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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Investment Objective</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund seeks total return, consisting of current income and capital appreciation.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Fees and Expenses of the Fund</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Shareholder Fees (fees paid directly from your investment)
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Example
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </div><div>
</div><div> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</div>
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">you invest $10,000 in Class Z shares of the Fund for the periods indicated,</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</div>
</td></tr></table>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
</div><div> Based on the assumptions listed above, your costs would be:</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Remember this is an example only. Your actual costs may be higher or lower. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Portfolio Turnover
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 17% of the average value of its portfolio.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Principal Investment Strategies </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests at least 80% of its net assets in a diversified portfolio of income-producing (dividend-paying) equity securities, which will consist primarily of common stocks but also may include preferred stocks and convertible securities. The Fund invests principally in securities of companies that Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Adviser), believes are undervalued but also may invest in securities of companies that the Adviser believes have the potential for long-term growth. The Fund may invest in companies that have market capitalizations of any size.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund may invest up to 20% of its net assets in debt securities, including securities that, at the time of purchase, are rated low and below investment grade or are unrated but determined by the Adviser to be of comparable quality, which are commonly referred to as "junk bonds."</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The Fund may also invest up to 20% of its net assets in foreign securities. The Fund may invest directly in foreign securities or indirectly through depositary receipts. Depositary receipts are receipts issued by a bank or trust company and evidence ownership of underlying securities issued by foreign companies. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund may invest in derivatives, including futures, forwards, options, swap contracts and other derivative instruments. The Fund may invest in derivatives for both hedging and non-hedging purposes, including, for example, to seek to enhance returns or as a substitute for a position in an underlying asset.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Adviser combines fundamental and quantitative analysis with risk management in identifying investment opportunities and constructing the Fund's portfolio. The Adviser considers, among other factors:</div>
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">various measures of valuation, including price-to-cash flow, price-to-earnings, price-to-sales, and price-to-book value. The Adviser believes that companies with lower valuations are generally more likely to provide opportunities for capital appreciation.</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">potential indicators of stock price appreciation, such as anticipated earnings growth, company restructuring, changes in management, business model changes, new product opportunities, or anticipated improvements in macroeconomic factors.</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">the financial condition and management of a company, including its competitive position, the quality of its balance sheet and earnings, its future prospects, and the potential for growth and stock price appreciation.</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">overall economic and market conditions.</div>
</td></tr></table>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Adviser may sell a security when the security's price reaches a target set by the Adviser; if the Adviser believes that there is deterioration in the issuer's financial circumstances or fundamental prospects, or that other investments are more attractive; or for other reasons.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Principal Risks</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Investment Strategy Risk -- The Adviser uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions made by the Adviser in using these strategies may not produce the returns expected by the Adviser, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Market Risk
-- Market risk refers to the possibility that the market values of securities that the Fund holds will rise or fall, sometimes rapidly or unpredictably. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Value Securities Risk
-- Value securities are securities of companies that may have experienced, for example, adverse business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the Adviser's future value assessment of that security, or may decline. There is also a risk that it may take longer than expected for the value of these investments to rise to the believed value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.</div>
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</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Growth Securities Risk -- Because growth securities typically trade at a higher multiple of earnings than other types of securities, the market values of growth securities may be more sensitive to changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.</div>
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</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Foreign Securities Risk -- Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</div>
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</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Low and Below Investment Grade Securities Risk
-- Debt securities with the lowest investment grade rating (e.g., BBB by Standard & Poor's, a division of the McGraw-Hill Companies, Inc. (Standard & Poor's), or Fitch, Inc. (Fitch) or Baa by Moody's Investors Service, Inc. (Moody's)), or that are below investment grade (which are commonly referred to as "junk bonds") (e.g., BB or below by Standard & Poor's, or Fitch or Ba by Moody's) are more speculative than securities with higher ratings, and tend to be more sensitive to credit risk, particularly during a downturn in the economy, which is more likely to weaken the ability of the issuers to make principal and interest payments on these securities than is the case for higher-rated securities. These securities typically pay a premium -- a higher interest rate or yield -- because of the increased risk of loss, including default. These securities also are generally less liquid than higher-rated securities. The securities ratings provided by Moody's, Standard & Poor's and Fitch are based on analyses by these ratings agencies of the credit quality of the securities and may not take into account every risk related to whether interest or principal will be timely repaid.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Changing Distribution Levels Risk - The amount of the distributions paid by the Fund generally depends on the amount of interest and/or dividends received by the Fund on the securities it holds. The Fund may not be able to pay distributions or may have to reduce its distribution level if the interest and/or dividends the Fund receives from its investments decline.</div>
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</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Credit Risk
-- Credit risk applies to most debt securities, but is generally not a factor for obligations backed by the "full faith and credit" of the U.S. Government. The Fund could lose money if the issuer of a debt security is unable or perceived to be unable to pay interest or repay principal when it becomes due. Various factors could affect the issuer's actual or perceived willingness or ability to make timely interest or principal payments, including changes in the issuer's financial condition or in general economic conditions. Debt securities backed by an issuer's taxing authority may be subject to legal limits on the issuer's power to increase taxes or otherwise to raise revenue, or may be dependent on legislative appropriation or government aid. Certain debt securities are backed only by revenues derived from a particular project or source, rather than by an issuer's taxing authority, and thus may have a greater risk of default.</div>
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</div>
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Interest Rate Risk
-- Debt securities are subject to interest rate risk. In general, if prevailing interest rates rise, the values of debt securities will tend to fall, and if interest rates fall, the values of debt securities will tend to rise. Changes in the value of a debt security usually will not affect the amount of income the Fund receives from it but may affect the value of the Fund's shares. Interest rate risk is generally greater for debt securities with longer maturities/durations.</div>
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</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Convertible Securities Risk -- Convertible securities are subject to the usual risks associated with debt securities, such as interest rate risk and credit risk. Convertible securities also react to changes in the value of the common stock into which they convert, and are thus subject to market risk. Because the value of a convertible security can be influenced by both interest rates and market movements, a convertible security generally is not as sensitive to interest rates as a similar debt security, and generally will not vary in value in response to other factors to the same extent as the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities would typically be paid before the company's common stockholders but after holders of any senior debt obligations of the company. The Fund may be forced to convert a convertible security before it otherwise would choose to do so, which may decrease the Fund's return.</div>
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</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Derivatives Risk -- Derivatives are financial contracts whose values are, for example, based on (or "derived" from) traditional securities (such as a stock or bond), assets (such as a commodity like gold or a foreign currency), reference rates (such as LIBOR) or market indices (such as the Standard & Poor's (S&P) 500® Index). Derivatives involve special risks and may result in losses or may limit the Fund's potential gain from favorable market movements. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security or other asset. The values of derivatives may move in unexpected ways, especially in unusual market conditions, and may result in increased volatility, among other consequences. The use of derivatives may also increase the amount of taxes payable by shareholders holding shares in a taxable account. Other risks arise from the Fund's potential inability to terminate or to sell derivative positions. A liquid secondary market may not always exist for the Fund's derivative positions at times when the Fund might wish to terminate or to sell such positions. Over-the-counter instruments (investments not traded on an exchange) may be illiquid, and transactions in derivatives traded in the over-the-counter market are subject to the risk that the other party will not meet its obligations. The use of derivatives also involves the risks of mispricing or improper valuation and that changes in the value of the derivative may not correlate perfectly with the underlying security, asset, reference rate or index. The Fund also may not be able to find a suitable derivative transaction counterparty, and thus may be unable to engage in derivative transactions when it is deemed favorable to do so, or at all. For more information on the risks of derivative investments and strategies, see the Statement of Additional Information. </div>
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</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Currency Risk -- Securities denominated in different currencies are subject to the risk that, for example, if the value of a foreign currency were to decline against the U.S. dollar, such decline would reduce the U.S. dollar value of any securities held by the Fund denominated in that currency.</div>
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</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Reinvestment Risk
-- Income from the Fund's debt securities portfolio will decline if and when the Fund invests the proceeds from matured, traded or called securities in securities with market interest rates that are below the current earnings rate of the Fund's portfolio.</div>
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</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Performance Information </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The returns shown include the returns of the Galaxy Strategic Equity Fund, the predecessor to the Fund, for periods prior to November 25, 2002, the date on which Class Z shares were initially offered by the Fund. The Fund's past performance (before or after taxes) is no guarantee of how the Fund will perform in the future.
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">More recent performance information is available on the Columbia Funds' website at www.columbiamanagement.com or by calling 800.345.6611.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Year by Year Total Return (%)</div><div> as of December 31 Each Year</div>
2nd quarter 2003:
0.1851
3rd quarter 2002:
-0.1978
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Russell 1000 Index, which tracks the performance of 1,000 of the largest U.S. companies, based on market capitalization.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</div>
><div style="display:none">~http://columbia/role/ShareholderFeesDataCDIFCLASSZ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012079Member ~</div>
><div style="display:none">~ http://columbia/role/OperatingExpensesDataCDIFCLASSZ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012079Member ~</div>
0
0.0011
0.008
><div style="display:none">~ http://columbia/role/ExpenseExampleCDIFCLASSZ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012079Member ~</div>
82
255
444
990
><div style="display:none">~ http://columbia/role/BarChartDataCDIFCLASSZ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012079Member ~</div>
0.0863
-0.203
0.2163
0.1485
0.0662
0.2007
0.0694
-0.2778
0.1859
0.1302
><div style="display:none">~ http://columbia/role/PerformanceTableDataCDIFCLASSZ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012079Member ~</div>
0.1302
0.1259
0.0897
0.161
0.0444
0.0399
0.0378
0.0259
0.0483
0.0435
0.0408
0.0183
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Investment Objective</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund seeks total return, consisting of current income and capital appreciation.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Fees and Expenses of the Fund</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A or Class T shares of eligible Columbia Funds. More information about these and other discounts is available from your financial advisor, in the Choosing a Share Class section beginning on page 17 of this prospectus and in Appendix C of the Statement of Additional Information under
Sales Charge Waivers
beginning on page C-1.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Shareholder Fees (fees paid directly from your investment)
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Example
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </div><div>
</div><div> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</div>
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">you invest $10,000 in Class A, Class B, Class C, Class I, Class R, Class T or Class W shares of the Fund for the periods indicated,</div>
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</div>
</td></tr></table>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
</div><div> Based on the assumptions listed above, your costs would be:</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Remember this is an example only. Your actual costs may be higher or lower. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Portfolio Turnover
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 17% of the average value of its portfolio.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Principal Investment Strategies </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests at least 80% of its net assets in a diversified portfolio of income-producing (dividend-paying) equity securities, which will consist primarily of common stocks but also may include preferred stocks and convertible securities. The Fund invests principally in securities of companies that Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Adviser), believes are undervalued but also may invest in securities of companies that the Adviser believes have the potential for long-term growth. The Fund may invest in companies that have market capitalizations of any size.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund may invest up to 20% of its net assets in debt securities, including securities that, at the time of purchase, are rated low and below investment grade or are unrated but determined by the Adviser to be of comparable quality, which are commonly referred to as "junk bonds."</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The Fund may also invest up to 20% of its net assets in foreign securities. The Fund may invest directly in foreign securities or indirectly through depositary receipts. Depositary receipts are receipts issued by a bank or trust company and evidence ownership of underlying securities issued by foreign companies. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund may invest in derivatives, including futures, forwards, options, swap contracts and other derivative instruments. The Fund may invest in derivatives for both hedging and non-hedging purposes, including, for example, to seek to enhance returns or as a substitute for a position in an underlying asset.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Adviser combines fundamental and quantitative analysis with risk management in identifying investment opportunities and constructing the Fund's portfolio. The Adviser considers, among other factors:</div>
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">various measures of valuation, including price-to-cash flow, price-to-earnings, price-to-sales, and price-to-book value. The Adviser believes that companies with lower valuations are generally more likely to provide opportunities for capital appreciation.</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">potential indicators of stock price appreciation, such as anticipated earnings growth, company restructuring, changes in management, business model changes, new product opportunities, or anticipated improvements in macroeconomic factors.</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">the financial condition and management of a company, including its competitive position, the quality of its balance sheet and earnings, its future prospects, and the potential for growth and stock price appreciation.</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">overall economic and market conditions.</div>
</td></tr></table>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Adviser may sell a security when the security's price reaches a target set by the Adviser; if the Adviser believes that there is deterioration in the issuer's financial circumstances or fundamental prospects, or that other investments are more attractive; or for other reasons.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Principal Risks</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Investment Strategy Risk -- The Adviser uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions made by the Adviser in using these strategies may not produce the returns expected by the Adviser, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Market Risk
