adverse effects on the Fund that can result from <br />a downgrading of, or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund <br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Investor<br />Class shares of Columbia Tax-Exempt Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
<div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027916Member6 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
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An investment in the Fund is not a bank deposit, and is not insured or
guaranteed by the Advisor or the Advisor's affiliates, including Bank
of America, N.A. and Bank of America Corporation (collectively, Bank
of America), the Federal Deposit Insurance Corporation or any other
government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NECXX
0.0095
Worst:
Best:
0.00
2012-09-30
0.0025
56
2007-06-30
191
0.0000
0.0068
-0.0007
0.00
768
339
0.0316
0.0081
0.0002
0.0027
0.0184
0.0025
2013-12-31
2011-09-30
0.0015
0.0103
0.0187
Year-to-date return
0.0002
0.0002
0.0056
0.0010
0.0121
0.0055
0.0062
0.0295
0.0000
0.00
<div style="display:none">~ http://www.bofacapital.com/role/ExpenseExample_S000027916Member5 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display:none">~ http://www.bofacapital.com/role/BarChartData_S000027916Member5 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<tt>BofA Tax-Exempt Reserves (the Fund) seeks current income exempt from federal<br />income tax, consistent with capital preservation and maintenance of a high<br />degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Institutional Capital shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the <br />  table on the previous page. <br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax.<br /> <br />The Fund purchases only first-tier securities. The Fund invests in municipal<br />securities that, at the time of purchase, BofA Advisors, LLC, the Fund's<br />investment advisor (the Advisor), believes have minimal credit risk and are of<br />high quality. The Fund may invest in instruments issued by certain trusts or<br />other special purpose issuers, such as pass-through certificates representing<br />participations in, or debt instruments backed by, the securities and other<br />assets owned by these issuers. The Fund also may invest in other money market<br />funds, consistent with its investment objective and strategies.<br /> <br />The Advisor evaluates a number of factors in identifying investment<br />opportunities and constructing the Fund's portfolio. The Advisor considers<br />local, national and global economic conditions, market conditions, interest rate<br />movements, and other relevant factors to determine the allocation of the Fund's<br />assets among different securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity, any call features and value relative to<br />other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Tax-Exempt Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        2nd quarter 2007:     0.90%  <br />Worst:       3rd quarter 2011:     0.01%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Institutional<br />Capital shares has varied from year to year. For the Fund's current 7-day yield,<br />call BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904<br />(individual investors) or 800.353.0828 (institutional investors) or contact your<br />financial advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies <br />may not produce the returns expected by the Advisor, may cause the securities <br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund may, <br />in circumstances, suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support <br />from other governmental bodies. Revenue obligations are payable from revenues generated <br />by a particular project or other revenue source, and are typically subject to greater <br />risk of default than general obligation bonds because investors can look only to the <br />revenue generated by the project or other revenue source backing the project, rather <br />than to the general taxing authority of the state or local government issuer of the <br />obligations. Because many municipal securities are issued to finance projects in <br />sectors such as education, health care, transportation and utilities, conditions in <br />those sectors can affect the overall municipal market. Municipal securities pay<br />interest that is intended to be free from federal income tax (and, in some<br />cases, the federal alternative minimum tax). There is no assurance that the<br />Internal Revenue Service (IRS) will agree with this position. For example, in<br />the event that the IRS determines that the issuer did not comply with relevant<br />tax requirements, interest payments from a municipal security could become<br />federally taxable, possibly retroactively to the date the municipal security was<br />issued, and the value of the municipal security would likely fall. As a<br />shareholder of the Fund, you may be required to file an amended tax return and<br />pay additional taxes as a result.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters<br />of credit, insurance or other credit or liquidity enhancements issued or<br />provided by such company to decline in value. Credit and liquidity enhancements<br />are designed to help assure timely payment of a security and do not protect the<br />Fund or its shareholders from losses caused by declines in a security's market<br />value due to changes in market conditions. In addition, having multiple portfolio <br />securities' credit or liquidity enhanced by the same financial services company <br />increases the potential adverse effects on the Fund that can result from a <br />downgrading of, or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the <br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund may<br />reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of G-Trust<br />shares of Columbia Tax-Exempt Reserves, the predecessor to the Fund and a series<br />of Columbia Funds Series Trust. The Fund's past performance is no guarantee of<br />how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
<div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027916Member5 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027916Member5 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
An investment in the Fund is not a bank deposit, and is not insured or guaranteed
by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and
Bank of America Corporation (collectively, Bank of America), the Federal Deposit
Insurance Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
CXGXX
Worst:
Best:
0.00
2012-09-30
20
2007-06-30
80
0.0001
-0.0007
0.0012
336
145
0.0352
0.0090
0.0008
0.0002
0.0220
0.0025
2013-12-31
2011-09-30
0.0043
0.0126
Year-to-date return
0.0008
0.0000
0.0020
0.0027
0.0331
0.0162
2005-11-21
0.0002
0.00
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<tt>BofA Tax-Exempt Reserves (the Fund) seeks current income exempt from federal<br />income tax, consistent with capital preservation and maintenance of a high<br />degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Institutional Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax.<br /> <br />The Fund purchases only first-tier securities. The Fund invests in municipal<br />securities that, at the time of purchase, BofA Advisors, LLC, the Fund's<br />investment advisor (the Advisor), believes have minimal credit risk and are of<br />high quality. The Fund may invest in instruments issued by certain trusts or<br />other special purpose issuers, such as pass-through certificates representing<br />participations in, or debt instruments backed by, the securities and other<br />assets owned by these issuers. The Fund also may invest in other money market<br />funds, consistent with its investment objective and strategies.<br /> <br />The Advisor evaluates a number of factors in identifying investment<br />opportunities and constructing the Fund's portfolio. The Advisor considers<br />local, national and global economic conditions, market conditions, interest rate<br />movements, and other relevant factors to determine the allocation of the Fund's<br />assets among different securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity, any call features and value relative to<br />other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Tax-Exempt Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        2nd quarter 2007:     0.89%  <br />Worst:       3rd quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Institutional<br />Class shares has varied from year to year. For the Fund's current 7-day yield,<br />call BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904<br />(individual investors) or 800.353.0828 (institutional investors) or contact <br />your financial advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities held<br />by the Fund to lose value which, in turn, would cause the Fund's shares to lose<br />value or may cause the Fund to underperform other funds with similar investment<br />objectives. Also, cash held by the Fund may adversely impact the Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund may, <br />in circumstances, suspend redemptions or the payment of redemption proceeds when <br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically subject <br />to greater risk of default than general obligation bonds because investors can look <br />only to the revenue generated by the project or other revenue source backing the<br />project, rather than to the general taxing authority of the state or local<br />government issuer of the obligations. Because many municipal securities are<br />issued to finance projects in sectors such as education, health care,<br />transportation and utilities, conditions in those sectors can affect the overall<br />municipal market. Municipal securities pay interest that is intended to be free<br />from federal income tax (and, in some cases, the federal alternative minimum<br />tax). There is no assurance that the Internal Revenue Service (IRS) will agree<br />with this position. For example, in the event that the IRS determines that the<br />issuer did not comply with relevant tax requirements, interest payments from a<br />municipal security could become federally taxable, possibly retroactively to the<br />date the municipal security was issued, and the value of the municipal security<br />would likely fall. As a shareholder of the Fund, you may be required to file an<br />amended tax return and pay additional taxes as a result.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters<br />of credit, insurance or other credit or liquidity enhancements issued or<br />provided by such company to decline in value. Credit and liquidity enhancements<br />are designed to help assure timely payment of a security and do not protect the<br />Fund or its shareholders from losses caused by declines in a security's market<br />value due to changes in market conditions. In addition, having multiple<br />portfolio securities' credit or liquidity enhanced by the same financial services <br />company increases the potential adverse effects on the Fund that can result from <br />a downgrading of, or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund may <br />reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of<br />Institutional Class shares of Columbia Tax-Exempt Reserves, the predecessor <br />to the Fund and a series of Columbia Funds Series Trust. The Fund's past<br />performance is no guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed
by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and
Bank of America Corporation (collectively, Bank of America), the Federal Deposit
Insurance Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NEIXX
Worst:
Best:
0.00
2012-09-30
0.0004
25
2007-06-30
93
0.0000
0.01
-0.0007
0.0008
386
167
0.0348
0.0089
0.0006
0.0006
0.0216
0.0025
2013-12-31
2011-09-30
0.0039
0.0122
0.0219
Year-to-date return
0.0002
0.0006
0.0087
0.0000
0.0024
0.0031
0.0327
0.0148
2002-06-18
0.0001
0.00
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<tt>BofA Tax-Exempt Reserves (the Fund) seeks current income exempt from federal<br />income tax, consistent with capital preservation and maintenance of a high<br />degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Daily Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax.<br /> <br />The Fund purchases only first-tier securities. The Fund invests in municipal<br />securities that, at the time of purchase, BofA Advisors, LLC, the Fund's<br />investment advisor (the Advisor), believes have minimal credit risk and are of<br />high quality. The Fund may invest in instruments issued by certain trusts or<br />other special purpose issuers, such as pass-through certificates representing<br />participations in, or debt instruments backed by, the securities and other<br />assets owned by these issuers. The Fund also may invest in other money market<br />funds, consistent with its investment objective and strategies.<br /> <br />The Advisor evaluates a number of factors in identifying investment<br />opportunities and constructing the Fund's portfolio. The Advisor considers<br />local, national and global economic conditions, market conditions, interest rate<br />movements, and other relevant factors to determine the allocation of the Fund's<br />assets among different securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity, any call features and value relative to<br />other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Tax-Exempt Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        2nd quarter 2007:     0.75%  <br />Worst:       3rd quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Daily Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies <br />may not produce the returns expected by the Advisor, may cause the securities <br />held by the Fund to lose value which, in turn, would cause the Fund's shares to <br />lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund may,<br />in circumstances, suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues <br />generated by a particular project or other revenue source, and are typically subject <br />to greater risk of default than general obligation bonds because investors can look <br />only to the revenue generated by the project or other revenue source backing the <br />project, rather than to the general taxing authority of the state or local government <br />issuer of the obligations. Because many municipal securities are issued to finance<br />projects in sectors such as education, health care, transportation and<br />utilities, conditions in those sectors can affect the overall municipal market.<br />Municipal securities pay interest that is intended to be free from federal<br />income tax (and, in some cases, the federal alternative minimum tax). There is<br />no assurance that the Internal Revenue Service (IRS) will agree with this<br />position. For example, in the event that the IRS determines that the issuer did<br />not comply with relevant tax requirements, interest payments from a municipal<br />security could become federally taxable, possibly retroactively to the date the<br />municipal security was issued, and the value of the municipal security would<br />likely fall. As a shareholder of the Fund, you may be required to file an<br />amended tax return and pay additional taxes as a result.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters<br />of credit, insurance or other credit or liquidity enhancements issued or<br />provided by such company to decline in value. Credit and liquidity enhancements<br />are designed to help assure timely payment of a security and do not protect the<br />Fund or its shareholders from losses caused by declines in a security's market<br />value due to changes in market conditions. In addition, having multiple<br />portfolio securities' credit or liquidity enhanced by the same financial services <br />company increases the potential adverse effects on the Fund that can result from a<br />downgrading of, or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the <br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund <br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Daily<br />Class shares of Columbia Tax-Exempt Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed
by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and
Bank of America Corporation (collectively, Bank of America), the Federal Deposit
Insurance Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NEDXX
0.0070
Worst:
Best:
0.00
2012-09-30
0.0025
82
2007-06-30
271
0.0000
0.0043
-0.0007
0.00
1066
475
0.0290
0.0075
0.0002
0.0027
0.0159
0.0025
2013-12-31
2011-09-30
0.0005
0.0091
0.0162
Year-to-date return
0.0002
0.0002
0.0033
0.0035
0.0103
0.0080
0.0087
0.0269
0.0000
0.00
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<tt>BofA Tax-Exempt Reserves (the Fund) seeks current income exempt from federal<br />income tax, consistent with capital preservation and maintenance of a high<br />degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Capital Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax.<br /> <br />The Fund purchases only first-tier securities. The Fund invests in municipal<br />securities that, at the time of purchase, BofA Advisors, LLC, the Fund's<br />investment advisor (the Advisor), believes have minimal credit risk and are of<br />high quality. The Fund may invest in instruments issued by certain trusts or<br />other special purpose issuers, such as pass-through certificates representing<br />participations in, or debt instruments backed by, the securities and other<br />assets owned by these issuers. The Fund also may invest in other money market<br />funds, consistent with its investment objective and strategies.<br /> <br />The Advisor evaluates a number of factors in identifying investment<br />opportunities and constructing the Fund's portfolio. The Advisor considers<br />local, national and global economic conditions, market conditions, interest rate<br />movements, and other relevant factors to determine the allocation of the Fund's<br />assets among different securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity, any call features and value relative to<br />other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Tax-Exempt Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        2nd quarter 2007:     0.90%  <br />Worst:       3rd quarter 2011:     0.01%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Capital Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies <br />may not produce the returns expected by the Advisor, may cause the securities <br />held by the Fund to lose value which, in turn, would cause the Fund's shares to <br />lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund may,<br />in circumstances, suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues <br />generated by a particular project or other revenue source, and are typically <br />subject to greater risk of default than general obligation bonds because investors <br />can look only to the revenue generated by the project or other revenue source backing <br />the project, rather than to the general taxing authority of the state or local <br />government issuer of the obligations. Because many municipal securities are issued <br />to finance projects in sectors such as education, health care, transportation and<br />utilities, conditions in those sectors can affect the overall municipal market.<br />Municipal securities pay interest that is intended to be free from federal<br />income tax (and, in some cases, the federal alternative minimum tax). There is<br />no assurance that the Internal Revenue Service (IRS) will agree with this<br />position. For example, in the event that the IRS determines that the issuer did<br />not comply with relevant tax requirements, interest payments from a municipal<br />security could become federally taxable, possibly retroactively to the date the<br />municipal security was issued, and the value of the municipal security would<br />likely fall. As a shareholder of the Fund, you may be required to file an<br />amended tax return and pay additional taxes as a result.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters<br />of credit, insurance or other credit or liquidity enhancements issued or<br />provided by such company to decline in value. Credit and liquidity enhancements<br />are designed to help assure timely payment of a security and do not protect the<br />Fund or its shareholders from losses caused by declines in a security's market<br />value due to changes in market conditions. In addition, having multiple portfolio <br />securities' credit or liquidity enhanced by the same financial services company<br />increases the potential adverse effects on the Fund that can result from a<br />downgrading of, or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the <br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund <br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Capital<br />Class shares of Columbia Tax-Exempt Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
<div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027916Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed
by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and
Bank of America Corporation (collectively, Bank of America), the Federal Deposit
Insurance Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NRCXX
Worst:
Best:
0.00
2012-09-30
20
2007-06-30
80
0.0001
0.0104
-0.0007
0.0012
336
145
0.0352
0.0090
0.0008
0.0002
0.0220
0.0025
2013-12-31
2011-09-30
0.0043
0.0126
0.0223
Year-to-date return
0.0008
0.0091
0.0000
0.0020
0.0027
0.0331
0.0152
2002-06-13
0.0002
0.00
<div style="display:none">~ http://www.bofacapital.com/role/ExpenseExample_S000027916Member1 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
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<tt>BofA Tax-Exempt Reserves (the Fund) seeks current income exempt from federal<br />income tax, consistent with capital preservation and maintenance of a high<br />degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Adviser Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax.<br /> <br />The Fund purchases only first-tier securities. The Fund invests in municipal<br />securities that, at the time of purchase, BofA Advisors, LLC, the Fund's<br />investment advisor (the Advisor), believes have minimal credit risk and are of<br />high quality. The Fund may invest in instruments issued by certain trusts or<br />other special purpose issuers, such as pass-through certificates representing<br />participations in, or debt instruments backed by, the securities and other<br />assets owned by these issuers. The Fund also may invest in other money market<br />funds, consistent with its investment objective and strategies.<br /> <br />The Advisor evaluates a number of factors in identifying investment<br />opportunities and constructing the Fund's portfolio. The Advisor considers<br />local, national and global economic conditions, market conditions, interest rate<br />movements, and other relevant factors to determine the allocation of the Fund's<br />assets among different securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity, any call features and value relative to<br />other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Tax-Exempt Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        2nd quarter 2007:     0.83%  <br />Worst:       3rd quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Adviser Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies <br />may not produce the returns expected by the Advisor, may cause the securities <br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when, selling<br />portfolio securities to meet redemption requests if for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund may,<br />in circumstances, suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically subject <br />to greater risk of default than general obligation bonds because investors can <br />look only to the revenue generated by the project or other revenue source backing <br />the project, rather than to the general taxing authority of the state or local<br />government issuer of the obligations. Because many municipal securities are<br />issued to finance projects in sectors such as education, health care,<br />transportation and utilities, conditions in those sectors can affect the overall<br />municipal market. Municipal securities pay interest that is intended to be free<br />from federal income tax (and, in some cases, the federal alternative minimum<br />tax). There is no assurance that the Internal Revenue Service (IRS) will agree<br />with this position. For example, in the event that the IRS determines that the<br />issuer did not comply with relevant tax requirements, interest payments from a<br />municipal security could become federally taxable, possibly retroactively to the<br />date the municipal security was issued, and the value of the municipal security<br />would likely fall. As a shareholder of the Fund, you may be required to file an<br />amended tax return and pay additional taxes as a result.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters<br />of credit, insurance or other credit or liquidity enhancements issued or<br />provided by such company to decline in value. Credit and liquidity enhancements<br />are designed to help assure timely payment of a security and do not protect the<br />Fund or its shareholders from losses caused by declines in a security's market<br />value due to changes in market conditions. In addition, having multiple<br />portfolio securities' credit or liquidity enhanced by the same financial services <br />company increases the potential adverse effects on the Fund that can result from <br />a downgrading of, or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund <br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Adviser<br />Class shares of Columbia Tax-Exempt Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NTAXX
Worst:
Best:
0.00
2012-09-30
0.0025
46
2007-06-30
160
0.0000
0.0079
-0.0007
0.00
646
284
0.0326
0.0083
0.0002
0.0027
0.0195
0.0025
2013-12-31
2011-09-30
0.0020
0.0108
0.0197
Year-to-date return
0.0002
0.0002
0.0066
0.0000
0.0045
0.0052
0.0305
0.0131
2002-08-08
0.0000
0.00
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<tt>BofA Municipal Reserves (the Fund) seeks current income exempt from federal<br />income tax, consistent with capital preservation and maintenance of a high<br />degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Trust Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax (but not necessarily the federal alternative minimum tax).<br /> <br />The Fund purchases only first-tier securities. The Fund invests in municipal<br />securities that, at the time of purchase, BofA Advisors, LLC, the Fund's<br />investment advisor (the Advisor), believes have minimal credit risk and to be <br />of high quality. The Fund may invest all or any portion of its total assets in<br />private activity bonds, which are municipal securities that finance private<br />projects.<br /> <br />The Fund also may invest in instruments issued by certain trusts or other<br />special purpose issuers, such as pass-through certificates representing<br />participations in, or debt instruments backed by, the securities and other<br />assets owned by these issuers. In addition, the Fund may invest in other money<br />market funds, consistent with its investment objective and strategies.<br /> <br />The Advisor evaluates a number of factors in identifying investment<br />opportunities and constructing the Fund's portfolio. The Advisor considers<br />local, national and global economic conditions, market conditions, interest rate<br />movements, and other relevant factors to determine the allocation of the Fund's<br />assets among different securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Municipal Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        2nd quarter 2007:     0.88%  <br />Worst:       4th quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Trust Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund <br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund <br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are <br />backed by an issuer's taxing authority and may be vulnerable to limits on a <br />government's power or ability to raise revenue or increase taxes. They may <br />also depend for payment on legislative appropriation and/or funding or other <br />support from other governmental bodies. Revenue obligations are payable from <br />revenues generated by a particular project or other revenue source, and are <br />typically subject to greater risk of default than general obligation bonds <br />because investors can look only to the revenue generated by the project or <br />other revenue source backing the project, rather than to the general taxing <br />authority of the state or local government issuer of the obligations. Because <br />many municipal securities are issued to finance projects in sectors such as <br />education, health care, transportation and utilities, conditions in those sectors <br />can affect the overall municipal market. Municipal securities pay interest that <br />is intended to be free from federal income tax (and, in some cases, the federal <br />alternative minimum tax). There is no assurance that the Internal Revenue Service <br />(IRS) will agree with this position. For example, in the event that the IRS <br />determines that the issuer did not comply with relevant tax requirements, interest <br />payments from a municipal security could become federally taxable, possibly <br />retroactively to the date the municipal security was issued, and the value of <br />the municipal security would likely fall. As a shareholder of the Fund, you may <br />be required to file an amended tax return and pay additional taxes as a result.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, <br />such as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services <br />company or such company's failure to fulfill its obligations could cause the <br />Fund's investments in securities backed by guarantees, letters of credit, <br />insurance or other credit or liquidity  enhancements issued or provided by such <br />company to decline in value. Credit and liquidity enhancements are designed to <br />help assure timely payment of a security and do not protect the Fund or its <br />shareholders from losses caused by declines in a security's market value due <br />to changes in market conditions. In addition, having multiple portfolio securities' <br />credit or liquidity enhanced by the same financial services company increases the <br />potential adverse effects on the Fund that can result from a downgrading of, or <br />a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by <br />an issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Trust<br />Class shares of Columbia Municipal Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NMSXX
0.0126
Worst:
Best:
0.00
2012-09-30
0.0010
31
2007-06-30
112
0.0000
0.0096
-0.0007
0.0006
461
201
0.0346
0.0088
0.0003
0.0012
0.0227
0.0025
2013-12-31
2011-12-31
0.0040
0.0123
0.0217
Year-to-date return
0.0002
0.0003
0.0085
0.0000
0.0146
0.0030
0.0037
0.0326
0.0001
0.00
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<tt>BofA Municipal Reserves (the Fund) seeks current income exempt from federal<br />income tax, consistent with capital preservation and maintenance of a high<br />degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Liquidity Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax (but not necessarily the federal alternative minimum tax).<br /> <br />The Fund purchases only first-tier securities. The Fund invests in municipal<br />securities that, at the time of purchase, BofA Advisors, LLC, the Fund's<br />investment advisor (the Advisor), believes have minimal credit risk and to be <br />of high quality. The Fund may invest all or any portion of its total assets in<br />private activity bonds, which are municipal securities that finance private<br />projects.<br /> <br />The Fund may invest in instruments issued by certain trusts or other special<br />purpose issuers, such as pass-through certificates representing participations<br />in, or debt instruments backed by, the securities and other assets owned by<br />these issuers. In addition, the Fund may invest in other money market funds,<br />consistent with its investment objective and strategies.<br /> <br />The Advisor evaluates a number of factors in identifying investment<br />opportunities and constructing the Fund's portfolio. The Advisor considers<br />local, national and global economic conditions, market conditions, interest rate<br />movements, and other relevant factors to determine the allocation of the Fund's<br />assets among different securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Municipal Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        2nd quarter 2007:     0.87%  <br />Worst:       4th quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Liquidity Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund <br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund <br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other<br />regulatory or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are <br />backed by an issuer's taxing authority and may be vulnerable to limits on a <br />government's power or ability to raise revenue or increase taxes. They may also <br />depend for payment on legislative appropriation and/or funding or other support <br />from other governmental bodies. Revenue obligations are payable from revenues <br />generated by a particular project or other revenue source, and are typically <br />subject to greater risk of default than general obligation bonds because investors <br />can look only to the revenue generated by the project or other revenue source <br />backing the project, rather than to the general taxing authority of the state <br />or local government issuer of the obligations. Because many municipal securities <br />are issued to finance projects in sectors such as education, health care,<br />transportation and utilities, conditions in those sectors can affect the overall<br />municipal market. Municipal securities pay interest that is intended to be free<br />from federal income tax (and, in some cases, the federal alternative minimum<br />tax). There is no assurance that the Internal Revenue Service (IRS) will agree<br />with this position. For example, in the event that the IRS determines that the<br />issuer did not comply with relevant tax requirements, interest payments from a<br />municipal security could become federally taxable, possibly retroactively to the<br />date the municipal security was issued, and the value of the municipal security<br />would likely fall. As a shareholder of the Fund, you may be required to file an<br />amended tax return and pay additional taxes as a result.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, <br />such as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services <br />company or such company's failure to fulfill its obligations could cause the <br />Fund's investments in securities backed by guarantees, letters of credit, <br />insurance or other credit or liquidity  enhancements issued or provided by such <br />company to decline in value. Credit and liquidity enhancements are designed to <br />help assure timely payment of a security and do not protect the Fund or its <br />shareholders from losses caused by declines in a security's market value due <br />to changes in market conditions. In addition, having multiple portfolio securities' <br />credit or liquidity enhanced by the same financial services company increases <br />the potential adverse effects on the Fund that can result from a downgrading of, <br />or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Liquidity<br />Class shares of Columbia Municipal Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NMLXX
0.0121
Worst:
Best:
0.00
2012-09-30
36
2007-06-30
150
0.0000
0.0091
-0.0017
0.0002
636
274
0.0341
0.0087
0.0001
0.0002
0.0222
0.0025
2013-12-31
2011-12-31
0.0035
0.0119
0.0212
Year-to-date return
0.0001
0.0080
0.0025
0.0142
0.0035
0.0052
0.0321
0.0000
0.00
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<tt>BofA Municipal Reserves (the Fund) seeks current income exempt from federal<br />income tax, consistent with capital preservation and maintenance of a high<br />degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Investor Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax (but not necessarily the federal alternative minimum tax).<br /> <br />The Fund purchases only first-tier securities. The Fund invests in municipal<br />securities that, at the time of purchase, BofA Advisors, LLC, the Fund's<br />investment advisor (the Advisor), believes have minimal credit risk and to be <br />of high quality. The Fund may invest all or any portion of its total assets in<br />private activity bonds, which are municipal securities that finance private<br />projects.<br /> <br />The Fund may invest in instruments issued by certain trusts or other special<br />purpose issuers, such as pass-through certificates representing participations<br />in, or debt instruments backed by, the securities and other assets owned by<br />these issuers. In addition, the Fund may invest in other money market funds,<br />consistent with its investment objective and strategies.<br /> <br />The Advisor evaluates a number of factors in identifying investment<br />opportunities and constructing the Fund's portfolio. The Advisor considers<br />local, national and global economic conditions, market conditions, interest rate<br />movements, and other relevant factors to determine the allocation of the Fund's<br />assets among different securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Municipal Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        2nd quarter 2007:     0.82%  <br />Worst:       4th quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Investor Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund may<br />in circumstances suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are <br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, <br />such as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services <br />company or such company's failure to fulfill its obligations could cause the Fund's <br />investments in securities backed by guarantees, letters of credit, insurance or <br />other credit or liquidity enhancements issued or provided by such company to <br />decline in value. Credit and liquidity enhancements are designed to help assure<br />timely payment of a security and do not protect the Fund or its shareholders<br />from losses caused by declines in a security's market value due to changes in<br />market conditions. In addition, having multiple portfolio securities' credit or<br />liquidity enhanced by the same financial services company increases the<br />potential adverse effects on the Fund that can result from a downgrading of, or<br />a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Investor<br />Class shares of Columbia Municipal Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
PHPXX
0.0100
Worst:
Best:
0.00
2012-09-30
0.0025
56
2007-06-30
191
0.0000
0.0071
-0.0007
0.0000
768
339
0.0321
0.0082
0.0000
0.0027
0.0202
0.0025
2013-12-31
2011-12-31
0.0018
0.0107
0.0191
Year-to-date return
0.0002
0.0000
0.0060
0.0010
0.0126
0.0055
0.0062
0.0300
0.0000
0.00
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<tt>BofA Municipal Reserves (the Fund) seeks current income exempt from federal<br />income tax, consistent with capital preservation and maintenance of a high<br />degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Institutional Capital shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax (but not necessarily the federal alternative minimum tax).<br /> <br />The Fund purchases only first-tier securities. The Fund invests in municipal<br />securities that, at the time of purchase, BofA Advisors, LLC, the Fund's<br />investment advisor (the Advisor), believes have minimal credit risk and to be <br />of high quality. The Fund may invest all or any portion of its total assets in<br />private activity bonds, which are municipal securities that finance private<br />projects.<br /> <br />The Fund also may invest in instruments issued by certain trusts or other<br />special purpose issuers, such as pass-through certificates representing<br />participations in, or debt instruments backed by, the securities and other<br />assets owned by these issuers. In addition, the Fund may invest in other <br />money market funds, consistent with its investment objective and strategies.<br /> <br />The Advisor evaluates a number of factors in identifying investment<br />opportunities and constructing the Fund's portfolio. The Advisor considers<br />local, national and global economic conditions, market conditions, interest rate<br />movements, and other relevant factors to determine the allocation of the Fund's<br />assets among different securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of <br />the issuer of the security, the creditworthiness of any entity that provides <br />any supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Municipal Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        2nd quarter 2007:     0.91%  <br />Worst:       3rd quarter 2011:     0.02%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Institutional<br />Capital shares has varied from year to year. For the Fund's current 7-day yield,<br />call BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904<br />(individual investors) or 800.353.0828 (institutional investors) or contact <br />your financial advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund <br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund <br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are <br />backed by an issuer's taxing authority and may be vulnerable to limits on a <br />government's power or ability to raise revenue or increase taxes. They may also <br />depend for payment on legislative appropriation and/or funding or other support <br />from other governmental bodies. Revenue obligations are payable from revenues <br />generated by a particular project or other revenue source, and are typically <br />subject to greater risk of default than general obligation bonds because investors <br />can look only to the revenue generated by the project or other revenue source <br />backing the project, rather than to the general taxing authority of the state <br />or local government issuer of the obligations. Because many municipal securities <br />are issued to finance projects in sectors such as education, health care,<br />transportation and utilities, conditions in those sectors can affect the overall<br />municipal market. Municipal securities pay interest that is intended to be free<br />from federal income tax (and, in some cases, the federal alternative minimum<br />tax). There is no assurance that the Internal Revenue Service (IRS) will agree<br />with this position. For example, in the event that the IRS determines that the<br />issuer did not comply with relevant tax requirements, interest payments from a<br />municipal security could become federally taxable, possibly retroactively to the<br />date the municipal security was issued, and the value of the municipal security<br />would likely fall. As a shareholder of the Fund, you may be required to file an<br />amended tax return and pay additional taxes as a result.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, <br />such as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services <br />company or such company's failure to fulfill its obligations could cause the <br />Fund's investments in securities backed by guarantees, letters of credit, <br />insurance or other credit or liquidity enhancements issued or provided by such <br />company to decline in value. Credit and liquidity enhancements are designed to <br />help assure timely payment of a security and do not protect the Fund or its <br />shareholders from losses caused by declines in a security's market value due <br />to changes in market conditions. In addition, having multiple portfolio <br />securities' credit or liquidity enhanced by the same financial services company <br />increases the potential adverse effects on the Fund that can result from a <br />downgrading of, or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by <br />an issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. On October<br />1, 2011, Class Z shares converted into Institutional Capital shares of the Fund<br />when Institutional Capital shares of the Fund were first offered. The financial<br />information for Institutional Capital shares prior to this conversion is that of<br />Class Z shares, which reflects substantially the same expenses as those of<br />Institutional Capital shares. The returns shown for periods prior to January 1,<br />2010 are the returns of Class Z shares of Columbia Municipal Reserves, the<br />predecessor to the Fund and a series of Columbia Funds Series Trust. The Fund's<br />past performance is no guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
<div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027915Member5 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027915Member5 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
BORXX
Worst:
Best:
0.00
2012-09-30
20
2007-06-30
80
0.0002
-0.0007
0.0016
336
145
0.0357
0.0091
0.0011
0.0002
0.0238
0.0025
2013-12-31
2011-09-30
0.0050
0.0133
Year-to-date return
0.0011
0.0000
0.0020
0.0027
0.0336
0.0169
2005-11-17
0.0007
0.00
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<div style="display:none">~ http://www.bofacapital.com/role/BarChartData_S000027915Member4 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<tt>BofA Municipal Reserves (the Fund) seeks current income exempt from federal<br />income tax, consistent with capital preservation and maintenance of a high<br />degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Institutional Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax (but not necessarily the federal alternative minimum tax).<br /> <br />The Fund purchases only first-tier securities. The Fund invests in municipal<br />securities that, at the time of purchase, BofA Advisors, LLC, the Fund's<br />investment advisor (the Advisor), believes have minimal credit risk and to be <br />of high quality. The Fund may invest all or any portion of its total assets in<br />private activity bonds, which are municipal securities that finance private<br />projects.<br /> <br />The Fund also may invest in instruments issued by certain trusts or other<br />special purpose issuers, such as pass-through certificates representing<br />participations in, or debt instruments backed by, the securities and other<br />assets owned by these issuers. In addition, the Fund may invest in other <br />money market funds, consistent with its investment objective and strategies.<br /> <br />The Advisor evaluates a number of factors in identifying investment<br />opportunities and constructing the Fund's portfolio. The Advisor considers<br />local, national and global economic conditions, market conditions, interest rate<br />movements, and other relevant factors to determine the allocation of the Fund's<br />assets among different securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Municipal Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        2nd quarter 2007:     0.90%  <br />Worst:       3rd quarter 2011:     0.01%</tt>
888.331.0904 (individual investors) or 800.353.0828
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Institutional<br />Class shares has varied from year to year. For the Fund's current 7-day yield,<br />call BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904<br />(individual investors) or 800.353.0828 (institutional investors) or contact <br />your financial advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment <br />objective. Investment decisions made by the Advisor in using these strategies <br />may not produce the returns expected by the Advisor, may cause the securities <br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund <br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support <br />from other governmental bodies. Revenue obligations are payable from revenues <br />generated by a particular project or other revenue source, and are typically <br />subject to greater risk of default than general obligation bonds because <br />investors can look only to the revenue generated by the project or other<br />revenue source backing the project, rather than to the general taxing authority<br />of the state or local government issuer of the obligations. Because many<br />municipal securities are issued to finance projects in sectors such as<br />education, health care, transportation and utilities, conditions in those<br />sectors can affect the overall municipal market. Municipal securities pay<br />interest that is intended to be free from federal income tax (and, in some<br />cases, the federal alternative minimum tax). There is no assurance that the<br />Internal Revenue Service (IRS) will agree with this position. For example, in<br />the event that the IRS determines that the issuer did not comply with relevant<br />tax requirements, interest payments from a municipal security could become<br />federally taxable, possibly retroactively to the date the municipal security <br />was issued, and the value of the municipal security would likely fall. As a<br />shareholder of the Fund, you may be required to file an amended tax return and<br />pay additional taxes as a result.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, <br />such as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services <br />company or such company's failure to fulfill its obligations could cause the <br />Fund's investments in securities backed by guarantees, letters of credit, <br />insurance or other credit or liquidity enhancements issued or provided by <br />such company to decline in value. Credit and liquidity enhancements are <br />designed to help assure timely payment of a security and do not protect the<br />Fund or its shareholders from losses caused by declines in a security's market<br />value due to changes in market conditions. In addition, having multiple <br />portfolio securities' credit or liquidity enhanced by the same financial <br />services company increases the potential adverse effects on the Fund that <br />can result from a downgrading of, or a default by, such financial services <br />company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the <br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund <br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of<br />Institutional Class shares of Columbia Municipal Reserves, the predecessor to<br />the Fund and a series of Columbia Funds Series Trust. The Fund's past<br />performance is no guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
<div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027915Member4 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027915Member4 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
<div style="display:none">~ http://www.bofacapital.com/role/ShareholderFeesData_S000027915Member4 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NMIXX
0.0132
Worst:
Best:
0.00
2012-09-30
0.0004
25
2007-06-30
93
0.0001
0.0103
-0.0007
0.0012
386
167
0.0352
0.0090
0.0007
0.0006
0.0234
0.0025
2013-12-31
2011-09-30
0.0046
0.0129
0.0223
Year-to-date return
0.0002
0.0007
0.0091
0.0000
0.0152
0.0024
0.0031
0.0332
0.0004
0.00
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<tt>BofA Municipal Reserves (the Fund) seeks current income exempt from federal<br />income tax, consistent with capital preservation and maintenance of a high<br />degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Daily Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax (but not necessarily the federal alternative minimum tax).<br /> <br />The Fund purchases only first-tier securities. The Fund invests in municipal<br />securities that, at the time of purchase, BofA Advisors, LLC, the Fund's<br />investment advisor (the Advisor), believes have minimal credit risk and to be <br />of high quality. The Fund may invest all or any portion of its total assets in<br />private activity bonds, which are municipal securities that finance private<br />projects.<br /> <br />The Fund also may invest in instruments issued by certain trusts or other<br />special purpose issuers, such as pass-through certificates representing<br />participations in, or debt instruments backed by, the securities and other<br />assets owned by these issuers. In addition, the Fund may invest in other <br />money market funds, consistent with its investment objective and strategies.<br /> <br />The Advisor evaluates a number of factors in identifying investment<br />opportunities and constructing the Fund's portfolio. The Advisor considers<br />local, national and global economic conditions, market conditions, interest rate<br />movements, and other relevant factors to determine the allocation of the Fund's<br />assets among different securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Municipal Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        2nd quarter 2007:     0.76%  <br />Worst:       4th quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Daily Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund <br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund <br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are <br />backed by an issuer's taxing authority and may be vulnerable to limits on a <br />government's power or ability to raise revenue or increase taxes. They may also <br />depend for payment on legislative appropriation and/or funding or other support <br />from other governmental bodies. Revenue obligations are payable from revenues <br />generated by a particular project or other revenue source, and are typically <br />subject to greater risk of default than general obligation bonds because <br />investors can look only to the revenue generated by the project or other <br />revenue source backing the project, rather than to the general taxing authority <br />of the state or local government issuer of the obligations. Because many municipal <br />securities are issued to finance projects in sectors such as education, health care,<br />transportation and utilities, conditions in those sectors can affect the overall<br />municipal market. Municipal securities pay interest that is intended to be free<br />from federal income tax (and, in some cases, the federal alternative minimum<br />tax). There is no assurance that the Internal Revenue Service (IRS) will agree<br />with this position. For example, in the event that the IRS determines that the<br />issuer did not comply with relevant tax requirements, interest payments from a<br />municipal security could become federally taxable, possibly retroactively to the<br />date the municipal security was issued, and the value of the municipal security<br />would likely fall. As a shareholder of the Fund, you may be required to file an<br />amended tax return and pay additional taxes as a result.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters<br />of credit, insurance or other credit or liquidity enhancements issued or provided <br />by such company to decline in value. Credit and liquidity enhancements are designed <br />to help assure timely payment of a security and do not protect the Fund or its <br />shareholders from losses caused by declines in a security's market value due to <br />changes in market conditions. In addition, having multiple portfolio securities' <br />credit or liquidity enhanced by the same financial services company increases the <br />potential adverse effects on the Fund that can result from a downgrading of, or a <br />default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Daily<br />Class shares of Columbia Municipal Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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<div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027915Member3 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
An investment in the Fund is not a bank deposit, and is not insured or guaranteed
by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and
Bank of America Corporation (collectively, Bank of America), the Federal Deposit
Insurance Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NMDXX
0.0075
Worst:
Best:
0.00
2012-09-30
0.0025
82
2007-06-30
271
0.0000
0.0046
-0.0007
0.0000
1066
475
0.0295
0.0076
0.0002
0.0000
0.0027
0.0176
0.0025
2013-12-31
2011-12-31
0.0007
0.0095
0.0166
Year-to-date return
0.0000
0.0036
0.0035
0.0107
0.0080
0.0087
0.0274
0.0000
0.00
<div style="display:none">~ http://www.bofacapital.com/role/ExpenseExample_S000027915Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
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<tt>BofA Municipal Reserves (the Fund) seeks current income exempt from federal<br />income tax, consistent with capital preservation and maintenance of a high<br />degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Capital Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax (but not necessarily the federal alternative minimum tax).<br /> <br />The Fund purchases only first-tier securities. The Fund invests in municipal<br />securities that, at the time of purchase, BofA Advisors, LLC, the Fund's<br />investment advisor (the Advisor), believes have minimal credit risk and to be <br />of high quality. The Fund may invest all or any portion of its total assets in<br />private activity bonds, which are municipal securities that finance private<br />projects.<br /> <br />The Fund also may invest in instruments issued by certain trusts or other<br />special purpose issuers, such as pass-through certificates representing<br />participations in, or debt instruments backed by, the securities and other<br />assets owned by these issuers. In addition, the Fund may invest in other <br />money market funds, consistent with its investment objective and strategies.<br /> <br />The Advisor evaluates a number of factors in identifying investment<br />opportunities and constructing the Fund's portfolio. The Advisor considers<br />local, national and global economic conditions, market conditions, interest rate<br />movements, and other relevant factors to determine the allocation of the Fund's<br />assets among different securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Municipal Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        2nd quarter 2007:     0.91%  <br />Worst:       3rd quarter 2011:     0.02%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Capital Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund <br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund <br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are <br />backed by an issuer's taxing authority and may be vulnerable to limits on a <br />government's power or ability to raise revenue or increase taxes. They may also <br />depend for payment on legislative appropriation and/or funding or other support <br />from other governmental bodies. Revenue obligations are payable from revenues <br />generated by a particular project or other revenue source, and are typically <br />subject to greater risk of default than general obligation bonds because investors <br />can look only to the revenue generated by the project or other revenue source <br />backing the project, rather than to the general taxing authority of the state or <br />local government issuer of the obligations. Because many municipal securities <br />are issued to finance projects in sectors such as education, health care,<br />transportation and utilities, conditions in those sectors can affect the overall<br />municipal market. Municipal securities pay interest that is intended to be free<br />from federal income tax (and, in some cases, the federal alternative minimum<br />tax). There is no assurance that the Internal Revenue Service (IRS) will agree<br />with this position. For example, in the event that the IRS determines that the<br />issuer did not comply with relevant tax requirements, interest payments from a<br />municipal security could become federally taxable, possibly retroactively to the<br />date the municipal security was issued, and the value of the municipal security<br />would likely fall. As a shareholder of the Fund, you may be required to file an<br />amended tax return and pay additional taxes as a result.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, <br />such as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services <br />company or such company's failure to fulfill its obligations could cause the <br />Fund's investments in securities backed by guarantees, letters of credit, <br />insurance or other credit or liquidity  enhancements issued or provided by <br />such company to decline in value. Credit and liquidity enhancements are designed <br />to help assure timely payment of a security and do not protect the Fund or its <br />shareholders from losses caused by declines in a security's market value due to <br />changes in market conditions. In addition, having multiple portfolio securities' <br />credit or liquidity enhanced by the same financial services company increases the <br />potential adverse effects on the Fund that can result from a downgrading of, or <br />a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are <br />backed only by revenues derived from a particular project or source, rather <br />than by an issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Capital<br />Class shares of Columbia Municipal Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
CAFXX
0.0136
Worst:
Best:
0.00
2012-09-30
20
2007-06-30
80
0.0002
0.0107
-0.0007
0.0016
336
145
0.0357
0.0091
0.0011
0.0002
0.0238
0.0025
2013-12-31
2011-09-30
0.0050
0.0133
0.0227
Year-to-date return
0.0011
0.0095
0.0000
0.0156
0.0020
0.0027
0.0336
0.0007
0.00
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<tt>BofA Municipal Reserves (the Fund) seeks current income exempt from federal<br />income tax, consistent with capital preservation and maintenance of a high<br />degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Adviser Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax (but not necessarily the federal alternative minimum tax).<br /> <br />The Fund purchases only first-tier securities. The Fund invests in municipal<br />securities that, at the time of purchase, BofA Advisors, LLC, the Fund's<br />investment advisor (the Advisor), believes have minimal credit risk and to be <br />of high quality. The Fund may invest all or any portion of its total assets in<br />private activity bonds, which are municipal securities that finance private<br />projects.<br /> <br />The Fund also may invest in instruments issued by certain trusts or other<br />special purpose issuers, such as pass-through certificates representing<br />participations in, or debt instruments backed by, the securities and other<br />assets owned by these issuers. In addition, the Fund may invest in other <br />money market funds, consistent with its investment objective and strategies.<br /> <br />The Advisor evaluates a number of factors in identifying investment<br />opportunities and constructing the Fund's portfolio. The Advisor considers<br />local, national and global economic conditions, market conditions, interest rate<br />movements, and other relevant factors to determine the allocation of the Fund's<br />assets among different securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Municipal Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        2nd quarter 2007:     0.84%  <br />Worst:       4th quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Adviser Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in an<br />effort to generate sufficient cash to pay redeeming shareholders. The Fund may,<br />in circumstances, suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a <br />government's power or ability to raise revenue or increase taxes. They may also <br />depend for payment on legislative appropriation and/or funding or other support <br />from other governmental bodies. Revenue obligations are payable from revenues <br />generated by a particular project or other revenue source, and are typically <br />subject to greater risk of default than general obligation bonds because <br />investors can look only to the revenue generated by the project or other <br />revenue source backing the project, rather than to the general taxing authority <br />of the state or local government issuer of the obligations. Because many <br />municipal securities are issued to finance projects in sectors such as education, <br />health care, transportation and utilities, conditions in those sectors can affect <br />the overall municipal market. Municipal securities pay interest that is intended <br />to be free from federal income tax (and, in some cases, the federal alternative <br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will <br />agree with this position. For example, in the event that the IRS determines that <br />the issuer did not comply with relevant tax requirements, interest payments from <br />a municipal security could become federally taxable, possibly retroactively to <br />the date the municipal security was issued, and the value of the municipal <br />security would likely fall. As a shareholder of the Fund, you may be required <br />to file an amended tax return and pay additional taxes as a result.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, <br />such as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services <br />company or such company's failure to fulfill its obligations could cause the <br />Fund's investments in securities backed by guarantees, letters of credit, <br />insurance or other credit or liquidity enhancements issued or provided by <br />such company to decline in value. Credit and liquidity enhancements<br />are designed to help assure timely payment of a security and do not protect <br />the Fund or its shareholders from losses caused by declines in a security's <br />market value due to changes in market conditions. In addition, having multiple <br />portfolio securities' credit or liquidity enhanced by the same financial services <br />company increases the potential adverse effects on the Fund that can result from a<br />downgrading of, or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to<br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Adviser<br />Class shares of Columbia Municipal Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NMRXX
0.0111
Worst:
Best:
0.00
2012-09-30
0.0025
46
2007-06-30
160
0.0000
0.0081
-0.0007
0.0000
646
284
0.0331
0.0084
0.0002
0.0000
0.0027
0.0212
0.0025
2013-09-31
2011-12-31
0.0025
0.0113
0.0202
Year-to-date return
0.0000
0.0070
0.0000
0.0133
0.0045
0.0052
0.0310
0.0000
0.00
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<tt>BofA Government Reserves (the Fund) seeks current income, consistent with<br />capital preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Trust Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in U.S. Government obligations.<br /> <br />Under normal circumstances, the Fund purchases only first-tier securities that<br />consist of U.S. Government obligations, which include U.S. Treasury obligations.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Government Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        3rd quarter 2006:     1.27%  <br />Worst:       4th quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Trust Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund<br />may, in circumstances, suspend redemptions or the payment of redemption proceeds<br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality, <br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other <br />regulators or the Congress may adopt additional money market requirements, <br />which may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an <br />issuer's taxing authority, and thus may have a greater risk of default. <br />Historically, credit risk has been a limited factor for short-term obligations <br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored instrumentalities <br />or enterprises may or may not be backed by the full faith and credit of the U.S. <br />Government. For example, securities issued by the Federal Home Loan Mortgage <br />Corporation, the Federal National Mortgage Association and the Federal Home Loan <br />Banks are neither insured nor guaranteed by the U.S. Government. These securities <br />may be supported by the ability to borrow from the U.S. Treasury or only by the <br />credit of the issuing agency, authority, instrumentality or enterprise and, as a <br />result, are subject to greater credit risk than securities issued or guaranteed <br />by the U.S. Treasury. See ABOUT THE FUNDS' INVESTMENTS - U.S. Government and <br />Related Obligations in the statement of additional information for more information.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Trust<br />Class shares of Columbia Government Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NGOXX
0.0157
Worst:
Best:
0.00
2012-09-30
0.0010
31
2006-09-30
112
0.0000
0.0110
-0.0007
0.0000
461
201
0.0495
0.0127
0.0000
0.0012
0.0226
0.0025
2013-12-31
2011-12-31
0.0009
0.0144
0.0291
Year-to-date return
0.0002
0.0000
0.0093
0.0000
0.0185
0.0030
0.0037
0.0480
0.0001
0.00
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<tt>BofA Government Reserves (the Fund) seeks current income, consistent with<br />capital preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Liquidity Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in U.S. Government obligations.<br /> <br />Under normal circumstances, the Fund purchases only first-tier securities that<br />consist of U.S. Government obligations, which include U.S. Treasury obligations.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Government Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        3rd quarter 2006:     1.25%  <br />Worst:       4th quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Liquidity Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund<br />may, in circumstances, suspend redemptions or the payment of redemption proceeds<br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted <br />amendments to money market regulation, imposing new liquidity, credit quality, <br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other <br />regulators or the Congress may adopt additional money market requirements, <br />which may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed <br />only by revenues derived from a particular project or source, rather than by <br />an issuer's taxing authority, and thus may have a greater risk of default. <br />Historically, credit risk has been a limited factor for short-term obligations <br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored instrumentalities <br />or enterprises may or may not be backed by the full faith and credit of the U.S. <br />Government. For example, securities issued by the Federal Home Loan Mortgage <br />Corporation, the Federal National Mortgage Association and the Federal Home Loan <br />Banks are neither insured nor guaranteed by the U.S. Government. These securities <br />may be supported by the ability to borrow from the U.S. Treasury or only by the <br />credit of the issuing agency, authority, instrumentality or enterprise and, as <br />a result, are subject to greater credit risk than securities issued or guaranteed <br />by the U.S. Treasury. See ABOUT THE FUNDS' INVESTMENTS - U.S. Government and Related <br />Obligations in the statement of additional information for more information.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Liquidity<br />Class shares of Columbia Government Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NGLXX
0.0151
Worst:
Best:
0.00
2012-09-30
36
2006-09-30
150
0.0000
0.0105
-0.0017
0.0000
636
274
0.0490
0.0125
0.0000
0.0002
0.0220
0.0025
2013-12-31
2011-12-31
0.0007
0.0142
0.0286
Year-to-date return
0.0000
0.0088
0.0025
0.0181
0.0035
0.0052
0.0475
0.0001
0.00
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<tt>BofA Government Reserves (the Fund) seeks current income, consistent with<br />capital preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Investor II Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in U.S. Government obligations.<br /> <br />Under normal circumstances, the Fund purchases only first-tier securities that<br />consist of U.S. Government obligations, which include U.S. Treasury obligations.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Government Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        3rd quarter 2006:     1.18%  <br />Worst:       4th quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Investor II<br />Class shares has varied from year to year. For the Fund's current 7-day yield,<br />call BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904<br />(individual investors) or 800.353.0828 (institutional investors) or contact your<br />financial advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund<br />may, in circumstances, suspend redemptions or the payment of redemption proceeds<br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted <br />amendments to money market regulation, imposing new liquidity, credit quality, <br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other <br />regulators or the Congress may adopt additional money market requirements, <br />which may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed <br />only by revenues derived from a particular project or source, rather than by an <br />issuer's taxing authority, and thus may have a greater risk of default. <br />Historically, credit risk has been a limited factor for short-term obligations <br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored instrumentalities <br />or enterprises may or may not be backed by the full faith and credit of the U.S. <br />Government. For example, securities issued by the Federal Home Loan Mortgage <br />Corporation, the Federal National Mortgage Association and the Federal Home Loan <br />Banks are neither insured nor guaranteed by the U.S. Government. These securities <br />may be supported by the ability to borrow from the U.S. Treasury or only by the <br />credit of the issuing agency, authority, instrumentality or enterprise and, as <br />a result, are subject to greater credit risk than securities issued or guaranteed <br />by the U.S. Treasury. See ABOUT THE FUNDS' INVESTMENTS - U.S. Government and Related <br />Obligations in the statement of additional information for more information.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Class A<br />shares of Columbia Government Reserves, the predecessor to the Fund and a series<br />of Columbia Funds Series Trust. The Fund's past performance is no guarantee of<br />how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NGAXX
Worst:
Best:
0.00
2012-09-30
0.0025
66
2006-09-30
223
0.0000
0.0075
-0.0007
0.0000
888
394
0.0458
0.0118
0.0002
0.0000
0.0037
0.0192
0.0025
2013-12-31
2011-12-31
0.0001
0.0129
0.0255
Year-to-date return
0.0010
0.000
0.0058
0.0010
0.0065
0.0072
0.0443
0.0160
2002-05-13
0.0001
0.00
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<tt>BofA Government Reserves (the Fund) seeks current income, consistent with<br />capital preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Investor Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in U.S. Government obligations.<br /> <br />Under normal circumstances, the Fund purchases only first-tier securities that<br />consist of U.S. Government obligations, which include U.S. Treasury obligations.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Government Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        3rd quarter 2006:     1.20%  <br />Worst:       4th quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Investor Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund<br />may, in circumstances, suspend redemptions or the payment of redemption proceeds<br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted <br />amendments to money market regulation, imposing new liquidity, credit quality, <br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other <br />regulators or the Congress may adopt additional money market requirements, <br />which may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed <br />only by revenues derived from a particular project or source, rather than by an <br />issuer's taxing authority, and thus may have a greater risk of default. <br />Historically, credit risk has been a limited factor for short-term obligations <br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored instrumentalities <br />or enterprises may or may not be backed by the full faith and credit of the U.S. <br />Government. For example, securities issued by the Federal Home Loan Mortgage <br />Corporation, the Federal National Mortgage Association and the Federal Home Loan <br />Banks are neither insured nor guaranteed by the U.S. Government. These securities <br />may be supported by the ability to borrow from the U.S. Treasury or only by the <br />credit of the issuing agency, authority, instrumentality or enterprise and, as <br />a result, are subject to greater credit risk than securities issued or guaranteed <br />by the U.S. Treasury. See ABOUT THE FUNDS' INVESTMENTS - U.S. Government and <br />Related Obligations in the statement of additional information for more information.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Investor<br />Class shares of Columbia Government Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
PGHXX
0.0131
Worst:
Best:
0.00
2012-09-30
0.0025
56
2006-09-30
191
0.0000
0.0085
-0.0007
0.000
768
339
0.0469
0.0120
0.0002
0.0000
0.0027
0.0200
0.0025
2013-12-31
2011-12-31
0.0002
0.0133
0.0265
Year-to-date return
0.000
0.0068
0.0010
0.0166
0.0055
0.0062
0.0454
0.0001
0.00
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<tt>BofA Government Reserves (the Fund) seeks current income, consistent with<br />capital preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Institutional Capital shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in U.S. Government obligations.<br /> <br />Under normal circumstances, the Fund purchases only first-tier securities that<br />consist of U.S. Government obligations, which include U.S. Treasury obligations.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Government Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        3rd quarter 2006:     1.29%  <br />Worst:       4th quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Institutional<br />Capital shares has varied from year to year. For the Fund's current 7-day yield,<br />call BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904<br />(individual investors) or 800.353.0828 (institutional investors) or contact <br />your financial advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund<br />may, in circumstances, suspend redemptions or the payment of redemption proceeds<br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted <br />amendments to money market regulation, imposing new liquidity, credit quality, <br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other <br />regulators or the Congress may adopt additional money market requirements, <br />which may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed <br />only by revenues derived from a particular project or source, rather than by an <br />issuer's taxing authority, and thus may have a greater risk of default. <br />Historically, credit risk has been a limited factor for short-term obligations <br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored instrumentalities <br />or enterprises may or may not be backed by the full faith and credit of the U.S. <br />Government. For example, securities issued by the Federal Home Loan Mortgage <br />Corporation, the Federal National Mortgage Association and the Federal Home Loan <br />Banks are neither insured nor guaranteed by the U.S. Government. These securities <br />may be supported by the ability to borrow from the U.S. Treasury or only by the <br />credit of the issuing agency, authority, instrumentality or enterprise and, as <br />a result, are subject to greater credit risk than securities issued or guaranteed <br />by the U.S. Treasury. See ABOUT THE FUNDS' INVESTMENTS - U.S. Government and Related <br />Obligations in the statement of additional information for more information.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of G-Trust<br />shares of Columbia Government Reserves, the predecessor to the Fund and a series<br />of Columbia Funds Series Trust. The Fund's past performance is no guarantee of<br />how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
CGGXX
Worst:
Best:
0.00
2012-09-30
20
2006-09-30
80
0.0000
-0.0007
0.0000
336
145
0.0505
0.0129
0.0000
0.0002
0.0236
0.0025
2013-12-31
2011-12-31
0.0015
0.0149
Year-to-date return
0.0000
0.0000
0.0020
0.0027
0.0490
0.0209
2005-11-21
0.0001
0.00
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<tt>BofA Government Reserves (the Fund) seeks current income, consistent with<br />capital preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Institutional Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in U.S. Government obligations.<br /> <br />Under normal circumstances, the Fund purchases only first-tier securities that<br />consist of U.S. Government obligations, which include U.S. Treasury obligations.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Government Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        3rd quarter 2006:     1.28%  <br />Worst:       4th quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Institutional<br />Class shares has varied from year to year. For the Fund's current 7-day yield,<br />call BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904<br />(individual investors) or 800.353.0828 (institutional investors) or contact your<br />financial advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund<br />may, in circumstances, suspend redemptions or the payment of redemption proceeds<br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality, <br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other <br />regulators or the Congress may adopt additional money market requirements, <br />which may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an <br />issuer's taxing authority, and thus may have a greater risk of default. Historically,<br />credit risk has been a limited factor for short-term obligations backed by the<br />"full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored instrumentalities <br />or enterprises may or may not be backed by the full faith and credit of the U.S. <br />Government. For example, securities issued by the Federal Home Loan Mortgage <br />Corporation, the Federal National Mortgage Association and the Federal Home Loan <br />Banks are neither insured nor guaranteed by the U.S. Government. These securities <br />may be supported by the ability to borrow from the U.S. Treasury or only by the <br />credit of the issuing agency, authority, instrumentality or enterprise and, as <br />a result, are subject to greater credit risk than securities issued or guaranteed <br />by the U.S. Treasury. See ABOUT THE FUNDS' INVESTMENTS - U.S. Government and <br />Related Obligations in the statement of additional information for more information.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of<br />Institutional Class shares of Columbia Government Reserves, the predecessor to<br />the Fund and a series of Columbia Funds Series Trust. The Fund's past<br />performance is no guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NVIXX
0.0163
Worst:
Best:
0.00
2012-09-30
0.0004
25
2006-09-30
93
0.0000
0.0116
-0.0007
0.0000
386
167
0.0501
0.0128
0.0000
0.0006
0.0232
0.0025
2013-12-31
2011-12-31
0.0012
0.0147
0.0297
Year-to-date return
0.0002
0.0000
0.0100
0.0000
0.0189
0.0024
0.0031
0.0486
0.0001
0.00
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<tt>BofA Government Reserves (the Fund) seeks current income, consistent with<br />capital preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Daily Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in U.S. Government obligations.<br /> <br />Under normal circumstances, the Fund purchases only first-tier securities that<br />consist of U.S. Government obligations, which include U.S. Treasury obligations.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Government Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        3rd quarter 2006:     1.14%  <br />Worst:       4th quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Daily Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund<br />may, in circumstances, suspend redemptions or the payment of redemption proceeds<br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted <br />amendments to money market regulation, imposing new liquidity, credit quality, <br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other <br />regulators or the Congress may adopt additional money market requirements, <br />which may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are <br />backed only by revenues derived from a particular project or source, rather <br />than by an issuer's taxing authority, and thus may have a greater risk of <br />default. Historically, credit risk has been a limited factor for short-term <br />obligations backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored instrumentalities <br />or enterprises may or may not be backed by the full faith and credit of the U.S. <br />Government. For example, securities issued by the Federal Home Loan Mortgage <br />Corporation, the Federal National Mortgage Association and the Federal Home <br />Loan Banks are neither insured nor guaranteed by the U.S. Government. These <br />securities may be supported by the ability to borrow from the U.S. Treasury <br />or only by the credit of the issuing agency, authority, instrumentality or <br />enterprise and, as a result, are subject to greater credit risk than securities <br />issued or guaranteed by the U.S. Treasury. See ABOUT THE FUNDS' INVESTMENTS <br />- U.S. Government and Related Obligations in the statement of additional <br />information for more information.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Daily<br />Class shares of Columbia Government Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NRDXX
0.0106
Worst:
Best:
0.00
2012-09-30
0.0025
82
2006-09-30
271
0.0000
0.0060
-0.0007
0.000
1066
475
0.0443
0.0114
0.0002
0.0000
0.0027
0.0175
0.0025
2013-12-31
2011-12-31
0.0000
0.0122
0.0240
Year-to-date return
0.0000
0.0043
0.0035
0.0148
0.0080
0.0087
0.0428
0.0001
0.00
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<tt>BofA Government Reserves (the Fund) seeks current income, consistent with<br />capital preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Capital Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in U.S. Government obligations.<br /> <br />Under normal circumstances, the Fund purchases only first-tier securities that<br />consist of U.S. Government obligations, which include U.S. Treasury obligations.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Government Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        3rd quarter 2006:     1.29%  <br />Worst:       4th quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Capital Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund<br />may, in circumstances, suspend redemptions or the payment of redemption proceeds<br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality, <br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other <br />regulators or the Congress may adopt additional money market requirements, <br />which may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are <br />backed only by revenues derived from a particular project or source, rather <br />than by an issuer's taxing authority, and thus may have a greater risk of <br />default. Historically, credit risk has been a limited factor for short-term <br />obligations backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored instrumentalities <br />or enterprises may or may not be backed by the full faith and credit of the U.S. <br />Government. For example, securities issued by the Federal Home Loan Mortgage <br />Corporation, the Federal National Mortgage Association and the Federal Home <br />Loan Banks are neither insured nor guaranteed by the U.S. Government. These <br />securities may be supported by the ability to borrow from the U.S. Treasury <br />or only by the credit of the issuing agency, authority, instrumentality or <br />enterprise and, as a result, are subject to greater credit risk than securities <br />issued or guaranteed by the U.S. Treasury. See ABOUT THE FUNDS' INVESTMENTS <br />- U.S. Government and Related Obligations in the statement of additional <br />nformation for more information.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Capital<br />Class shares of Columbia Government Reserves, the predecessor to the Fund and <br />a series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
CGCXX
0.0167
Worst:
Best:
0.00
2012-09-30
20
2006-09-30
80
0.0000
0.0120
-0.0007
0.0000
336
145
0.0505
0.0129
0.0000
0.0002
0.0236
0.0025
2013-12-31
2011-12-31
0.0015
0.0149
0.0301
Year-to-date return
0.0000
0.0104
0.0000
0.0192
0.0020
0.0027
0.0490
0.0001
0.00
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<tt>BofA Government Reserves (the Fund) seeks current income, consistent with<br />capital preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Adviser Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the <br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in U.S. Government obligations.<br /> <br />Under normal circumstances, the Fund purchases only first-tier securities that<br />consist of U.S. Government obligations, which include U.S. Treasury obligations.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Government Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        3rd quarter 2006:     1.23%  <br />Worst:       4th quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Adviser Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
it is possible to lose money by investing in the Fund.