-- Market risk refers to the possibility that the market values of securities that the Fund holds will rise or fall, sometimes rapidly or unpredictably. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Value Securities Risk
-- Value securities are securities of companies that may have experienced, for example, adverse business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the Adviser's future value assessment of that security, or may decline. There is also a risk that it may take longer than expected for the value of these investments to rise to the believed value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Growth Securities Risk -- Because growth securities typically trade at a higher multiple of earnings than other types of securities, the market values of growth securities may be more sensitive to changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Foreign Securities Risk -- Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Low and Below Investment Grade Securities Risk
-- Debt securities with the lowest investment grade rating (e.g., BBB by Standard & Poor's, a division of the McGraw-Hill Companies, Inc. (Standard & Poor's), or Fitch, Inc. (Fitch) or Baa by Moody's Investors Service, Inc. (Moody's)), or that are below investment grade (which are commonly referred to as "junk bonds") (e.g., BB or below by Standard & Poor's, or Fitch or Ba by Moody's) are more speculative than securities with higher ratings, and tend to be more sensitive to credit risk, particularly during a downturn in the economy, which is more likely to weaken the ability of the issuers to make principal and interest payments on these securities than is the case for higher-rated securities. These securities typically pay a premium -- a higher interest rate or yield -- because of the increased risk of loss, including default. These securities also are generally less liquid than higher-rated securities. The securities ratings provided by Moody's, Standard & Poor's and Fitch are based on analyses by these ratings agencies of the credit quality of the securities and may not take into account every risk related to whether interest or principal will be timely repaid.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Changing Distribution Levels Risk - The amount of the distributions paid by the Fund generally depends on the amount of interest and/or dividends received by the Fund on the securities it holds. The Fund may not be able to pay distributions or may have to reduce its distribution level if the interest and/or dividends the Fund receives from its investments decline.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Credit Risk
-- Credit risk applies to most debt securities, but is generally not a factor for obligations backed by the "full faith and credit" of the U.S. Government. The Fund could lose money if the issuer of a debt security is unable or perceived to be unable to pay interest or repay principal when it becomes due. Various factors could affect the issuer's actual or perceived willingness or ability to make timely interest or principal payments, including changes in the issuer's financial condition or in general economic conditions. Debt securities backed by an issuer's taxing authority may be subject to legal limits on the issuer's power to increase taxes or otherwise to raise revenue, or may be dependent on legislative appropriation or government aid. Certain debt securities are backed only by revenues derived from a particular project or source, rather than by an issuer's taxing authority, and thus may have a greater risk of default.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Interest Rate Risk
-- Debt securities are subject to interest rate risk. In general, if prevailing interest rates rise, the values of debt securities will tend to fall, and if interest rates fall, the values of debt securities will tend to rise. Changes in the value of a debt security usually will not affect the amount of income the Fund receives from it but may affect the value of the Fund's shares. Interest rate risk is generally greater for debt securities with longer maturities/durations.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Convertible Securities Risk -- Convertible securities are subject to the usual risks associated with debt securities, such as interest rate risk and credit risk. Convertible securities also react to changes in the value of the common stock into which they convert, and are thus subject to market risk. Because the value of a convertible security can be influenced by both interest rates and market movements, a convertible security generally is not as sensitive to interest rates as a similar debt security, and generally will not vary in value in response to other factors to the same extent as the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities would typically be paid before the company's common stockholders but after holders of any senior debt obligations of the company. The Fund may be forced to convert a convertible security before it otherwise would choose to do so, which may decrease the Fund's return.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Derivatives Risk -- Derivatives are financial contracts whose values are, for example, based on (or "derived" from) traditional securities (such as a stock or bond), assets (such as a commodity like gold or a foreign currency), reference rates (such as LIBOR) or market indices (such as the Standard & Poor's (S&P) 500® Index). Derivatives involve special risks and may result in losses or may limit the Fund's potential gain from favorable market movements. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security or other asset. The values of derivatives may move in unexpected ways, especially in unusual market conditions, and may result in increased volatility, among other consequences. The use of derivatives may also increase the amount of taxes payable by shareholders holding shares in a taxable account. Other risks arise from the Fund's potential inability to terminate or to sell derivative positions. A liquid secondary market may not always exist for the Fund's derivative positions at times when the Fund might wish to terminate or to sell such positions. Over-the-counter instruments (investments not traded on an exchange) may be illiquid, and transactions in derivatives traded in the over-the-counter market are subject to the risk that the other party will not meet its obligations. The use of derivatives also involves the risks of mispricing or improper valuation and that changes in the value of the derivative may not correlate perfectly with the underlying security, asset, reference rate or index. The Fund also may not be able to find a suitable derivative transaction counterparty, and thus may be unable to engage in derivative transactions when it is deemed favorable to do so, or at all. For more information on the risks of derivative investments and strategies, see the Statement of Additional Information. </div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Currency Risk -- Securities denominated in different currencies are subject to the risk that, for example, if the value of a foreign currency were to decline against the U.S. dollar, such decline would reduce the U.S. dollar value of any securities held by the Fund denominated in that currency.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Reinvestment Risk
-- Income from the Fund's debt securities portfolio will decline if and when the Fund invests the proceeds from matured, traded or called securities in securities with market interest rates that are below the current earnings rate of the Fund's portfolio.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Performance Information </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The returns shown in the bar chart for all periods are the returns of Class A shares of the Fund. The returns shown for Class A shares, Class B shares and Class C shares include the returns of the Galaxy Strategic Equity Fund, the predecessor to the Fund, for periods prior to November 25, 2002, the date on which Class A shares, Class B shares, Class C shares and Class T shares were initially offered by the Fund. The returns shown for Class R shares include the returns of Class A shares for periods prior to March 28, 2008, the date on which Class R shares were initially offered by the Fund, and include the returns of Galaxy Strategic Equity Fund for periods prior to November 25, 2002. For periods prior to September 27, 2010, when Class I shares and Class W shares were initially offered by the Fund, the returns shown for Class I shares include the returns of the Fund's Class Z shares and the returns shown for Class W shares include the returns of the Fund's Class A shares. These returns have not been adjusted to reflect any differences in operating expenses between the classes. If differences in operating expenses were reflected, the performance shown for Class R shares would be lower. The Fund's past performance (before or after taxes) is no guarantee of how the Fund will perform in the future.
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">More recent performance information is available on the Columbia Funds' website at www.columbiamanagement.com or by calling 800.345.6611.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Year by Year Total Return (%)</div><div> as of December 31 Each Year</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">These returns do not reflect deductions of sales charges, if any, paid by investors and would be lower if they did.</div>
2nd quarter 2003:
0.1841
3rd quarter 2002:
-0.198
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Russell 1000 Index, which tracks the performance of 1,000 of the largest U.S. companies, based on market capitalization.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns are shown only for Class A shares, and will vary for other share classes.</div>
><div style="display:none">~http://columbia/role/ShareholderFeesDataCDIFCLASSABCIRTW column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012079Member ~</div>
0.0575
0.01
0.05
0.01
0.0575
0.01
><div style="display:none">~ http://columbia/role/OperatingExpensesDataCDIFCLASSABCIRTW column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012079Member ~</div>
0.0025
0.0011
0.0105
0.01
0.0011
0.018
0.01
0.0011
0.018
0
0.0004
0.0073
0.005
0.0011
0.013
0
0.0041
0.011
0.0025
0.0011
0.0105
><div style="display:none">~ http://columbia/role/ExpenseExampleCDIFCLASSABCIRTW column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012079Member ~</div>
676
683
283
75
132
681
107
890
866
566
233
412
905
334
1121
1175
975
406
713
1146
579
1784
1919
2116
906
1568
1838
1283
><div style="display:none">~ http://columbia/role/ExpenseExampleNoRedemptionCDIFCLASSABCIRTW column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012079Member ~</div>
183
183
566
566
975
975
1919
2116
><div style="display:none">~ http://columbia/role/BarChartDataCDIFCLASSABCIRTW column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012079Member ~</div>
0.08
-0.2064
0.211
0.1457
0.0636
0.1977
0.0668
-0.2797
0.183
0.1266
><div style="display:none">~ http://columbia/role/PerformanceTableDataCDIFCLASSABCIRTW column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012079Member ~</div>
0.062
0.0584
0.0446
0.0683
0.1085
0.1313
0.1246
0.0615
0.1266
0.161
0.0295
0.0254
0.0249
0.0305
0.0341
0.0447
0.0404
0.029
0.0417
0.0259
0.0388
0.0348
0.0327
0.037
0.037
0.0484
0.0443
0.0383
0.0449
0.0183
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Investment Objective</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund seeks total return, consisting primarily of long-term capital appreciation and secondarily of current income.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Fees and Expenses of the Fund</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A or Class T shares of eligible Columbia Funds. More information about these and other discounts is available from your financial advisor, in the Choosing a Share Class section beginning on page 14 of this prospectus and in Appendix C of the Statement of Additional Information under
Sales Charge Waivers
beginning on page C-1.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Shareholder Fees (fees paid directly from your investment)
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Example
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </div><div>
</div><div> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</div>
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">you invest $10,000 in Class A, Class B, Class C or Class T shares of the Fund for the periods indicated,</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</div>
</td></tr></table>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
</div><div> Based on the assumptions listed above, your costs would be:</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Remember this is an example only. Your actual costs may be higher or lower. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Portfolio Turnover
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 79% of the average value of its portfolio.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Principal Investment Strategies </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities (including, but not limited to, common stocks, preferred stocks and securities convertible into common or preferred stocks) that Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Adviser), believes are undervalued. The Fund may invest in companies that have market capitalizations of any size, but invests most of its assets in companies that have market capitalizations of more than $1.5 billion.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund typically will hold a selection of common stocks included in the Russell 1000 Value Index. The Adviser attempts to maintain a portfolio that generally matches the risk characteristics of the index. The Adviser will vary the number and percentages of the Fund's holdings in attempting to provide higher returns than the Russell 1000 Value Index and to reduce the potential of underperforming the index over time. The Fund generally holds fewer stocks than the Russell 1000 Value Index and may hold securities that are not in the index.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund may invest in derivatives, including futures, forwards, options, swap contracts and other derivative instruments. The Fund may invest in derivatives for both hedging and non-hedging purposes, including, for example, to seek to enhance returns or as a substitute for a position in an underlying asset.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Adviser uses quantitative analysis to evaluate the relative attractiveness of potential investments by considering a wide variety of factors which may include, among others, value measures (e.g., price-to-cash flows, price-to-earnings, price-to-book value), growth measures (e.g., earnings growth, revenue growth), price momentum and earnings momentum. Investments are selected with the intention of increasing return relative to the Russell 1000 Value Index and/or reducing portfolio volatility relative to the Russell 1000 Value Index.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Adviser may sell a security when it believes other stocks in the index or other investments are more attractive, when the security is removed from the index, or for other reasons.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Principal Risks</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Investment Strategy Risk -- The Adviser uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions made by the Adviser in using these strategies may not produce the returns expected by the Adviser, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Market Risk
-- Market risk refers to the possibility that the market values of securities that the Fund holds will rise or fall, sometimes rapidly or unpredictably. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Value Securities Risk
-- Value securities are securities of companies that may have experienced, for example, adverse business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the Adviser's future value assessment of that security, or may decline. There is also a risk that it may take longer than expected for the value of these investments to rise to the believed value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Smaller Company Securities Risk -- Securities of small- or mid-capitalization companies ("smaller companies") can, in certain circumstances, have a higher potential for gains than securities of large-capitalization companies but may also have more risk. For example, smaller companies may be more vulnerable to market downturns and adverse business or economic events than larger, more established companies because they may have more limited financial resources and business operations. These companies are also more likely than larger companies to have more limited product lines and operating histories and to depend on smaller management teams. Their securities may trade less frequently and in smaller volumes and may be less liquid and fluctuate more sharply in value than securities of larger companies. In addition, some smaller companies may not be widely followed by the investment community, which can lower the demand for their stocks.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Index Risk
-- The Fund's value will generally decline when the performance of its targeted index declines. In addition, because the Fund may not hold all issues included in its index, may not always be fully invested, and bears advisory, administrative and other expenses and transaction costs in trading securities, the Fund's performance may fail to match the performance of its targeted index, after taking expenses into account. It is not possible to invest directly in an index.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Derivatives Risk -- Derivatives are financial contracts whose values are, for example, based on (or "derived" from) traditional securities (such as a stock or bond), assets (such as a commodity like gold or a foreign currency), reference rates (such as LIBOR) or market indices (such as the Standard & Poor's (S&P) 500® Index). Derivatives involve special risks and may result in losses or may limit the Fund's potential gain from favorable market movements. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security or other asset. The values of derivatives may move in unexpected ways, especially in unusual market conditions, and may result in increased volatility, among other consequences. The use of derivatives may also increase the amount of taxes payable by shareholders holding shares in a taxable account. Other risks arise from the Fund's potential inability to terminate or to sell derivative positions. A liquid secondary market may not always exist for the Fund's derivative positions at times when the Fund might wish to terminate or to sell such positions. Over-the-counter instruments (investments not traded on an exchange) may be illiquid, and transactions in derivatives traded in the over-the-counter market are subject to the risk that the other party will not meet its obligations. The use of derivatives also involves the risks of mispricing or improper valuation and that changes in the value of the derivative may not correlate perfectly with the underlying security, asset, reference rate or index. The Fund also may not be able to find a suitable derivative transaction counterparty, and thus may be unable to engage in derivative transactions when it is deemed favorable to do so, or at all. For more information on the risks of derivative investments and strategies, see the Statement of Additional Information. </div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Performance Information </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The returns shown include the returns of the Galaxy Equity Value Fund, the predecessor to the Fund, for periods prior to November 25, 2002, the date on which Class A, Class B, Class C and Class T shares were initially offered by the Fund. The returns shown have not been adjusted to reflect differences in expenses. If differences in expenses were reflected, the returns shown for Class B and Class C shares for periods prior to November 25, 2002 would be lower. The Fund's past performance (before or after taxes) is no guarantee of how the Fund will perform in the future.