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund<br />may, in circumstances, suspend redemptions or the payment of redemption proceeds<br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality, <br />and maturity requirements on all money market funds. These changes may result in <br />reduced yields for money market funds, including the Fund. The SEC, other regulators <br />or the Congress may adopt additional money market requirements, which may impact<br />the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather<br />than by an issuer's taxing authority, and thus may have a greater risk of<br />default. Historically, credit risk has been a limited factor for short-term<br />obligations backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored<br />instrumentalities or enterprises may or may not be backed by the full faith and<br />credit of the U.S. Government. For example, securities issued by the Federal<br />Home Loan Mortgage Corporation, the Federal National Mortgage Association and<br />the Federal Home Loan Banks are neither insured nor guaranteed by the U.S.<br />Government. These securities may be supported by the ability to borrow from the<br />U.S. Treasury or only by the credit of the issuing agency, authority,<br />instrumentality or enterprise and, as a result, are subject to greater credit<br />risk than securities issued or guaranteed by the U.S. Treasury. See ABOUT THE<br />FUNDS' INVESTMENTS - U.S. Government and Related Obligations in the statement <br />of additional information for more information.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Adviser<br />Class shares of Columbia Government Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or
guaranteed by the Advisor or the Advisor's affiliates, including Bank
of America, N.A. and Bank of America Corporation (collectively, Bank
of America), the Federal Deposit Insurance Corporation or any other
government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NGRXX
0.0141
Worst:
Best:
0.00
2012-09-30
0.0025
46
2006-09-30
160
0.0000
0.0095
-0.0007
0.00
646
284
0.0479
0.0123
0.0002
0.0000
0.0027
0.0210
0.0025
2013-12-31
2011-12-31
0.0004
0.0137
0.0276
Year-to-date return
0.00
0.0078
0.0000
0.0173
0.0045
0.0052
0.0464
0.0001
0.00
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<tt>BofA Treasury Reserves (the Fund) seeks current income, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Trust Class shares of the Fund for the periods<br />indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in U.S. Treasury obligations and repurchase<br />agreements secured by U.S. Treasury obligations.<br /> <br />Under normal circumstances, the Fund purchases only first tier securities that<br />consist of U.S. Treasury obligations, repurchase agreements secured by U.S.<br />Treasury obligations and U.S. Government obligations whose principal and<br />interest are backed by the full faith and credit of the U.S. Government.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Treasury Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        4th quarter 2006:     1.27%  <br />Worst:       3rd quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Trust Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund<br />may, in circumstances, suspend redemptions or the payment of redemption proceeds<br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality, <br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other <br />regulators or the Congress may adopt additional money market requirements, which <br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default. <br />Historically, credit risk has been a limited factor for short-term obligations <br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored<br />instrumentalities or enterprises may or may not be backed by the full faith and<br />credit of the U.S. Government. For example, securities issued by the Federal<br />Home Loan Mortgage Corporation, the Federal National Mortgage Association and<br />the Federal Home Loan Banks are neither insured nor guaranteed by the U.S.<br />Government. These securities may be supported by the ability to borrow from the<br />U.S. Treasury or only by the credit of the issuing agency, authority,<br />instrumentality or enterprise and, as a result, are subject to greater credit<br />risk than securities issued or guaranteed by the U.S. Treasury. See ABOUT THE<br />FUNDS' INVESTMENTS - U.S. Government and Related Obligations in the statement of<br />additional information for more information.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This could<br />cause the Fund's income and the value of shares in the Fund to decline.<br />Repurchase agreements are collateralized by the securities purchased by the Fund<br />under the repurchase agreements, which may include securities that the Fund is<br />not otherwise directly permitted to purchase, such as long-term government<br />bonds. The value of these securities may be more volatile or less liquid than<br />the securities that the Fund is permitted to purchase directly thereby<br />increasing the risk that the Fund will be unable to recover fully in the event<br />of the counterparty's default.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Trust<br />Class shares of Columbia Treasury Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
<div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027913Member9 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027913Member9 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
An investment in the Fund is not a bank deposit, and is not insured
or guaranteed by the Advisor or the Advisor's affiliates, including
Bank of America, N.A. and Bank of America Corporation (collectively,
Bank of America), the Federal Deposit Insurance Corporation or any
other government agency, and it is possible to lose money by investing
in the Fund.
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NTTXX
0.0159
Worst:
Best:
0.00
2012-09-30
31
2006-12-31
110
0.0000
0.0105
-0.0006
0.00
450
196
0.0474
0.0127
0.0001
0.0000
0.0011
0.0147
0.0025
2013-12-31
2011-09-30
0.0002
0.0123
0.0286
Year-to-date return
0.0010
0.00
0.0092
0.0000
0.0173
0.0030
0.0036
0.0476
0.0001
0.00
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<tt>BofA Treasury Reserves (the Fund) seeks current income, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Liquidity Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in U.S. Treasury obligations and repurchase<br />agreements secured by U.S. Treasury obligations.<br /> <br />Under normal circumstances, the Fund purchases only first tier securities that<br />consist of U.S. Treasury obligations, repurchase agreements secured by U.S.<br />Treasury obligations and U.S. Government obligations whose principal and<br />interest are backed by the full faith and credit of the U.S. Government.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Treasury Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        4th quarter 2006:     1.25%  <br />Worst:       3rd quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Liquidity Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
it is possible to lose money by investing in the Fund.
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund<br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial condition <br />or in general economic conditions. Debt securities backed by an issuer's taxing <br />authority may be subject to legal limits on the issuer's power to increase taxes or <br />otherwise to raise revenue, or may be dependent on legislative appropriation or <br />government aid. Certain debt securities are backed only by revenues derived from a <br />particular project or source, rather than by an issuer's taxing authority, and thus <br />may have a greater risk of default. Historically, credit risk has been a limited factor <br />for short-term obligations backed by the "full faith and credit" of the U.S.<br />Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored<br />instrumentalities or enterprises may or may not be backed by the full faith and<br />credit of the U.S. Government. For example, securities issued by the Federal<br />Home Loan Mortgage Corporation, the Federal National Mortgage Association and<br />the Federal Home Loan Banks are neither insured nor guaranteed by the U.S.<br />Government. These securities may be supported by the ability to borrow from the<br />U.S. Treasury or only by the credit of the issuing agency, authority,<br />instrumentality or enterprise and, as a result, are subject to greater credit<br />risk than securities issued or guaranteed by the U.S. Treasury. See ABOUT THE<br />FUNDS' INVESTMENTS - U.S. Government and Related Obligations in the statement of<br />additional information for more information.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This could<br />cause the Fund's income and the value of shares in the Fund to decline.Repurchase <br />agreements are collateralized by the securities purchased by the Fund under the <br />repurchase agreements, which may include securities that the Fund is not otherwise <br />directly permitted to purchase, such as long-term government bonds. The value of <br />these securities may be more volatile or less liquid than the securities that the <br />Fund is permitted to purchase directly thereby increasing the risk that the Fund <br />will be unable to recover fully in the event of the counterparty's default.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Liquidity<br />Class shares of Columbia Treasury Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
<div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027913Member8 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027913Member8 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NTLXX
0.0154
Worst:
Best:
0.00
2012-09-30
36
2006-12-31
147
0.0000
0.01
-0.0016
0.00
625
269
0.0469
0.0125
0.0000
0.0001
0.0143
0.0025
2013-21-31
2011-09-30
0.00
0.0121
0.0281
Year-to-date return
0.00
0.0087
0.0025
0.0169
0.0035
0.0051
0.0471
0.0001
0.00
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<tt>BofA Treasury Reserves (the Fund) seeks current income, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Investor II Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in U.S. Treasury obligations and repurchase<br />agreements secured by U.S. Treasury obligations.<br /> <br />Under normal circumstances, the Fund purchases only first tier securities that<br />consist of U.S. Treasury obligations, repurchase agreements secured by U.S.<br />Treasury obligations and U.S. Government obligations whose principal and<br />interest are backed by the full faith and credit of the U.S. Government.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Treasury Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        4th quarter 2006:     1.18%  <br />Worst:       3rd quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Investor II<br />Class shares has varied from year to year. For the Fund's current 7-day yield,<br />call BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904<br />(individual investors) or 800.353.0828 (institutional investors) or contact your<br />financial advisor.</tt>
it is possible to lose money by investing in the Fund.
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund<br />may, in circumstances, suspend redemptions or the payment of redemption proceeds<br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted amendments <br />to money market regulation, imposing new liquidity, credit quality, and maturity <br />requirements on all money market funds. These changes may result in reduced yields <br />for money market funds, including the Fund. The SEC, other regulators or the Congress <br />may adopt additional money market requirements, which may impact the operations and<br />performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default. <br />Historically, credit risk has been a limited factor for short-term obligations <br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored<br />instrumentalities or enterprises may or may not be backed by the full faith and<br />credit of the U.S. Government. For example, securities issued by the Federal<br />Home Loan Mortgage Corporation, the Federal National Mortgage Association and<br />the Federal Home Loan Banks are neither insured nor guaranteed by the U.S.<br />Government. These securities may be supported by the ability to borrow from the<br />U.S. Treasury or only by the credit of the issuing agency, authority,<br />instrumentality or enterprise and, as a result, are subject to greater credit<br />risk than securities issued or guaranteed by the U.S. Treasury. See ABOUT THE<br />FUNDS' INVESTMENTS - U.S. Government and Related Obligations in the statement of<br />additional information for more information.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This could<br />cause the Fund's income and the value of shares in the Fund to decline.<br />Repurchase agreements are collateralized by the securities purchased by the Fund<br />under the repurchase agreements, which may include securities that the Fund is<br />not otherwise directly permitted to purchase, such as long-term government<br />bonds. The value of these securities may be more volatile or less liquid than<br />the securities that the Fund is permitted to purchase directly thereby<br />increasing the risk that the Fund will be unable to recover fully in the event<br />of the counterparty's default.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Class A<br />shares of Columbia Treasury Reserves, the predecessor to the Fund and a series<br />of Columbia Funds Series Trust. The Fund's past performance is no guarantee of<br />how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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NTSXX
Worst:
Best:
0.00
2012-09-30
0.0025
66
2006-12-31
221
0.0000
0.0069
-0.0006
0.00
877
389
0.0438
0.0118
0.0001
0.0000
0.0036
0.0119
0.0025
2013-12-31
2011-09-30
0.00
0.0110
0.025
Year-to-date return
0.0010
0.00
0.0057
0.0010
0.0065
0.0071
0.0440
0.0149
2002-05-13
0.0001
0.00
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<tt>BofA Treasury Reserves (the Fund) seeks current income, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Investor Class shares of the Fund for the periods<br />indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in U.S. Treasury obligations and repurchase<br />agreements secured by U.S. Treasury obligations.<br /> <br />Under normal circumstances, the Fund purchases only first tier securities that<br />consist of U.S. Treasury obligations, repurchase agreements secured by U.S.<br />Treasury obligations and U.S. Government obligations whose principal and<br />interest are backed by the full faith and credit of the U.S. Government.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Treasury Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        4th quarter 2006:     1.20%  <br />Worst:       3rd quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Investor Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund<br />may, in circumstances, suspend redemptions or the payment of redemption proceeds<br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted <br />amendments to money market regulation, imposing new liquidity, credit quality, <br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other <br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an <br />issuer's taxing authority, and thus may have a greater risk of default. <br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored<br />instrumentalities or enterprises may or may not be backed by the full faith and<br />credit of the U.S. Government. For example, securities issued by the Federal<br />Home Loan Mortgage Corporation, the Federal National Mortgage Association and<br />the Federal Home Loan Banks are neither insured nor guaranteed by the U.S.<br />Government. These securities may be supported by the ability to borrow from the<br />U.S. Treasury or only by the credit of the issuing agency, authority,<br />instrumentality or enterprise and, as a result, are subject to greater credit<br />risk than securities issued or guaranteed by the U.S. Treasury. See ABOUT THE<br />FUNDS' INVESTMENTS - U.S. Government and Related Obligations in the statement of<br />additional information for more information.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This could<br />cause the Fund's income and the value of shares in the Fund to decline.<br />Repurchase agreements are collateralized by the securities purchased by the Fund<br />under the repurchase agreements, which may include securities that the Fund is<br />not otherwise directly permitted to purchase, such as long-term government<br />bonds. The value of these securities may be more volatile or less liquid than<br />the securities that the Fund is permitted to purchase directly thereby<br />increasing the risk that the Fund will be unable to recover fully in the event<br />of the counterparty's default.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Investor<br />Class shares of Columbia Treasury Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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<div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027913Member6 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
An investment in the Fund is not a bank deposit, and is not insured
or guaranteed by the Advisor or the Advisor's affiliates, including
Bank of America, N.A. and Bank of America Corporation (collectively,
Bank of America), the Federal Deposit Insurance Corporation or any
other government agency, and it is possible to lose money by investing
in the Fund.
<div style="display:none">~ http://www.bofacapital.com/role/ShareholderFeesData_S000027913Member6 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
PHGXX
0.0134
Worst:
Best:
0.00
2012-09-30
0.0025
56
2006-12-31
189
0.0000
0.008
-0.0006
0.00
756
334
0.0448
0.0120
0.0001
0.0000
0.0026
0.0127
0.0025
2013-12-31
2011-09-30
0.00
0.0114
0.0260
Year-to-date return
0.00
0.0067
0.0010
0.0155
0.0055
0.0061
0.045
0.0001
0.00
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<tt>BofA Treasury Reserves (the Fund) seeks current income, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Institutional Capital shares of the Fund for the periods<br />indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in U.S. Treasury obligations and repurchase<br />agreements secured by U.S. Treasury obligations.<br /> <br />Under normal circumstances, the Fund purchases only first tier securities that<br />consist of U.S. Treasury obligations, repurchase agreements secured by U.S.<br />Treasury obligations and U.S. Government obligations whose principal and<br />interest are backed by the full faith and credit of the U.S. Government.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Treasury Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        4th quarter 2006:     1.14%  <br />Worst:       3rd quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Daily Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund<br />may, in circumstances, suspend redemptions or the payment of redemption proceeds<br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality, <br />and maturity requirements on all money market funds. These changes may result in <br />reduced yields for money market funds, including the Fund. The SEC, other <br />regulators or the Congress may adopt additional money market requirements, which <br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations <br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored<br />instrumentalities or enterprises may or may not be backed by the full faith and<br />credit of the U.S. Government. For example, securities issued by the Federal<br />Home Loan Mortgage Corporation, the Federal National Mortgage Association and<br />the Federal Home Loan Banks are neither insured nor guaranteed by the U.S.<br />Government. These securities may be supported by the ability to borrow from the<br />U.S. Treasury or only by the credit of the issuing agency, authority,<br />instrumentality or enterprise and, as a result, are subject to greater credit<br />risk than securities issued or guaranteed by the U.S. Treasury. See ABOUT THE<br />FUNDS' INVESTMENTS - U.S. Government and Related Obligations in the statement of<br />additional information for more information.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This could<br />cause the Fund's income and the value of shares in the Fund to decline.<br />Repurchase agreements are collateralized by the securities purchased by the Fund<br />under the repurchase agreements, which may include securities that the Fund is<br />not otherwise directly permitted to purchase, such as long-term government<br />bonds. The value of these securities may be more volatile or less liquid than<br />the securities that the Fund is permitted to purchase directly thereby<br />increasing the risk that the Fund will be unable to recover fully in the event<br />of the counterparty's default.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund.<br />Institutional Capital shares of the Fund were first offered on October 1, 2011.<br />The returns shown for all periods are the returns of Daily Class shares of the<br />Fund, which are not offered in this prospectus. Institutional Capital shares<br />would have annual returns substantially similar to those of Daily Class shares<br />because each of the Fund's share classes is invested in the same portfolio of<br />securities, and its returns would differ only to the extent that its expenses<br />differ. The returns shown for Daily Class shares have not been adjusted to<br />reflect any differences in expenses between Institutional Capital shares and<br />Daily Class shares. The returns shown for periods prior to January 1, 2010 are<br />the returns of Daily Class shares of Columbia Treasury Reserves, the predecessor<br />to the Fund and a series of Columbia Funds Series Trust. The Fund's past<br />performance is no guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured
or guaranteed by the Advisor or the Advisor's affiliates, including
Bank of America, N.A. and Bank of America Corporation (collectively,
Bank of America), the Federal Deposit Insurance Corporation or any
other government agency, and it is possible to lose money by investing
in the Fund.
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
BOUXX
0.00
20
78
-0.0006
325
140
0.0001
0.0025
2013-12-31
0.0000
0.0020
0.0026
0.00
NDLXX
0.0108
Worst:
Best:
2012-09-30
2006-12-31
0.0000
0.0055
0.00
0.0422
0.0114
0.0000
0.0108
2011-09-30
0.00
0.0105
0.0235
Year-to-date return
0.00
0.0042
0.0138
0.0424
0.0001
<div style="display:none">~ http://www.bofacapital.com/role/ExpenseExample_S000027913Member4 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
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<tt>BofA Treasury Reserves (the Fund) seeks current income, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Institutional Class shares of the Fund for the periods<br />indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in U.S. Treasury obligations and repurchase<br />agreements secured by U.S. Treasury obligations.<br /> <br />Under normal circumstances, the Fund purchases only first tier securities that<br />consist of U.S. Treasury obligations, repurchase agreements secured by U.S.<br />Treasury obligations and U.S. Government obligations whose principal and<br />interest are backed by the full faith and credit of the U.S. Government.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Treasury Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        4th quarter 2006:     1.28%  <br />Worst:       2nd quarter 2011:     0.00</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Institutional<br />Class shares has varied from year to year. For the Fund's current 7-day yield,<br />call BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904<br />(individual investors) or 800.353.0828 (institutional investors) or contact your<br />financial advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund<br />may, in circumstances, suspend redemptions or the payment of redemption proceeds<br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted <br />amendments to money market regulation, imposing new liquidity, credit quality, <br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default. <br />Historically, credit risk has been a limited factor for short-term obligations <br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored<br />instrumentalities or enterprises may or may not be backed by the full faith and<br />credit of the U.S. Government. For example, securities issued by the Federal<br />Home Loan Mortgage Corporation, the Federal National Mortgage Association and<br />the Federal Home Loan Banks are neither insured nor guaranteed by the U.S.<br />Government. These securities may be supported by the ability to borrow from the<br />U.S. Treasury or only by the credit of the issuing agency, authority,<br />instrumentality or enterprise and, as a result, are subject to greater credit<br />risk than securities issued or guaranteed by the U.S. Treasury. See ABOUT THE<br />FUNDS' INVESTMENTS - U.S. Government and Related Obligations in the statement of<br />additional information for more information.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This could<br />cause the Fund's income and the value of shares in the Fund to decline.<br />Repurchase agreements are collateralized by the securities purchased by the Fund<br />under the repurchase agreements, which may include securities that the Fund is<br />not otherwise directly permitted to purchase, such as long-term government<br />bonds. The value of these securities may be more volatile or less liquid than<br />the securities that the Fund is permitted to purchase directly thereby<br />increasing the risk that the Fund will be unable to recover fully in the event<br />of the counterparty's default.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of<br />Institutional Class shares of Columbia Treasury Reserves, the predecessor to the<br />Fund and a series of Columbia Funds Series Trust. The Fund's past performance is<br />no guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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<div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027913Member4 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
An investment in the Fund is not a bank deposit, and is not insured
or guaranteed by the Advisor or the Advisor's affiliates, including
Bank of America, N.A. and Bank of America Corporation (collectively,
Bank of America), the Federal Deposit Insurance Corporation or any
other government agency, and it is possible to lose money by investing
in the Fund.
<div style="display:none">~ http://www.bofacapital.com/role/ShareholderFeesData_S000027913Member4 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NTIXX
0.0165
Worst:
Best:
0.00
2012-09-30
25
2006-12-31
90
0.0000
0.0111
-0.0006
0.00
375
163
0.048
0.0128
0.0001
0.0000
0.0005
0.0152
0.0025
2013-12-31
2011-06-30
0.0005
0.0126
0.0292
Year-to-date return
0.0004
0.00
0.0098
0.0000
0.0177
0.0024
0.0030
0.0483
0.0001
0.00
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<tt>BofA Treasury Reserves (the Fund) seeks current income, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Daily Class shares of the Fund for the periods<br />indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in U.S. Treasury obligations and repurchase<br />agreements secured by U.S. Treasury obligations.<br /> <br />Under normal circumstances, the Fund purchases only first tier securities that<br />consist of U.S. Treasury obligations, repurchase agreements secured by U.S.<br />Treasury obligations and U.S. Government obligations whose principal and<br />interest are backed by the full faith and credit of the U.S. Government.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Treasury Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        4th quarter 2006:     1.14%  <br />Worst:       3rd quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Daily Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund<br />may, in circumstances, suspend redemptions or the payment of redemption proceeds<br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality, <br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other <br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default. <br />Historically, credit risk has been a limited factor for short-term obligations <br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored<br />instrumentalities or enterprises may or may not be backed by the full faith and<br />credit of the U.S. Government. For example, securities issued by the Federal<br />Home Loan Mortgage Corporation, the Federal National Mortgage Association and<br />the Federal Home Loan Banks are neither insured nor guaranteed by the U.S.<br />Government. These securities may be supported by the ability to borrow from the<br />U.S. Treasury or only by the credit of the issuing agency, authority,<br />instrumentality or enterprise and, as a result, are subject to greater credit<br />risk than securities issued or guaranteed by the U.S. Treasury. See ABOUT THE<br />FUNDS' INVESTMENTS - U.S. Government and Related Obligations in the statement of<br />additional information for more information.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This could<br />cause the Fund's income and the value of shares in the Fund to decline.<br />Repurchase agreements are collateralized by the securities purchased by the Fund<br />under the repurchase agreements, which may include securities that the Fund is<br />not otherwise directly permitted to purchase, such as long-term government<br />bonds. The value of these securities may be more volatile or less liquid than<br />the securities that the Fund is permitted to purchase directly thereby<br />increasing the risk that the Fund will be unable to recover fully in the event<br />of the counterparty's default.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Daily<br />Class shares of Columbia Treasury Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
<div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027913Member3 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027913Member3 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
An investment in the Fund is not a bank deposit, and is not insured
or guaranteed by the Advisor or the Advisor's affiliates, including
Bank of America, N.A. and Bank of America Corporation (collectively,
Bank of America), the Federal Deposit Insurance Corporation or any
other government agency, and it is possible to lose money by investing
in the Fund.
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NDLXX
0.0108
Worst:
Best:
0.00
2012-09-30
0.0025
82
2006-12-31
268
0.0000
0.0055
-0.0006
0.00
1055
471
0.0422
0.0114
0.0001
0.0000
0.0026
0.0108
0.0025
2013-12-31
2011-09-30
0.00
0.0105
0.0235
Year-to-date return
0.00
0.0042
0.0035
0.0138
0.0080
0.0086
0.0424
0.0001
0.00
<div style="display:none">~ http://www.bofacapital.com/role/ExpenseExample_S000027913Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
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<tt>BofA Treasury Reserves (the Fund) seeks current income, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Capital Class shares of the Fund for the periods<br />indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in U.S. Treasury obligations and repurchase<br />agreements secured by U.S. Treasury obligations.<br /> <br />Under normal circumstances, the Fund purchases only first tier securities that<br />consist of U.S. Treasury obligations, repurchase agreements secured by U.S.<br />Treasury obligations and U.S. Government obligations whose principal and<br />interest are backed by the full faith and credit of the U.S. Government.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Treasury Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        4th quarter 2006:     1.29%  <br />Worst:       1st quarter 2010:     0.00%</tt>
88.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Capital Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund<br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an issuer's <br />taxing authority may be subject to legal limits on the issuer's power to increase <br />taxes or otherwise to raise revenue, or may be dependent on legislative <br />appropriation or government aid. Certain debt securities are backed only by revenues <br />derived from a particular project or source, rather than by an issuer's taxing <br />authority, and thus may have a greater risk of default. Historically, credit risk <br />has been a limited factor for short-term obligations backed by the "full faith and<br />credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored<br />instrumentalities or enterprises may or may not be backed by the full faith and<br />credit of the U.S. Government. For example, securities issued by the Federal<br />Home Loan Mortgage Corporation, the Federal National Mortgage Association and<br />the Federal Home Loan Banks are neither insured nor guaranteed by the U.S.<br />Government. These securities may be supported by the ability to borrow from the<br />U.S. Treasury or only by the credit of the issuing agency, authority,<br />instrumentality or enterprise and, as a result, are subject to greater credit<br />risk than securities issued or guaranteed by the U.S. Treasury. See ABOUT THE<br />FUNDS' INVESTMENTS - U.S. Government and Related Obligations in the statement of<br />additional information for more information.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This could<br />cause the Fund's income and the value of shares in the Fund to decline.<br />Repurchase agreements are collateralized by the securities purchased by the Fund<br />under the repurchase agreements, which may include securities that the Fund is<br />not otherwise directly permitted to purchase, such as long-term government<br />bonds. The value of these securities may be more volatile or less liquid than<br />the securities that the Fund is permitted to purchase directly thereby<br />increasing the risk that the Fund will be unable to recover fully in the event<br />of the counterparty's default.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Capital<br />Class shares of Columbia Treasury Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
<div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027913Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027913Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
An investment in the Fund is not a bank deposit, and is not insured
or guaranteed by the Advisor or the Advisor's affiliates, including
Bank of America, N.A. and Bank of America Corporation (collectively,
Bank of America), the Federal Deposit Insurance Corporation or any
other government agency, and it is possible to lose money by investing
in the Fund.
<div style="display:none">~ http://www.bofacapital.com/role/ShareholderFeesData_S000027913Member2 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
CPLXX
0.0169
Worst:
Best:
0.00
2012-09-30
20
2006-12-31
78
0.0000
0.0115
-0.0006
0.0001
325
140
0.0485
0.0129
0.0000
0.0001
0.0156
0.0025
2013-12-31
2010-03-31
0.0008
0.0128
0.0296
Year-to-date return
0.00
0.0102
0.0000
0.0180
0.0020
0.0026
0.0487
0.0001
0.00
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<tt>BofA Treasury Reserves (the Fund) seeks current income, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Adviser Class shares of the Fund for the periods<br />indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in U.S. Treasury obligations and repurchase<br />agreements secured by U.S. Treasury obligations.<br /> <br />Under normal circumstances, the Fund purchases only first tier securities that<br />consist of U.S. Treasury obligations, repurchase agreements secured by U.S.<br />Treasury obligations and U.S. Government obligations whose principal and<br />interest are backed by the full faith and credit of the U.S. Government.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Treasury Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        4th quarter 2006:     1.23%  <br />Worst:       3rd quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Adviser Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund<br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an <br />issuer's taxing authority may be subject to legal limits on the issuer's power <br />to increase taxes or otherwise to raise revenue, or may be dependent on <br />legislative appropriation or government aid. Certain debt securities are backed <br />only by revenues derived from a particular project or source, rather than by an <br />issuer's taxing authority, and thus may have a greater risk of default. <br />Historically, credit risk has been a limited factor for short-term obligations <br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored<br />instrumentalities or enterprises may or may not be backed by the full faith and<br />credit of the U.S. Government. For example, securities issued by the Federal<br />Home Loan Mortgage Corporation, the Federal National Mortgage Association and<br />the Federal Home Loan Banks are neither insured nor guaranteed by the U.S.<br />Government. These securities may be supported by the ability to borrow from the<br />U.S. Treasury or only by the credit of the issuing agency, authority,<br />instrumentality or enterprise and, as a result, are subject to greater credit<br />risk than securities issued or guaranteed by the U.S. Treasury. See ABOUT THE<br />FUNDS' INVESTMENTS - U.S. Government and Related Obligations in the statement of<br />additional information for more information.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This could<br />cause the Fund's income and the value of shares in the Fund to decline.<br />Repurchase agreements are collateralized by the securities purchased by the Fund<br />under the repurchase agreements, which may include securities that the Fund is<br />not otherwise directly permitted to purchase, such as long-term government<br />bonds. The value of these securities may be more volatile or less liquid than<br />the securities that the Fund is permitted to purchase directly thereby<br />increasing the risk that the Fund will be unable to recover fully in the event<br />of the counterparty's default.<br />  <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Adviser<br />Class shares of Columbia Treasury Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or
guaranteed by the Advisor or the Advisor's affiliates, including Bank
of America, N.A. and Bank of America Corporation (collectively, Bank
of America), the Federal Deposit Insurance Corporation or any other
government agency, and it is possible to lose money by investing in
the Fund.
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NTRXX
0.0144
Worst:
Best:
0.00
2012-09-30
0.0025
46
2006-12-31
158
0.0000
0.0090
-0.0006
0.00
635
279
0.0459
0.0123
0.0001
0.0000
0.0026
0.0135
0.0025
2013-12-31
2011-09-30
0.00
0.0117
0.0271
Year-to-date return
0.00
0.0077
0.0000
0.0162
0.0045
0.0051
0.0461
0.0001
0.00
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<tt>BofA Money Market Reserves (the Fund) seeks current income, consistent with<br />capital preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Trust Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments, including primarily<br />short-term debt securities of U.S. and foreign issuers. The Fund purchases only<br />first-tier securities, which include bank obligations (including certificates of<br />deposit and time deposits issued by domestic or foreign banks or their<br />subsidiaries or branches), commercial paper, corporate bonds, extendible<br />commercial notes, asset-backed securities, funding agreements, municipal<br />securities, repurchase agreements and other high-quality, short-term<br />obligations. These securities may have fixed, floating or variable rates of<br />interest.<br /> <br />The Fund may invest more than 25% of its assets in U.S. dollar-denominated bank<br />obligations of U.S. banks, foreign branches of U.S. banks and U.S. branches of<br />foreign banks.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Money Market Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        3rd quarter 2007:     1.30%  <br />Worst:       3rd quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Trust Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
it is possible to lose money by investing in the Fund.
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies <br />may not produce the returns expected by the Advisor, may cause the securities <br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund may,<br />in circumstances, suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees,<br />letters of credit, insurance or other credit or liquidity enhancements issued or<br />provided by such company to decline in value. Credit and liquidity enhancements<br />are designed to help assure timely payment of a security and do not protect the<br />Fund or its shareholders from losses caused by declines in a security's market<br />value due to changes in market conditions. In addition, having multiple<br />portfolio securities' credit or liquidity enhanced by the same financial<br />services company increases the potential adverse effects on the Fund that can<br />result from a downgrading of, or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored instrumentalities <br />or enterprises may or may not be backed by the full faith and credit of the U.S. <br />Government. For example, securities issued by the Federal Home Loan Mortgage <br />Corporation, the Federal National Mortgage Association and the Federal Home Loan <br />Banks are neither insured nor guaranteed by the U.S. Government. These securities <br />may be supported by the ability to borrow from the U.S. Treasury or only by the <br />credit of the issuing agency, authority, instrumentality or enterprise and, as a <br />result, are subject to greater credit risk than securities issued or guaranteed by <br />the U.S. Treasury. See ABOUT THE FUNDS' INVESTMENTS - U.S. Government and Related<br />Obligations in the statement of additional information for more information.<br /> <br />o Asset-Backed Securities Risk - The value of the Fund's asset-backed securities<br />may be affected by, among other things, changes in: interest rates, factors<br />concerning the interests in and structure of the issuer or the originator of the<br />receivables, the creditworthiness of the entities that provide any supporting<br />letters of credit, surety bonds or other credit or liquidity enhancements, or<br />the market's assessment of the quality of underlying assets. Asset-backed<br />securities represent interests in, or are backed by, pools of receivables such<br />as credit card, auto, student and home equity loans. They may also be backed, in<br />turn, by securities backed by these types of loans and others, such as mortgage<br />loans. Asset-backed securities can have a fixed or an adjustable rate. Most<br />asset-backed securities are subject to prepayment risk, which is the possibility<br />that the underlying debt may be refinanced or prepaid prior to maturity during<br />periods of declining or low interest rates, causing the Fund to have to reinvest<br />the money received in securities that have lower yields. In addition, the impact<br />of prepayments on the value of asset-backed securities may be difficult to<br />predict and may result in greater volatility. Rising or high interest rates tend<br />to extend the duration of asset-backed securities, making them more volatile and<br />more sensitive to changes in interest rates.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such <br />as letters of credit, guarantees or insurance, and are generally classified into <br />general obligation bonds and revenue obligations. General obligation bonds are <br />backed by an issuer's taxing authority and may be vulnerable to limits on a <br />government's power or ability to raise revenue or increase taxes. They may also <br />depend for payment on legislative appropriation and/or funding or other support <br />from other governmental bodies. Revenue obligations are payable from revenues <br />generated by a particular project or other revenue source, and are typically <br />subject to greater risk of default than general obligation bonds because investors <br />can look only to the revenue generated by the project or other revenue source <br />backing the project, rather than to the general taxing authority of the state or <br />local government issuer of the obligations. Because many municipal securities are <br />issued to finance projects in sectors such as education, health care, transportation <br />and utilities, conditions in those sectors can affect the overall municipal market.<br />Municipal securities pay interest that is intended to be free from federal<br />income tax (and, in some cases, the federal alternative minimum tax). There is<br />no assurance that the Internal Revenue Service (IRS) will agree with this<br />position. For example, in the event that the IRS determines that the issuer did<br />not comply with relevant tax requirements, interest payments from a municipal<br />security could become federally taxable, possibly retroactively to the date the<br />municipal security was issued, and the value of the municipal security would<br />likely fall. As a shareholder of the Fund, you may be required to file an<br />amended tax return and pay additional taxes as a result.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This could<br />cause the Fund's income and the value of shares in the Fund to decline.<br />Repurchase agreements are collateralized by the securities purchased by the Fund<br />under the repurchase agreements, which may include securities that the Fund is<br />not otherwise directly permitted to purchase, such as long-term government<br />bonds, investment-grade corporate bonds and equity securities. The value of<br />these securities may be more volatile or less liquid than the securities that<br />the Fund is permitted to purchase directly thereby increasing the risk that the <br />Fund will be unable to recover fully in the event of the counterparty's default.<br /> <br />o Foreign Securities Risk - Foreign securities are subject to special risks as<br />compared to securities of U.S. issuers. For example, foreign markets can be<br />extremely volatile. Foreign securities may be less liquid than domestic<br />securities so that the Fund may, at times, be unable to sell foreign securities<br />at desirable times or prices. The Fund may have limited or no legal recourse in<br />the event of default with respect to certain foreign securities, including those<br />issued by foreign governments. In addition, foreign governments may impose<br />potentially confiscatory withholding or other taxes. Other risks include<br />possible delays in the settlement of transactions or in the payment of income;<br />generally less publicly available information about companies; the impact of<br />political, social or diplomatic events; and accounting, auditing and financial<br />reporting standards that may be less comprehensive and stringent than those<br />applicable to domestic companies.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Trust<br />Class shares of Columbia Money Market Reserves, the predecessor to the Fund <br />and a series of Columbia Funds Series Trust. The Fund's past performance is <br />no guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
<div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027912Member6 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NRTXX
0.0163
Worst:
Best:
0.00
2012-09-30
0.0010
31
2007-09-30
110
0.0000
0.0114
-0.0006
0.0003
450
196
0.0515
0.0130
0.0001
0.0011
0.0270
0.0025
2013-12-31
2011-09-30
0.0033
0.0162
0.030
Year-to-date return
0.0001
0.0001
0.0095
0.0000
0.0196
0.0030
0.0036
0.0486
0.0004
0.00
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<tt>BofA Money Market Reserves (the Fund) seeks current income, consistent with<br />capital preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Liquidity Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments, including primarily<br />short-term debt securities of U.S. and foreign issuers. The Fund purchases only<br />first-tier securities, which include bank obligations (including certificates of<br />deposit and time deposits issued by domestic or foreign banks or their<br />subsidiaries or branches), commercial paper, corporate bonds, extendible<br />commercial notes, asset-backed securities, funding agreements, municipal<br />securities, repurchase agreements and other high-quality, short-term<br />obligations. These securities may have fixed, floating or variable rates of<br />interest.<br /> <br />The Fund may invest more than 25% of its assets in U.S. dollar-denominated bank<br />obligations of U.S. banks, foreign branches of U.S. banks and U.S. branches of<br />foreign banks.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Money Market Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        3rd quarter 2007:     1.28%  <br />Worst:       3rd quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Liquidity Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
it is possible to lose money by investing in the Fund.
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies <br />may not produce the returns expected by the Advisor, may cause the securities <br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in an <br />effort to generate sufficient cash to pay redeeming shareholders. The Fund may, <br />in circumstances, suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the in 2010 recently adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services company <br />or such company's failure to fulfill its obligations could cause the Fund's investments <br />in securities backed by guarantees, letters of credit, insurance or other credit or <br />liquidity enhancements issued or provided by such company to decline in value. Credit <br />and liquidity enhancements are designed to help assure timely payment of a security <br />and do not protect the Fund or its shareholders from losses caused by declines in a <br />security's market value due to changes in market conditions. In addition, having <br />multiple portfolio securities'credit or liquidity enhanced by the same financial <br />services company increases the potential adverse effects on the Fund that can result <br />from a downgrading of, or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored instrumentalities <br />or enterprises may or may not be backed by the full faith and credit of the U.S. <br />Government. For example, securities issued by the Federal Home Loan Mortgage <br />Corporation, the Federal National Mortgage Association and the Federal Home Loan <br />Banks are neither insured nor guaranteed by the U.S. Government. These securities <br />may be supported by the ability to borrow from the U.S. Treasury or only by the credit <br />of the issuing agency, authority, instrumentality or enterprise and, as a result, are <br />subject to greater credit risk than securities issued or guaranteed by the U.S. Treasury. <br />See ABOUT THE FUNDS' INVESTMENTS - U.S. Government and Related Obligations in the statement <br />of additional information for more information.<br /> <br />o Asset-Backed Securities Risk - The value of the Fund's asset-backed securities<br />may be affected by, among other things, changes in: interest rates, factors<br />concerning the interests in and structure of the issuer or the originator of the<br />receivables, the creditworthiness of the entities that provide any supporting<br />letters of credit, surety bonds or other credit or liquidity enhancements, or<br />the market's assessment of the quality of underlying assets. Asset-backed<br />securities represent interests in, or are backed by, pools of receivables such<br />as credit card, auto, student and home equity loans. They may also be backed, in<br />turn, by securities backed by these types of loans and others, such as mortgage<br />loans. Asset-backed securities can have a fixed or an adjustable rate. Most<br />asset-backed securities are subject to prepayment risk, which is the possibility<br />that the underlying debt may be refinanced or prepaid prior to maturity during<br />periods of declining or low interest rates, causing the Fund to have to reinvest<br />the money received in securities that have lower yields. In addition, the impact<br />of prepayments on the value of asset-backed securities may be difficult to<br />predict and may result in greater volatility. Rising or high interest rates tend<br />to extend the duration of asset-backed securities, making them more volatile and<br />more sensitive to changes in interest rates.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit <br />of, or liquidity enhancement provided by a private issuer in some manner, such as <br />letters of credit, guarantees or insurance, and are generally classified into general<br />obligation bonds and revenue obligations. General obligation bonds are backed by<br />an issuer's taxing authority and may be vulnerable to limits on a government's<br />power or ability to raise revenue or increase taxes. They may also depend for<br />payment on legislative appropriation and/or funding or other support from other<br />governmental bodies. Revenue obligations are payable from revenues generated by<br />a particular project or other revenue source, and are typically subject to<br />greater risk of default than general obligation bonds because investors can look<br />only to the revenue generated by the project or other revenue source backing the<br />project, rather than to the general taxing authority of the state or local<br />government issuer of the obligations. Because many municipal securities are<br />issued to finance projects in sectors such as education, health care,<br />transportation and utilities, conditions in those sectors can affect the overall<br />municipal market. Municipal securities pay interest that is intended to be free<br />from federal income tax (and, in some cases, the federal alternative minimum<br />tax). There is no assurance that the Internal Revenue Service (IRS) will agree<br />with this position. For example, in the event that the IRS determines that the<br />issuer did not comply with relevant tax requirements, interest payments from a<br />municipal security could become federally taxable, possibly retroactively to the<br />date the municipal security was issued, and the value of the municipal security<br />would likely fall. As a shareholder of the Fund, you may be required to file an<br />amended tax return and pay additional taxes as a result.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This could<br />cause the Fund's income and the value of shares in the Fund to decline. Repurchase <br />agreements are collateralized by the securities purchased by the Fund under the <br />repurchase agreements, which may include securities that the Fund is not otherwise <br />directly permitted to purchase, such as long-term government bonds, investment-grade <br />corporate bonds and equity securities. The value of these securities may be more <br />volatile or less liquid than the securities that the Fund is permitted to purchase <br />directly thereby increasing the risk that the Fund will be unable to recover fully <br />in the event of the counterparty's default.<br /> <br />o Foreign Securities Risk - Foreign securities are subject to special risks as<br />compared to securities of U.S. issuers. For example, foreign markets can be<br />extremely volatile. Foreign securities may be less liquid than domestic<br />securities so that the Fund may, at times, be unable to sell foreign securities<br />at desirable times or prices. The Fund may have limited or no legal recourse in<br />the event of default with respect to certain foreign securities, including those<br />issued by foreign governments. In addition, foreign governments may impose<br />potentially confiscatory withholding or other taxes. Other risks include<br />possible delays in the settlement of transactions or in the payment of income;<br />generally less publicly available information about companies; the impact of<br />political, social or diplomatic events; and accounting, auditing and financial<br />reporting standards that may be less comprehensive and stringent than those<br />applicable to domestic companies.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Liquidity<br />Class shares of Columbia Money Market Reserves, the predecessor to the Fund and<br />a series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NRLXX
0.0159
Worst:
Best:
0.00
2012-09-30
36
2007-09-30
147
0.0000
0.0109
-0.0016
0.0001
625
269
0.0509
0.0128
0.0000
0.0001
0.0265
0.0025
2013-12-31
2011-09-30
0.0028
0.0159
0.0295
Year-to-date return
0.00
0.0090
0.0025
0.0192
0.0035
0.0051
0.0481
0.0001
0.00
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<tt>BofA Money Market Reserves (the Fund) seeks current income, consistent with<br />capital preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Institutional Capital shares of the Fund for the periods<br />indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments, including primarily<br />short-term debt securities of U.S. and foreign issuers. The Fund purchases only<br />first-tier securities, which include bank obligations (including certificates of<br />deposit and time deposits issued by domestic or foreign banks or their<br />subsidiaries or branches), commercial paper, corporate bonds, extendible<br />commercial notes, asset-backed securities, funding agreements, municipal<br />securities, repurchase agreements and other high-quality, short-term<br />obligations. These securities may have fixed, floating or variable rates of<br />interest.<br /> <br />The Fund may invest more than 25% of its assets in U.S. dollar-denominated bank<br />obligations of U.S. banks, foreign branches of U.S. banks and U.S. branches of<br />foreign banks.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Money Market Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        3rd quarter 2007:     1.32%  <br />Worst:       3rd quarter 2011:     0.02%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Institutional<br />Capital shares has varied from year to year. For the Fund's current 7-day yield,<br />call BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904<br />(individual investors) or 800.353.0828 (institutional investors) or contact your<br />financial advisor.</tt>
it is possible to lose money by investing in the Fund.
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies <br />may not produce the returns expected by the Advisor, may cause the securities <br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund <br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services company <br />or such company's failure to fulfill its obligations could cause the Fund's investments <br />in securities backed by guarantees, letters of credit, insurance or other credit or <br />liquidity enhancements issued or provided by such company to decline in value. Credit <br />and liquidity enhancements are designed to help assure timely payment of a security and <br />do not protect the Fund or its shareholders from losses caused by declines in a security's <br />market value due to changes in market conditions. In addition, having multiple portfolio <br />securities' credit or liquidity enhanced by the same financial services company increases<br />the potential adverse effects on the Fund that can result from a downgrading of,<br />or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored instrumentalities <br />or enterprises may or may not be backed by the full faith and credit of the U.S. <br />Government. For example, securities issued by the Federal Home Loan Mortgage <br />Corporation, the Federal National Mortgage Association and the Federal Home Loan <br />Banks are neither insured nor guaranteed by the U.S. Government. These securities <br />may be supported by the ability to borrow from the U.S. Treasury or only by the <br />credit of the issuing agency, authority, instrumentality or enterprise and, as a <br />result, are subject to greater credit risk than securities issued or guaranteed by <br />the U.S. Treasury. See ABOUT THE FUNDS' INVESTMENTS - U.S. Government and Related <br />Obligations in the statement of additional information for more information.<br /> <br />o Asset-Backed Securities Risk - The value of the Fund's asset-backed securities<br />may be affected by, among other things, changes in: interest rates, factors<br />concerning the interests in and structure of the issuer or the originator of the<br />receivables, the creditworthiness of the entities that provide any supporting<br />letters of credit, surety bonds or other credit or liquidity enhancements, or<br />the market's assessment of the quality of underlying assets. Asset-backed<br />securities represent interests in, or are backed by, pools of receivables such<br />as credit card, auto, student and home equity loans. They may also be backed, in<br />turn, by securities backed by these types of loans and others, such as mortgage<br />loans. Asset-backed securities can have a fixed or an adjustable rate. Most<br />asset-backed securities are subject to prepayment risk, which is the possibility<br />that the underlying debt may be refinanced or prepaid prior to maturity during<br />periods of declining or low interest rates, causing the Fund to have to reinvest<br />the money received in securities that have lower yields. In addition, the impact<br />of prepayments on the value of asset-backed securities may be difficult to<br />predict and may result in greater volatility. Rising or high interest rates tend<br />to extend the duration of asset-backed securities, making them more volatile and<br />more sensitive to changes in interest rates.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit of, <br />or liquidity enhancement provided by a private issuer in some manner, such as <br />letters of credit, guarantees or insurance, and are generally classified into general<br />obligation bonds and revenue obligations. General obligation bonds are backed by<br />an issuer's taxing authority and may be vulnerable to limits on a government's<br />power or ability to raise revenue or increase taxes. They may also depend for<br />payment on legislative appropriation and/or funding or other support from other<br />governmental bodies. Revenue obligations are payable from revenues generated by<br />a particular project or other revenue source, and are typically subject to<br />greater risk of default than general obligation bonds because investors can look<br />only to the revenue generated by the project or other revenue source backing the<br />project, rather than to the general taxing authority of the state or local<br />government issuer of the obligations. Because many municipal securities are<br />issued to finance projects in sectors such as education, health care,<br />transportation and utilities, conditions in those sectors can affect the overall<br />municipal market. Municipal securities pay interest that is intended to be free<br />from federal income tax (and, in some cases, the federal alternative minimum<br />tax). There is no assurance that the Internal Revenue Service (IRS) will agree<br />with this position. For example, in the event that the IRS determines that the<br />issuer did not comply with relevant tax requirements, interest payments from a<br />municipal security could become federally taxable, possibly retroactively to the<br />date the municipal security was issued, and the value of the municipal security<br />would likely fall. As a shareholder of the Fund, you may be required to file an<br />amended tax return and pay additional taxes as a result.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This could<br />cause the Fund's income and the value of shares in the Fund to decline. Repurchase <br />agreements are collateralized by the securities purchased by the Fund under the<br />repurchase agreements, which may include securities that the Fund is not otherwise <br />directly permitted to purchase, such as long-term government bonds, investment-grade <br />corporate bonds and equity securities. The value of these securities may be more <br />volatile or less liquid than the securities that the Fund is permitted to purchase <br />directly thereby increasing the risk that the Fund will be unable to recover fully <br />in the event of the counterparty's default.<br /> <br />o Foreign Securities Risk - Foreign securities are subject to special risks as<br />compared to securities of U.S. issuers. For example, foreign markets can be<br />extremely volatile. Foreign securities may be less liquid than domestic<br />securities so that the Fund may, at times, be unable to sell foreign securities<br />at desirable times or prices. The Fund may have limited or no legal recourse in<br />the event of default with respect to certain foreign securities, including those<br />issued by foreign governments. In addition, foreign governments may impose<br />potentially confiscatory withholding or other taxes. Other risks include<br />possible delays in the settlement of transactions or in the payment of income;<br />generally less publicly available information about companies; the impact of<br />political, social or diplomatic events; and accounting, auditing and financial<br />reporting standards that may be less comprehensive and stringent than those<br />applicable to domestic companies.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of G-Trust<br />shares of Columbia Money Market Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
CVGXX
Worst:
Best:
0.00
2012-09-30
20
2007-09-30
78
0.0002
-0.0006
0.0013
325
140
0.0525
0.0132
0.0009
0.0001
0.0280
0.0025
2013-12-31
2011-09-30
0.0043
0.0172
Year-to-date return
0.0009
0.0000
0.0020
0.0026
0.0497
0.0229
2005-11-21
0.0011
0.00
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<tt>BofA Money Market Reserves (the Fund) seeks current income, consistent with<br />capital preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Institutional Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments, including primarily<br />short-term debt securities of U.S. and foreign issuers. The Fund purchases only<br />first-tier securities, which include bank obligations (including certificates <br />of deposit and time deposits issued by domestic or foreign banks or their<br />subsidiaries or branches), commercial paper, corporate bonds, extendible<br />commercial notes, asset-backed securities, funding agreements, municipal<br />securities, repurchase agreements and other high-quality, short-term<br />obligations. These securities may have fixed, floating or variable rates of<br />interest.<br /> <br />The Fund may invest more than 25% of its assets in U.S. dollar-denominated bank<br />obligations of U.S. banks, foreign branches of U.S. banks and U.S. branches of<br />foreign banks.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of <br />the issuer of the security, the creditworthiness of any entity that provides <br />any supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Money Market Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        3rd quarter 2007:     1.31%  <br />Worst:       3rd quarter 2011:     0.01%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Institutional<br />Class shares has varied from year to year. For the Fund's current 7-day yield,<br />call BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904<br />(individual investors) or 800.353.0828 (institutional investors) or contact <br />your financial advisor.</tt>
and it is possible to lose money by investing in the Fund.
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies <br />may not produce the returns expected by the Advisor, may cause the securities <br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund may,<br />in circumstances, suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services company <br />or such company's failure to fulfill its obligations could cause the Fund's investments <br />in securities backed by guarantees, letters of credit, insurance or other credit or <br />liquidity enhancements issued or provided by such company to decline in value. Credit and <br />liquidity enhancements are designed to help assure timely payment of a security and do not <br />protect the Fund or its shareholders from losses caused by declines in a security's market<br />value due to changes in market conditions. In addition, having multiple portfolio securities' <br />credit or liquidity enhanced by the same financial services company increases the potential <br />adverse effects on the Fund that can result from a downgrading of, or a default by, such <br />financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored instrumentalities <br />or enterprises may or may not be backed by the full faith and credit of the U.S. <br />Government. For example, securities issued by the Federal Home Loan Mortgage Corporation, <br />the Federal National Mortgage Association and the Federal Home Loan Banks are neither <br />insured nor guaranteed by the U.S. Government. These securities may be supported by the<br />ability to borrow from the U.S. Treasury or only by the credit of the issuing agency, <br />authority, instrumentality or enterprise and, as a result, are subject to greater credit <br />risk than securities issued or guaranteed by the U.S. Treasury. See ABOUT THE FUNDS' <br />INVESTMENTS - U.S. Government and Related Obligations in the statement of additional <br />information for more information.<br /> <br />o Asset-Backed Securities Risk - The value of the Fund's asset-backed securities<br />may be affected by, among other things, changes in: interest rates, factors<br />concerning the interests in and structure of the issuer or the originator of the<br />receivables, the creditworthiness of the entities that provide any supporting<br />letters of credit, surety bonds or other credit or liquidity enhancements, or<br />the market's assessment of the quality of underlying assets. Asset-backed<br />securities represent interests in, or are backed by, pools of receivables such<br />as credit card, auto, student and home equity loans. They may also be backed, in<br />turn, by securities backed by these types of loans and others, such as mortgage<br />loans. Asset-backed securities can have a fixed or an adjustable rate. Most<br />asset-backed securities are subject to prepayment risk, which is the possibility<br />that the underlying debt may be refinanced or prepaid prior to maturity during<br />periods of declining or low interest rates, causing the Fund to have to reinvest<br />the money received in securities that have lower yields. In addition, the impact<br />of prepayments on the value of asset-backed securities may be difficult to<br />predict and may result in greater volatility. Rising or high interest rates tend<br />to extend the duration of asset-backed securities, making them more volatile and<br />more sensitive to changes in interest rates.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such as <br />letters of credit, guarantees or insurance, and are generally classified into <br />general obligation bonds and revenue obligations. General obligation bonds are <br />backed by an issuer's taxing authority and may be vulnerable to limits on a <br />government's power or ability to raise revenue or increase taxes. They may also <br />depend for payment on legislative appropriation and/or funding or other support <br />from other governmental bodies. Revenue obligations are payable from revenues <br />generated by a particular project or other revenue source, and are typically subject <br />to greater risk of default than general obligation bonds because investors can look <br />only to the revenue generated by the project or other revenue source backing the <br />project,  rather than to the general taxing authority of the state or local government <br />issuer of the obligations. Because many municipal securities are issued to finance<br />projects in sectors such as education, health care, transportation and utilities, <br />conditions in those sectors can affect the overall municipal market. Municipal securities <br />pay interest that is intended to be free from federal income tax (and, in some cases, <br />the federal alternative minimum tax). There is no assurance that the Internal Revenue <br />Service (IRS) will agree with this position. For example, in the event that the IRS <br />determines that the issuer did not comply with relevant tax requirements, interest payments <br />from a municipal security could become federally taxable, possibly retroactively to the <br />date the municipal security was issued, and the value of the municipal security would<br />likely fall. As a shareholder of the Fund, you may be required to file an amended tax return <br />and pay additional taxes as a result.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This could<br />cause the Fund's income and the value of shares in the Fund to decline. Repurchase <br />agreements are collateralized by the securities purchased by the Fund under the <br />repurchase agreements, which may include securities that the Fund is not otherwise <br />directly permitted to purchase, such as long-term government bonds, investment-grade <br />corporate bonds and equity securities. The value of these securities may be more <br />volatile or less liquid than the securities that the Fund is permitted to purchase <br />directly thereby increasing the risk that the Fund will be unable to recover fully in <br />the event of the counterparty's default.<br /> <br />o Foreign Securities Risk - Foreign securities are subject to special risks as<br />compared to securities of U.S. issuers. For example, foreign markets can be<br />extremely volatile. Foreign securities may be less liquid than domestic<br />securities so that the Fund may, at times, be unable to sell foreign securities<br />at desirable times or prices. The Fund may have limited or no legal recourse in<br />the event of default with respect to certain foreign securities, including those<br />issued by foreign governments. In addition, foreign governments may impose<br />potentially confiscatory withholding or other taxes. Other risks include<br />possible delays in the settlement of transactions or in the payment of income;<br />generally less publicly available information about companies; the impact of<br />political, social or diplomatic events; and accounting, auditing and financial<br />reporting standards that may be less comprehensive and stringent than those<br />applicable to domestic companies.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of<br />Institutional Class shares of Columbia Money Market Reserves, the predecessor <br />to the Fund and a series of Columbia Funds Series Trust. The Fund's past<br />performance is no guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NRIXX
0.0169
Worst:
Best:
0.00
2012-09-30
0.0004
25
2007-09-30
90
0.0001
0.0120
-0.0006
0.0009
375
163
0.0521
0.0131
0.0005
0.0005
0.0276
0.0025
2013-12-31
2011-09-30
0.0039
0.0168
0.0306
Year-to-date return
0.0001
0.0005
0.0101
0.0000
0.0203
0.0024
0.0030
0.0493
0.0008
0.00
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<tt>BofA Money Market Reserves (the Fund) seeks current income, consistent with<br />capital preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Capital Class shares of the Fund for the periods<br />indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments, including primarily<br />short-term debt securities of U.S. and foreign issuers. The Fund purchases only<br />first-tier securities, which include bank obligations (including certificates of<br />deposit and time deposits issued by domestic or foreign banks or their<br />subsidiaries or branches), commercial paper, corporate bonds, extendible<br />commercial notes, asset-backed securities, funding agreements, municipal<br />securities, repurchase agreements and other high-quality, short-term<br />obligations. These securities may have fixed, floating or variable rates of<br />interest.<br /> <br />The Fund may invest more than 25% of its assets in U.S. dollar-denominated bank<br />obligations of U.S. banks, foreign branches of U.S. banks and U.S. branches of<br />foreign banks.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Money Market Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        3rd quarter 2007:     1.32%  <br />Worst:       3rd quarter 2011:     0.02%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Capital Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
possible to lose money by investing in the Fund.
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies <br />may not produce the returns expected by the Advisor, may cause the securities <br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund <br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters <br />of credit, insurance or other credit or liquidity enhancements issued or provided <br />by such company to decline in value. Credit and liquidity enhancements are designed <br />to help assure timely payment of a security and do not protect the Fund or its<br />shareholders from losses caused by declines in a security's market value due to<br />changes in market conditions. In addition, having multiple portfolio securities'<br />credit or liquidity enhanced by the same financial services company increases<br />the potential adverse effects on the Fund that can result from a downgrading of,<br />or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored <br />instrumentalities or enterprises may or may not be backed by the full faith and <br />credit of the U.S. Government. For example, securities issued by the Federal Home <br />Loan Mortgage Corporation, the Federal National Mortgage Association and the <br />Federal Home Loan Banks are neither insured nor guaranteed by the U.S.<br />Government. These securities may be supported by the ability to borrow from the<br />U.S. Treasury or only by the credit of the issuing agency, authority,<br />instrumentality or enterprise and, as a result, are subject to greater credit<br />risk than securities issued or guaranteed by the U.S. Treasury. See ABOUT THE<br />FUNDS' INVESTMENTS - U.S. Government and Related Obligations in the statement of<br />additional information for more information.<br /> <br />o Asset-Backed Securities Risk - The value of the Fund's asset-backed securities<br />may be affected by, among other things, changes in: interest rates, factors<br />concerning the interests in and structure of the issuer or the originator of the<br />receivables, the creditworthiness of the entities that provide any supporting<br />letters of credit, surety bonds or other credit or liquidity enhancements, or<br />the market's assessment of the quality of underlying assets. Asset-backed<br />securities represent interests in, or are backed by, pools of receivables such<br />as credit card, auto, student and home equity loans. They may also be backed, in<br />turn, by securities backed by these types of loans and others, such as mortgage<br />loans. Asset-backed securities can have a fixed or an adjustable rate. Most<br />asset-backed securities are subject to prepayment risk, which is the possibility<br />that the underlying debt may be refinanced or prepaid prior to maturity during<br />periods of declining or low interest rates, causing the Fund to have to reinvest<br />the money received in securities that have lower yields. In addition, the impact<br />of prepayments on the value of asset-backed securities may be difficult to<br />predict and may result in greater volatility. Rising or high interest rates tend<br />to extend the duration of asset-backed securities, making them more volatile and<br />more sensitive to changes in interest rates.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit <br />of, or liquidity enhancement provided by a private issuer in some manner, such <br />as letters of credit, guarantees or insurance, and are generally classified into <br />general obligation bonds and revenue obligations. General obligation bonds are <br />backed by an issuer's taxing authority and may be vulnerable to limits on a <br />government's power or ability to raise revenue or increase taxes. They may also <br />depend for payment on legislative appropriation and/or funding or other support <br />from other governmental bodies. Revenue obligations are payable from revenues <br />generated by a particular project or other revenue source, and are typically <br />subject to greater risk of default than general obligation bonds because investors <br />can look only to the revenue generated by the project or other revenue source <br />backing the project, rather than to the general taxing authority of the state or                    <br />local government issuer of the obligations. Because many municipal securities are<br />issued to finance projects in sectors such as education, health care,<br />transportation and utilities, conditions in those sectors can affect the overall<br />municipal market. Municipal securities pay interest that is intended to be free<br />from federal income tax (and, in some cases, the federal alternative minimum<br />tax). There is no assurance that the Internal Revenue Service (IRS) will agree<br />with this position. For example, in the event that the IRS determines that the<br />issuer did not comply with relevant tax requirements, interest payments from a<br />municipal security could become federally taxable, possibly retroactively to the<br />date the municipal security was issued, and the value of the municipal security<br />would likely fall. As a shareholder of the Fund, you may be required to file an<br />amended tax return and pay additional taxes as a result.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This could<br />cause the Fund's income and the value of shares in the Fund to decline.<br />Repurchase agreements are collateralized by the securities purchased by the Fund<br />under the repurchase agreements, which may include securities that the Fund is<br />not otherwise directly permitted to purchase, such as long-term government<br />bonds, investment-grade corporate bonds and equity securities. The value of these<br />securities may be more volatile or less liquid than the securities that the Fund <br />is permitted to purchase directly thereby increasing the risk that the Fund will <br />be unable to recover fully in the event of the counterparty's default.<br /> <br />o Foreign Securities Risk - Foreign securities are subject to special risks as<br />compared to securities of U.S. issuers. For example, foreign markets can be<br />extremely volatile. Foreign securities may be less liquid than domestic<br />securities so that the Fund may, at times, be unable to sell foreign securities<br />at desirable times or prices. The Fund may have limited or no legal recourse in<br />the event of default with respect to certain foreign securities, including those<br />issued by foreign governments. In addition, foreign governments may impose<br />potentially confiscatory withholding or other taxes. Other risks include<br />possible delays in the settlement of transactions or in the payment of income;<br />generally less publicly available information about companies; the impact of<br />political, social or diplomatic events; and accounting, auditing and financial<br />reporting standards that may be less comprehensive and stringent than those<br />applicable to domestic companies.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Capital<br />Class shares of Columbia Money Market Reserves, the predecessor to the Fund and<br />a series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured
or guaranteed by the Advisor or the Advisor's affiliates, including
Bank of America, N.A. and Bank of America Corporation (collectively,
Bank of America), the Federal Deposit Insurance Corporation or any
other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NMCXX
0.0173
Worst:
Best:
0.00
2012-09-30
20
2007-09-30
78
0.0002
0.0124
-0.0006
0.0013
325
140
0.0525
0.0132
0.0009
0.0001
0.0280
0.0025
2013-12-31
2011-09-30
0.0043
0.0172
0.0311
Year-to-date return
0.0009
0.0105
0.0000
0.0206
0.0020
0.0026
0.0497
0.0011
0.00
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<tt>BofA Money Market Reserves (the Fund) seeks current income, consistent with<br />capital preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />O you invest $10,000 in Adviser Class shares of the Fund for the periods<br />indicated,<br /> <br />O your investment has a 5% return each year, and<br /> <br />O the Fund's total annual operating expenses remain the same as shown in the<br />table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments, including primarily<br />short-term debt securities of U.S. and foreign issuers. The Fund purchases only<br />first-tier securities, which include bank obligations (including certificates of<br />deposit and time deposits issued by domestic or foreign banks or their<br />subsidiaries or branches), commercial paper, corporate bonds, extendible<br />commercial notes, asset-backed securities, funding agreements, municipal<br />securities, repurchase agreements and other high-quality, short-term<br />obligations. These securities may have fixed, floating or variable rates of<br />interest.<br /> <br />The Fund may invest more than 25% of its assets in U.S. dollar-denominated bank<br />obligations of U.S. banks, foreign branches of U.S. banks and U.S. branches of<br />foreign banks.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Money Market Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.<br /> </tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        3rd quarter 2007:     1.26%  <br />Worst:       3rd quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Adviser Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
it is possible to lose money by investing in the Fund.