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">More recent performance information is available on the Columbia Funds' website at www.columbiamanagement.com or by calling 800.345.6611.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Year by Year Total Return (%)</div><div> as of December 31 Each Year</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">These returns do not reflect deductions of sales charges, if any, paid by investors and would be lower if they did.</div>
3rd quarter 2009:
0.1865
4th quarter 2008:
-0.215
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Russell 1000 Value Index, which measures the performance of those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns are shown only for Class A shares, and will vary for other share classes.</div>
><div style="display:none">~http://columbia/role/ShareholderFeesDataCDVFCLASSABCT column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012078Member ~</div>
0.0575
0.01
0.05
0.01
0.0575
0.01
><div style="display:none">~ http://columbia/role/OperatingExpensesDataCDVFCLASSABCT column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012078Member ~</div>
0.0077
0.0025
0.0023
0.0125
0.0077
0.01
0.0023
0.02
0.0077
0.01
0.0023
0.02
0.0077
0
0.0053
0.013
><div style="display:none">~ http://columbia/role/ExpenseExampleCDVFCLASSABCT column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012078Member ~</div>
695
703
303
700
949
927
627
963
1222
1278
1078
1247
1999
2134
2327
2053
><div style="display:none">~ http://columbia/role/ExpenseExampleNoRedemptionCDVFCLASSABCT column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012078Member ~</div>
203
203
627
627
1078
1078
2134
2327
><div style="display:none">~ http://columbia/role/BarChartDataCDVFCLASSABCT column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012078Member ~</div>
0.0479
-0.2972
0.2823
0.1342
0.1015
0.2259
0.0105
-0.3867
0.2065
0.1563
><div style="display:none">~ http://columbia/role/PerformanceTableDataCDVFCLASSABCT column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012078Member ~</div>
0.0902
0.0879
0.0614
0.098
0.1363
0.0886
0.1551
-0.0002
-0.0107
-0.0017
0.0015
-0.0041
-0.0008
0.0128
0.0166
0.009
0.013
0.0149
0.0145
0.016
0.0326
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Investment Objective</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund seeks total return, consisting primarily of long-term capital appreciation and secondarily of current income.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Fees and Expenses of the Fund</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Shareholder Fees (fees paid directly from your investment)
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Example
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. <br/>The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</div>
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">you invest $10,000 in Class Z shares of the Fund for the periods indicated,</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</div>
</td></tr></table>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Based on the assumptions listed above, your costs would be:</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Remember this is an example only. Your actual costs may be higher or lower. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Portfolio Turnover
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 79% of the average value of its portfolio.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Principal Investment Strategies </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests at least 80% of its net assets in equity securities (including, but not limited to, common stocks, preferred stocks and securities convertible into common or preferred stocks) that Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Adviser), believes are undervalued. The Fund may invest in companies that have market capitalizations of any size, but invests most of its assets in companies that have market capitalizations of more than $1.5 billion.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund typically will hold a selection of common stocks included in the Russell 1000 Value Index. The Adviser attempts to maintain a portfolio that generally matches the risk characteristics of the index. The Adviser will vary the number and percentages of the Fund's holdings in attempting to provide higher returns than the Russell 1000 Value Index and to reduce the potential of underperforming the index over time. The Fund generally holds fewer stocks than the Russell 1000 Value Index and may hold securities that are not in the index.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund may invest in derivatives, including futures, forwards, options, swap contracts and other derivative instruments. The Fund may invest in derivatives for both hedging and non-hedging purposes, including, for example, to seek to enhance returns or as a substitute for a position in an underlying asset.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Adviser uses quantitative analysis to evaluate the relative attractiveness of potential investments by considering a wide variety of factors which may include, among others, value measures (e.g., price-to-cash flows, price-to-earnings, price-to-book value), growth measures (e.g., earnings growth, revenue growth), price momentum and earnings momentum. Investments are selected with the intention of increasing return relative to the Russell 1000 Value Index and/or reducing portfolio volatility relative to the Russell 1000 Value Index.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Adviser may sell a security when it believes other stocks in the index or other investments are more attractive, when the security is removed from the index, or for other reasons.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Principal Risks</div>
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Investment Strategy Risk -- The Adviser uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions made by the Adviser in using these strategies may not produce the returns expected by the Adviser, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</div>
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</div>
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Market Risk
-- Market risk refers to the possibility that the market values of securities that the Fund holds will rise or fall, sometimes rapidly or unpredictably. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</div>
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</div>
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Value Securities Risk
-- Value securities are securities of companies that may have experienced, for example, adverse business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the Adviser's future value assessment of that security, or may decline. There is also a risk that it may take longer than expected for the value of these investments to rise to the believed value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.</div>
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</div>
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Smaller Company Securities Risk -- Securities of small- or mid-capitalization companies ("smaller companies") can, in certain circumstances, have a higher potential for gains than securities of large-capitalization companies but may also have more risk. For example, smaller companies may be more vulnerable to market downturns and adverse business or economic events than larger, more established companies because they may have more limited financial resources and business operations. These companies are also more likely than larger companies to have more limited product lines and operating histories and to depend on smaller management teams. Their securities may trade less frequently and in smaller volumes and may be less liquid and fluctuate more sharply in value than securities of larger companies. In addition, some smaller companies may not be widely followed by the investment community, which can lower the demand for their stocks.</div>
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</div>
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Index Risk
-- The Fund's value will generally decline when the performance of its targeted index declines. In addition, because the Fund may not hold all issues included in its index, may not always be fully invested, and bears advisory, administrative and other expenses and transaction costs in trading securities, the Fund's performance may fail to match the performance of its targeted index, after taking expenses into account. It is not possible to invest directly in an index.</div>
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</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Derivatives Risk -- Derivatives are financial contracts whose values are, for example, based on (or "derived" from) traditional securities (such as a stock or bond), assets (such as a commodity like gold or a foreign currency), reference rates (such as LIBOR) or market indices (such as the Standard & Poor's (S&P) 500® Index). Derivatives involve special risks and may result in losses or may limit the Fund's potential gain from favorable market movements. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security or other asset. The values of derivatives may move in unexpected ways, especially in unusual market conditions, and may result in increased volatility, among other consequences. The use of derivatives may also increase the amount of taxes payable by shareholders holding shares in a taxable account. Other risks arise from the Fund's potential inability to terminate or to sell derivative positions. A liquid secondary market may not always exist for the Fund's derivative positions at times when the Fund might wish to terminate or to sell such positions. Over-the-counter instruments (investments not traded on an exchange) may be illiquid, and transactions in derivatives traded in the over-the-counter market are subject to the risk that the other party will not meet its obligations. The use of derivatives also involves the risks of mispricing or improper valuation and that changes in the value of the derivative may not correlate perfectly with the underlying security, asset, reference rate or index. The Fund also may not be able to find a suitable derivative transaction counterparty, and thus may be unable to engage in derivative transactions when it is deemed favorable to do so, or at all. For more information on the risks of derivative investments and strategies, see the Statement of Additional Information. </div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Performance Information </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The returns shown include the returns of the Galaxy Equity Value Fund, the predecessor to the Fund, for periods prior to November 25, 2002, the date on which Class Z shares were initially offered by the Fund. The Fund's past performance (before or after taxes) is no guarantee of how the Fund will perform in the future.