<tt>O Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies <br />may not produce the returns expected by the Advisor, may cause the securities <br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />O Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />O Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund may,<br />in circumstances, suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />O Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters<br />of credit, insurance or other credit or liquidity enhancements issued or provided<br />by such company to decline in value. Credit and liquidity enhancements are designed <br />to help assure timely payment of a security and do not protect the Fund or its <br />shareholders from losses caused by declines in a security's market value due to <br />changes in market conditions. In addition, having multiple portfolio securities' <br />credit or liquidity enhanced by the same financial services company increases the <br />potential adverse effects on the Fund that can result from a downgrading of, or a <br />default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored<br />instrumentalities or enterprises may or may not be backed by the full faith and<br />credit of the U.S. Government. For example, securities issued by the Federal Home <br />Loan Mortgage Corporation, the Federal National Mortgage Association and the Federal <br />Home Loan Banks are neither insured nor guaranteed by the U.S. Government. These<br />securities may be supported by the ability to borrow from the U.S. Treasury or only <br />by the credit of the issuing agency, authority, instrumentality or enterprise and, <br />as a result, are subject to greater credit risk than securities issued or guaranteed<br />by the U.S. Treasury. See ABOUT THE FUNDS' INVESTMENTS - U.S. Government and<br />Related Obligations in the statement of additional information for more<br />information.<br /> <br />o Asset-Backed Securities Risk - The value of the Fund's asset-backed securities<br />may be affected by, among other things, changes in: interest rates, factors<br />concerning the interests in and structure of the issuer or the originator of the<br />receivables, the creditworthiness of the entities that provide any supporting<br />letters of credit, surety bonds or other credit or liquidity enhancements, or<br />the market's assessment of the quality of underlying assets. Asset-backed<br />securities represent interests in, or are backed by, pools of receivables such<br />as credit card, auto, student and home equity loans. They may also be backed, in<br />turn, by securities backed by these types of loans and others, such as mortgage<br />loans. Asset-backed securities can have a fixed or an adjustable rate. Most<br />asset-backed securities are subject to prepayment risk, which is the possibility<br />that the underlying debt may be refinanced or prepaid prior to maturity during<br />periods of declining or low interest rates, causing the Fund to have to reinvest<br />the money received in securities that have lower yields. In addition, the impact<br />of prepayments on the value of asset-backed securities may be difficult to<br />predict and may result in greater volatility. Rising or high interest rates tend<br />to extend the duration of asset-backed securities, making them more volatile and<br />more sensitive to changes in interest rates.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such as <br />letters of credit, guarantees or insurance, and are generally classified into <br />general obligation bonds and revenue obligations. General obligation bonds are <br />backed by an issuer's taxing authority and may be vulnerable to limits on a <br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support <br />from other governmental bodies. Revenue obligations are payable from revenues <br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because investors <br />can look only to the revenue generated by the project or other revenue source backing <br />the project, rather than to the general taxing authority of the state or local <br />government issuer of the obligations. Because many municipal securities are issued <br />to finance projects in sectors such as education, health care, transportation and<br />utilities, conditions in those sectors can affect the overall municipal market.<br />Municipal securities pay interest that is intended to be free from federal<br />income tax (and, in some cases, the federal alternative minimum tax). There is<br />no assurance that the Internal Revenue Service (IRS) will agree with this<br />position. For example, in the event that the IRS determines that the issuer did<br />not comply with relevant tax requirements, interest payments from a municipal<br />security could become federally taxable, possibly retroactively to the date the<br />municipal security was issued, and the value of the municipal security would<br />likely fall. As a shareholder of the Fund, you may be required to file an<br />amended tax return and pay additional taxes as a result.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This could<br />cause the Fund's income and the value of shares in the Fund to decline.<br />Repurchase agreements are collateralized by the securities purchased by the Fund<br />under the repurchase agreements, which may include securities that the Fund is<br />not otherwise directly permitted to purchase, such as long-term government<br />bonds, investment-grade corporate bonds and equity securities. The value of<br />these securities may be more volatile or less liquid than the securities that the <br />Fund is permitted to purchase directly thereby increasing the risk that the Fund<br />will be unable to recover fully in the event of the counterparty's default.<br /> <br />o Foreign Securities Risk - Foreign securities are subject to special risks as<br />compared to securities of U.S. issuers. For example, foreign markets can be<br />extremely volatile. Foreign securities may be less liquid than domestic<br />securities so that the Fund may, at times, be unable to sell foreign securities<br />at desirable times or prices. The Fund may have limited or no legal recourse in<br />the event of default with respect to certain foreign securities, including those<br />issued by foreign governments. In addition, foreign governments may impose<br />potentially confiscatory withholding or other taxes. Other risks include<br />possible delays in the settlement of transactions or in the payment of income;<br />generally less publicly available information about companies; the impact of<br />political, social or diplomatic events; and accounting, auditing and financial<br />reporting standards that may be less comprehensive and stringent than those<br />applicable to domestic companies.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Adviser<br />Class shares of Columbia Money Market Reserves, the predecessor to the Fund and<br />a series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or
guaranteed by the Advisor or the Advisor's affiliates, including Bank
of America, N.A. and Bank of America Corporation (collectively, Bank of
America), the Federal Deposit Insurance Corporation or any other
government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NRAXX
0.0148
Worst:
Best:
0.00
2012-09-30
0.0025
46
2007-09-30
158
0.0000
0.0099
-0.0006
0.00
635
279
0.0499
0.0126
0.0001
0.0000
0.0026
0.0255
0.0025
2011-09-30
0.0022
0.0153
0.0285
Year-to-date return
0.00
0.008
0.0000
0.0184
0.0045
0.0051
0.0471
0.0000
0.00
<div style="display:none">~ http://www.bofacapital.com/role/ExpenseExample_S000027910Member9 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
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<tt>BofA Government Plus Reserves (the Fund) seeks current income, consistent with<br />capital preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Trust Class shares of the Fund for the periods<br />indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in U.S. Government obligations, including U.S.<br />Treasury obligations and obligations of U.S. Government agencies, authorities,<br />instrumentalities, or sponsored enterprises, and repurchase agreements secured<br />by U.S. Government obligations. Under normal circumstances, the Fund purchases<br />only first-tier securities that consist of these obligations and repurchase<br />agreements. These obligations may have fixed, floating or variable rates of<br />interest.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Government Plus Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        1st quarter 2009:     0.09%  <br />Worst:       4th quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (deducted from the Fund's assets)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Trust Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund<br />may, in circumstances, suspend redemptions or the payment of redemption proceeds<br />when permitted by applicable rules and regulations.<br /><br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an <br />issuer's taxing authority, and thus may have a greater risk of default. <br />Historically, credit risk has been a limited factor for short-term obligations <br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored<br />instrumentalities or enterprises may or may not be backed by the full faith and<br />credit of the U.S. Government. For example, securities issued by the Federal<br />Home Loan Mortgage Corporation, the Federal National Mortgage Association and<br />the Federal Home Loan Banks are neither insured nor guaranteed by the U.S.<br />Government. These securities may be supported by the ability to borrow from the<br />U.S. Treasury or only by the credit of the issuing agency, authority,<br />instrumentality or enterprise and, as a result, are subject to greater credit<br />risk than securities issued or guaranteed by the U.S. Treasury. See ABOUT THE<br />FUNDS' INVESTMENTS - U.S. Government and Related Obligations in the statement of<br />additional information for more information.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This could<br />cause the Fund's income and the value of shares in the Fund to decline.<br />Repurchase agreements are collateralized by the securities purchased by the Fund<br />under the repurchase agreements, which may include securities that the Fund is<br />not otherwise directly permitted to purchase, such as long-term government<br />bonds. The value of these securities may be more volatile or less liquid than<br />the securities that the Fund is permitted to purchase directly thereby<br />increasing the risk that the Fund will be unable to recover fully in the event<br />of the counterparty's default.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Trust<br />Class shares of Columbia Government Plus Reserves, the predecessor to the Fund<br />and a series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
<div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027910Member9 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027910Member9 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
An investment in the Fund is not a bank deposit, and is not insured or
guaranteed by the Advisor or the Advisor's affiliates, including Bank
of America, N.A. and Bank of America Corporation (collectively, Bank of
America), the Federal Deposit Insurance Corporation or any other
government agency, and it is possible to lose money by investing in the
Fund.
<div style="display:none">~ http://www.bofacapital.com/role/ShareholderFeesData_S000027910Member9 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
CGPXX
Worst:
Best:
0.00
2012-09-30
31
2009-03-31
125
0.0000
-0.0013
0.00
530
228
0.0009
0.0008
0.0000
0.0018
0.0025
2013-12-31
2011-12-31
0.0013
Year-to-date return
0.0010
0.00
0.0000
0.0030
0.0043
0.0044
2008-03-31
0.0001
0.00
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<tt>BofA Government Plus Reserves (the Fund) seeks current income, consistent with<br />capital preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Liquidity Class shares of the Fund for the periods<br />indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in U.S. Government obligations, including U.S.<br />Treasury obligations and obligations of U.S. Government agencies, authorities,<br />instrumentalities, or sponsored enterprises, and repurchase agreements secured<br />by U.S. Government obligations. Under normal circumstances, the Fund purchases<br />only first-tier securities that consist of these obligations and repurchase<br />agreements. These obligations may have fixed, floating or variable rates of<br />interest.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Government Plus Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        3rd quarter 2007:     1.25%  <br />Worst:       4th quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Liquidity Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund<br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial <br />condition or in general economic conditions. Debt securities backed by an issuer's<br />taxing authority may be subject to legal limits on the issuer's power to increase <br />taxes or otherwise to raise revenue, or may be dependent on legislative <br />appropriation or government aid. Certain debt securities are backed only by <br />revenues derived from a particular project or source, rather than by an issuer's <br />taxing authority, and thus may have a greater risk of default. Historically, credit <br />risk has been a limited factor for short-term obligations backed by the "full <br />faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored<br />instrumentalities or enterprises may or may not be backed by the full faith and<br />credit of the U.S. Government. For example, securities issued by the Federal<br />Home Loan Mortgage Corporation, the Federal National Mortgage Association and<br />the Federal Home Loan Banks are neither insured nor guaranteed by the U.S.<br />Government. These securities may be supported by the ability to borrow from the<br />U.S. Treasury or only by the credit of the issuing agency, authority,<br />instrumentality or enterprise and, as a result, are subject to greater credit<br />risk than securities issued or guaranteed by the U.S. Treasury. See ABOUT THE<br />FUNDS' INVESTMENTS - U.S. Government and Related Obligations in the statement of<br />additional information for more information.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This could<br />cause the Fund's income and the value of shares in the Fund to decline.<br />Repurchase agreements are collateralized by the securities purchased by the Fund<br />under the repurchase agreements, which may include securities that the Fund is<br />not otherwise directly permitted to purchase, such as long-term government<br />bonds. The value of these securities may be more volatile or less liquid than<br />the securities that the Fund is permitted to purchase directly thereby<br />increasing the risk that the Fund will be unable to recover fully in the event of <br />the counterparty's default.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Liquidity<br />Class shares of Columbia Government Plus Reserves, the predecessor to the Fund<br />and a series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or
guaranteed by the Advisor or the Advisor's affiliates, including Bank
of America, N.A. and Bank of America Corporation (collectively, Bank of
America), the Federal Deposit Insurance Corporation or any other
government agency, and it is possible to lose money by investing in the
Fund.
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
CLQXX
Worst:
Best:
0.00
2012-09-30
36
2007-09-30
163
0.0000
-0.0023
0.00
704
301
0.0495
0.0125
0.0000
0.0008
0.0234
0.0025
2013-12-31
2011-12-31
0.0010
0.0146
Year-to-date return
0.00
0.0025
0.0035
0.0058
0.0470
0.0203
2005-11-17
0.0001
0.00
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<tt>BofA Government Plus Reserves (the Fund) seeks current income, consistent with<br />capital preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Investor II Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in U.S. Government obligations, including U.S.<br />Treasury obligations and obligations of U.S. Government agencies, authorities,<br />instrumentalities, or sponsored enterprises, and repurchase agreements secured<br />by U.S. Government obligations. Under normal circumstances, the Fund purchases<br />only first-tier securities that consist of these obligations and repurchase<br />agreements. These obligations may have fixed, floating or variable rates of<br />interest.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Government Plus Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        4th quarter 2006:     1.29%  <br />Worst:       4th quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Capital Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund<br />may, in circumstances, suspend redemptions or the payment of redemption proceeds<br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted <br />amendments to money market regulation, imposing new liquidity, credit quality, <br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other <br />regulators or the Congress may adopt additional money market requirements, <br />which may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default. <br />Historically, credit risk has been a limited factor for short-term obligations <br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored instrumentalities <br />or enterprises may or may not be backed by the full faith and credit of the U.S. <br />Government. For example, securities issued by the Federal Home Loan Mortgage <br />Corporation, the Federal National Mortgage Association and the Federal Home <br />Loan Banks are neither insured nor guaranteed by the U.S. Government. These <br />securities may be supported by the ability to borrow from the U.S. Treasury <br />or only by the credit of the issuing agency, authority, instrumentality or <br />enterprise and, as a result, are subject to greater credit risk than securities <br />issued or guaranteed by the U.S. Treasury. See ABOUT THE FUNDS' INVESTMENTS <br />- U.S. Government and Related Obligations in the statement of additional <br />information for more information.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This could<br />cause the Fund's income and the value of shares in the Fund to decline.<br />Repurchase agreements are collateralized by the securities purchased by the <br />Fund under the repurchase agreements, which may include securities that the <br />Fund is not otherwise directly permitted to purchase, such as long-term <br />government bonds. The value of these securities may be more volatile or less <br />liquid than the securities that the Fund is permitted to purchase directly thereby<br />increasing the risk that the Fund will be unable to recover fully in the event<br />of the counterparty's default.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. Investor<br />II Class shares of the Fund were first offered on October 1, 2011. The returns<br />shown for all periods are the returns of Capital Class shares of the Fund, which<br />are not offered in this prospectus. Investor II Class shares would have annual<br />returns substantially similar to those of Capital Class shares because each of<br />the Fund's share classes is invested in the same portfolio of securities, and<br />its returns would differ only to the extent that its expenses differ. The<br />returns shown for Capital Class shares have not been adjusted to reflect any<br />differences in expenses between Investor II Class shares and Capital Class<br />shares. The returns shown for periods prior to January 1, 2010 are the returns<br />of Capital Class shares of Columbia Government Plus Reserves, the predecessor to<br />the Fund and a series of Columbia Funds Series Trust. The Fund's past<br />performance is no guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
BOGXX
0.00
0.0025
66
236
-0.0013
954
420
0.0008
0.0043
0.0025
2013-12-31
0.0010
0.0010
0.0065
0.0078
0.00
GIGXX
0.0153
Worst:
Best:
2012-09-30
2006-12-31
0.0000
0.0122
0.0003
0.0511
0.0129
0.0000
0.0248
2011-12-31
0.0021
0.0155
0.0308
Year-to-date return
0.0000
0.0103
0.0194
0.0490
0.0001
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<tt>BofA Government Plus Reserves (the Fund) seeks current income, consistent with<br />capital preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Investor Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in U.S. Government obligations, including U.S.<br />Treasury obligations and obligations of U.S. Government agencies, authorities,<br />instrumentalities, or sponsored enterprises, and repurchase agreements secured<br />by U.S. Government obligations. Under normal circumstances, the Fund purchases<br />only first-tier securities that consist of these obligations and repurchase<br />agreements. These obligations may have fixed, floating or variable rates of<br />interest.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Government Plus Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        4th quarter 2006:     1.29%  <br />Worst:       4th quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Capital Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund<br />may, in circumstances, suspend redemptions or the payment of redemption proceeds<br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted <br />amendments to money market regulation, imposing new liquidity, credit quality, <br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other <br />regulators or the Congress may adopt additional money market requirements, <br />which may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default. Historically, <br />credit risk has been a limited factor for short-term obligations backed by the "full <br />faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored instrumentalities <br />or enterprises may or may not be backed by the full faith and credit of the U.S. <br />Government. For example, securities issued by the Federal Home Loan Mortgage <br />Corporation, the Federal National Mortgage Association and the Federal Home Loan <br />Banks are neither insured nor guaranteed by the U.S. Government. These securities <br />may be supported by the ability to borrow from the U.S. Treasury or only by the <br />credit of the issuing agency, authority, instrumentality or enterprise and, as <br />a result, are subject to greater credit risk than securities issued or guaranteed <br />by the U.S. Treasury. See ABOUT THE FUNDS' INVESTMENTS - U.S. Government and <br />Related Obligations in the statement of additional information for more information.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This could<br />cause the Fund's income and the value of shares in the Fund to decline.<br />Repurchase agreements are collateralized by the securities purchased by the <br />Fund under the repurchase agreements, which may include securities that the <br />Fund is not otherwise directly permitted to purchase, such as long-term government<br />bonds. The value of these securities may be more volatile or less liquid than<br />the securities that the Fund is permitted to purchase directly thereby<br />increasing the risk that the Fund will be unable to recover fully in the event<br />of the counterparty's default.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. Investor<br />Class shares of the Fund were first offered on October 1, 2011. The returns<br />shown for all periods are the returns of Capital Class shares of the Fund, which<br />are not offered in this prospectus. Investor Class shares would have annual<br />returns substantially similar to those of Capital Class shares because each of<br />the Fund's share classes is invested in the same portfolio of securities, and<br />its returns would differ only to the extent that its expenses differ. The<br />returns shown for Capital Class shares have not been adjusted to reflect any<br />differences in expenses between Investor Class shares and Capital Class shares.<br />The returns shown for periods prior to January 1, 2010 are the returns of<br />Capital Class shares of Columbia Government Plus Reserves, the predecessor to<br />the Fund and a series of Columbia Funds Series Trust. The Fund's past<br />performance is no guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
BOPXX
0.00
0.0025
56
204
-0.0013
834
366
0.0008
0.0033
0.0025
2013-12-31
0.0010
0.0055
0.0068
0.00
GIGXX
0.0153
Worst:
Best:
2012-09-30
2006-12-31
0.0000
0.0122
0.0003
0.0511
0.0129
0.0000
0.0248
2011-12-31
0.0021
0.0155
0.0308
Year-to-date return
0.0000
0.0103
0.0194
0.0490
0.0001
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<tt>BofA Government Plus Reserves (the Fund) seeks current income, consistent with<br />capital preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Institutional Capital shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in U.S. Government obligations, including U.S.<br />Treasury obligations and obligations of U.S. Government agencies, authorities,<br />instrumentalities, or sponsored enterprises, and repurchase agreements secured<br />by U.S. Government obligations. Under normal circumstances, the Fund purchases<br />only first-tier securities that consist of these obligations and repurchase<br />agreements. These obligations may have fixed, floating or variable rates of<br />interest.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Government Plus Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        4th quarter 2006:     1.29%  <br />Worst:       4th quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Institutional<br />Capital shares has varied from year to year. For the Fund's current 7-day yield,<br />call BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904<br />(individual investors) or 800.353.0828 (institutional investors) or contact <br />your financial advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund<br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial <br />condition or in general economic conditions. Debt securities backed by an issuer's <br />taxing authority may be subject to legal limits on the issuer's power to increase <br />taxes or otherwise to raise revenue, or may be dependent on legislative appropriation <br />or government aid. Certain debt securities are backed only by revenues derived from <br />a particular project or source, rather than by an issuer's taxing authority, and <br />thus may have a greater risk of default. Historically, credit risk has been a <br />limited factor for short-term obligations backed by the "full faith and credit" <br />of the U.S.<br />Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored instrumentalities <br />or enterprises may or may not be backed by the full faith and credit of the U.S. <br />Government. For example, securities issued by the Federal Home Loan Mortgage <br />Corporation, the Federal National Mortgage Association and the Federal Home Loan <br />Banks are neither insured nor guaranteed by the U.S. Government. These securities <br />may be supported by the ability to borrow from the U.S. Treasury or only by the <br />credit of the issuing agency, authority, instrumentality or enterprise and, as <br />a result, are subject to greater credit risk than securities issued or guaranteed <br />by the U.S. Treasury. See ABOUT THE FUNDS' INVESTMENTS - U.S. Government and <br />Related Obligations in the statement of additional information for more information.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may <br />be viewed as loans made by the Fund. Repurchase agreements carry the risk that <br />the counterparty may not fulfill its obligations under the agreement. This <br />could cause the Fund's income and the value of shares in the Fund to decline.<br />Repurchase agreements are collateralized by the securities purchased by the Fund<br />under the repurchase agreements, which may include securities that the Fund is<br />not otherwise directly permitted to purchase, such as long-term government<br />bonds. The value of these securities may be more volatile or less liquid than<br />the securities that the Fund is permitted to purchase directly thereby<br />increasing the risk that the Fund will be unable to recover fully in the <br />event of the counterparty's default.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of G-Trust<br />shares of Columbia Government Plus Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
CVTXX
Worst:
Best:
0.00
2012-09-30
20
2006-12-31
93
0.0000
-0.0013
0.0003
405
172
0.0511
0.0129
0.0000
0.0008
0.0248
0.0025
2013-12-31
2011-12-31
0.0021
0.0155
Year-to-date return
0.00
0.0000
0.0020
0.0033
0.0490
0.0213
2005-11-21
0.0001
0.00
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<tt>BofA Government Plus Reserves (the Fund) seeks current income, consistent <br />with capital preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Institutional Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in U.S. Government obligations, including U.S.<br />Treasury obligations and obligations of U.S. Government agencies, authorities,<br />instrumentalities, or sponsored enterprises, and repurchase agreements secured<br />by U.S. Government obligations. Under normal circumstances, the Fund purchases<br />only first-tier securities that consist of these obligations and repurchase<br />agreements. These obligations may have fixed, floating or variable rates of<br />interest.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of <br />the issuer of the security, the creditworthiness of any entity that provides <br />any supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Government Plus Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        4th quarter 2006:     1.28%<br />Worst:       4th quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Institutional<br />Class shares has varied from year to year. For the Fund's current 7-day yield,<br />call BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904<br />(individual investors) or 800.353.0828 (institutional investors) or contact your<br />financial advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund<br />may, in circumstances, suspend redemptions or the payment of redemption proceeds<br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted <br />amendments to money market regulation, imposing new liquidity, credit quality, <br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other <br />regulators or the Congress may adopt additional money market requirements, <br />which may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default. <br />Historically, credit risk has been a limited factor for short-term obligations <br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored instrumentalities <br />or enterprises may or may not be backed by the full faith and credit of the U.S. <br />Government. For example, securities issued by the Federal Home Loan Mortgage <br />Corporation, the Federal National Mortgage Association and the Federal Home Loan <br />Banks are neither insured nor guaranteed by the U.S. Government. These securities <br />may be supported by the ability to borrow from the U.S. Treasury or only by the <br />credit of the issuing agency, authority, instrumentality or enterprise and, as a <br />result, are subject to greater credit risk than securities issued or guaranteed <br />by the U.S. Treasury. See ABOUT THE FUNDS' INVESTMENTS - U.S. Government and <br />Related Obligations in the statement of additional information for more information.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This could<br />cause the Fund's income and the value of shares in the Fund to decline. Repurchase <br />agreements are collateralized by the securities purchased by the Fund under the <br />repurchase agreements, which may include securities that the Fund is not otherwise <br />directly permitted to purchase, such as long-term government bonds. The value of <br />these securities may be more volatile or less liquid than the securities that the <br />Fund is permitted to purchase directly thereby increasing the risk that the Fund <br />will be unable to recover fully in the event of the counterparty's default.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in <br />the past, and can help you understand the risks of investing in the Fund. <br />The returns shown for periods prior to January 1, 2010 are the returns of<br />Institutional Class shares of Columbia Government Plus Reserves, the <br />predecessor to the Fund and a series of Columbia Funds Series Trust. The <br />Fund's past performance is no guarantee of how the Fund will perform in <br />the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or
guaranteed by the Advisor or the Advisor's affiliates, including Bank
of America, N.A. and Bank of America Corporation (collectively, Bank
of America), the Federal Deposit Insurance Corporation or any other
government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
CVIXX
Worst:
Best:
0.00
2012-09-30
0.0004
25
2006-12-31
106
0.0000
-0.0013
0.0001
455
195
0.0507
0.0128
0.0000
0.0012
0.0244
0.0025
2013-12-31
2011-12-31
0.0017
0.0152
Year-to-date return
0.0008
0.0000
0.0000
0.0024
0.0037
0.0486
0.0210
2005-11-17
0.0001
0.00
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<tt>BofA Government Plus Reserves (the Fund) seeks current income, consistent <br />with capital preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Daily Class shares of the Fund for the periods indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in U.S. Government obligations, including U.S.<br />Treasury obligations and obligations of U.S. Government agencies, authorities,<br />instrumentalities, or sponsored enterprises, and repurchase agreements secured<br />by U.S. Government obligations. Under normal circumstances, the Fund purchases<br />only first-tier securities that consist of these obligations and repurchase<br />agreements. These obligations may have fixed, floating or variable rates of<br />interest.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Government Plus Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        4th quarter 2006:     1.29%<br />Worst:       4th quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Capital Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund<br />may, in circumstances, suspend redemptions or the payment of redemption proceeds<br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations <br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored instrumentalities <br />or enterprises may or may not be backed by the full faith and credit of the U.S. <br />Government. For example, securities issued by the Federal Home Loan Mortgage <br />Corporation, the Federal National Mortgage Association and the Federal Home Loan <br />Banks are neither insured nor guaranteed by the U.S. Government. These securities <br />may be supported by the ability to borrow from the U.S. Treasury or only by the <br />credit of the issuing agency, authority, instrumentality or enterprise and, as a <br />result, are subject to greater credit risk than securities issued or guaranteed <br />by the U.S. Treasury. See ABOUT THE FUNDS' INVESTMENTS - U.S. Government and <br />Related Obligations in the statement of additional information for more information.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This could<br />cause the Fund's income and the value of shares in the Fund to decline.<br />Repurchase agreements are collateralized by the securities purchased by the Fund<br />under the repurchase agreements, which may include securities that the Fund is<br />not otherwise directly permitted to purchase, such as long-term government<br />bonds. The value of these securities may be more volatile or less liquid than<br />the securities that the Fund is permitted to purchase directly thereby<br />increasing the risk that the Fund will be unable to recover fully in the event<br />of the counterparty's default.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. Daily<br />Class shares of the Fund were first offered on October 1, 2011. The returns<br />shown for all periods are the returns of Capital Class shares of the Fund, which<br />are not offered in this prospectus. Daily Class shares would have annual returns<br />substantially similar to those of Capital Class shares because each of the<br />Fund's share classes is invested in the same portfolio of securities, and its<br />returns would differ only to the extent that its expenses differ. The returns<br />shown for Capital Class shares have not been adjusted to reflect any differences<br />in expenses between Daily Class shares and Capital Class shares. The returns<br />shown for periods prior to January 1, 2010 are the returns of Capital Class<br />shares of Columbia Government Plus Reserves, the predecessor to the Fund and a<br />series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy <br />and hold shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or
guaranteed by the Advisor or the Advisor's affiliates, including Bank
of America, N.A. and Bank of America Corporation (collectively, Bank
of America), the Federal Deposit Insurance Corporation or any other
government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
BOTXX
0.00
0.0025
82
283
-0.0013
1131
502
0.0033
0.0025
2013-12-31
0.0008
0.0035
0.0080
0.0093
0.00
GIGXX
0.0153
Worst:
Best:
2012-09-30
2006-12-31
0.0000
0.0122
0.0003
0.0511
0.0129
0.0000
0.0248
2011-12-31
0.0021
0.0155
0.0308
Year-to-date return
0.0000
0.0103
0.0194
0.0490
0.0001
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<tt>BofA Government Plus Reserves (the Fund) seeks current income, consistent with<br />capital preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Capital Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in U.S. Government obligations, including U.S.<br />Treasury obligations and obligations of U.S. Government agencies, authorities,<br />instrumentalities, or sponsored enterprises, and repurchase agreements secured<br />by U.S. Government obligations. Under normal circumstances, the Fund purchases<br />only first-tier securities that consist of these obligations and repurchase<br />agreements. These obligations may have fixed, floating or variable rates of<br />interest.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Government Plus Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        4th quarter 2006:     1.29%  <br />Worst:       4th quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Capital Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact <br />the Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund<br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial <br />condition or in general economic conditions. Debt securities backed by an <br />issuer's taxing authority may be subject to legal limits on the issuer's <br />power to increase taxes or otherwise to raise revenue, or may be dependent <br />on legislative appropriation or government aid. Certain debt securities are <br />backed only by revenues derived from a particular project or source, rather <br />than by an issuer's taxing authority, and thus may have a greater risk of <br />default. Historically, credit risk has been a limited factor for short-term <br />obligations backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored instrumentalities <br />or enterprises may or may not be backed by the full faith and credit of the U.S. <br />Government. For example, securities issued by the Federal Home Loan Mortgage <br />Corporation, the Federal National Mortgage Association and the Federal Home Loan <br />Banks are neither insured nor guaranteed by the U.S. Government. These securities <br />may be supported by the ability to borrow from the U.S. Treasury or only by the <br />credit of the issuing agency, authority, instrumentality or enterprise and, as <br />a result, are subject to greater credit risk than securities issued or guaranteed <br />by the U.S. Treasury. See ABOUT THE FUNDS' INVESTMENTS - U.S. Government and <br />Related Obligations in the statement of additional information for more information.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This could<br />cause the Fund's income and the value of shares in the Fund to decline.<br />Repurchase agreements are collateralized by the securities purchased by the <br />Fund under the repurchase agreements, which may include securities that the <br />Fund is not otherwise directly permitted to purchase, such as long-term <br />government bonds. The value of these securities may be more volatile or <br />less liquid than the securities that the Fund is permitted to purchase <br />directly thereby increasing the risk that the Fund will be  unable to <br />recover fully in the event of the counterparty's default.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Capital<br />Class shares of Columbia Government Plus Reserves, the predecessor to the Fund<br />and a series of Columbia Funds Series Trust. The Fund's past performance is no<br />guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
GIGXX
0.0153
Worst:
Best:
0.00
2012-09-30
20
2006-12-31
93
0.0000
0.0122
-0.0013
0.0003
405
172
0.0511
0.0129
0.0000
0.0008
0.0248
0.0025
2013-12-31
2011-12-31
0.0021
0.0155
0.0308
Year-to-date return
0.0000
0.0103
0.0000
0.0194
0.0020
0.0033
0.0490
0.0001
0.00
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<tt>BofA Government Plus Reserves (the Fund) seeks current income, consistent with<br />capital preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Adviser Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in U.S. Government obligations, including U.S.<br />Treasury obligations and obligations of U.S. Government agencies, authorities,<br />instrumentalities, or sponsored enterprises, and repurchase agreements secured<br />by U.S. Government obligations. Under normal circumstances, the Fund purchases<br />only first-tier securities that consist of these obligations and repurchase<br />agreements. These obligations may have fixed, floating or variable rates of<br />interest.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Government Plus Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        4th quarter 2006:     1.23%  <br />Worst:       4th quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Adviser Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund<br />may, in circumstances, suspend redemptions or the payment of redemption proceeds<br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on <br />legislative appropriation or government aid. Certain debt securities are backed <br />only by revenues derived from a particular project or source, rather than by an <br />issuer's taxing authority, and thus may have a greater risk of default. <br />Historically, credit risk has been a limited factor for short-term obligations <br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored instrumentalities <br />or enterprises may or may not be backed by the full faith and credit of the U.S. <br />Government. For example, securities issued by the Federal Home Loan Mortgage <br />Corporation, the Federal National Mortgage Association and the Federal Home Loan <br />Banks are neither insured nor guaranteed by the U.S. Government. These securities <br />may be supported by the ability to borrow from the U.S. Treasury or only by the <br />credit of the issuing agency, authority, instrumentality or enterprise and, as <br />a result, are subject to greater credit risk than securities issued or guaranteed <br />by the U.S. Treasury. See ABOUT THE FUNDS' INVESTMENTS - U.S. Government and <br />Related Obligations in the statement of additional information for more information.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This could<br />cause the Fund's income and the value of shares in the Fund to decline.<br />Repurchase agreements are collateralized by the securities purchased by the <br />Fund under the repurchase agreements, which may include securities that the <br />Fund is not otherwise directly permitted to purchase, such as long-term government<br />bonds. The value of these securities may be more volatile or less liquid than<br />the securities that the Fund is permitted to purchase directly thereby increasing <br />the risk that the Fund will be unable to recover fully in the event of the <br />counterparty's default.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to <br />shareholders. It is possible that, during periods of low prevailing interest <br />rates or otherwise, the income from portfolio securities may be less than the <br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund <br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Adviser<br />Class shares of Columbia Government Plus Reserves, the predecessor to the Fund<br />and a series of Columbia Funds Series Trust. For periods prior to November 21,<br />2005, the performance of the Fund's Adviser Class shares represents that of the<br />Galaxy Institutional Government Money Market Fund's Preferred shares, the<br />predecessor to Columbia Government Plus Reserves' Adviser Class shares. The<br />Fund's past performance is no guarantee of how the Fund will perform in the<br />future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
GGCXX
Worst:
Best:
0.00
2012-09-30
0.0025
46
2006-12-31
173
0.0000
0.0097
-0.0013
0.0000
713
311
0.0485
0.0123
0.0008
0.0000
0.0033
0.0222
0.0025
2013-12-31
2011-12-31
0.0005
0.0141
0.0282
Year-to-date return
0.0000
0.0000
0.0045
0.0058
0.0464
0.0181
2003-02-28
0.0001
0.00
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 a "diversified"
fund. This increases the risk that a change in the value of any one investment held by
the Fund could affect the value of shares of the Fund more than it would affect the
value of shares 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.