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">More recent performance information is available on the Columbia Funds' website at www.columbiamanagement.com or by calling 800.345.6611.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The bar chart below shows you how the performance of the Fund's Class Z shares has varied from year to year.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Year by Year Total Return (%)</div><div> as of December 31 Each Year</div>
3rd quarter 2009:
0.1858
4th quarter 2008:
-0.2137
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Russell 1000 Value Index, which measures the performance of those Russell 1000 Index companies with lower price-to-book ratios and lower forecasted growth values.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</div>
><div style="display:none">~http://columbia/role/ShareholderFeesDataCDVFCLASSZ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012078Member ~</div>
><div style="display:none">~ http://columbia/role/OperatingExpensesDataCDVFCLASSZ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012078Member ~</div>
0.0077
0
0.0023
0.01
><div style="display:none">~ http://columbia/role/ExpenseExampleCDVFCLASSZ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012078Member ~</div>
102
318
552
1225
><div style="display:none">~ http://columbia/role/BarChartDataCDVFCLASSZ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012078Member ~</div>
0.0534
-0.2951
0.2865
0.1361
0.1045
0.2287
0.0134
-0.3847
0.21
0.1579
><div style="display:none">~ http://columbia/role/PerformanceTableDataCDVFCLASSZ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012078Member ~</div>
0.1579
0.1551
0.106
0.1551
0.0143
0.0035
0.0105
0.0128
0.0255
0.0177
0.0207
0.0326
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Investment Objective</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The Fund seeks long-term capital appreciation. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Fees and Expenses of the Fund</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Shareholder Fees (fees paid directly from your investment)
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Example
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </div><div>
</div><div> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</div>
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">you invest $10,000 in Class Z shares of the Fund for the periods indicated,</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</div>
</td></tr></table>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
</div><div> Based on the assumptions listed above, your costs would be:</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Remember this is an example only. Your actual costs may be higher or lower. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Portfolio Turnover
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 122% of the average value of its portfolio.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Principal Investment Strategies </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Under normal market conditions, the Fund invests at least 80% of its net assets in equity securities of large-capitalization companies, primarily common stocks and securities that can be converted into common stocks. These companies generally have market capitalizations in the range of companies in the Russell 1000 Growth Index at the time of purchase (between $1.2 billion and $372.7 billion as of December 31, 2010). The Fund invests primarily in common stocks of companies that Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Adviser) believes have the potential for long-term, above-average earnings growth.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The Fund may also invest up to 20% of its total assets in foreign securities. The Fund may invest directly in foreign securities or indirectly through depositary receipts. Depositary receipts are receipts issued by a bank or trust company and evidence ownership of underlying securities issued by foreign companies. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund may invest in derivatives, including futures, forwards, options, swap contracts and other derivative instruments. The Fund may invest in derivatives for both hedging and non-hedging purposes, including, for example, to seek to enhance returns or as a substitute for a position in an underlying asset.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Adviser combines fundamental and quantitative analysis with risk management in identifying investment opportunities and constructing the Fund's portfolio. The Adviser considers, among other factors:</div>
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">overall economic and market conditions.</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">the financial condition and management of a company, including its competitive position, the quality of its balance sheet and earnings, its future prospects, and the potential for growth and stock price appreciation.</div>
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Adviser may sell a security when the security's price reaches a target set by the Adviser; if the Adviser believes that there is deterioration in the issuer's financial circumstances or fundamental prospects, or that other investments are more attractive; or for other reasons.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The Fund's investment strategy may involve the frequent trading of portfolio securities. This may cause the Fund to incur higher transaction costs (which may adversely affect the Fund's performance) and may increase taxable distributions for shareholders. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Principal Risks</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Investment Strategy Risk -- The Adviser uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions made by the Adviser in using these strategies may not produce the returns expected by the Adviser, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</div>
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</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Market Risk
-- Market risk refers to the possibility that the market values of securities that the Fund holds will rise or fall, sometimes rapidly or unpredictably. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Growth Securities Risk -- Because growth securities typically trade at a higher multiple of earnings than other types of securities, the market values of growth securities may be more sensitive to changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Foreign Securities Risk -- Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Derivatives Risk -- Derivatives are financial contracts whose values are, for example, based on (or "derived" from) traditional securities (such as a stock or bond), assets (such as a commodity like gold or a foreign currency), reference rates (such as LIBOR) or market indices (such as the Standard & Poor's (S&P) 500® Index). Derivatives involve special risks and may result in losses or may limit the Fund's potential gain from favorable market movements. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security or other asset. The values of derivatives may move in unexpected ways, especially in unusual market conditions, and may result in increased volatility, among other consequences. The use of derivatives may also increase the amount of taxes payable by shareholders holding shares in a taxable account. Other risks arise from the Fund's potential inability to terminate or to sell derivative positions. A liquid secondary market may not always exist for the Fund's derivative positions at times when the Fund might wish to terminate or to sell such positions. Over-the-counter instruments (investments not traded on an exchange) may be illiquid, and transactions in derivatives traded in the over-the-counter market are subject to the risk that the other party will not meet its obligations. The use of derivatives also involves the risks of mispricing or improper valuation and that changes in the value of the derivative may not correlate perfectly with the underlying security, asset, reference rate or index. The Fund also may not be able to find a suitable derivative transaction counterparty, and thus may be unable to engage in derivative transactions when it is deemed favorable to do so, or at all. For more information on the risks of derivative investments and strategies, see the Statement of Additional Information. </div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Currency Risk -- Securities denominated in different currencies are subject to the risk that, for example, if the value of a foreign currency were to decline against the U.S. dollar, such decline would reduce the U.S. dollar value of any securities held by the Fund denominated in that currency.</div>
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</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Convertible Securities Risk -- Convertible securities are subject to the usual risks associated with debt securities, such as interest rate risk and credit risk. Convertible securities also react to changes in the value of the common stock into which they convert, and are thus subject to market risk. Because the value of a convertible security can be influenced by both interest rates and market movements, a convertible security generally is not as sensitive to interest rates as a similar debt security, and generally will not vary in value in response to other factors to the same extent as the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities would typically be paid before the company's common stockholders but after holders of any senior debt obligations of the company. The Fund may be forced to convert a convertible security before it otherwise would choose to do so, which may decrease the Fund's return.</div>
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</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Sector Risk -- At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Frequent Trading Risk
-- Frequent trading of investments increases the possibility that the Fund will realize taxable capital gains (including short-term capital gains, which are generally taxable at higher rates than long-term capital gains for U.S. federal income tax purposes), which could reduce the Fund's after-tax return. Frequent trading can also mean higher brokerage and other transaction costs, which could reduce the Fund's return.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Performance Information </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The returns shown include the returns of the Galaxy Equity Growth Fund, the predecessor to the Fund, for periods prior to November 18, 2002, the date on which Class Z shares were initially offered by the Fund. The Fund's past performance (before or after taxes) is no guarantee of how the Fund will perform in the future.
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">More recent performance information is available on the Columbia Funds' website at www.columbiamanagement.com or by calling 800.345.6611.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The bar chart below shows you how the performance of the Fund's Class Z shares has varied from year to year.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Year by Year Total Return (%)</div><div> as of December 31 Each Year</div>
2nd quarter 2009:
0.156
4th quarter 2008:
-0.2362
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Russell 1000 Growth Index, which measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</div>
><div style="display:none">~http://columbia/role/ShareholderFeesDataCLCGFCLASSZ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div>
><div style="display:none">~ http://columbia/role/OperatingExpensesDataCLCGFCLASSZ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div>
0
0.0024
0.0081
><div style="display:none">~ http://columbia/role/ExpenseExampleCLCGFCLASSZ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div>
83
259
450
1002
><div style="display:none">~ http://columbia/role/BarChartDataCLCGFCLASSZ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div>
-0.1861
-0.2679
0.2255
0.0756
0.053
0.1033
0.1551
-0.405
0.3399
0.1745
><div style="display:none">~ http://columbia/role/PerformanceTableDataCLCGFCLASSZ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div>
0.1745
0.1738
0.1144
0.1671
0.036
0.0323
0.0303
0.0375
-0.0013
-0.0033
-0.0015
0.0002
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Investment Objective</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The Fund seeks long-term capital appreciation. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Fees and Expenses of the Fund</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A or Class T shares of eligible Columbia Funds. More information about these and other discounts is available from your financial advisor, in the Choosing a Share Class section beginning on page 16 of this prospectus and in Appendix C of the Statement of Additional Information under
Sales Charge Waivers
beginning on page C-1.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Shareholder Fees (fees paid directly from your investment)
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Example
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </div><div>
</div><div> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</div>
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">you invest $10,000 in Class A, Class B, Class C, Class I, Class R, Class R4, Class R5, Class T and Class W shares of the Fund for the periods indicated,</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</div>
</td></tr></table>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
</div><div> Based on the assumptions listed above, your costs would be:</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Remember this is an example only. Your actual costs may be higher or lower. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Portfolio Turnover
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 122% of the average value of its portfolio.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Principal Investment Strategies </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Under normal market conditions, the Fund invests at least 80% of its net assets in equity securities of large-capitalization companies, primarily common stocks and securities that can be converted into common stocks. These companies generally have market capitalizations in the range of companies in the Russell 1000 Growth Index at the time of purchase (between $1.2 billion and $372.7 billion as of December 31, 2010). The Fund invests primarily in common stocks of companies that Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Adviser) believes have the potential for long-term, above-average earnings growth.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The Fund may also invest up to 20% of its total assets in foreign securities. The Fund may invest directly in foreign securities or indirectly through depositary receipts. Depositary receipts are receipts issued by a bank or trust company and evidence ownership of underlying securities issued by foreign companies. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund may invest in derivatives, including futures, forwards, options, swap contracts and other derivative instruments. The Fund may invest in derivatives for both hedging and non-hedging purposes, including, for example, to seek to enhance returns or as a substitute for a position in an underlying asset.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Adviser combines fundamental and quantitative analysis with risk management in identifying investment opportunities and constructing the Fund's portfolio. The Adviser considers, among other factors:</div>
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">overall economic and market conditions.</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">the financial condition and management of a company, including its competitive position, the quality of its balance sheet and earnings, its future prospects, and the potential for growth and stock price appreciation.</div>
</td></tr></table>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Adviser may sell a security when the security's price reaches a target set by the Adviser; if the Adviser believes that there is deterioration in the issuer's financial circumstances or fundamental prospects, or that other investments are more attractive; or for other reasons.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The Fund's investment strategy may involve the frequent trading of portfolio securities. This may cause the Fund to incur higher transaction costs (which may adversely affect the Fund's performance) and may increase taxable distributions for shareholders. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Principal Risks</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Investment Strategy Risk -- The Adviser uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions made by the Adviser in using these strategies may not produce the returns expected by the Adviser, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Market Risk
-- Market risk refers to the possibility that the market values of securities that the Fund holds will rise or fall, sometimes rapidly or unpredictably. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Growth Securities Risk -- Because growth securities typically trade at a higher multiple of earnings than other types of securities, the market values of growth securities may be more sensitive to changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Foreign Securities Risk -- Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Derivatives Risk -- Derivatives are financial contracts whose values are, for example, based on (or "derived" from) traditional securities (such as a stock or bond), assets (such as a commodity like gold or a foreign currency), reference rates (such as LIBOR) or market indices (such as the Standard & Poor's (S&P) 500® Index). Derivatives involve special risks and may result in losses or may limit the Fund's potential gain from favorable market movements. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security or other asset. The values of derivatives may move in unexpected ways, especially in unusual market conditions, and may result in increased volatility, among other consequences. The use of derivatives may also increase the amount of taxes payable by shareholders holding shares in a taxable account. Other risks arise from the Fund's potential inability to terminate or to sell derivative positions. A liquid secondary market may not always exist for the Fund's derivative positions at times when the Fund might wish to terminate or to sell such positions. Over-the-counter instruments (investments not traded on an exchange) may be illiquid, and transactions in derivatives traded in the over-the-counter market are subject to the risk that the other party will not meet its obligations. The use of derivatives also involves the risks of mispricing or improper valuation and that changes in the value of the derivative may not correlate perfectly with the underlying security, asset, reference rate or index. The Fund also may not be able to find a suitable derivative transaction counterparty, and thus may be unable to engage in derivative transactions when it is deemed favorable to do so, or at all. For more information on the risks of derivative investments and strategies, see the Statement of Additional Information. </div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Currency Risk -- Securities denominated in different currencies are subject to the risk that, for example, if the value of a foreign currency were to decline against the U.S. dollar, such decline would reduce the U.S. dollar value of any securities held by the Fund denominated in that currency.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Convertible Securities Risk -- Convertible securities are subject to the usual risks associated with debt securities, such as interest rate risk and credit risk. Convertible securities also react to changes in the value of the common stock into which they convert, and are thus subject to market risk. Because the value of a convertible security can be influenced by both interest rates and market movements, a convertible security generally is not as sensitive to interest rates as a similar debt security, and generally will not vary in value in response to other factors to the same extent as the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities would typically be paid before the company's common stockholders but after holders of any senior debt obligations of the company. The Fund may be forced to convert a convertible security before it otherwise would choose to do so, which may decrease the Fund's return.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Sector Risk -- At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Frequent Trading Risk
-- Frequent trading of investments increases the possibility that the Fund will realize taxable capital gains (including short-term capital gains, which are generally taxable at higher rates than long-term capital gains for U.S. federal income tax purposes), which could reduce the Fund's after-tax return. Frequent trading can also mean higher brokerage and other transaction costs, which could reduce the Fund's return.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Performance Information </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The returns shown in the bar chart for all periods are the returns of Class A shares of the Fund. The returns shown for Class A, Class B and Class C shares include the returns of the Galaxy Equity Growth Fund, the predecessor to the Fund, for periods prior to November 18, 2002, the date on which Class A, Class B and Class C shares were initially offered by the Fund. For periods prior to September 27, 2010, when Class I shares, Class R Shares and Class W shares were initially offered by the Fund, the returns shown for Class I shares include the returns of the Fund's Class Z shares and the returns shown for Class R shares and Class W shares include the returns of the Fund's Class A shares. The returns have not been adjusted to reflect any differences in operating expenses between the classes. If differences in operating expenses were reflected, the performance shown for Class R shares would be lower. Class R4 shares and Class R5 shares have not commenced operations as of the date of this prospectus; therefore, performance information for these classes is not yet available. The returns of Class A shares without applicable sales charges are included in the table below. Class R4 shares would have annual returns substantially similar to those of Class A shares with applicable sales charges, and Class R5 shares would have annual returns substantially similar to those of Class Z shares because each of the Fund's share classes is invested in the same portfolio of securities, and its returns would differ only to the extent that its expenses differ. The Fund's past performance (before or after taxes) is no guarantee of how the Fund will perform in the future.
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">More recent performance information is available on the Columbia Funds' website at www.columbiamanagement.com or by calling 800.345.6611.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Year by Year Total Return (%)</div><div> as of December 31 Each Year</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">These returns do not reflect deductions of sales charges, if any, paid by investors and would be lower if they did.</div>
2nd quarter 2009:
0.1551
4th quarter 2008:
-0.2367
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Russell 1000 Growth Index, which measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.</div> <br/>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Class Z shares returns before taxes 1 year 17.45% 5 years 3.60% 10 years -0.13%</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns are shown only for Class A shares, and will vary for other share classes.</div>
><div style="display:none">~http://columbia/role/ShareholderFeesDataCLCGFABCIR column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div>
0.0575
0.01
0.05
0.01
0.0575
0.01
><div style="display:none">~ http://columbia/role/OperatingExpensesDataCLCGFABCIR column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div>
0.0025
0.0024
0.0106
0.01
0.0024
0.0181
0.01
0.0024
0.0181
0
0.0007
0.0064
0.005
0.0024
0.0131
0
0.0037
0.0094
0
0.0012
0.0069
0
0.0054
0.0111
0.0025
0.0106
><div style="display:none">~ http://columbia/role/ExpenseExampleCLCGFABCIR column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div>
677
684
284
65
133
96
70
682
108
893
869
569
205
415
300
221
908
337
1126
1180
980
357
718
520
384
1151
585
1795
1930
2127
798
1579
1155
859
1849
1294
><div style="display:none">~ http://columbia/role/ExpenseExampleNoRedemptionCLCGFABCIR column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div>
184
184
569
569
980
980
1930
2127
><div style="display:none">~ http://columbia/role/BarChartDataCLCGFABCIR column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div>
-0.188
-0.2688
0.2219
0.0729
0.05
0.1012
0.1518
-0.4063
0.3361
0.1716
><div style="display:none">~ http://columbia/role/PerformanceTableDataCLCGFABCIR column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div>
0.1042
0.1039
0.0682
0.1716
0.113
0.1529
0.1752
0.1714
0.104
0.1721
0.1671
0.0213
0.0179
0.0177
0.0334
0.0222
0.0257
0.0361
0.0334
0.0208
0.0335
0.0375
-0.0096
-0.0114
-0.0084
-0.0037
-0.0114
-0.0114
-0.0013
-0.0037
-0.0106
-0.0037
0.0002
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Investment Objective</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The Fund seeks long-term capital appreciation. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Fees and Expenses of the Fund</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Shareholder Fees (fees paid directly from your investment)
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Example
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </div><div>
</div><div> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</div>
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">you invest $10,000 in Class Y shares of the Fund for the periods indicated,</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</div>
</td></tr></table>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
</div><div> Based on the assumptions listed above, your costs would be:</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Remember this is an example only. Your actual costs may be higher or lower. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Portfolio Turnover
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 122% of the average value of its portfolio.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Principal Investment Strategies </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Under normal market conditions, the Fund invests at least 80% of its net assets in equity securities of large-capitalization companies, primarily common stocks and securities that can be converted into common stocks. These companies generally have market capitalizations in the range of companies in the Russell 1000 Growth Index at the time of purchase (between $1.2 billion and $372.7 billion as of December 31, 2010). The Fund invests primarily in common stocks of companies that Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Adviser) believes have the potential for long-term, above-average earnings growth.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The Fund may also invest up to 20% of its total assets in foreign securities. The Fund may invest directly in foreign securities or indirectly through depositary receipts. Depositary receipts are receipts issued by a bank or trust company and evidence ownership of underlying securities issued by foreign companies. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund may invest in derivatives, including futures, forwards, options, swap contracts and other derivative instruments. The Fund may invest in derivatives for both hedging and non-hedging purposes, including, for example, to seek to enhance returns or as a substitute for a position in an underlying asset.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Adviser combines fundamental and quantitative analysis with risk management in identifying investment opportunities and constructing the Fund's portfolio. The Adviser considers, among other factors:</div>
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">overall economic and market conditions.</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">the financial condition and management of a company, including its competitive position, the quality of its balance sheet and earnings, its future prospects, and the potential for growth and stock price appreciation.</div>
</td></tr></table>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Adviser may sell a security when the security's price reaches a target set by the Adviser; if the Adviser believes that there is deterioration in the issuer's financial circumstances or fundamental prospects, or that other investments are more attractive; or for other reasons.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The Fund's investment strategy may involve the frequent trading of portfolio securities. This may cause the Fund to incur higher transaction costs (which may adversely affect the Fund's performance) and may increase taxable distributions for shareholders. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Principal Risks</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Investment Strategy Risk -- The Adviser uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions made by the Adviser in using these strategies may not produce the returns expected by the Adviser, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Market Risk
-- Market risk refers to the possibility that the market values of securities that the Fund holds will rise or fall, sometimes rapidly or unpredictably. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Growth Securities Risk -- Because growth securities typically trade at a higher multiple of earnings than other types of securities, the market values of growth securities may be more sensitive to changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Foreign Securities Risk -- Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Derivatives Risk -- Derivatives are financial contracts whose values are, for example, based on (or "derived" from) traditional securities (such as a stock or bond), assets (such as a commodity like gold or a foreign currency), reference rates (such as LIBOR) or market indices (such as the Standard & Poor's (S&P) 500® Index). Derivatives involve special risks and may result in losses or may limit the Fund's potential gain from favorable market movements. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security or other asset. The values of derivatives may move in unexpected ways, especially in unusual market conditions, and may result in increased volatility, among other consequences. The use of derivatives may also increase the amount of taxes payable by shareholders holding shares in a taxable account. Other risks arise from the Fund's potential inability to terminate or to sell derivative positions. A liquid secondary market may not always exist for the Fund's derivative positions at times when the Fund might wish to terminate or to sell such positions. Over-the-counter instruments (investments not traded on an exchange) may be illiquid, and transactions in derivatives traded in the over-the-counter market are subject to the risk that the other party will not meet its obligations. The use of derivatives also involves the risks of mispricing or improper valuation and that changes in the value of the derivative may not correlate perfectly with the underlying security, asset, reference rate or index. The Fund also may not be able to find a suitable derivative transaction counterparty, and thus may be unable to engage in derivative transactions when it is deemed favorable to do so, or at all. For more information on the risks of derivative investments and strategies, see the Statement of Additional Information. </div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Currency Risk -- Securities denominated in different currencies are subject to the risk that, for example, if the value of a foreign currency were to decline against the U.S. dollar, such decline would reduce the U.S. dollar value of any securities held by the Fund denominated in that currency.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Convertible Securities Risk -- Convertible securities are subject to the usual risks associated with debt securities, such as interest rate risk and credit risk. Convertible securities also react to changes in the value of the common stock into which they convert, and are thus subject to market risk. Because the value of a convertible security can be influenced by both interest rates and market movements, a convertible security generally is not as sensitive to interest rates as a similar debt security, and generally will not vary in value in response to other factors to the same extent as the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities would typically be paid before the company's common stockholders but after holders of any senior debt obligations of the company. The Fund may be forced to convert a convertible security before it otherwise would choose to do so, which may decrease the Fund's return.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Sector Risk -- At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Frequent Trading Risk
-- Frequent trading of investments increases the possibility that the Fund will realize taxable capital gains (including short-term capital gains, which are generally taxable at higher rates than long-term capital gains for U.S. federal income tax purposes), which could reduce the Fund's after-tax return. Frequent trading can also mean higher brokerage and other transaction costs, which could reduce the Fund's return.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Performance Information </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The returns shown include the returns of the Fund's Class Z shares for periods prior to July 15, 2009, the date on which Class Y shares were initially offered by the Fund, and the returns of the Galaxy Equity Growth Fund, the predecessor to the Fund, for periods prior to November 18, 2002, the date on which Class Z shares were initially offered by the Fund. Class Z shares, which are not offered in this prospectus, would have annual returns substantially similar to those of Class Y shares because each of the Fund's share classes is invested in the same portfolio of securities and its returns would differ only to the extent its expenses differ. The returns shown have not been adjusted to reflect any differences in expenses between Class Y shares and Class Z shares. The Fund's past performance (before or after taxes) is no guarantee of how the Fund will perform in the future.