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<tt>BofA Massachusetts Municipal Reserves (the Fund) seeks current income exempt<br />from federal income tax and Massachusetts individual income tax, consistent with<br />capital preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Trust Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax and Massachusetts individual income tax. These securities are issued<br />by or on behalf of the State of Massachusetts, its political subdivisions,<br />agencies, instrumentalities and authorities, and other qualified issuers that<br />may include issuers located outside of Massachusetts.<br /> <br />The Fund may invest up to 20% of its total assets in private activity bonds,<br />which are municipal securities that finance private projects. The Fund also may<br />invest in instruments issued by certain trusts or other special purpose issuers,<br />such as pass-through certificates representing participations in, or debt<br />instruments backed by, the securities and other assets owned by these issuers.<br />In addition, the Fund may invest in other money market funds, consistent with<br />its investment objective and strategies. The Fund is non-diversified, which<br />means that it can invest a greater percentage of its assets in a single issuer<br />than a diversified fund.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Massachusetts Municipal Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        1st quarter 2005:     1.65%  <br />Worst:       3rd quarter 2011:     0.01%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Capital Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in an<br />effort to generate sufficient cash to pay redeeming shareholders. The Fund may,<br />in circumstances, suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Non-Diversified Mutual Fund Risk - The Fund is non-diversified, which<br />generally means that it may invest a greater percentage of its total assets in<br />the securities of fewer issuers than a "diversified" fund. This increases the<br />risk that a change in the value of any one investment held by the Fund could<br />affect the value of shares of the Fund more than it would affect the value of<br />shares of a diversified fund holding a greater number of investments.<br />Accordingly, the Fund's value will likely be more volatile than the value of<br />more diversified funds. The Fund may not operate as a non-diversified fund at<br />all times.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o State-Specific Municipal Securities Risk - Securities issued by a particular<br />state and its political subdivisions, agencies, instrumentalities and<br />authorities are subject to the risk of unfavorable developments in such state.<br />The value of Fund shares may be more volatile than the value of shares of funds<br />that invest in municipal securities of issuers in more than one state, as<br />unfavorable developments have the potential to impact more significantly the <br />Fund than funds that invest in municipal securities of many different states. <br />A municipal security can be significantly affected by adverse tax, legislative, <br />demographic or political changes as well as changes in the state's financial or <br />economic condition and prospects. Since the Fund invests in Massachusetts municipal <br />securities, the value of the Fund's shares may be especially affected by factors <br />pertaining to the economy of Massachusetts and other factors specifically <br />impacting the ability of issuers of Massachusetts municipal securities to meet <br />their obligations. Massachusetts is continuing its efforts to recover from the<br />economic recession. Massachusetts' published budget for fiscal year 2012-13,<br />adopted by the state's legislature in June 2012, projects total spending in<br />fiscal year 2012-13 of approximately $32.508 billion, which is approximately<br />3.93% greater than total spending in fiscal year 2011-12. The fiscal year<br />2012-13 budget assumes tax revenues of $22.032 billion. There can be no<br />assurances that the financial condition of Massachusetts will not be materially<br />adversely affected by continuing or unforeseen conditions or circumstances,<br />including, but not limited to, lower than expected revenues or higher than<br />expected expenditures. Such factors relating to Massachusetts and its<br />municipalities may affect the ability of Massachusetts or its municipalities <br />to pay their respective obligations. The statement of additional information<br />provides additional detail about the current financial condition of, and risks<br />specific to, Massachusetts municipal securities, which investors should<br />carefully consider.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services <br />company or such company's failure to fulfill its obligations could cause the <br />Fund's investments in securities backed by guarantees, letters of credit, insurance <br />or other credit or liquidity enhancements issued or provided by such company to <br />decline in value. Credit and liquidity enhancements are designed to help assure <br />timely payment of a security and do not protect the Fund or its shareholders <br />from losses caused by declines in a security's market value due to changes in <br />market conditions. In addition, having multiple portfolio securities' credit <br />or liquidity enhanced by the same financial services company increases the <br />potential adverse effects on the Fund that can result from a downgrading of, <br />or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt.<br /><br />However, these securities are subject to structural risk that could cause the<br />income the Fund receives to be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. Trust<br />Class shares of the Fund were first offered on July 18, 2012. The returns shown<br />for all periods are the returns of Capital Class shares of the Fund, which are<br />not offered in this prospectus. Trust Class shares would have annual returns<br />substantially similar to those of Capital Class shares because each of the<br />Fund's share classes is invested in the same portfolio of securities, and its<br />returns would differ only to the extent that its expenses differ. The returns<br />shown for Capital Class shares have not been adjusted to reflect any differences<br />in expenses between Trust Class shares and Capital Class shares. On October 1,<br />2011, G-Trust shares and Retail A shares of the Fund converted into Capital<br />Class shares when Capital Class shares of the Fund were first offered. The<br />financial information of Capital Class shares prior to this conversion is that<br />of G-Trust shares, which reflects substantially the same expenses as those of<br />Capital Class shares. The returns shown for periods prior to January 1, 2010 are<br />the returns of G-Trust shares of Columbia Massachusetts Municipal Reserves, the<br />predecessor to the Fund and a series of Columbia Funds Series Trust. For periods<br />prior to November 23, 2005, the performance of the Fund's G-Trust shares<br />represents that of the Galaxy Massachusetts Municipal Money Market Fund's Trust<br />shares, the predecessor to Columbia Massachusetts Municipal Reserves' G-Trust<br />shares. The Fund's past performance is no guarantee of how the Fund will perform<br />in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed
by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and
Bank of America Corporation (collectively, Bank of America), the Federal Deposit
Insurance Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
BMMXX
0.00
0.0010
31
138
-0.0019
598
255
0.0024
0.0025
2013-12-31
0.0014
0.0000
0.0030
0.0049
0.00
BOMXX
Worst:
Best:
2012-09-30
2005-03-31
0.0001
0.0009
0.0350
0.0165
0.0012
0.0208
2011-09-30
0.0033
0.0122
0.0196
Year-to-date return
0.0012
0.0329
0.0153
2004-03-01
0.0004
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 a "diversified"
fund. This increases the risk that a change in the value of any one investment held by
the Fund could affect the value of shares of the Fund more than it would affect the value
of shares 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.
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<tt>BofA Massachusetts Municipal Reserves (the Fund) seeks current income exempt<br />from federal income tax and Massachusetts individual income tax, consistent with<br />capital preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Investor Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax and Massachusetts individual income tax. These securities are issued<br />by or on behalf of the State of Massachusetts, its political subdivisions,<br />agencies, instrumentalities and authorities, and other qualified issuers that<br />may include issuers located outside of Massachusetts.<br /> <br />The Fund may invest up to 20% of its total assets in private activity bonds,<br />which are municipal securities that finance private projects. The Fund also may<br />invest in instruments issued by certain trusts or other special purpose issuers,<br />such as pass-through certificates representing participations in, or debt<br />instruments backed by, the securities and other assets owned by these issuers.<br />In addition, the Fund may invest in other money market funds, consistent with<br />its investment objective and strategies. The Fund is non-diversified, which<br />means that it can invest a greater percentage of its assets in a single issuer<br />than a diversified fund.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Massachusetts Municipal Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        1st quarter 2005:     1.65%  <br />Worst:       3rd quarter 2011:     0.01%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Capital Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares to<br />lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund may,<br />in circumstances, suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Non-Diversified Mutual Fund Risk - The Fund is non-diversified, which<br />generally means that it may invest a greater percentage of its total assets in<br />the securities of fewer issuers than a "diversified" fund. This increases the<br />risk that a change in the value of any one investment held by the Fund could<br />affect the value of shares of the Fund more than it would affect the value of<br />shares of a diversified fund holding a greater number of investments.<br />Accordingly, the Fund's value will likely be more volatile than the value of<br />more diversified funds. The Fund may not operate as a non-diversified fund at<br />all times.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o State-Specific Municipal Securities Risk - Securities issued by a particular<br />state and its political subdivisions, agencies, instrumentalities and<br />authorities are subject to the risk of unfavorable developments in such state.<br />The value of Fund shares may be more volatile than the value of shares of funds<br />that invest in municipal securities of issuers in more than one state, as<br />unfavorable developments have the potential to impact more significantly the <br />Fund than funds that invest in municipal securities of many different states. <br />A municipal security can be significantly affected by adverse tax, legislative, <br />demographic or political changes as well as changes in the state's financial or <br />economic condition and prospects. Since the Fund invests in Massachusetts <br />municipal securities, the value of the Fund's shares may be especially affected <br />by factors pertaining to the economy of Massachusetts and other factors <br />specifically impacting the ability of issuers of Massachusetts municipal <br />securities to meet their obligations. Massachusetts is continuing its efforts <br />to recover from the economic recession. Massachusetts' published budget for <br />fiscal year 2012-13, adopted by the state's legislature in June 2012, projects <br />total spending in fiscal year 2012-13 of approximately $32.508 billion, which <br />is approximately 3.93% greater than total spending in fiscal year 2011-12. The <br />fiscal year 2012-13 budget assumes tax revenues of $22.032 billion. There can be <br />no assurances that the financial condition of Massachusetts will not be materially<br />adversely affected by continuing or unforeseen conditions or circumstances,<br />including, but not limited to, lower than expected revenues or higher than<br />expected expenditures. Such factors relating to Massachusetts and its<br />municipalities may affect the ability of Massachusetts or its municipalities to<br />pay their respective obligations. The statement of additional information<br />provides additional detail about the current financial condition of, and risks<br />specific to, Massachusetts municipal securities, which investors should<br />carefully consider.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services company <br />or such company's failure to fulfill its obligations could cause the Fund's investments <br />in securities backed by guarantees, letters of credit, insurance or other credit or <br />liquidity enhancements issued or provided by such company to decline in value. Credit <br />and liquidity enhancements are designed to help assure timely payment of a security <br />and do not protect the Fund or its shareholders from losses caused by declines in <br />a security's market value due to changes in market conditions. In addition, having <br />multiple portfolio securities' credit or liquidity enhanced by the same financial<br />services company increases the potential adverse effects on the Fund that can<br />result from a downgrading of, or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by <br />an issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities <br />are subject to structural risk that could cause the income the Fund receives to <br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. Investor<br />Class shares of the Fund were first offered on October 1, 2011. The returns<br />shown for all periods are the returns of Capital Class shares of the Fund, which<br />are not offered in this prospectus. Investor Class shares would have annual<br />returns substantially similar to those of Capital Class shares because each of<br />the Fund's share classes is invested in the same portfolio of securities, and<br />its returns would differ only to the extent that its expenses differ. The<br />returns shown for Capital Class shares have not been adjusted to reflect any<br />differences in expenses between Investor Class shares and Capital Class shares.<br />On October 1, 2011, G-Trust shares and Retail A shares of the Fund converted<br />into Capital Class shares when Capital Class shares of the Fund were first<br />offered. The financial information of Capital Class shares prior to this<br />conversion is that of G-Trust shares, which reflects substantially the same<br />expenses as those of Capital Class shares. The returns shown for periods prior<br />to January 1, 2010 are the returns of G-Trust shares of Columbia Massachusetts<br />Municipal Reserves, the predecessor to the Fund and a series of Columbia Funds<br />Series Trust. For periods prior to November 23, 2005, the performance of the<br />Fund's G-Trust shares represents that of the Galaxy Massachusetts Municipal<br />Money Market Fund's Trust shares, the predecessor to Columbia Massachusetts<br />Municipal Reserves' G-Trust shares. The Fund's past performance is no guarantee<br />of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
BOSXX
0.00
0.0025
56
217
-0.0019
901
393
0.0014
0.0039
0.0025
2013-12-31
0.0010
0.0055
0.0074
0.00
BOMXX
Worst:
Best:
2012-09-30
2005-03-31
0.0001
0.0009
0.0350
0.0165
0.0012
0.0208
2011-09-30
0.0033
0.0122
0.0196
Year-to-date return
0.0012
0.0329
0.0153
2004-03-01
0.0004
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 a "diversified" fund. This increases the risk that a change in the
value of any one investment held by the Fund could affect the value of
shares of the Fund more than it would affect the value of shares 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.
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<tt>BofA Massachusetts Municipal Reserves (the Fund) seeks current income exempt<br />from federal income tax and Massachusetts individual income tax, consistent <br />with capital preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Capital Class shares of the Fund for the periods indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments. The Fund invests at<br />least 80% of its net assets in securities that pay interest exempt from federal<br />income tax and Massachusetts individual income tax. These securities are issued<br />by or on behalf of the State of Massachusetts, its political subdivisions,<br />agencies, instrumentalities and authorities, and other qualified issuers that<br />may include issuers located outside of Massachusetts.<br /> <br />The Fund may invest up to 20% of its total assets in private activity bonds,<br />which are municipal securities that finance private projects. The Fund also may<br />invest in instruments issued by certain trusts or other special purpose issuers,<br />such as pass-through certificates representing participations in, or debt<br />instruments backed by, the securities and other assets owned by these issuers.<br />In addition, the Fund may invest in other money market funds, consistent with<br />its investment objective and strategies. The Fund is non-diversified, which<br />means that it can invest a greater percentage of its assets in a single issuer<br />than a diversified fund.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of <br />the issuer of the security, the creditworthiness of any entity that provides <br />any supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Massachusetts Municipal Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        1st quarter 2005:     1.65%<br />Worst:       3rd quarter 2011:     0.01%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Capital Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, and<br />is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securities because such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund may,<br />in circumstances, suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Non-Diversified Mutual Fund Risk - The Fund is non-diversified, which<br />generally means that it may invest a greater percentage of its total assets in<br />the securities of fewer issuers than a "diversified" fund. This increases the<br />risk that a change in the value of any one investment held by the Fund could<br />affect the value of shares of the Fund more than it would affect the value of<br />shares of a diversified fund holding a greater number of investments.<br />Accordingly, the Fund's value will likely be more volatile than the value of<br />more diversified funds. The Fund may not operate as a non-diversified fund at<br />all times.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o State-Specific Municipal Securities Risk - Securities issued by a particular<br />state and its political subdivisions, agencies, instrumentalities and authorities <br />are subject to the risk of unfavorable developments in such state. The value of <br />Fund shares may be more volatile than the value of shares of funds that invest <br />in municipal securities of issuers in more than one state, as unfavorable <br />developments have the potential to impact more significantly the Fund than funds <br />that invest in municipal securities of many different states. A municipal security <br />can be significantly affected by adverse tax, legislative, demographic or political<br />changes as well as changes in the state's financial or economic condition and<br />prospects. Since the Fund invests in Massachusetts municipal securities, the<br />value of the Fund's shares may be especially affected by factors pertaining to<br />the economy of Massachusetts and other factors specifically impacting the ability <br />of issuers of Massachusetts municipal securities to meet their obligations. <br />Massachusetts is continuing its efforts to recover from the economic recession. <br />Massachusetts' published budget for fiscal year 2012-13, adopted by the state's <br />legislature in June 2012, projects total spending in fiscal year 2012-13 of <br />approximately $32.508 billion, which is approximately 3.93% greater than total <br />spending in fiscal year 2011-12. The fiscal year 2012-13 budget assumes tax <br />revenues of $22.032 billion. There can be no assurances that the financial <br />condition of Massachusetts will not be materially adversely affected by <br />continuing or unforeseen conditions or circumstances, including, but not limited <br />to, lower than expected revenues or higher than expected expenditures. Such <br />factors relating to Massachusetts and its municipalities may affect the ability <br />of Massachusetts or its municipalities to pay their respective obligations. The <br />statement of additional information provides additional detail about the current <br />financial condition of, and risks specific to, Massachusetts municipal securities, <br />which investors should carefully consider.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services <br />company or such company's failure to fulfill its obligations could cause the<br />Fund's investments in securities backed by guarantees, letters of credit,<br />insurance or other credit or liquidity enhancements issued or provided by such<br />company to decline in value. Credit and liquidity enhancements are designed to<br />help assure timely payment of a security and do not protect the Fund or its<br />shareholders from losses caused by declines in a security's market value due to<br />changes in market conditions. In addition, having multiple portfolio securities'<br />credit or liquidity enhanced by the same financial services company increases<br />the potential adverse effects on the Fund that can result from a downgrading of,<br />or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o Tax-Exempt Pass-through Certificates Risk - Interest payments that the Fund<br />receives from investing in pass-through certificates or securities issued by<br />partnerships or trusts are expected to be tax-exempt. However, these securities<br />are subject to structural risk that could cause the income the Fund receives to <br />be taxable.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. On October<br />1, 2011, G-Trust shares and Retail A shares of the Fund converted into Capital<br />Class shares of the Fund when Capital Class shares of the Fund were first<br />offered. The financial information for Capital Class shares prior to this<br />conversion is that of G-Trust shares, which reflects substantially the same<br />expenses as those of Capital Class shares. If the historic financial information<br />of Retail A shares was used instead of that of G-Trust shares, the total return<br />for each period prior to the conversion would be lower due to the higher<br />expenses applicable to Retail A shares. The returns shown for periods prior to<br />January 1, 2010 are the returns of G-Trust shares of Columbia Massachusetts<br />Municipal Reserves, the predecessor to the Fund and a series of Columbia Funds<br />Series Trust. For periods prior to November 23, 2005, the performance of the<br />Fund's G-Trust shares represents that of the Galaxy Massachusetts Municipal<br />Money Market Fund's Trust shares, the predecessor to Columbia Massachusetts<br />Municipal Reserves' G-Trust shares. The Fund's past performance is no guarantee<br />of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or
guaranteed by the Advisor or the Advisor's affiliates, including Bank
of America, N.A. and Bank of America Corporation (collectively, Bank
of America), the Federal Deposit Insurance Corporation or any other
government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
BOMXX
Worst:
Best:
0.00
2012-09-30
20
2005-03-31
106
0.0001
-0.0019
0.0009
474
200
0.0350
0.0165
0.0012
0.0014
0.0208
0.0025
2013-12-31
2011-09-30
0.0033
0.0122
0.0196
Year-to-date return
0.0012
0.0000
0.0020
0.0039
0.0329
0.0153
2004-03-01
0.0004
0.00
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<tt>BofA Cash Reserves (the Fund) seeks current income, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Liquidity Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments, including primarily<br />short-term debt securities of U.S. and foreign issuers. The Fund purchases only<br />first-tier securities, which include bank obligations (including certificates <br />of deposit and time deposits issued by domestic or foreign banks or their<br />subsidiaries or branches), commercial paper, corporate bonds, extendible<br />commercial notes, asset-backed securities, funding agreements, municipal<br />securities, repurchase agreements and other high-quality, short-term<br />obligations. These securities may have fixed, floating or variable rates of<br />interest.<br /> <br />The Fund may invest more than 25% of its assets in U.S. dollar-denominated bank<br />obligations of U.S. banks, foreign branches of U.S. banks and U.S. branches of<br />foreign banks.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Cash Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        3rd quarter 2007:     1.28%  <br />Worst:       3rd quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Liquidity Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies <br />may not produce the returns expected by the Advisor, may cause the securities <br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund <br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the in 2010 recently adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, <br />such as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services <br />company or such company's failure to fulfill its obligations could cause the <br />Fund's investments in securities backed by guarantees, letters of credit,<br />insurance or other credit or liquidity enhancements issued or provided by such<br />company to decline in value. Credit and liquidity enhancements are designed to<br />help assure timely payment of a security and do not protect the Fund or its<br />shareholders from losses caused by declines in a security's market value due to<br />changes in market conditions. In addition, having multiple portfolio securities'<br />credit or liquidity enhanced by the same financial services company increases<br />the potential adverse effects on the Fund that can result from a downgrading of,<br />or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored instrumentalities <br />or enterprises may or may not be backed by the full faith and credit of the U.S. <br />Government. For example, securities issued by the Federal Home Loan Mortgage <br />Corporation, the Federal National Mortgage Association and the Federal Home Loan <br />Banks are neither insured nor guaranteed by the U.S. Government. These securities <br />may be supported by the ability to borrow from the U.S. Treasury or only by the <br />credit of the issuing agency, authority, instrumentality or enterprise and, as <br />a result, are subject to greater credit risk than securities issued or guaranteed <br />by the U.S. Treasury. See ABOUT THE FUNDS' INVESTMENTS - U.S. Government and Related <br />Obligations in the statement of additional information for more information.<br /> <br />o Asset-Backed Securities Risk - The value of the Fund's asset-backed securities<br />may be affected by, among other things, changes in: interest rates, factors<br />concerning the interests in and structure of the issuer or the originator of the<br />receivables, the creditworthiness of the entities that provide any supporting<br />letters of credit, surety bonds or other credit or liquidity enhancements, or<br />the market's assessment of the quality of underlying assets. Asset-backed<br />securities represent interests in, or are backed by, pools of receivables such<br />as credit card, auto, student and home equity loans. They may also be backed, in<br />turn, by securities backed by these types of loans and others, such as mortgage<br />loans. Asset-backed securities can have a fixed or an adjustable rate. Most<br />asset-backed securities are subject to prepayment risk, which is the possibility<br />that the underlying debt may be refinanced or prepaid prior to maturity during<br />periods of declining or low interest rates, causing the Fund to have to reinvest<br />the money received in securities that have lower yields. In addition, the impact<br />of prepayments on the value of asset-backed securities may be difficult to<br />predict and may result in greater volatility. Rising or high interest rates tend<br />to extend the duration of asset-backed securities, making them more volatile and<br />more sensitive to changes in interest rates.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit <br />of, or liquidity enhancement provided by a private issuer in some manner, such <br />as letters of credit, guarantees or insurance, and are generally classified into <br />general obligation bonds and revenue obligations. General obligation bonds are <br />backed by an issuer's taxing authority and may be vulnerable to limits on a <br />government's power or ability to raise revenue or increase taxes. They may also <br />depend for payment on legislative appropriation and/or funding or other support <br />from other governmental bodies. Revenue obligations are payable from revenues <br />generated by a particular project or other revenue source, and are typically <br />subject to greater risk of default than general obligation bonds because investors <br />can look only to the revenue generated by the project or other revenue source <br />backing the project, rather than to the general taxing authority of the state <br />or local government issuer of the obligations. Because many municipal securities <br />are issued to finance projects in sectors such as education, health care,<br />transportation and utilities, conditions in those sectors can affect the overall<br />municipal market. Municipal securities pay interest that is intended to be free<br />from federal income tax (and, in some cases, the federal alternative minimum<br />tax). There is no assurance that the Internal Revenue Service (IRS) will agree<br />with this position. For example, in the event that the IRS determines that the<br />issuer did not comply with relevant tax requirements, interest payments from a<br />municipal security could become federally taxable, possibly retroactively to the<br />date the municipal security was issued, and the value of the municipal security<br />would likely fall. As a shareholder of the Fund, you may be required to file an<br />amended tax return and pay additional taxes as a result.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This could<br />cause the Fund's income and the value of shares in the Fund to decline.<br />Repurchase agreements are collateralized by the securities purchased by the <br />Fund under the repurchase agreements, which may include securities that the <br />Fund is not otherwise directly permitted to purchase, such as long-term <br />government bonds, investment-grade corporate bonds and equity securities. <br />The value of these securities may be more volatile or less liquid than the <br />securities that the Fund is permitted to purchase directly thereby increasing <br />the risk that the Fund will be unable to recover fully in the event of the <br />counterparty's default.<br /> <br />o Foreign Securities Risk - Foreign securities are subject to special risks <br />as compared to securities of U.S. issuers. For example, foreign markets can <br />be extremely volatile. Foreign securities may be less liquid than domestic<br />securities so that the Fund may, at times, be unable to sell foreign securities<br />at desirable times or prices. The Fund may have limited or no legal recourse in<br />the event of default with respect to certain foreign securities, including those<br />issued by foreign governments. In addition, foreign governments may impose<br />potentially confiscatory withholding or other taxes. Other risks include<br />possible delays in the settlement of transactions or in the payment of income;<br />generally less publicly available information about companies; the impact of<br />political, social or diplomatic events; and accounting, auditing and financial<br />reporting standards that may be less comprehensive and stringent than those<br />applicable to domestic companies.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Liquidity<br />Class shares of Columbia Cash Reserves, the predecessor to the Fund and a series<br />of Columbia Funds Series Trust. The Fund's past performance is no guarantee of<br />how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NCLXX
0.0166
Worst:
Best:
0.00
2012-09-30
36
2007-09-30
152
0.0000
0.0110
-0.0018
0.0001
648
278
0.0508
0.0128
0.0000
0.0003
0.0264
0.0025
2013-12-31
2011-09-30
0.0027
0.0158
0.0294
Year-to-date return
0.0000
0.0094
0.0025
0.0193
0.0035
0.0053
0.0481
0.0002
0.00
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<tt>BofA Cash Reserves (the Fund) seeks current income, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Investor II Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments, including primarily<br />short-term debt securities of U.S. and foreign issuers. The Fund purchases only<br />first-tier securities, which include bank obligations (including certificates <br />of deposit and time deposits issued by domestic or foreign banks or their<br />subsidiaries or branches), commercial paper, corporate bonds, extendible<br />commercial notes, asset-backed securities, funding agreements, municipal<br />securities, repurchase agreements and other high-quality, short-term<br />obligations. These securities may have fixed, floating or variable rates of<br />interest.<br /> <br />The Fund may invest more than 25% of its assets in U.S. dollar-denominated bank<br />obligations of U.S. banks, foreign branches of U.S. banks and U.S. branches of<br />foreign banks.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Cash Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        3rd quarter 2007:     1.21%  <br />Worst:       4th quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Investor II<br />Class shares has varied from year to year. For the Fund's current 7-day yield,<br />call BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904<br />(individual investors) or 800.353.0828 (institutional investors) or contact <br />your financial advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies <br />may not produce the returns expected by the Advisor, may cause the securities <br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund <br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters of <br />credit, insurance or other credit or liquidity enhancements issued or provided by <br />such company to decline in value. Credit and liquidity enhancements are designed <br />to help assure timely payment of a security and do not protect the Fund or its<br />shareholders from losses caused by declines in a security's market value due to<br />changes in market conditions. In addition, having multiple portfolio securities'<br />credit or liquidity enhanced by the same financial services company increases<br />the potential adverse effects on the Fund that can result from a downgrading of,<br />or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored instrumentalities <br />or enterprises may or may not be backed by the full faith and credit of the U.S. <br />Government. For example, securities issued by the Federal Home Loan Mortgage <br />Corporation, the Federal National Mortgage Association and the Federal Home Loan <br />Banks are neither insured nor guaranteed by the U.S. Government. These securities <br />may be supported by the ability to borrow from the U.S. Treasury or only by the <br />credit of the issuing agency, authority, instrumentality or enterprise and, as <br />a result, are subject to greater credit risk than securities issued or guaranteed <br />by the U.S. Treasury. See ABOUT THE FUNDS' INVESTMENTS - U.S. Government and <br />Related Obligations in the statement of additional information for more information.<br /> <br />o Asset-Backed Securities Risk - The value of the Fund's asset-backed securities<br />may be affected by, among other things, changes in: interest rates, factors<br />concerning the interests in and structure of the issuer or the originator of the<br />receivables, the creditworthiness of the entities that provide any supporting<br />letters of credit, surety bonds or other credit or liquidity enhancements, or<br />the market's assessment of the quality of underlying assets. Asset-backed<br />securities represent interests in, or are backed by, pools of receivables such<br />as credit card, auto, student and home equity loans. They may also be backed, in<br />turn, by securities backed by these types of loans and others, such as mortgage<br />loans. Asset-backed securities can have a fixed or an adjustable rate. Most<br />asset-backed securities are subject to prepayment risk, which is the possibility<br />that the underlying debt may be refinanced or prepaid prior to maturity during<br />periods of declining or low interest rates, causing the Fund to have to reinvest<br />the money received in securities that have lower yields. In addition, the impact<br />of prepayments on the value of asset-backed securities may be difficult to<br />predict and may result in greater volatility. Rising or high interest rates tend<br />to extend the duration of asset-backed securities, making them more volatile and<br />more sensitive to changes in interest rates.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such as<br />letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This could<br />cause the Fund's income and the value of shares in the Fund to decline.<br />Repurchase agreements are collateralized by the securities purchased by the <br />Fund under the repurchase agreements, which may include securities that the <br />Fund is not otherwise directly permitted to purchase, such as long-term <br />government bonds, investment-grade corporate bonds and equity securities. <br />The value of these securities may be more volatile or less liquid than the<br />securities that the Fund is permitted to purchase directly thereby increasing<br />the risk that the Fund will be unable to recover fully in the event of the<br />counterparty's default.<br /> <br />o Foreign Securities Risk - Foreign securities are subject to special risks as<br />compared to securities of U.S. issuers. For example, foreign markets can be<br />extremely volatile. Foreign securities may be less liquid than domestic<br />securities so that the Fund may, at times, be unable to sell foreign securities<br />at desirable times or prices. The Fund may have limited or no legal recourse in<br />the event of default with respect to certain foreign securities, including those<br />issued by foreign governments. In addition, foreign governments may impose<br />potentially confiscatory withholding or other taxes. Other risks include<br />possible delays in the settlement of transactions or in the payment of income;<br />generally less publicly available information about companies; the impact of<br />political, social or diplomatic events; and accounting, auditing and financial<br />reporting standards that may be less comprehensive and stringent than those<br />applicable to domestic companies.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Class A<br />shares of Columbia Cash Reserves, the predecessor to the Fund and a series of<br />Columbia Funds Series Trust. The Fund's past performance is no guarantee of how<br />the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NPRXX
Worst:
Best:
0.00
2012-09-30
0.0025
66
2007-09-30
225
0.0000
0.0080
-0.0008
0.0000
899
398
0.0477
0.0121
0.0003
0.0000
0.0038
0.0233
0.0025
2013-12-31
2011-12-31
0.0013
0.0143
0.0264
Year-to-date return
0.0010
0.0000
0.0064
0.0010
0.0065
0.0073
0.0449
0.0171
2002-05-13
0.0000
0.00
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<tt>BofA Cash Reserves (the Fund) seeks current income, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Investor Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments, including primarily<br />short-term debt securities of U.S. and foreign issuers. The Fund purchases only<br />first-tier securities, which include bank obligations (including certificates <br />of deposit and time deposits issued by domestic or foreign banks or their<br />subsidiaries or branches), commercial paper, corporate bonds, extendible<br />commercial notes, asset-backed securities, funding agreements, municipal<br />securities, repurchase agreements and other high-quality, short-term<br />obligations. These securities may have fixed, floating or variable rates of<br />interest.<br /> <br />The Fund may invest more than 25% of its assets in U.S. dollar-denominated bank<br />obligations of U.S. banks, foreign branches of U.S. banks and U.S. branches of<br />foreign banks.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Cash Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        3rd quarter 2007:     1.23%  <br />Worst:       4th quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Investor Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies <br />may not produce the returns expected by the Advisor, may cause the securities <br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund <br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, <br />such as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services <br />company or such company's failure to fulfill its obligations could cause the <br />Fund's investments in securities backed by guarantees, letters of credit,<br />insurance or other credit or liquidity enhancements issued or provided by such<br />company to decline in value. Credit and liquidity enhancements are designed to<br />help assure timely payment of a security and do not protect the Fund or its<br />shareholders from losses caused by declines in a security's market value due to<br />changes in market conditions. In addition, having multiple portfolio securities'<br />credit or liquidity enhanced by the same financial services company increases<br />the potential adverse effects on the Fund that can result from a downgrading of,<br />or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's <br />power to increase taxes or otherwise to raise revenue, or may be dependent <br />on legislative appropriation or government aid. Certain debt securities are <br />backed only by revenues derived from a particular project or source, rather <br />than by an issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored instrumentalities <br />or enterprises may or may not be backed by the full faith and credit of the U.S. <br />Government. For example, securities issued by the Federal Home Loan Mortgage <br />Corporation, the Federal National Mortgage Association and the Federal Home <br />Loan Banks are neither insured nor guaranteed by the U.S. Government. These <br />securities may be supported by the ability to borrow from the U.S. Treasury <br />or only by the credit of the issuing agency, authority, instrumentality or <br />enterprise and, as a result, are subject to greater credit risk than securities <br />issued or guaranteed by the U.S. Treasury. See ABOUT THE FUNDS' INVESTMENTS <br />- U.S. Government and Related Obligations in the statement of additional <br />information for more information.<br /> <br />o Asset-Backed Securities Risk - The value of the Fund's asset-backed securities<br />may be affected by, among other things, changes in: interest rates, factors<br />concerning the interests in and structure of the issuer or the originator of the<br />receivables, the creditworthiness of the entities that provide any supporting<br />letters of credit, surety bonds or other credit or liquidity enhancements, or<br />the market's assessment of the quality of underlying assets. Asset-backed<br />securities represent interests in, or are backed by, pools of receivables such<br />as credit card, auto, student and home equity loans. They may also be backed, in<br />turn, by securities backed by these types of loans and others, such as mortgage<br />loans. Asset-backed securities can have a fixed or an adjustable rate. Most<br />asset-backed securities are subject to prepayment risk, which is the possibility<br />that the underlying debt may be refinanced or prepaid prior to maturity during<br />periods of declining or low interest rates, causing the Fund to have to reinvest<br />the money received in securities that have lower yields. In addition, the impact<br />of prepayments on the value of asset-backed securities may be difficult to<br />predict and may result in greater volatility. Rising or high interest rates tend<br />to extend the duration of asset-backed securities, making them more volatile and<br />more sensitive to changes in interest rates.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit <br />of, or liquidity enhancement provided by a private issuer in some manner, such <br />as letters of credit, guarantees or insurance, and are generally classified into <br />general obligation bonds and revenue obligations. General obligation bonds are <br />backed by an issuer's taxing authority and may be vulnerable to limits on a <br />government's power or ability to raise revenue or increase taxes. They may also <br />depend for payment on legislative appropriation and/or funding or other support <br />from other governmental bodies. Revenue obligations are payable from revenues <br />generated by a particular project or other revenue source, and are typically <br />subject to greater risk of default than general obligation bonds because investors <br />can look only to the revenue generated by the project or other revenue source <br />backing the project, rather than to the general taxing authority of the state <br />or local government issuer of the obligations. Because many municipal securities <br />are issued to finance projects in sectors such as education, health care,<br />transportation and utilities, conditions in those sectors can affect the overall<br />municipal market. Municipal securities pay interest that is intended to be free<br />from federal income tax (and, in some cases, the federal alternative minimum<br />tax). There is no assurance that the Internal Revenue Service (IRS) will agree<br />with this position. For example, in the event that the IRS determines that the<br />issuer did not comply with relevant tax requirements, interest payments from a<br />municipal security could become federally taxable, possibly retroactively to the<br />date the municipal security was issued, and the value of the municipal security<br />would likely fall. As a shareholder of the Fund, you may be required to file an<br />amended tax return and pay additional taxes as a result.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This could<br />cause the Fund's income and the value of shares in the Fund to decline.<br />Repurchase agreements are collateralized by the securities purchased by the Fund<br />under the repurchase agreements, which may include securities that the Fund is<br />not otherwise directly permitted to purchase, such as long-term government<br />bonds, investment-grade corporate bonds and equity securities. The value of<br />these securities may be more volatile or less liquid than the securities that<br />the Fund is permitted to purchase directly thereby increasing the risk that the<br />Fund will be unable to recover fully in the event of the counterparty's default.<br /> <br />o Foreign Securities Risk - Foreign securities are subject to special risks as<br />compared to securities of U.S. issuers. For example, foreign markets can be<br />extremely volatile. Foreign securities may be less liquid than domestic<br />securities so that the Fund may, at times, be unable to sell foreign securities<br />at desirable times or prices. The Fund may have limited or no legal recourse in<br />the event of default with respect to certain foreign securities, including those<br />issued by foreign governments. In addition, foreign governments may impose<br />potentially confiscatory withholding or other taxes. Other risks include<br />possible delays in the settlement of transactions or in the payment of income;<br />generally less publicly available information about companies; the impact of<br />political, social or diplomatic events; and accounting, auditing and financial<br />reporting standards that may be less comprehensive and stringent than those<br />applicable to domestic companies.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Investor<br />Class shares of Columbia Cash Reserves, the predecessor to the Fund and a series<br />of Columbia Funds Series Trust. The Fund's past performance is no guarantee of<br />how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