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">More recent performance information is available on the Columbia Funds' website at www.columbiamanagement.com or by calling 800.345.6611.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The bar chart below shows you how the performance of the Fund's Class Y shares has varied from year to year.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Year by Year Total Return (%)</div><div> as of December 31 Each Year</div>
2nd quarter 2009:
0.156
4th quarter 2008:
-0.2362
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Russell 1000 Growth Index, which measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</div>
><div style="display:none">~http://columbia/role/ShareholderFeesDataCLCGFCLASSY column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div>
><div style="display:none">~ http://columbia/role/OperatingExpensesDataCLCGFCLASSY column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div>
0
0.0007
0.0064
><div style="display:none">~ http://columbia/role/ExpenseExampleCLCGFCLASSY column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div>
65
205
357
798
><div style="display:none">~ http://columbia/role/BarChartDataCLCGFCLASSY column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div>
-0.1861
-0.2679
0.2255
0.0756
0.053
0.1033
0.1551
-0.405
0.3413
0.1763
><div style="display:none">~ http://columbia/role/PerformanceTableDataCLCGFCLASSY column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div>
0.1763
0.1754
0.1158
0.1671
0.0365
0.0328
0.0307
0.0375
-0.0011
-0.0031
-0.0013
0.0002
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Investment Objective</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The Fund seeks long-term capital appreciation. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Fees and Expenses of the Fund</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class E shares of the Fund. More information about these and other discounts is available from your financial advisor, in the Choosing a Share Class section beginning on page 14 of this prospectus and in Appendix C of the Statement of Additional Information under
Sales Charge Waivers
beginning on page C-1.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Shareholder Fees (fees paid directly from your investment)
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Example
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </div><div>
</div><div> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</div>
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">you invest $10,000 in Class E or Class F shares of the Fund for the periods indicated,</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</div>
</td></tr></table>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
</div><div> Based on the assumptions listed above, your costs would be:</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Remember this is an example only. Your actual costs may be higher or lower. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Portfolio Turnover
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 122% of the average value of its portfolio.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Principal Investment Strategies </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Under normal market conditions, the Fund invests at least 80% of its net assets in equity securities of large-capitalization companies, primarily common stocks and securities that can be converted into common stocks. These companies generally have market capitalizations in the range of companies in the Russell 1000 Growth Index at the time of purchase (between $1.2 billion and $372.7 billion as of December 31, 2010). The Fund invests primarily in common stocks of companies that Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Adviser) believes have the potential for long-term, above-average earnings growth.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The Fund may also invest up to 20% of its total assets in foreign securities. The Fund may invest directly in foreign securities or indirectly through depositary receipts. Depositary receipts are receipts issued by a bank or trust company and evidence ownership of underlying securities issued by foreign companies. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund may invest in derivatives, including futures, forwards, options, swap contracts and other derivative instruments. The Fund may invest in derivatives for both hedging and non-hedging purposes, including, for example, to seek to enhance returns or as a substitute for a position in an underlying asset.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Adviser combines fundamental and quantitative analysis with risk management in identifying investment opportunities and constructing the Fund's portfolio. The Adviser considers, among other factors:</div>
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">overall economic and market conditions.</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">the financial condition and management of a company, including its competitive position, the quality of its balance sheet and earnings, its future prospects, and the potential for growth and stock price appreciation.</div>
</td></tr></table>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Adviser may sell a security when the security's price reaches a target set by the Adviser; if the Adviser believes that there is deterioration in the issuer's financial circumstances or fundamental prospects, or that other investments are more attractive; or for other reasons.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The Fund's investment strategy may involve the frequent trading of portfolio securities. This may cause the Fund to incur higher transaction costs (which may adversely affect the Fund's performance) and may increase taxable distributions for shareholders. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Principal Risks</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Investment Strategy Risk -- The Adviser uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions made by the Adviser in using these strategies may not produce the returns expected by the Adviser, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Market Risk
-- Market risk refers to the possibility that the market values of securities that the Fund holds will rise or fall, sometimes rapidly or unpredictably. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Growth Securities Risk -- Because growth securities typically trade at a higher multiple of earnings than other types of securities, the market values of growth securities may be more sensitive to changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Foreign Securities Risk -- Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Derivatives Risk -- Derivatives are financial contracts whose values are, for example, based on (or "derived" from) traditional securities (such as a stock or bond), assets (such as a commodity like gold or a foreign currency), reference rates (such as LIBOR) or market indices (such as the Standard & Poor's (S&P) 500® Index). Derivatives involve special risks and may result in losses or may limit the Fund's potential gain from favorable market movements. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security or other asset. The values of derivatives may move in unexpected ways, especially in unusual market conditions, and may result in increased volatility, among other consequences. The use of derivatives may also increase the amount of taxes payable by shareholders holding shares in a taxable account. Other risks arise from the Fund's potential inability to terminate or to sell derivative positions. A liquid secondary market may not always exist for the Fund's derivative positions at times when the Fund might wish to terminate or to sell such positions. Over-the-counter instruments (investments not traded on an exchange) may be illiquid, and transactions in derivatives traded in the over-the-counter market are subject to the risk that the other party will not meet its obligations. The use of derivatives also involves the risks of mispricing or improper valuation and that changes in the value of the derivative may not correlate perfectly with the underlying security, asset, reference rate or index. The Fund also may not be able to find a suitable derivative transaction counterparty, and thus may be unable to engage in derivative transactions when it is deemed favorable to do so, or at all. For more information on the risks of derivative investments and strategies, see the Statement of Additional Information. </div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Currency Risk -- Securities denominated in different currencies are subject to the risk that, for example, if the value of a foreign currency were to decline against the U.S. dollar, such decline would reduce the U.S. dollar value of any securities held by the Fund denominated in that currency.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Convertible Securities Risk -- Convertible securities are subject to the usual risks associated with debt securities, such as interest rate risk and credit risk. Convertible securities also react to changes in the value of the common stock into which they convert, and are thus subject to market risk. Because the value of a convertible security can be influenced by both interest rates and market movements, a convertible security generally is not as sensitive to interest rates as a similar debt security, and generally will not vary in value in response to other factors to the same extent as the underlying common stock. In the event of a liquidation of the issuing company, holders of convertible securities would typically be paid before the company's common stockholders but after holders of any senior debt obligations of the company. The Fund may be forced to convert a convertible security before it otherwise would choose to do so, which may decrease the Fund's return.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Sector Risk -- At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a broadly related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic or market events, making the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Frequent Trading Risk
-- Frequent trading of investments increases the possibility that the Fund will realize taxable capital gains (including short-term capital gains, which are generally taxable at higher rates than long-term capital gains for U.S. federal income tax purposes), which could reduce the Fund's after-tax return. Frequent trading can also mean higher brokerage and other transaction costs, which could reduce the Fund's return.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Performance Information </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The returns shown include the returns of the Fund's Class A shares (for Class E shares) and the Fund's Class B shares (for Class F shares) of the Fund for periods prior to September 22, 2006, the date on which Class E and Class F shares were initially offered by the Fund. The returns for Class A and Class B shares include the returns of the Galaxy Equity Growth Fund, the predecessor to the Fund, for periods prior to November 18, 2002, the date on which Class A and Class B shares were initially offered by the Fund. The returns shown have not been adjusted to reflect differences in expenses. If differences in expenses were reflected, the returns shown for Class E shares for periods prior to September 22, 2006 would be lower. The Fund's past performance (before or after taxes) is no guarantee of how the Fund will perform in the future.
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">More recent performance information is available on the Columbia Funds' website at www.columbiamanagement.com or by calling 800.345.6611.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Year by Year Total Return (%)</div><div> as of December 31 Each Year</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">These returns do not reflect deductions of sales charges, if any, paid by investors and would be lower if they did.</div>
2nd quarter 2009:
0.1554
4th quarter 2008:
-0.237
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Russell 1000 Growth Index, which measures the performance of those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns are shown only for Class E shares, and will vary for other share classes.</div>
><div style="display:none">~http://columbia/role/ShareholderFeesDataCLCGFCLASSEF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div>
0.045
0.01
0.05
><div style="display:none">~ http://columbia/role/OperatingExpensesDataCLCGFCLASSEF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div>
0.0035
0.0024
0.0116
0.01
0.0024
0.0181
><div style="display:none">~ http://columbia/role/ExpenseExampleCLCGFCLASSEF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div>
563
684
802
869
1060
1180
1796
1956
><div style="display:none">~ http://columbia/role/ExpenseExampleNoRedemptionCLCGFCLASSEF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div>
184
569
980
1956
><div style="display:none">~ http://columbia/role/BarChartDataCLCGFCLASSEF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div>
-0.188
-0.2688
0.2219
0.0729
0.05
0.1005
0.1514
-0.4073
0.3354
0.1702
><div style="display:none">~ http://columbia/role/PerformanceTableDataCLCGFCLASSEF column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012081Member ~</div>
0.1178
0.1176
0.0768
0.1125
0.1671
0.0231
0.0198
0.0193
0.0221
0.0375
-0.0087
-0.0104
-0.0076
-0.0115
0.0002
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Investment Objective</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The Fund seeks long-term capital appreciation. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Fees and Expenses of the Fund</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Shareholder Fees (fees paid directly from your investment)
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Example
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </div><div>
</div><div> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</div>
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">you invest $10,000 in Class Z shares of the Fund for the periods indicated,</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</div>
</td></tr></table>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
</div><div> Based on the assumptions listed above, your costs would be:</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Remember this is an example only. Your actual costs may be higher or lower. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Portfolio Turnover
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 26% of the average value of its portfolio.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Principal Investment Strategies </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Under normal market conditions, the Fund invests at least 80% of its net assets in stocks of companies that have market capitalizations in the range of companies in the Russell 2000 Index at the time of purchase (between $24.0 million and $5.0 billion as of December 31, 2010). The Fund generally invests in common stocks of companies that Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Adviser), believes are undervalued.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund may also invest up to 20% of its total assets in foreign equity securities. The Fund may invest directly in foreign securities or indirectly through depositary receipts. Depositary receipts are receipts issued by a bank or trust company and evidence ownership of underlying securities issued by foreign companies.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund may invest in derivatives, including futures, forwards, options, swap contracts and other derivative instruments. The Fund may invest in derivatives for both hedging and non-hedging purposes, including, for example, to seek to enhance returns or as a substitute for a position in an underlying asset.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Adviser combines fundamental analysis with risk management in identifying value opportunities and constructing the Fund's portfolio. The Adviser considers, among other factors:</div>
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">businesses that are believed to be fundamentally sound and undervalued due to investor indifference, investor misperception of company prospects, or other factors.</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">various measures of valuation, including price-to-cash flow, price-to-earnings, price-to-sales, and price-to-book value. The Adviser believes that companies with lower valuations are generally more likely to provide opportunities for capital appreciation.</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">a company's current operating margins relative to its historic range and future potential.</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">potential indicators of stock price appreciation, such as anticipated earnings growth, company restructuring, changes in management, business model changes, new product opportunities or anticipated improvements in macroeconomic factors.</div>
</td></tr></table>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Adviser may sell a security when the Adviser determines the security is no longer undervalued; if the Adviser believes that there is deterioration in the issuer's financial circumstances or fundamental prospects, or that other investments are more attractive; or for other reasons.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Principal Risks</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Investment Strategy Risk -- The Adviser uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions made by the Adviser in using these strategies may not produce the returns expected by the Adviser, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Market Risk
-- Market risk refers to the possibility that the market values of securities that the Fund holds will rise or fall, sometimes rapidly or unpredictably. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Smaller Company Securities Risk -- Securities of small- or mid-capitalization companies ("smaller companies") can, in certain circumstances, have a higher potential for gains than securities of large-capitalization companies but may also have more risk. For example, smaller companies may be more vulnerable to market downturns and adverse business or economic events than larger, more established companies because they may have more limited financial resources and business operations. These companies are also more likely than larger companies to have more limited product lines and operating histories and to depend on smaller management teams. Their securities may trade less frequently and in smaller volumes and may be less liquid and fluctuate more sharply in value than securities of larger companies. In addition, some smaller companies may not be widely followed by the investment community, which can lower the demand for their stocks.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Value Securities Risk
-- Value securities are securities of companies that may have experienced, for example, adverse business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the Adviser's future value assessment of that security, or may decline. There is also a risk that it may take longer than expected for the value of these investments to rise to the believed value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Foreign Securities Risk -- Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Derivatives Risk -- Derivatives are financial contracts whose values are, for example, based on (or "derived" from) traditional securities (such as a stock or bond), assets (such as a commodity like gold or a foreign currency), reference rates (such as LIBOR) or market indices (such as the Standard & Poor's (S&P) 500® Index). Derivatives involve special risks and may result in losses or may limit the Fund's potential gain from favorable market movements. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security or other asset. The values of derivatives may move in unexpected ways, especially in unusual market conditions, and may result in increased volatility, among other consequences. The use of derivatives may also increase the amount of taxes payable by shareholders holding shares in a taxable account. Other risks arise from the Fund's potential inability to terminate or to sell derivative positions. A liquid secondary market may not always exist for the Fund's derivative positions at times when the Fund might wish to terminate or to sell such positions. Over-the-counter instruments (investments not traded on an exchange) may be illiquid, and transactions in derivatives traded in the over-the-counter market are subject to the risk that the other party will not meet its obligations. The use of derivatives also involves the risks of mispricing or improper valuation and that changes in the value of the derivative may not correlate perfectly with the underlying security, asset, reference rate or index. The Fund also may not be able to find a suitable derivative transaction counterparty, and thus may be unable to engage in derivative transactions when it is deemed favorable to do so, or at all. For more information on the risks of derivative investments and strategies, see the Statement of Additional Information. </div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Currency Risk -- Securities denominated in different currencies are subject to the risk that, for example, if the value of a foreign currency were to decline against the U.S. dollar, such decline would reduce the U.S. dollar value of any securities held by the Fund denominated in that currency.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Performance Information </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The returns shown include the returns of the Galaxy Small Cap Value Fund, the predecessor to the Fund, for periods prior to November 18, 2002, the date on which Class Z shares were initially offered by the Fund. The Fund's past performance (before or after taxes) is no guarantee of how the Fund will perform in the future.
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">More recent performance information is available on the Columbia Funds' website at www.columbiamanagement.com or by calling 800.345.6611.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The bar chart below shows you how the performance of the Fund's Class Z shares has varied from year to year.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Year by Year Total Return (%)</div><div> as of December 31 Each Year</div>
2nd quarter 2009:
0.2594
4th quarter 2008:
-0.2767
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Russell 2000 Index and the Standard & Poor's (S&P) SmallCap 600® Composite Index. The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. The S&P SmallCap 600® Composite Index tracks the performance of 600 domestic companies traded on major stock exchanges.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</div>
><div style="display:none">~http://columbia/role/ShareholderFeesDataCSCCFCLASSZ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012083Member ~</div>
><div style="display:none">~ http://columbia/role/OperatingExpensesDataCSCCFCLASSZ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012083Member ~</div>
0
0.0025
0.0106
><div style="display:none">~ http://columbia/role/ExpenseExampleCSCCFCLASSZ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012083Member ~</div>
108
337
585
1294
><div style="display:none">~ http://columbia/role/BarChartDataCSCCFCLASSZ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012083Member ~</div>
0.189
-0.0823
0.3914
0.1655
0.0627
0.162
-0.0039
-0.3301
0.3395
0.2833
><div style="display:none">~ http://columbia/role/PerformanceTableDataCSCCFCLASSZ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012083Member ~</div>
0.2833
0.2833
0.1841
0.2685
0.2631
0.0592
0.046
0.0487
0.0447
0.0464
0.0962
0.0826
0.0808
0.0633
0.0766
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Investment Objective</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The Fund seeks long-term capital appreciation. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Fees and Expenses of the Fund</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A or Class T shares of eligible Columbia Funds. More information about these and other discounts is available from your financial advisor, in the Choosing a Share Class section beginning on page 16 of this prospectus and in Appendix C of the Statement of Additional Information under
Sales Charge Waivers
beginning on page C-1.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Shareholder Fees (fees paid directly from your investment)
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Example
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </div><div>
</div><div> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</div>
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">you invest $10,000 in Class A, Class B, Class C, Class I, Class T or Class W shares of the Fund for the periods indicated,</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</div>
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</div>
</td></tr></table>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
</div><div> Based on the assumptions listed above, your costs would be:</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Remember this is an example only. Your actual costs may be higher or lower. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Portfolio Turnover
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 26% of the average value of its portfolio.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Principal Investment Strategies </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Under normal market conditions, the Fund invests at least 80% of its net assets in stocks of companies that have market capitalizations in the range of companies in the Russell 2000 Index at the time of purchase (between $24.0 million and $5.0 billion as of December 31, 2010). The Fund generally invests in common stocks of companies that Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Adviser), believes are undervalued.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund may also invest up to 20% of its total assets in foreign equity securities. The Fund may invest directly in foreign securities or indirectly through depositary receipts. Depositary receipts are receipts issued by a bank or trust company and evidence ownership of underlying securities issued by foreign companies.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund may invest in derivatives, including futures, forwards, options, swap contracts and other derivative instruments. The Fund may invest in derivatives for both hedging and non-hedging purposes, including, for example, to seek to enhance returns or as a substitute for a position in an underlying asset.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Adviser combines fundamental analysis with risk management in identifying value opportunities and constructing the Fund's portfolio. The Adviser considers, among other factors:</div>
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">businesses that are believed to be fundamentally sound and undervalued due to investor indifference, investor misperception of company prospects, or other factors.</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">various measures of valuation, including price-to-cash flow, price-to-earnings, price-to-sales, and price-to-book value. The Adviser believes that companies with lower valuations are generally more likely to provide opportunities for capital appreciation.</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">a company's current operating margins relative to its historic range and future potential.</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">potential indicators of stock price appreciation, such as anticipated earnings growth, company restructuring, changes in management, business model changes, new product opportunities or anticipated improvements in macroeconomic factors.</div>
</td></tr></table>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Adviser may sell a security when the Adviser determines the security is no longer undervalued; if the Adviser believes that there is deterioration in the issuer's financial circumstances or fundamental prospects, or that other investments are more attractive; or for other reasons.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Principal Risks</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Investment Strategy Risk -- The Adviser uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions made by the Adviser in using these strategies may not produce the returns expected by the Adviser, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Market Risk
-- Market risk refers to the possibility that the market values of securities that the Fund holds will rise or fall, sometimes rapidly or unpredictably. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</div>
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</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Smaller Company Securities Risk -- Securities of small- or mid-capitalization companies ("smaller companies") can, in certain circumstances, have a higher potential for gains than securities of large-capitalization companies but may also have more risk. For example, smaller companies may be more vulnerable to market downturns and adverse business or economic events than larger, more established companies because they may have more limited financial resources and business operations. These companies are also more likely than larger companies to have more limited product lines and operating histories and to depend on smaller management teams. Their securities may trade less frequently and in smaller volumes and may be less liquid and fluctuate more sharply in value than securities of larger companies. In addition, some smaller companies may not be widely followed by the investment community, which can lower the demand for their stocks.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Value Securities Risk
-- Value securities are securities of companies that may have experienced, for example, adverse business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the Adviser's future value assessment of that security, or may decline. There is also a risk that it may take longer than expected for the value of these investments to rise to the believed value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Foreign Securities Risk -- Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Derivatives Risk -- Derivatives are financial contracts whose values are, for example, based on (or "derived" from) traditional securities (such as a stock or bond), assets (such as a commodity like gold or a foreign currency), reference rates (such as LIBOR) or market indices (such as the Standard & Poor's (S&P) 500® Index). Derivatives involve special risks and may result in losses or may limit the Fund's potential gain from favorable market movements. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security or other asset. The values of derivatives may move in unexpected ways, especially in unusual market conditions, and may result in increased volatility, among other consequences. The use of derivatives may also increase the amount of taxes payable by shareholders holding shares in a taxable account. Other risks arise from the Fund's potential inability to terminate or to sell derivative positions. A liquid secondary market may not always exist for the Fund's derivative positions at times when the Fund might wish to terminate or to sell such positions. Over-the-counter instruments (investments not traded on an exchange) may be illiquid, and transactions in derivatives traded in the over-the-counter market are subject to the risk that the other party will not meet its obligations. The use of derivatives also involves the risks of mispricing or improper valuation and that changes in the value of the derivative may not correlate perfectly with the underlying security, asset, reference rate or index. The Fund also may not be able to find a suitable derivative transaction counterparty, and thus may be unable to engage in derivative transactions when it is deemed favorable to do so, or at all. For more information on the risks of derivative investments and strategies, see the Statement of Additional Information. </div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Currency Risk -- Securities denominated in different currencies are subject to the risk that, for example, if the value of a foreign currency were to decline against the U.S. dollar, such decline would reduce the U.S. dollar value of any securities held by the Fund denominated in that currency.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Performance Information </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The returns shown in the bar chart for all periods are the returns of Class A shares of the Fund. The returns shown for Class A shares, Class B shares, Class C shares and Class T shares include the returns of the Galaxy Small Cap Value Fund, the predecessor to the Fund, for periods prior to November 18, 2002, the date on which Class A shares, Class B shares, Class C shares and Class T shares were initially offered by the Fund. For periods prior to September 27, 2010, when Class I shares and Class W shares were initially offered by the Fund, the returns shown for Class I shares include the returns of the Fund's Class Z shares, which are not offered in this prospectus, and the returns shown for Class W shares include the returns of the Fund's Class A shares. These returns have not been adjusted to reflect any differences in operating expenses between the classes. The Fund's past performance (before or after taxes) is no guarantee of how the Fund will perform in the future.
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">More recent performance information is available on the Columbia Funds' website at www.columbiamanagement.com or by calling 800.345.6611.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Year by Year Total Return (%)</div><div> as of December 31 Each Year</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">These returns do not reflect deductions of sales charges, if any, paid by investors and would be lower if they did.</div>
2nd quarter 2009:
0.2593
4th quarter 2008:
-0.2772
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Russell 2000 Index and the Standard & Poor's (S&P) SmallCap 600® Composite Index. The Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately 8% of the total market capitalization of the Russell 3000 Index. The S&P SmallCap 600® Composite Index tracks the performance of 600 domestic companies traded on major stock exchanges.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns are shown only for Class A shares, and will vary for other share classes.</div>
><div style="display:none">~http://columbia/role/ShareholderFeesDataCSCCFCLASSABCITW column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012083Member ~</div>
0.0575
0.01
0.05
0.01
0.0575
0.01
><div style="display:none">~ http://columbia/role/OperatingExpensesDataCSCCFCLASSABCITW column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012083Member ~</div>
0.0025
0.0025
0.0131
0.01
0.0025
0.0206
0.01
0.0025
0.0206
0
0.0007
0.0088
0
0.0055
0.0136
0.0025
0.0025
0.0131
><div style="display:none">~ http://columbia/role/ExpenseExampleCSCCFCLASSABCITW column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012083Member ~</div>
701
709
309
90
706
133
966
946
646
281
981
415
1252
1308
1108
488
1277
718
2063
2197
2390
1084
2116
1579
><div style="display:none">~ http://columbia/role/ExpenseExampleNoRedemptionCSCCFCLASSABCITW column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012083Member ~</div>
209
209
646
646
1108
1108
2197
2390
><div style="display:none">~ http://columbia/role/BarChartDataCSCCFCLASSABCITW column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012083Member ~</div>
0.1843
-0.0865
0.3881
0.1631
0.0599
0.1593
-0.0071
-0.3316
0.3363
0.2798
><div style="display:none">~ http://columbia/role/PerformanceTableDataCSCCFCLASSABCITW column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012083Member ~</div>
0.2059
0.2059
0.1339
0.22
0.2607
0.2841
0.2063
0.2798
0.2685
0.2631
0.0439
0.0309
0.0355
0.0458
0.0485
0.0593
0.0434
0.0564
0.0447
0.0464
0.0867
0.0734
0.0724
0.0847
0.0848
0.0963
0.086
0.0931
0.0633
0.0766
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Investment Objective</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund seeks total return, consisting of long-term capital appreciation and current income.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Fees and Expenses of the Fund</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A or Class T shares of eligible Columbia Funds. More information about these and other discounts is available from your financial advisor, in the Choosing a Share Class section beginning on page 17 of this prospectus and in Appendix C of the Statement of Additional Information under
Sales Charge Waivers
beginning on page C-1.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Shareholder Fees (fees paid directly from your investment)
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Example
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. <br/>The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</div>
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">you invest $10,000 in Class A, Class B, Class C, Class I, Class R, Class R4, Class T or Class W shares of the Fund for the periods indicated,</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</div>
</td></tr></table><br/>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above expire on January 31, 2012, they are only reflected in the 1 year example and the first year of the 3, 5 and 10 year examples.<br/>
Based on the assumptions listed above, your costs would be:</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Remember this is an example only. Your actual costs may be higher or lower. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Portfolio Turnover
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 94% of the average value of its portfolio.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Principal Investment Strategies </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests at least 80% of its net assets in common stocks. In addition, under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of U.S. companies that have large market capitalizations (generally over $2 billion) that Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Adviser), believes have the potential for long-term growth and current income.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund may invest in derivatives, including futures, forwards, options, swap contracts and other derivative instruments. The Fund may invest in derivatives for both hedging and non-hedging purposes, including, for example, to seek to enhance returns or as a substitute for a position in an underlying asset.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The Fund may also invest up to 20% of its net assets in foreign securities. The Fund may invest directly in foreign securities or indirectly through depositary receipts. Depositary receipts are receipts issued by a bank or trust company and evidence ownership of underlying securities issued by foreign companies. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Adviser combines fundamental and quantitative analysis with risk management in identifying investment opportunities and constructing the Fund's portfolio. The Adviser considers, among other factors:</div>
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">various measures of valuation, including price-to-cash flow, price-to-earnings, price-to-sales, and price-to-book value. The Adviser believes that companies with lower valuations are generally more likely to provide opportunities for capital appreciation.</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">potential indicators of stock price appreciation, such as anticipated earnings growth, company restructuring, changes in management, business model changes, new product opportunities, or anticipated improvements in macroeconomic factors.</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">the financial condition and management of a company, including its competitive position, the quality of its balance sheet and earnings, its future prospects, and the potential for growth and stock price appreciation.</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">overall economic and market conditions.</div>
</td></tr></table>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Adviser may sell a security when the security's price reaches a target set by the Adviser; if the Adviser believes that there is deterioration in the issuer's financial circumstances or fundamental prospects, or that other investments are more attractive; or for other reasons.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Principal Risks</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Investment Strategy Risk -- The Adviser uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions made by the Adviser in using these strategies may not produce the returns expected by the Adviser, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Market Risk
-- Market risk refers to the possibility that the market values of securities that the Fund holds will rise or fall, sometimes rapidly or unpredictably. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Growth Securities Risk -- Because growth securities typically trade at a higher multiple of earnings than other types of securities, the market values of growth securities may be more sensitive to changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
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<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Value Securities Risk
-- Value securities are securities of companies that may have experienced, for example, adverse business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the Adviser's future value assessment of that security, or may decline. There is also a risk that it may take longer than expected for the value of these investments to rise to the believed value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Derivatives Risk -- Derivatives are financial contracts whose values are, for example, based on (or "derived" from) traditional securities (such as a stock or bond), assets (such as a commodity like gold or a foreign currency), reference rates (such as LIBOR) or market indices (such as the Standard & Poor's (S&P) 500® Index). Derivatives involve special risks and may result in losses or may limit the Fund's potential gain from favorable market movements. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security or other asset. The values of derivatives may move in unexpected ways, especially in unusual market conditions, and may result in increased volatility, among other consequences. The use of derivatives may also increase the amount of taxes payable by shareholders holding shares in a taxable account. Other risks arise from the Fund's potential inability to terminate or to sell derivative positions. A liquid secondary market may not always exist for the Fund's derivative positions at times when the Fund might wish to terminate or to sell such positions. Over-the-counter instruments (investments not traded on an exchange) may be illiquid, and transactions in derivatives traded in the over-the-counter market are subject to the risk that the other party will not meet its obligations. The use of derivatives also involves the risks of mispricing or improper valuation and that changes in the value of the derivative may not correlate perfectly with the underlying security, asset, reference rate or index. The Fund also may not be able to find a suitable derivative transaction counterparty, and thus may be unable to engage in derivative transactions when it is deemed favorable to do so, or at all. For more information on the risks of derivative investments and strategies, see the Statement of Additional Information. </div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Foreign Securities Risk -- Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Performance Information </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The returns shown in the bar chart for all periods are the returns of Class A shares of the Fund. The returns shown for Class A shares, Class B shares and Class C shares include the returns of the Galaxy Growth & Income Fund, the predecessor to the Fund, for periods prior to December 9, 2002, the date on which Class A shares, Class B shares and Class C shares were initially offered by the Fund. For periods prior to September 27, 2010, when Class I shares, Class R shares and Class W shares were initially offered by the Fund, the returns shown for Class I shares include the returns of the Fund's Class Z shares and the returns shown for Class R shares and Class W shares include the returns of the Fund's Class A shares. These returns have not been adjusted to reflect any differences in operating expenses between the classes. If differences in operating expenses were reflected, the performance shown for Class R shares would be lower. Class R4 shares have not commenced operations as of the date of this prospectus; therefore, performance information for this class is not yet available. The returns of Class A shares without applicable sales charges are included in the table below. Class R4 shares would have annual returns substantially similar to those of Class A shares without applicable sales charges, because each of the Fund's share classes is invested in the same portfolio of securities, and its returns would differ only to the extent that its expenses differ. The Fund's past performance (before or after taxes) is no guarantee of how the Fund will perform in the future.