<div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027908Member7 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027908Member7 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
PCMXX
0.0146
Worst:
Best:
0.00
2012-09-30
0.0025
56
2007-09-30
194
0.0000
0.0090
-0.0008
0.0000
779
343
0.0487
0.0123
0.0003
0.0000
0.0028
0.0243
0.0025
2013-12-31
2011-12-31
0.0017
0.0148
0.0274
Year-to-date return
0.0000
0.0074
0.0010
0.0178
0.0055
0.0063
0.0460
0.0000
0.00
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<tt>BofA Cash Reserves (the Fund) seeks current income, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Institutional Capital shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments, including primarily<br />short-term debt securities of U.S. and foreign issuers. The Fund purchases only<br />first-tier securities, which include bank obligations (including certificates <br />of deposit and time deposits issued by domestic or foreign banks or their<br />subsidiaries or branches), commercial paper, corporate bonds, extendible<br />commercial notes, asset-backed securities, funding agreements, municipal<br />securities, repurchase agreements and other high-quality, short-term<br />obligations. These securities may have fixed, floating or variable rates of<br />interest.<br /> <br />The Fund may invest more than 25% of its assets in U.S. dollar-denominated bank<br />obligations of U.S. banks, foreign branches of U.S. banks and U.S. branches of<br />foreign banks.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of <br />the issuer of the security, the creditworthiness of any entity that provides <br />any supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Cash Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.<br /> </tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns During this Period<br /> <br />Best:        3rd quarter 2007:     1.32%  <br />Worst:       3rd quarter 2011:     0.02%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Institutional<br />Capital shares has varied from year to year. For the Fund's current 7-day yield,<br />call BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual <br />investors) or 800.353.0828 (institutional investors) or contact your financial advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investmentdecisions made by the Advisor in using these strategies may <br />not produce the returns expected by the Advisor, may cause the securities held <br />by the Fund to lose value which, in turn, would cause the Fund's shares to lose <br />value or may cause the Fund to underperform other funds with similar investment <br />objectives. Also, cash held by the Fund may adversely impact the Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund <br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, <br />such as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services <br />company or such company's failure to fulfill its obligations could cause the <br />Fund's investments in securities backed by guarantees, letters of credit,<br />insurance or other credit or liquidity enhancements issued or provided by such<br />company to decline in value. Credit and liquidity enhancements are designed to<br />help assure timely payment of a security and do not protect the Fund or its<br />shareholders from losses caused by declines in a security's market value due to<br />changes in market conditions. In addition, having multiple portfolio securities'<br />credit or liquidity enhanced by the same financial services company increases<br />the potential adverse effects on the Fund that can result from a downgrading of,<br />or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's <br />power to increase taxes or otherwise to raise revenue, or may be dependent <br />on legislative appropriation or government aid. Certain debt securities are <br />backed only by revenues derived from a particular project or source, rather <br />than by an issuer's taxing authority, and thus may have a greater risk of <br />default. Historically, credit risk has been a limited factor for short-term <br />obligations backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored instrumentalities <br />or enterprises may or may not be backed by the full faith and credit of the U.S. <br />Government. For example, securities issued by the Federal Home Loan Mortgage <br />Corporation, the Federal National Mortgage Association and the Federal Home Loan <br />Banks are neither insured nor guaranteed by the U.S. Government. These securities <br />may be supported by the ability to borrow from the U.S. Treasury or only by the <br />credit of the issuing agency, authority, instrumentality or enterprise and, as a <br />result, are subject to greater credit risk than securities issued or guaranteed by <br />the U.S. Treasury. See ABOUT THE FUNDS' INVESTMENTS - U.S. Government and Related <br />Obligations in the statement of additional information for more information.<br /> <br />o Asset-Backed Securities Risk - The value of the Fund's asset-backed securities<br />may be affected by, among other things, changes in: interest rates, factors<br />concerning the interests in and structure of the issuer or the originator of the<br />receivables, the creditworthiness of the entities that provide any supporting<br />letters of credit, surety bonds or other credit or liquidity enhancements, or<br />the market's assessment of the quality of underlying assets. Asset-backed<br />securities represent interests in, or are backed by, pools of receivables such<br />as credit card, auto, student and home equity loans. They may also be backed, in<br />turn, by securities backed by these types of loans and others, such as mortgage<br />loans. Asset-backed securities can have a fixed or an adjustable rate. Most<br />asset-backed securities are subject to prepayment risk, which is the possibility<br />that the underlying debt may be refinanced or prepaid prior to maturity during<br />periods of declining or low interest rates, causing the Fund to have to reinvest<br />the money received in securities that have lower yields. In addition, the impact<br />of prepayments on the value of asset-backed securities may be difficult to<br />predict and may result in greater volatility. Rising or high interest rates tend<br />to extend the duration of asset-backed securities, making them more volatile and<br />more sensitive to changes in interest rates.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit <br />of, or liquidity enhancement provided by a private issuer in some manner, such <br />as letters of credit, guarantees or insurance, and are generally classified into <br />general obligation bonds and revenue obligations. General obligation bonds are <br />backed by an issuer's taxing authority and may be vulnerable to limits on a <br />government's power or ability to raise revenue or increase taxes. They may also <br />depend for payment on legislative appropriation and/or funding or other support <br />from other governmental bodies. Revenue obligations are payable from revenues <br />generated by a particular project or other revenue source, and are typically <br />subject to greater risk of default than general obligation bonds because investors <br />can look only to the revenue generated by the project or other revenue source <br />backing the project, rather than to the general taxing authority of the state or <br />local government issuer of the obligations. Because many municipal securities <br />are issued to finance projects in sectors such as education, health care,<br />transportation and utilities, conditions in those sectors can affect the overall<br />municipal market. Municipal securities pay interest that is intended to be free<br />from federal income tax (and, in some cases, the federal alternative minimum<br />tax). There is no assurance that the Internal Revenue Service (IRS) will agree<br />with this position. For example, in the event that the IRS determines that the<br />issuer did not comply with relevant tax requirements, interest payments from a<br />municipal security could become federally taxable, possibly retroactively to the<br />date the municipal security was issued, and the value of the municipal security<br />would likely fall. As a shareholder of the Fund, you may be required to file an<br />amended tax return and pay additional taxes as a result.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This could<br />cause the Fund's income and the value of shares in the Fund to decline.<br />Repurchase agreements are collateralized by the securities purchased by the Fund<br />under the repurchase agreements, which may include securities that the Fund is<br />not otherwise directly permitted to purchase, such as long-term government<br />bonds, investment-grade corporate bonds and equity securities. The value of<br />these securities may be more volatile or less liquid than the securities that<br />the Fund is permitted to purchase directly thereby increasing the risk that the<br />Fund will be unable to recover fully in the event of the counterparty's default.<br /> <br />o Foreign Securities Risk - Foreign securities are subject to special risks as<br />compared to securities of U.S. issuers. For example, foreign markets can be<br />extremely volatile. Foreign securities may be less liquid than domestic<br />securities so that the Fund may, at times, be unable to sell foreign securities<br />at desirable times or prices. The Fund may have limited or no legal recourse in<br />the event of default with respect to certain foreign securities, including those<br />issued by foreign governments. In addition, foreign governments may impose<br />potentially confiscatory withholding or other taxes. Other risks include<br />possible delays in the settlement of transactions or in the payment of income;<br />generally less publicly available information about companies; the impact of<br />political, social or diplomatic events; and accounting, auditing and financial<br />reporting standards that may be less comprehensive and stringent than those<br />applicable to domestic companies.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. On October<br />1, 2011, Class Z shares converted into Institutional Capital shares of the Fund<br />when Institutional Capital shares of the Fund were first offered. The financial<br />information for Institutional Capital shares prior to this conversion is that of<br />Class Z shares, which reflects substantially the same expenses as those of<br />Institutional Capital shares. The returns shown for periods prior to January 1,<br />2010 are the returns of Class Z shares of Columbia Cash Reserves, the<br />predecessor to the Fund and a series of Columbia Funds Series Trust. The Fund's<br />past performance is no guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
BOIXX
Worst:
Best:
0.00
2012-09-30
20
2007-09-30
82
0.0002
-0.0008
0.0013
348
149
0.0524
0.0132
0.0010
0.0003
0.0279
0.0025
2013-12-31
2011-09-30
0.0042
0.0172
Year-to-date return
0.0010
0.0000
0.0020
0.0028
0.0496
0.0229
2005-11-17
0.0013
0.00
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<tt>BofA Cash Reserves (the Fund) seeks current income, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Institutional Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments, including primarily<br />short-term debt securities of U.S. and foreign issuers. The Fund purchases only<br />first-tier securities, which include bank obligations (including certificates <br />of deposit and time deposits issued by domestic or foreign banks or their<br />subsidiaries or branches), commercial paper, corporate bonds, extendible<br />commercial notes, asset-backed securities, funding agreements, municipal<br />securities, repurchase agreements and other high-quality, short-term<br />obligations. These securities may have fixed, floating or variable rates of<br />interest.<br /> <br />The Fund may invest more than 25% of its assets in U.S. dollar-denominated bank<br />obligations of U.S. banks, foreign branches of U.S. banks and U.S. branches of<br />foreign banks.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Cash Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        3rd quarter 2007:     1.31%  <br />Worst:       3rd quarter 2011:     0.01%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Institutional<br />Class shares has varied from year to year. For the Fund's current 7-day yield,<br />call BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904<br />(individual investors) or 800.353.0828 (institutional investors) or contact your<br />financial advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies <br />may not produce the returns expected by the Advisor, may cause the securities <br />held by the Fund to lose value which, in turn, would cause the Fund's shares to <br />lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund may,<br />in circumstances, suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, <br />such as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services company <br />or such company's failure to fulfill its obligations could cause the Fund's <br />investments in securities backed by guarantees, letters of credit, insurance or <br />other credit or liquidity enhancements issued or provided by such company to decline <br />in value. Credit and liquidity enhancements are designed to help assure timely <br />payment of a security and do not protect the Fund or its shareholders from losses <br />caused by declines in a security's market value due to changes in market conditions. <br />In addition, having multiple portfolio securities' credit or liquidity enhanced by <br />the same financial services company increases the potential adverse effects on the <br />Fund that can result from a downgrading of, or a default by, such financial services <br />company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored instrumentalities <br />or enterprises may or may not be backed  by the full faith and credit of the U.S. <br />Government. For example, securities issued by the Federal Home Loan Mortgage <br />Corporation, the Federal National Mortgage Association and the Federal Home <br />Loan Banks are neither insured nor guaranteed by the U.S. Government. These <br />securities may be supported by the ability to borrow from the U.S. Treasury <br />or only by the credit of the issuing agency, authority, instrumentality or <br />enterprise and, as a result, are subject to greater credit risk than securities <br />issued or guaranteed by the U.S. Treasury. See ABOUT THE FUNDS' INVESTMENTS - U.S. <br />Government and Related Obligations in the statement of additional information for <br />more information.<br /> <br />o Asset-Backed Securities Risk - The value of the Fund's asset-backed securities<br />may be affected by, among other things, changes in: interest rates, factors<br />concerning the interests in and structure of the issuer or the originator of the<br />receivables, the creditworthiness of the entities that provide any supporting<br />letters of credit, surety bonds or other credit or liquidity enhancements, or<br />the market's assessment of the quality of underlying assets. Asset-backed<br />securities represent interests in, or are backed by, pools of receivables such<br />as credit card, auto, student and home equity loans. They may also be backed, in<br />turn, by securities backed by these types of loans and others, such as mortgage<br />loans. Asset-backed securities can have a fixed or an adjustable rate. Most<br />asset-backed securities are subject to prepayment risk, which is the possibility<br />that the underlying debt may be refinanced or prepaid prior to maturity during<br />periods of declining or low interest rates, causing the Fund to have to reinvest<br />the money received in securities that have lower yields. In addition, the impact<br />of prepayments on the value of asset-backed securities may be difficult to<br />predict and may result in greater volatility. Rising or high interest rates tend<br />to extend the duration of asset-backed securities, making them more volatile and<br />more sensitive to changes in interest rates.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such as<br />letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This could<br />cause the Fund's income and the value of shares in the Fund to decline.<br />Repurchase agreements are collateralized by the securities purchased by the Fund<br />under the repurchase agreements, which may include securities that the Fund is<br />not otherwise directly permitted to purchase, such as long-term government<br />bonds, investment-grade corporate bonds and equity securities. The value of<br />these securities may be more volatile or less liquid than the securities that <br />the Fund is permitted to purchase directly thereby increasing the risk that the <br />Fund will be unable to recover fully in the event of the counterparty's default.<br /> <br />o Foreign Securities Risk - Foreign securities are subject to special risks as<br />compared to securities of U.S. issuers. For example, foreign markets can be<br />extremely volatile. Foreign securities may be less liquid than domestic<br />securities so that the Fund may, at times, be unable to sell foreign securities<br />at desirable times or prices. The Fund may have limited or no legal recourse in<br />the event of default with respect to certain foreign securities, including those<br />issued by foreign governments. In addition, foreign governments may impose<br />potentially confiscatory withholding or other taxes. Other risks include<br />possible delays in the settlement of transactions or in the payment of income;<br />generally less publicly available information about companies; the impact of<br />political, social or diplomatic events; and accounting, auditing and financial<br />reporting standards that may be less comprehensive and stringent than those<br />applicable to domestic companies.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of<br />Institutional Class shares of Columbia Cash Reserves, the predecessor to the<br />Fund and a series of Columbia Funds Series Trust. The Fund's past performance is<br />no guarantee of how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
<div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027908Member5 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NCIXX
0.0177
Worst:
Best:
0.00
2012-09-30
0.0004
25
2007-09-30
95
0.0001
0.0121
-0.0008
0.0009
398
172
0.0520
0.0131
0.0006
0.0007
0.0275
0.0025
2013-12-31
2011-09-30
0.0038
0.0168
0.0306
Year-to-date return
0.0003
0.0006
0.0105
0.0000
0.0203
0.0024
0.0032
0.0492
0.0010
0.00
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<tt>BofA Cash Reserves (the Fund) seeks current income, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Daily Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments, including primarily<br />short-term debt securities of U.S. and foreign issuers. The Fund purchases only<br />first-tier securities, which include bank obligations (including certificates <br />of deposit and time deposits issued by domestic or foreign banks or their<br />subsidiaries or branches), commercial paper, corporate bonds, extendible<br />commercial notes, asset-backed securities, funding agreements, municipal<br />securities, repurchase agreements and other high-quality, short-term<br />obligations. These securities may have fixed, floating or variable rates of<br />interest.<br /> <br />The Fund may invest more than 25% of its assets in U.S. dollar-denominated bank<br />obligations of U.S. banks, foreign branches of U.S. banks and U.S. branches of<br />foreign banks.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of <br />the issuer of the security, the creditworthiness of any entity that provides <br />any supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Cash Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        3rd quarter 2007:     1.17%  <br />Worst:       4th quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
<tt>The bar chart below shows you how the performance of the Fund's Daily Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies <br />may not produce the returns expected by the Advisor, may cause the securities <br />held by the Fund to lose value which, in turn, would cause the Fund's shares to <br />lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund <br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be<br />significantly impacted. In addition, changes in the credit quality of a<br />financial services company or such company's failure to fulfill its obligations<br />could cause the Fund's investments in securities backed by guarantees, letters of <br />credit, insurance or other credit or liquidity enhancements issued or provided by <br />such company to decline in value. Credit and liquidity enhancements are designed <br />to help assure timely payment of a security and do not protect the Fund or its<br />shareholders from losses caused by declines in a security's market value due to<br />changes in market conditions. In addition, having multiple portfolio securities'<br />credit or liquidity enhanced by the same financial services company increases<br />the potential adverse effects on the Fund that can result from a downgrading of,<br />or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's <br />power to increase taxes or otherwise to raise revenue, or may be dependent <br />on legislative appropriation or government aid. Certain debt securities are <br />backed only by revenues derived from a particular project or source, rather <br />than by an issuer's taxing authority, and thus may have a greater risk of <br />default. Historically, credit risk has been a limited factor for short-term <br />obligations backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored instrumentalities <br />or enterprises may or may not be backed by the full faith and credit of the U.S. <br />Government. For example, securities issued by the Federal Home Loan Mortgage <br />Corporation, the Federal National Mortgage Association and the Federal Home Loan <br />Banks are neither insured nor guaranteed by the U.S. Government. These securities <br />may be supported by the ability to borrow from the U.S. Treasury or only by the <br />credit of the issuing agency, authority, instrumentality or enterprise and, as a <br />result, are subject to greater credit risk than securities issued or guaranteed <br />by the U.S. Treasury. See ABOUT THE FUNDS' INVESTMENTS - U.S. Government and <br />Related Obligations in the statement of additional information for more <br />information.<br /> <br />o Asset-Backed Securities Risk - The value of the Fund's asset-backed securities<br />may be affected by, among other things, changes in: interest rates, factors<br />concerning the interests in and structure of the issuer or the originator of the<br />receivables, the creditworthiness of the entities that provide any supporting<br />letters of credit, surety bonds or other credit or liquidity enhancements, or<br />the market's assessment of the quality of underlying assets. Asset-backed<br />securities represent interests in, or are backed by, pools of receivables such<br />as credit card, auto, student and home equity loans. They may also be backed, in<br />turn, by securities backed by these types of loans and others, such as mortgage<br />loans. Asset-backed securities can have a fixed or an adjustable rate. Most<br />asset-backed securities are subject to prepayment risk, which is the possibility<br />that the underlying debt may be refinanced or prepaid prior to maturity during<br />periods of declining or low interest rates, causing the Fund to have to reinvest<br />the money received in securities that have lower yields. In addition, the impact<br />of prepayments on the value of asset-backed securities may be difficult to<br />predict and may result in greater volatility. Rising or high interest rates tend<br />to extend the duration of asset-backed securities, making them more volatile and<br />more sensitive to changes in interest rates.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit <br />of, or liquidity enhancement provided by a private issuer in some manner, such <br />as letters of credit, guarantees or insurance, and are generally classified into <br />general obligation bonds and revenue obligations. General obligation bonds are <br />backed by an issuer's taxing authority and may be vulnerable to limits on a <br />government's power or ability to raise revenue or increase taxes. They may also <br />depend for payment on legislative appropriation and/or funding or other support <br />from other governmental bodies. Revenue obligations are payable from revenues <br />generated by a particular project or other revenue source, and are typically <br />subject to greater risk of default than general obligation bonds because investors <br />can look only to the revenue generated by the project or other revenue source <br />backing the project, rather than to the general taxing authority of the state or <br />local government issuer of the obligations. Because many municipal securities <br />are issued to finance projects in sectors such as education, health care,<br />transportation and utilities, conditions in those sectors can affect the overall<br />municipal market. Municipal securities pay interest that is intended to be free<br />from federal income tax (and, in some cases, the federal alternative minimum<br />tax). There is no assurance that the Internal Revenue Service (IRS) will agree<br />with this position. For example, in the event that the IRS determines that the<br />issuer did not comply with relevant tax requirements, interest payments from a<br />municipal security could become federally taxable, possibly retroactively to the<br />date the municipal security was issued, and the value of the municipal security<br />would likely fall. As a shareholder of the Fund, you may be required to file an<br />amended tax return and pay additional taxes as a result.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This could<br />cause the Fund's income and the value of shares in the Fund to decline.<br />Repurchase agreements are collateralized by the securities purchased by the Fund<br />under the repurchase agreements, which may include securities that the Fund is<br />not otherwise directly permitted to purchase, such as long-term government<br />bonds, investment-grade corporate bonds and equity securities. The value of<br /> these securities may be more volatile or less liquid than the securities that<br />the Fund is permitted to purchase directly thereby increasing the risk that the<br />Fund will be unable to recover fully in the event of the counterparty's default.<br /> <br />o Foreign Securities Risk - Foreign securities are subject to special risks as<br />compared to securities of U.S. issuers. For example, foreign markets can be<br />extremely volatile. Foreign securities may be less liquid than domestic<br />securities so that the Fund may, at times, be unable to sell foreign securities<br />at desirable times or prices. The Fund may have limited or no legal recourse in<br />the event of default with respect to certain foreign securities, including those<br />issued by foreign governments. In addition, foreign governments may impose<br />potentially confiscatory withholding or other taxes. Other risks include<br />possible delays in the settlement of transactions or in the payment of income;<br />generally less publicly available information about companies; the impact of<br />political, social or diplomatic events; and accounting, auditing and financial<br />reporting standards that may be less comprehensive and stringent than those<br />applicable to domestic companies.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Daily<br />Class shares of Columbia Cash Reserves, the predecessor to the Fund and a series<br />of Columbia Funds Series Trust. The Fund's past performance is no guarantee of<br />how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
<div style="display:none">~ http://www.bofacapital.com/role/OperatingExpensesData_S000027908Member4 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
<div style="display:none">~ http://www.bofacapital.com/role/PerformanceTableData_S000027908Member4 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
<div style="display:none">~ http://www.bofacapital.com/role/ShareholderFeesData_S000027908Member4 column dei_LegalEntityAxis compact * column rr_ProspectusShareClassAxis compact * row primary compact * ~</div>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NSHXX
0.0121
Worst:
Best:
0.00
2012-09-30
0.0025
82
2007-09-30
273
0.0000
0.0065
-0.0008
0.0000
1077
480
0.0461
0.0117
0.0003
0.0000
0.0028
0.0218
0.0025
2013-12-31
2011-12-31
0.0009
0.0136
0.0248
Year-to-date return
0.0000
Average Annual Total Return as of December 31, 2011
0.0048
0.0035
0.0159
0.0080
0.0088
0.0434
0.0000
0.00
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<tt>BofA Cash Reserves (the Fund) seeks current income, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Capital Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments, including primarily<br />short-term debt securities of U.S. and foreign issuers. The Fund purchases only<br />first-tier securities, which include bank obligations (including certificates <br />of deposit and time deposits issued by domestic or foreign banks or their<br />subsidiaries or branches), commercial paper, corporate bonds, extendible<br />commercial notes, asset-backed securities, funding agreements, municipal<br />securities, repurchase agreements and other high-quality, short-term<br />obligations. These securities may have fixed, floating or variable rates <br />of interest.<br /> <br />The Fund may invest more than 25% of its assets in U.S. dollar-denominated bank<br />obligations of U.S. banks, foreign branches of U.S. banks and U.S. branches of<br />foreign banks.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of <br />the issuer of the security, the creditworthiness of any entity that provides <br />any supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Cash Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        3rd quarter 2007:     1.32%  <br />Worst:       3rd quarter 2011:     0.02%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Capital Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies <br />may not produce the returns expected by the Advisor, may cause the securities <br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund may, <br />in circumstances, suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit <br />the types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services <br />company or such company's failure to fulfill its obligations could cause the <br />Fund's investments in securities backed by guarantees, letters of credit,<br />insurance or other credit or liquidity enhancements issued or provided by such<br />company to decline in value. Credit and liquidity enhancements are designed to<br />help assure timely payment of a security and do not protect the Fund or its<br />shareholders from losses caused by declines in a security's market value due to<br />changes in market conditions. In addition, having multiple portfolio securities'<br />credit or liquidity enhanced by the same financial services company increases<br />the potential adverse effects on the Fund that can result from a downgrading of,<br />or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by <br />an issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored instrumentalities <br />or enterprises may or may not be backed by the full faith and credit of the U.S. <br />Government. For example, securities issued by the Federal Home Loan Mortgage <br />Corporation, the Federal National Mortgage Association and the Federal Home <br />Loan Banks are neither insured nor guaranteed by the U.S. Government. These <br />securities may be supported by the ability to borrow from the U.S. Treasury <br />or only by the credit of the issuing agency, authority, instrumentality or <br />enterprise and, as a result, are subject to greater credit risk than securities <br />issued or guaranteed by the U.S. Treasury. See ABOUT THE FUNDS' INVESTMENTS <br />- U.S. Government and Related Obligations in the statement of additional <br />information for more information.<br /> <br />o Asset-Backed Securities Risk - The value of the Fund's asset-backed securities<br />may be affected by, among other things, changes in: interest rates, factors<br />concerning the interests in and structure of the issuer or the originator of the<br />receivables, the creditworthiness of the entities that provide any supporting<br />letters of credit, surety bonds or other credit or liquidity enhancements, or<br />the market's assessment of the quality of underlying assets. Asset-backed<br />securities represent interests in, or are backed by, pools of receivables such<br />as credit card, auto, student and home equity loans. They may also be backed, in<br />turn, by securities backed by these types of loans and others, such as mortgage<br />loans. Asset-backed securities can have a fixed or an adjustable rate. Most<br />asset-backed securities are subject to prepayment risk, which is the possibility<br />that the underlying debt may be refinanced or prepaid prior to maturity during<br />periods of declining or low interest rates, causing the Fund to have to reinvest<br />the money received in securities that have lower yields. In addition, the impact<br />of prepayments on the value of asset-backed securities may be difficult to<br />predict and may result in greater volatility. Rising or high interest rates tend<br />to extend the duration of asset-backed securities, making them more volatile and<br />more sensitive to changes in interest rates.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the <br />credit of, or liquidity enhancement provided by a private issuer in some manner, <br />such as letters of credit, guarantees or insurance, and are generally classified <br />into general obligation bonds and revenue obligations. General obligation bonds <br />are backed by an issuer's taxing authority and may be vulnerable to limits on a <br />government's power or ability to raise revenue or increase taxes. They may also <br />depend for payment on legislative appropriation and/or funding or other support <br />from other governmental bodies. Revenue obligations are payable from revenues <br />generated by a particular project or other revenue source, and are typically <br />subject to greater risk of default than general obligation bonds because investors <br />can look only to the revenue generated by the project or other revenue source <br />backing the project, rather than to the general taxing authority of the state <br />or local government issuer of the obligations. Because many municipal securities <br />are issued to finance projects in sectors such as education, health care,<br />transportation and utilities, conditions in those sectors can affect the overall<br />municipal market. Municipal securities pay interest that is intended to be free<br />from federal income tax (and, in some cases, the federal alternative minimum<br />tax). There is no assurance that the Internal Revenue Service (IRS) will agree<br />with this position. For example, in the event that the IRS determines that the<br />issuer did not comply with relevant tax requirements, interest payments from a<br />municipal security could become federally taxable, possibly retroactively to the<br />date the municipal security was issued, and the value of the municipal security<br />would likely fall. As a shareholder of the Fund, you may be required to file an<br />amended tax return and pay additional taxes as a result.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This could<br />cause the Fund's income and the value of shares in the Fund to decline.<br />Repurchase agreements are collateralized by the securities purchased by the Fund<br />under the repurchase agreements, which may include securities that the Fund is<br />not otherwise directly permitted to purchase, such as long-term government<br />bonds, investment-grade corporate bonds and equity securities. The value of<br /> these securities may be more volatile or less liquid than the securities that<br />the Fund is permitted to purchase directly thereby increasing the risk that the<br />Fund will be unable to recover fully in the event of the counterparty's default.<br /> <br />o Foreign Securities Risk - Foreign securities are subject to special risks as<br />compared to securities of U.S. issuers. For example, foreign markets can be<br />extremely volatile. Foreign securities may be less liquid than domestic<br />securities so that the Fund may, at times, be unable to sell foreign securities<br />at desirable times or prices. The Fund may have limited or no legal recourse in<br />the event of default with respect to certain foreign securities, including those<br />issued by foreign governments. In addition, foreign governments may impose<br />potentially confiscatory withholding or other taxes. Other risks include<br />possible delays in the settlement of transactions or in the payment of income;<br />generally less publicly available information about companies; the impact of<br />political, social or diplomatic events; and accounting, auditing and financial<br />reporting standards that may be less comprehensive and stringent than those<br />applicable to domestic companies.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Capital<br />Class shares of Columbia Cash Reserves, the predecessor to the Fund and a series<br />of Columbia Funds Series Trust. The Fund's past performance is no guarantee of<br />how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed by
the Advisor or the Advisor's affiliates, including Bank of America, N.A. and Bank of
America Corporation (collectively, Bank of America), the Federal Deposit Insurance
Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
CPMXX
0.0181
Worst:
Best:
0.00
2012-09-30
20
2007-09-30
82
0.0002
0.0125
-0.0008
0.0013
348
149
0.0524
0.0132
0.0010
0.0003
0.0279
0.0025
2013-12-31
2011-09-30
0.0042
0.0172
0.0310
Year-to-date return
0.0010
0.0109
0.0000
0.0207
0.0020
0.0028
0.0496
0.0013
0.00
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<tt>BofA Cash Reserves (the Fund) seeks current income, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Adviser Class shares of the Fund for the periods<br />  indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments, including primarily<br />short-term debt securities of U.S. and foreign issuers. The Fund purchases only<br />first-tier securities, which include bank obligations (including certificates <br />of deposit and time deposits issued by domestic or foreign banks or their<br />subsidiaries or branches), commercial paper, corporate bonds, extendible<br />commercial notes, asset-backed securities, funding agreements, municipal<br />securities, repurchase agreements and other high-quality, short-term<br />obligations. These securities may have fixed, floating or variable rates <br />of interest.<br /> <br />The Fund may invest more than 25% of its assets in U.S. dollar-denominated bank<br />obligations of U.S. banks, foreign branches of U.S. banks and U.S. branches of<br />foreign banks.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Cash Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        3rd quarter 2007:     1.26%  <br />Worst:       4th quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Adviser Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies <br />may not produce the returns expected by the Advisor, may cause the securities <br />held by the Fund to lose value which, in turn, would cause the Fund's shares to <br />lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund may,<br />in circumstances, suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, <br />such as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services company <br />or such company's failure to fulfill its obligations could cause the Fund's <br />investments in securities backed by guarantees, letters of credit, insurance or <br />other credit or liquidity enhancements issued or provided by such company to decline <br />in value. Credit and liquidity enhancements are designed to help assure timely payment <br />of a security and do not protect the Fund or its shareholders from losses caused by <br />declines in a security's market value due to changes in market conditions. In addition,<br />having multiple portfolio securities' credit or liquidity enhanced by the same financial <br />services company increases the potential adverse effects on the Fund that can result <br />from a downgrading of, or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's <br />power to increase taxes or otherwise to raise revenue, or may be dependent <br />on legislative appropriation or government aid. Certain debt securities are <br />backed only by revenues derived from a particular project or source, rather <br />than by an issuer's taxing authority, and thus may have a greater risk of <br />default. Historically, credit risk has been a limited factor for short-term <br />obligations backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored instrumentalities <br />or enterprises may or may not be backed by the full faith and credit of the U.S. <br />Government. For example, securities issued by the Federal Home Loan Mortgage <br />Corporation, the Federal National Mortgage Association and the Federal Home Loan <br />Banks are neither insured nor guaranteed by the U.S. Government. These securities <br />may be supported by the ability to borrow from the U.S. Treasury or only by the <br />credit of the issuing agency, authority, instrumentality or enterprise and, as a <br />result, are subject to greater credit risk than securities issued or guaranteed<br />by the U.S. Treasury. See ABOUT THE FUND'S INVESTMENTS - U.S. Government and<br />Related Obligations in the statement of additional information for more<br />information.<br /> <br />o Asset-Backed Securities Risk - The value of the Fund's asset-backed securities<br />may be affected by, among other things, changes in: interest rates, factors<br />concerning the interests in and structure of the issuer or the originator of the<br />receivables, the creditworthiness of the entities that provide any supporting<br />letters of credit, surety bonds or other credit or liquidity enhancements, or<br />the market's assessment of the quality of underlying assets. Asset-backed<br />securities represent interests in, or are backed by, pools of receivables such<br />as credit card, auto, student and home equity loans. They may also be backed, in<br />turn, by securities backed by these types of loans and others, such as mortgage<br />loans. Asset-backed securities can have a fixed or an adjustable rate. Most<br />asset-backed securities are subject to prepayment risk, which is the possibility<br />that the underlying debt may be refinanced or prepaid prior to maturity during<br />periods of declining or low interest rates, causing the Fund to have to reinvest<br />the money received in securities that have lower yields. In addition, the impact<br />of prepayments on the value of asset-backed securities may be difficult to<br />predict and may result in greater volatility. Rising or high interest rates tend<br />to extend the duration of asset-backed securities, making them more volatile and<br />more sensitive to changes in interest rates.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such <br />as letters of credit, guarantees or insurance, and are generally classified into <br />general obligation bonds and revenue obligations. General obligation bonds are <br />backed by an issuer's taxing authority and may be vulnerable to limits on a <br />government's power or ability to raise revenue or increase taxes. They may also <br />depend for payment on legislative appropriation and/or funding or other support <br />from other governmental bodies. Revenue obligations are payable from revenues <br />generated by a particular project or other revenue source, and are typically <br />subject to greater risk of default than general obligation bonds because <br />investors can look only to the revenue generated by the project or other <br />revenue source backing the project, rather than to the general taxing authority <br />of the state or local government issuer of the obligations. Because many municipal <br />securities are issued to finance projects in sectors such as education, health <br />care, transportation and utilities, conditions in those sectors can affect the <br />overall municipal market. Municipal securities pay interest that is intended to <br />be free from federal income tax (and, in some cases, the federal alternative <br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will <br />agree with this position. For example, in the event that the IRS determines that <br />the issuer did not comply with relevant tax requirements, interest payments from <br />a municipal security could become federally taxable, possibly retroactively to <br />the date the municipal security was issued, and the value of the municipal security <br />would likely fall. As a shareholder of the Fund, you may be required to file an<br />amended tax return and pay additional taxes as a result.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This could<br />cause the Fund's income and the value of shares in the Fund to decline.<br />Repurchase agreements are collateralized by the securities purchased by the Fund<br />under the repurchase agreements, which may include securities that the Fund is<br />not otherwise directly permitted to purchase, such as long-term government<br />bonds, investment-grade corporate bonds and equity securities. The value of<br />these securities may be more volatile or less liquid than the securities that <br />the Fund is permitted to purchase directly thereby increasing the risk that the <br />Fund will be unable to recover fully in the event of the counterparty's default.<br /> <br />o Foreign Securities Risk - Foreign securities are subject to special risks as<br />compared to securities of U.S. issuers. For example, foreign markets can be<br />extremely volatile. Foreign securities may be less liquid than domestic<br />securities so that the Fund may, at times, be unable to sell foreign securities<br />at desirable times or prices. The Fund may have limited or no legal recourse in<br />the event of default with respect to certain foreign securities, including those<br />issued by foreign governments. In addition, foreign governments may impose<br />potentially confiscatory withholding or other taxes. Other risks include<br />possible delays in the settlement of transactions or in the payment of income;<br />generally less publicly available information about companies; the impact of<br />political, social or diplomatic events; and accounting, auditing and financial<br />reporting standards that may be less comprehensive and stringent than those<br />applicable to domestic companies.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Adviser<br />Class shares of Columbia Cash Reserves, the predecessor to the Fund and a series<br />of Columbia Funds Series Trust. The Fund's past performance is no guarantee of<br />how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed
by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and
Bank of America Corporation (collectively, Bank of America), the Federal Deposit
Insurance Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NCRXX
0.0156
Worst:
Best:
0.00
2012-09-30
0.0025
46
2007-09-30
162
0.0000
0.0100
-0.0008
0.0000
657
288
0.0498
0.0126
0.0003
0.0000
0.0028
0.0253
0.0025
2013-12-31
2011-12-31
0.0021
0.0153
0.0284
Year-to-date return
0.0000
0.0084
0.0000
0.0185
0.0045
0.0053
0.0470
0.0000
0.00
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<tt>BofA Cash Reserves (the Fund) seeks current income, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Marsico shares of the Fund for the periods indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />  table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments, including primarily<br />short-term debt securities of U.S. and foreign issuers. The Fund purchases only<br />first-tier securities, which include bank obligations (including certificates <br />of deposit and time deposits issued by domestic or foreign banks or their<br />subsidiaries or branches), commercial paper, corporate bonds, extendible<br />commercial notes, asset-backed securities, funding agreements, municipal<br />securities, repurchase agreements and other high-quality, short-term<br />obligations. These securities may have fixed, floating or variable rates of<br />interest.<br /> <br />The Fund may invest more than 25% of its assets in U.S. dollar-denominated bank<br />obligations of U.S. banks, foreign branches of U.S. banks and U.S. branches of<br />foreign banks.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of the<br />issuer of the security, the creditworthiness of any entity that provides any<br />supporting letter of credit, surety bond or other credit or liquidity enhancement <br />for the security and the various features of the security, such as its interest <br />rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Cash Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        3rd quarter 2007:     1.23%  <br />Worst:       4th quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Marsico shares<br />has varied from year to year. For the Fund's current 7-day yield, call BofA<br />Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies<br />may not produce the returns expected by the Advisor, may cause the securities<br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar<br />investment objectives. Also, cash held by the Fund may adversely impact the<br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund <br />shares, (ii) a disruption in the normal operation of the markets in which the <br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to <br />sell portfolio securitiesbecause such securities are illiquid. In such events, <br />the Fund could be forced to sell portfolio securities at unfavorable prices in <br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund <br />may, in circumstances, suspend redemptions or the payment of redemption proceeds <br />when permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result <br />in reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, <br />such as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest rates <br />and fees they charge. Their profitability can, as a result, be significantly impacted. <br />In addition, changes in the credit quality of a financial services company or such<br />company's failure to fulfill its obligations could cause the Fund's investments<br />in securities backed by guarantees, letters of credit, insurance or other credit<br />or liquidity enhancements issued or provided by such company to decline in<br />value. Credit and liquidity enhancements are designed to help assure timely<br />payment of a security and do not protect the Fund or its shareholders from<br />losses caused by declines in a security's market value due to changes in market<br />conditions. In addition, having multiple portfolio securities' credit or<br />liquidity enhanced by the same financial services company increases the<br />potential adverse effects on the Fund that can result from a downgrading of, <br />or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations <br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored instrumentalities <br />or enterprises may or may not be backed by the full faith and credit of the U.S. <br />Government. For example, securities issued by the Federal Home Loan Mortgage <br />Corporation, the Federal National Mortgage Association and the Federal Home Loan <br />Banks are neither insured nor guaranteed by the U.S. Government. These securities <br />may be supported by the ability to borrow from the U.S. Treasury or only by the <br />credit of the issuing agency, authority, instrumentality or enterprise and, as a <br />result, are subject to greater credit risk than securities issued or guaranteed <br />by the U.S. Treasury. See ABOUT THE FUNDS' INVESTMENTS - U.S. Government and <br />Related Obligations in the statement of additional information for more information.<br /> <br />o Asset-Backed Securities Risk - The value of the Fund's asset-backed securities<br />may be affected by, among other things, changes in: interest rates, factors<br />concerning the interests in and structure of the issuer or the originator of the<br />receivables, the creditworthiness of the entities that provide any supporting<br />letters of credit, surety bonds or other credit or liquidity enhancements, or<br />the market's assessment of the quality of underlying assets. Asset-backed<br />securities represent interests in, or are backed by, pools of receivables such<br />as credit card, auto, student and home equity loans. They may also be backed, in<br />turn, by securities backed by these types of loans and others, such as mortgage<br />loans. Asset-backed securities can have a fixed or an adjustable rate. Most<br />asset-backed securities are subject to prepayment risk, which is the possibility<br />that the underlying debt may be refinanced or prepaid prior to maturity during<br />periods of declining or low interest rates, causing the Fund to have to reinvest<br />the money received in securities that have lower yields. In addition, the impact<br />of prepayments on the value of asset-backed securities may be difficult to<br />predict and may result in greater volatility. Rising or high interest rates tend<br />to extend the duration of asset-backed securities, making them more volatile and<br />more sensitive to changes in interest rates.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations<br />generally issued to obtain funds for various public purposes, including general<br />financing for state and local governments, or financing for a specific project<br />or public facility. Municipal securities may be fully or partially backed or<br />enhanced by the taxing authority of the local government, by the current or<br />anticipated revenues from a specific project or specific assets or by the credit<br />of, or liquidity enhancement provided by a private issuer in some manner, such<br />as letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This<br /> could cause the Fund's income and the value of shares in the Fund to decline.<br />Repurchase agreements are collateralized by the securities purchased by the Fund<br />under the repurchase agreements, which may include securities that the Fund is<br />not otherwise directly permitted to purchase, such as long-term government<br />bonds, investment-grade corporate bonds and equity securities. The value of<br />these securities may be more volatile or less liquid than the securities that<br />the Fund is permitted to purchase directly thereby increasing the risk that the<br />Fund will be unable to recover fully in the event of the counterparty's default.<br /> <br />o Foreign Securities Risk - Foreign securities are subject to special risks as<br />compared to securities of U.S. issuers. For example, foreign markets can be<br />extremely volatile. Foreign securities may be less liquid than domestic<br />securities so that the Fund may, at times, be unable to sell foreign securities<br />at desirable times or prices. The Fund may have limited or no legal recourse in<br />the event of default with respect to certain foreign securities, including those<br />issued by foreign governments. In addition, foreign governments may impose<br />potentially confiscatory withholding or other taxes. Other risks include<br />possible delays in the settlement of transactions or in the payment of income;<br />generally less publicly available information about companies; the impact of<br />political, social or diplomatic events; and accounting, auditing and financial<br />reporting standards that may be less comprehensive and stringent than those<br />applicable to domestic companies.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Marsico<br />shares of Columbia Cash Reserves, the predecessor to the Fund and a series of<br />Columbia Funds Series Trust. The Fund's past performance is no guarantee of how<br />the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or guaranteed
by the Advisor or the Advisor's affiliates, including Bank of America, N.A. and
Bank of America Corporation (collectively, Bank of America), the Federal Deposit
Insurance Corporation or any other government agency
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888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
NMOXX
Worst:
Best:
0.00
2012-09-30
0.00
0.0025
56
2007-09-30
194
0.0000
0.0090
-0.0008
0.0000
779
343
0.0487
0.0123
0.0003
0.0038
0.0243
0.0025
2013-12-31
2011-12-31
0.0017
0.0148
0.0274
Year-to-date return
0.0010
0.0000
0.0074
0.0000
0.0055
0.0063
0.0460
0.0178
2002-05-13
0.0000
0.00
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<tt>BofA Cash Reserves (the Fund) seeks current income, consistent with capital<br />preservation and maintenance of a high degree of liquidity.</tt>
<tt>The following example is intended to help you compare the cost of investing in<br />the Fund with the cost of investing in other mutual funds.<br /> <br />The example illustrates the hypothetical expenses that you would incur over the<br />time periods indicated, and assumes that:<br /> <br />o you invest $10,000 in Trust Class shares of the Fund for the periods indicated,<br /> <br />o your investment has a 5% return each year, and<br /> <br />o the Fund's total annual operating expenses remain the same as shown in the<br />table on the previous page.<br /> <br />The fee waivers and/or reimbursements shown in the Annual Fund Operating Expense<br />table on the previous page are only reflected for the length of the expense<br />commitment in each of the time periods shown below.<br /> <br />Based on the assumptions listed above, your costs would be:</tt>
<tt>The Fund invests in high-quality money market instruments, including primarily<br />short-term debt securities of U.S. and foreign issuers. The Fund purchases only<br />first-tier securities, which include bank obligations (including certificates <br />of deposit and time deposits issued by domestic or foreign banks or their<br />subsidiaries or branches), commercial paper, corporate bonds, extendible <br />commercial notes, asset-backed securities, funding agreements, municipal <br />securities, repurchase agreements and other high-quality, short-term obligations. <br />These securities may have fixed, floating or variable rates of interest.<br /> <br />The Fund may invest more than 25% of its assets in U.S. dollar-denominated bank<br />obligations of U.S. banks, foreign branches of U.S. banks and U.S. branches of<br />foreign banks.<br /> <br />BofA Advisors, LLC, the Fund's investment advisor (the Advisor), evaluates a<br />number of factors in identifying investment opportunities and constructing the<br />Fund's portfolio. The Advisor considers local, national and global economic<br />conditions, market conditions, interest rate movements, and other relevant<br />factors to determine the allocation of the Fund's assets among different<br />securities.<br /> <br />The Advisor, in connection with selecting individual investments for the Fund,<br />evaluates a security based on its potential to generate income and to preserve<br />capital. The Advisor considers, among other factors, the creditworthiness of <br />the issuer of the security, the creditworthiness of any entity that provides <br />any supporting letter of credit, surety bond or other credit or liquidity<br />enhancement for the security and the various features of the security, such as<br />its interest rate, yield, maturity and value relative to other securities.<br /> <br />The Fund seeks to maintain a constant net asset value of $1.00 per share.<br /> <br />The Advisor may sell an instrument before it matures in order to meet cash flow<br />needs, to manage the portfolio's maturity, if the Advisor believes that the<br />instrument is no longer a suitable investment, or that other investments are<br />more attractive; or for other reasons.</tt>
BofA Cash Reserves
Example
Investment Objective
The Fund's past performance is no guarantee of how the Fund will perform in the future.
it is possible to lose money by investing in the Fund.
Principal Risks
<tt>Remember this is an example only. Your actual costs may be higher or lower.</tt>
Shareholder Fees (fees paid directly from your investment)
Year by Year Total Return (%) as of December 31 Each Year
Performance Information
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.
<tt>Best and Worst Quarterly Returns<br />During this Period<br /> <br />Best:        3rd quarter 2007:     1.30%<br />Worst:       3rd quarter 2011:     0.00%</tt>
888.331.0904 (individual investors) or 800.353.0828 (institutional investors)
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Average Annual Total Return as of December 31, 2011
<tt>The bar chart below shows you how the performance of the Fund's Trust Class<br />shares has varied from year to year. For the Fund's current 7-day yield, call<br />BofA Funds family of mutual funds (the BofA Funds) at 888.331.0904 (individual<br />investors) or 800.353.0828 (institutional investors) or contact your financial<br />advisor.</tt>
<tt>o Investment Strategy Risk - The Advisor uses the principal investment<br />strategies and other investment strategies in pursuit of the Fund's investment<br />objective. Investment decisions made by the Advisor in using these strategies <br />may not produce the returns expected by the Advisor, may cause the securities <br />held by the Fund to lose value which, in turn, would cause the Fund's shares <br />to lose value or may cause the Fund to underperform other funds with similar <br />investment objectives. Also, cash held by the Fund may adversely impact the <br />Fund's yield.<br /> <br />o Money Market Fund Risk - An investment in the Fund is not a bank deposit, <br />and is not insured or guaranteed by the Advisor or the Advisor's affiliates,<br />including Bank of America, N.A. and Bank of America Corporation (collectively,<br />Bank of America), the Federal Deposit Insurance Corporation or any other<br />government agency, and it is possible to lose money by investing in the Fund.<br />The Fund seeks to maintain a constant net asset value of $1.00 per share, but<br />the net asset values of money market fund shares can fall, and in rare instances<br />in the past have fallen, below $1.00 per share, potentially causing shareholders<br />who redeem their shares at such net asset values to lose principal from their<br />original investment. The net asset value of Fund shares could fall below $1.00<br />per share due to, among other things, defaults in portfolio securities of the<br />Fund, significant interest rate increases or other disruptions in the normal<br />operation of the markets in which the Fund buys and sells portfolio securities,<br />significant redemption activity, or the Fund's receipt of income from portfolio<br />securities that is insufficient to pay ongoing Fund operating expenses. If the<br />net asset value of Fund shares were to fall below $1.00 per share, there is no<br />assurance that Bank of America would protect the Fund or redeeming shareholders<br />against a loss of principal by, for example, purchasing securities from the<br />Fund, making capital infusions into the Fund or taking other supportive actions.<br /> <br />o Redemption Risk - The Fund may need to sell portfolio securities to meet<br />shareholder redemption requests. The Fund could experience a loss when selling<br />portfolio securities to meet redemption requests if, for example, there is (i)<br />significant redemption activity by shareholders, including, as an example, when<br />a single investor or few large investors make a significant redemption of Fund<br />shares, (ii) a disruption in the normal operation of the markets in which the<br />Fund buys and sells portfolio securities or (iii) the inability of the Fund to<br />sell portfolio securities because such securities are illiquid. In such events,<br />the Fund could be forced to sell portfolio securities at unfavorable prices in<br />an effort to generate sufficient cash to pay redeeming shareholders. The Fund may,<br />in circumstances, suspend redemptions or the payment of redemption proceeds when<br />permitted by applicable rules and regulations.<br /> <br />o Regulatory Risk - Changes in government regulations may adversely affect the<br />value of a security held by the Fund. In addition, the SEC in 2010 adopted<br />amendments to money market regulation, imposing new liquidity, credit quality,<br />and maturity requirements on all money market funds. These changes may result in<br />reduced yields for money market funds, including the Fund. The SEC, other<br />regulators or the Congress may adopt additional money market requirements, which<br />may impact the operations and performance of the Fund.<br /> <br />o Market Risk - Market risk refers to the possibility that the market values of<br />portfolio securities that the Fund holds will rise or fall, sometimes rapidly or<br />unpredictably. Portfolio securities values may fall because of factors affecting<br />individual issuers, companies, industries or sectors, or the markets as a whole,<br />reducing the value of an investment in the Fund. Accordingly, an investment in<br />the Fund could lose money over short or even long periods. The market values of<br />portfolio securities the Fund holds also can be affected by changes or perceived<br />changes in U.S. or foreign economies and financial markets, and the liquidity of<br />these securities, among other factors. In general, longer term or low quality<br />debt securities tend to have greater price volatility than the short term, high<br />quality debt securities held by the Fund.<br /> <br />o Financial Services Industry Risk - The Fund invests in securities issued<br />and/or backed or enhanced by companies in the financial services industry, such<br />as banks, insurance companies and other companies principally engaged in<br />financial services activities. The financial services industry is particularly<br />vulnerable to certain factors, such as the availability and cost of borrowing<br />and raising additional capital, changes in interest rates, the rate of corporate<br />and consumer debt defaults, and price competition. Financial services companies<br />are subject to increasingly extensive government regulation, which can limit the<br />types and amounts of loans and other commitments they make and the interest<br />rates and fees they charge. Their profitability can, as a result, be significantly <br />impacted. In addition, changes in the credit quality of a financial services <br />company or such company's failure to fulfill its obligations could cause the <br />Fund's investments in securities backed by guarantees, letters of credit, <br />insurance or other credit or liquidity enhancements issued or provided by such <br />company to decline in value. Credit and liquidity enhancements are designed to <br />help assure timely payment of a security and do not protect the Fund or its <br />shareholders from losses caused by declines in a security's market value due to <br />changes in market conditions. In addition, having multiple portfolio securities' <br />credit or liquidity enhanced by the same financial services company increases <br />the potential adverse effects on the Fund that can result from a downgrading of, <br />or a default by, such financial services company.<br /> <br />o Interest Rate Risk - Debt securities are subject to interest rate risk. In<br />general, if prevailing interest rates rise, the values of debt securities will<br />tend to fall, and if interest rates fall, the values of debt securities will<br />tend to rise. Changes in the value of a debt security usually will not affect<br />the amount of income the Fund receives from the debt security or the ability of<br />the Fund to realize the par value of the debt security upon its maturity but may<br />affect the value of the Fund's shares prior to the maturity of such security if<br />it is issued in a lower prevailing interest rate environment. Interest rate risk<br />is generally greater for debt securities with longer maturities/durations.<br /> <br />o Credit Risk - Credit risk applies to all debt securities. The Fund could lose<br />money if the issuer of a debt security is unable or perceived to be unable to<br />pay interest or repay principal when it becomes due. Various factors could<br />affect the issuer's actual or perceived willingness or ability to make timely<br />interest or principal payments, including changes in the issuer's financial<br />condition or in general economic conditions. Debt securities backed by an<br />issuer's taxing authority may be subject to legal limits on the issuer's power<br />to increase taxes or otherwise to raise revenue, or may be dependent on<br />legislative appropriation or government aid. Certain debt securities are backed<br />only by revenues derived from a particular project or source, rather than by an<br />issuer's taxing authority, and thus may have a greater risk of default.<br />Historically, credit risk has been a limited factor for short-term obligations<br />backed by the "full faith and credit" of the U.S. Government.<br /> <br />o U.S. Government Obligations Risk - U.S. Treasury obligations are backed by the<br />"full faith and credit" of the U.S. Government. Securities issued or guaranteed<br />by federal agencies or authorities and U.S. Government-sponsored instrumentalities <br />or enterprises may or may not be backed by the full faith and credit of the U.S. <br />Government. For example, securities issued by the Federal Home Loan Mortgage <br />Corporation, the Federal National Mortgage Association and the Federal Home Loan <br />Banks are neither insured nor guaranteed by the U.S. Government. These securities <br />may be supported by the ability to borrow from the U.S. Treasury or only by the <br />credit of the issuing agency, authority, instrumentality or enterprise and, as a <br />result, are subject to greater credit risk than securities issued or guaranteed <br />by the U.S. Treasury. See ABOUT THE FUNDS' INVESTMENTS - U.S. Government and <br />Related Obligations in the statement of additional information for more information.<br /> <br />o Asset-Backed Securities Risk - The value of the Fund's asset-backed securities<br />may be affected by, among other things, changes in: interest rates, factors<br />concerning the interests in and structure of the issuer or the originator of the<br />receivables, the creditworthiness of the entities that provide any supporting<br />letters of credit, surety bonds or other credit or liquidity enhancements, or<br />the market's assessment of the quality of underlying assets. Asset-backed<br />securities represent interests in, or are backed by, pools of receivables such<br />as credit card, auto, student and home equity loans. They may also be backed, in<br />turn, by securities backed by these types of loans and others, such as mortgage<br />loans. Asset-backed securities can have a fixed or an adjustable rate. Most<br />asset-backed securities are subject to prepayment risk, which is the possibility<br />that the underlying debt may be refinanced or prepaid prior to maturity during<br />periods of declining or low interest rates, causing the Fund to have to reinvest<br />the money received in securities that have lower yields. In addition, the impact<br />of prepayments on the value of asset-backed securities may be difficult to<br />predict and may result in greater volatility. Rising or high interest rates tend<br />to extend the duration of asset-backed securities, making them more volatile and<br />more sensitive to changes in interest rates.<br /> <br />o Municipal Securities Risk - Municipal securities are debt obligations generally <br />issued to obtain funds for various public purposes, including general financing <br />for state and local governments, or financing for a specific project or public <br />facility. Municipal securities may be fully or partially backed or enhanced by <br />the taxing authority of the local government, by the current or anticipated <br />revenues from a specific project or specific assets or by the credit of, or<br />liquidity enhancement provided by a private issuer in some manner, such as<br />letters of credit, guarantees or insurance, and are generally classified into<br />general obligation bonds and revenue obligations. General obligation bonds are<br />backed by an issuer's taxing authority and may be vulnerable to limits on a<br />government's power or ability to raise revenue or increase taxes. They may also<br />depend for payment on legislative appropriation and/or funding or other support<br />from other governmental bodies. Revenue obligations are payable from revenues<br />generated by a particular project or other revenue source, and are typically<br />subject to greater risk of default than general obligation bonds because<br />investors can look only to the revenue generated by the project or other revenue<br />source backing the project, rather than to the general taxing authority of the<br />state or local government issuer of the obligations. Because many municipal<br />securities are issued to finance projects in sectors such as education, health<br />care, transportation and utilities, conditions in those sectors can affect the<br />overall municipal market. Municipal securities pay interest that is intended to<br />be free from federal income tax (and, in some cases, the federal alternative<br />minimum tax). There is no assurance that the Internal Revenue Service (IRS) will<br />agree with this position. For example, in the event that the IRS determines that<br />the issuer did not comply with relevant tax requirements, interest payments from<br />a municipal security could become federally taxable, possibly retroactively to<br />the date the municipal security was issued, and the value of the municipal<br />security would likely fall. As a shareholder of the Fund, you may be required to<br />file an amended tax return and pay additional taxes as a result.<br /> <br />o Repurchase Agreements Risk - Repurchase agreements are agreements in which the<br />seller of a security to the Fund agrees to repurchase that security from the<br />Fund at a mutually agreed upon price and time. Repurchase agreements also may be<br />viewed as loans made by the Fund. Repurchase agreements carry the risk that the<br />counterparty may not fulfill its obligations under the agreement. This could<br />cause the Fund's income and the value of shares in the Fund to decline. Repurchase <br />agreements are collateralized by the securities purchased by the Fund under the <br />repurchase agreements, which may include securities that the Fund is not otherwise <br />directly permitted to purchase, such as long-term government bonds, investment-grade <br />corporate bonds and equity securities. The value of these securities may be more <br />volatile or less liquid than the securities that the Fund is permitted to purchase <br />directly thereby increasing the risk that the Fund will be unable to recover fully <br />in the event of the counterparty's default.<br /> <br />o Foreign Securities Risk - Foreign securities are subject to special risks as<br />compared to securities of U.S. issuers. For example, foreign markets can be<br />extremely volatile. Foreign securities may be less liquid than domestic<br />securities so that the Fund may, at times, be unable to sell foreign securities<br />at desirable times or prices. The Fund may have limited or no legal recourse in<br />the event of default with respect to certain foreign securities, including those<br />issued by foreign governments. In addition, foreign governments may impose<br />potentially confiscatory withholding or other taxes. Other risks include<br />possible delays in the settlement of transactions or in the payment of income;<br />generally less publicly available information about companies; the impact of<br />political, social or diplomatic events; and accounting, auditing and financial<br />reporting standards that may be less comprehensive and stringent than those<br />applicable to domestic companies.<br /> <br />o Dividends/Distributions Risk - The amount of income from portfolio securities<br />could affect the Fund's ability to pay periodic dividends and distributions to<br />shareholders. It is possible that, during periods of low prevailing interest<br />rates or otherwise, the income from portfolio securities may be less than the<br />amount needed to pay ongoing Fund operating expenses. In such cases, the Fund<br />may reduce or eliminate the payment of such dividends or distributions.</tt>
Fees and Expenses of the Fund
Principal Investment Strategies
<tt>The following bar chart and table show you how the Fund has performed in the<br />past, and can help you understand the risks of investing in the Fund. The<br />returns shown for periods prior to January 1, 2010 are the returns of Trust<br />Class shares of Columbia Cash Reserves, the predecessor to the Fund and a series<br />of Columbia Funds Series Trust. The Fund's past performance is no guarantee of<br />how the Fund will perform in the future.</tt>
<tt>This table describes the fees and expenses that you may pay if you buy and hold<br />shares of the Fund.</tt>
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An investment in the Fund is not a bank deposit, and is not insured or
guaranteed by the Advisor or the Advisor's affiliates, including Bank
of America, N.A. and Bank of America Corporation (collectively, Bank
of America), the Federal Deposit Insurance Corporation or any other
government agency
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NRSXX
0.0171
Worst:
Best:
0.00
2012-09-30
0.0010
31
2007-09-30
114
0.0000
0.0115
-0.0008
0.0003
473
205
0.0513
0.0130
0.0001
0.0013
0.0269
0.0025
2013-12-31
2011-09-30
0.0032
0.0162
0.0299
Year-to-date return
0.0003
0.0001
0.0099
0.0000
0.0197
0.0030
0.0038
0.0486
0.0006
0.00
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pure
iso4217:USD
BofA Advisors, LLC, the Fund's investment advisor (the Advisor) and administrator, has contractually agreed to limit management fees (investment advisory fees and administration fees) to an annual rate of 0.19% of average net assets through December 31, 2013. This fee and expense arrangement may only be modified or amended with the approval of all parties to such arrangement, including the Fund (acting through its Board) and the Advisor.
The Advisor and/or some of the Fund's other service providers have contractually agreed to bear a portion of the Fund's expenses so that the Fund's ordinary operating expenses (excluding any distribution, shareholder servicing and/or shareholder administration fees, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, do not exceed the annual rate of 0.20% of the Fund's average daily net assets through December 31, 2013. The Advisor and BofA Distributors, Inc., the Fund's distributor (the Distributor), are entitled to recover from the Fund any fees waived and/or expenses reimbursed for a three year period following the date of such waiver and/or reimbursement if such recovery does not cause the Fund's total operating expenses to exceed the expense commitment in effect at the time the expenses to be recovered were incurred. This fee and expense arrangement may only be modified or amended with the approval of all parties to such arrangement, including the Fund (acting through its Board) and the Advisor.
Year-to-date return as of September 30, 2012: 0.00%
Year-to-date return as of September 30, 2012: 0.13%
Year-to-date return as of September 30, 2012: 0.10%
BofA Distributors, Inc., the Fund's distributor (the Distributor), has contractually agreed to limit the combined total of Rule 12b-1 distribution fees and shareholder servicing fees to an annual rate of 0.15% of average net assets through December 31, 2013. This fee and expense arrangement may only be modified or amended with the approval of all parties to such arrangement, including the Fund (acting through its Board) and the Distributor.
The Advisor and/or some of the Fund's other service providers have contractually agreed to bear a portion of the Fund's expenses so that the Fund's ordinary operating expenses (excluding any distribution, shareholder servicing and/or shareholder administration fees, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, do not exceed the annual rate of 0.20% of the Fund's average daily net assets through December 31, 2013. The Advisor and the Distributor are entitled to recover from the Fund any fees waived and/or expenses reimbursed for a three year period following the date of such waiver and/or reimbursement if such recovery does not cause the Fund's total operating expenses to exceed the expense commitment in effect at the time the expenses to be recovered were incurred. This fee and expense arrangement may only be modified or amended with the approval of all parties to such arrangement, including the Fund (acting through its Board) and the Advisor.
Year-to-date return as of September 30, 2012: 0.02%
Year-to-date return as of September 30, 2012: 0.06%
The Advisor and/or some of the Fund's other service providers have contractually agreed to bear a portion of the Fund's expenses so that the Fund's ordinary operating expenses (excluding any distribution, shareholder servicing and/or shareholder administration fees, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, do not exceed the annual rate of 0.20% of the Fund's average daily net assets through December 31, 2013. The Advisor and BofA Distributors, Inc., the Fund's distributor (the Distributor), are entitled to recover from the Fund any fees waived and/or expenses reimbursed for a three year period following the date of such waiver and/or reimbursement made on or after January 1, 2013 if such recovery does not cause the Fund's total operating expenses to exceed the expense commitment in effect at the time the expenses to be recovered were incurred. This fee and expense arrangement may only be modified or amended with the approval of all parties to such arrangement, including the Fund (acting through its Board) and the Advisor.
Year-to-date return as of September 30, 2012: 0.04%
Year-to-date return as of September 30, 2012: 0.01%
Year-to-date return as of September 30, 2012: 0.11%
Year-to-date return as of September 30, 2012: 0.08%
The Advisor and/or some of the Fund's other service providers have contractually agreed to bear a portion of the Fund's expenses so that the Fund's ordinary operating expenses (excluding any distribution, shareholder servicing and/or shareholder administration fees, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, do not exceed the annual rate of 0.20% of the Fund's average daily net assets through December 31, 2013. The Advisor and BofA Distributors, Inc., the Fund's distributor (the Distributor), are entitled to recover from the Fund any fees waived and/or expenses reimbursed for a three year period following the date of such waiver and/or reimbursement if such recovery does not cause the Fund's total operating expenses to exceed the expense commitment in effect at the time the expenses to be recovered were incurred. This fee and expense arrangement may only be modified or amended with the approval of all parties to such arrangement, including the (acting through its Board) Fund and the Advisor.
Year-to-date return as of September 30, 2012: 0.07%
Year-to-date return as of September 30, 2012: 0.03%
The Advisor and/or some of the Fund's other service providers have contractually agreed to bear a portion of the Fund's expenses so that the Fund's ordinary operating expenses (excluding any distribution, shareholder servicing and/or shareholder administration fees, interest, taxes and extraordinary expenses, but including custodian charges relating to overdrafts, if any), after giving effect to any balance credits from the Fund's custodian, do not exceed the annual rate of 0.20% of the Fund's average daily net assets through December 31, 2013. The Advisor and BofA Distributors, Inc., the Fund's distributor (the Distributor), are entitled to recover from the Fund any fees waived and/or expenses reimbursed for a three year period following the date of such waiver and/or reimbursement if such recovery does not cause the Fund's total operating expenses to exceed the expense commitment in effect at the time the expenses to be recovered were incurred. This fee and expense arrangement may only be modified or amended with the approval of all parties to such arrangement, including the Fund (acting through its Board) and the Advisor. 3
Year-to-date return as of September 30, 2012: 0.05%