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">More recent performance information is available on the Columbia Funds' website at www.columbiamanagement.com or by calling 800.345.6611.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Year by Year Total Return (%)</div><div> as of December 31 Each Year</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">These returns do not reflect deductions of sales charges, if any, paid by investors and would be lower if they did.</div>
2nd quarter 2009:
0.2067
4th quarter 2008:
-0.2326
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Russell 1000 Index, which tracks the performance of 1,000 of the largest U.S. companies, based on market capitalization.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). The after-tax returns are shown only for Class A shares, and will vary for other share classes.</div>
><div style="display:none">~http://columbia/role/ShareholderFeesDataCCCFCLASSABCIR column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012077Member ~</div>
0.0575
0.01
0.05
0.01
0.0575
0.01
><div style="display:none">~ http://columbia/role/OperatingExpensesDataCCCFCLASSABCIR column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012077Member ~</div>
0.0025
0.002
0.0121
0.0119
0.01
0.002
0.0196
0.0194
0.01
0.002
0.0196
0.0194
0
0.0011
0.0087
0.0086
0.005
0.002
0.0146
0.0144
0
0.0041
0.0117
0.0116
0
0.005
0.0126
0.0124
0.0025
0.002
0.0121
0.0119
><div style="display:none">~ http://columbia/role/ExpenseExampleCCCFCLASSABCIR column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012077Member ~</div>
689
697
297
88
147
118
694
121
935
913
613
277
460
371
950
382
1200
1255
1055
481
796
643
1225
663
1955
2090
2284
1072
1745
1419
2008
1464
><div style="display:none">~ http://columbia/role/ExpenseExampleNoRedemptionCCCFCLASSABCIR column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012077Member ~</div>
197
197
613
613
1055
1055
2090
2284
><div style="display:none">~ http://columbia/role/BarChartDataCCCFCLASSABCIR column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012077Member ~</div>
-0.0585
-0.2497
0.2214
0.0573
0.1111
0.1437
0.1225
-0.3561
0.3702
0.1591
><div style="display:none">~ http://columbia/role/PerformanceTableDataCCCFCLASSABCIR column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012077Member ~</div>
0.0927
0.0923
0.0607
0.1591
0.1
0.1407
0.1632
0.158
0.0913
0.1591
0.161
0.0435
0.0375
0.0369
0.056
0.0446
0.0481
0.0587
0.0558
0.0429
0.056
0.0259
0.0229
0.0174
0.0184
0.029
0.0212
0.0214
0.0318
0.0289
0.0222
0.029
0.0183
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Investment Objective</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund seeks total return, consisting of long-term capital appreciation and current income.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Fees and Expenses of the Fund</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">This table describes the fees and expenses that you may pay if you buy and hold shares of the Fund.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Shareholder Fees (fees paid directly from your investment)
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Example
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The following example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. </div><div>
</div><div> The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that:</div>
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">you invest $10,000 in Class Z shares of the Fund for the periods indicated,</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">your investment has a 5% return each year, and</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">the Fund's total annual operating expenses remain the same as shown in the table above.</div>
</td></tr></table>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
</div><div> Since the waivers and/or reimbursements shown in the Annual Fund Operating Expenses table above expire on January 31, 2012, they are only reflected in the 1 year and the first year of the 3, 5 and 10 year examples.</div><div>
</div><div> Based on the assumptions listed above, your costs would be:</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Remember this is an example only. Your actual costs may be higher or lower. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Portfolio Turnover
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund's performance. During the most recent fiscal year, the Fund's portfolio turnover rate was 94% of the average value of its portfolio.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Principal Investment Strategies </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Under normal circumstances, the Fund invests at least 80% of its net assets in common stocks. In addition, under normal circumstances, the Fund invests at least 80% of its net assets in equity securities of U.S. companies that have large market capitalizations (generally over $2 billion) that Columbia Management Investment Advisers, LLC, the Fund's investment adviser (the Adviser), believes have the potential for long-term growth and current income.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund may invest in derivatives, including futures, forwards, options, swap contracts and other derivative instruments. The Fund may invest in derivatives for both hedging and non-hedging purposes, including, for example, to seek to enhance returns or as a substitute for a position in an underlying asset.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The Fund may also invest up to 20% of its net assets in foreign securities. The Fund may invest directly in foreign securities or indirectly through depositary receipts. Depositary receipts are receipts issued by a bank or trust company and evidence ownership of underlying securities issued by foreign companies. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Adviser combines fundamental and quantitative analysis with risk management in identifying investment opportunities and constructing the Fund's portfolio. The Adviser considers, among other factors:</div>
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">various measures of valuation, including price-to-cash flow, price-to-earnings, price-to-sales, and price-to-book value. The Adviser believes that companies with lower valuations are generally more likely to provide opportunities for capital appreciation.</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">potential indicators of stock price appreciation, such as anticipated earnings growth, company restructuring, changes in management, business model changes, new product opportunities, or anticipated improvements in macroeconomic factors.</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">the financial condition and management of a company, including its competitive position, the quality of its balance sheet and earnings, its future prospects, and the potential for growth and stock price appreciation.</div>
</td></tr><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">overall economic and market conditions.</div>
</td></tr></table>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Adviser may sell a security when the security's price reaches a target set by the Adviser; if the Adviser believes that there is deterioration in the issuer's financial circumstances or fundamental prospects, or that other investments are more attractive; or for other reasons.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Principal Risks</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Investment Strategy Risk -- The Adviser uses the principal investment strategies and other investment strategies to seek to achieve the Fund's investment objective. There is no assurance that the Fund will achieve its investment objective. Investment decisions made by the Adviser in using these strategies may not produce the returns expected by the Adviser, may cause the Fund's shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Market Risk
-- Market risk refers to the possibility that the market values of securities that the Fund holds will rise or fall, sometimes rapidly or unpredictably. Security values may fall because of factors affecting individual companies, industries or sectors, or the markets as a whole, reducing the value of an investment in the Fund. Accordingly, an investment in the Fund could lose money over short or even long periods. The market values of the securities the Fund holds also can be affected by changes or perceived changes in U.S. or foreign economies and financial markets, and the liquidity of these securities, among other factors. In general, equity securities tend to have greater price volatility than debt securities.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Growth Securities Risk -- Because growth securities typically trade at a higher multiple of earnings than other types of securities, the market values of growth securities may be more sensitive to changes in current or expected earnings than the market values of other types of securities. In addition, growth securities, at times, may not perform as well as value securities or the stock market in general, and may be out of favor with investors for varying periods of time.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Value Securities Risk
-- Value securities are securities of companies that may have experienced, for example, adverse business, industry or other developments or may be subject to special risks that have caused the securities to be out of favor and, in turn, potentially undervalued. The market value of a portfolio security may not meet the Adviser's future value assessment of that security, or may decline. There is also a risk that it may take longer than expected for the value of these investments to rise to the believed value. In addition, value securities, at times, may not perform as well as growth securities or the stock market in general, and may be out of favor with investors for varying periods of time.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Derivatives Risk -- Derivatives are financial contracts whose values are, for example, based on (or "derived" from) traditional securities (such as a stock or bond), assets (such as a commodity like gold or a foreign currency), reference rates (such as LIBOR) or market indices (such as the Standard & Poor's (S&P) 500® Index). Derivatives involve special risks and may result in losses or may limit the Fund's potential gain from favorable market movements. Derivative strategies often involve leverage, which may exaggerate a loss, potentially causing the Fund to lose more money than it would have lost had it invested in the underlying security or other asset. The values of derivatives may move in unexpected ways, especially in unusual market conditions, and may result in increased volatility, among other consequences. The use of derivatives may also increase the amount of taxes payable by shareholders holding shares in a taxable account. Other risks arise from the Fund's potential inability to terminate or to sell derivative positions. A liquid secondary market may not always exist for the Fund's derivative positions at times when the Fund might wish to terminate or to sell such positions. Over-the-counter instruments (investments not traded on an exchange) may be illiquid, and transactions in derivatives traded in the over-the-counter market are subject to the risk that the other party will not meet its obligations. The use of derivatives also involves the risks of mispricing or improper valuation and that changes in the value of the derivative may not correlate perfectly with the underlying security, asset, reference rate or index. The Fund also may not be able to find a suitable derivative transaction counterparty, and thus may be unable to engage in derivative transactions when it is deemed favorable to do so, or at all. For more information on the risks of derivative investments and strategies, see the Statement of Additional Information. </div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
<table border="0" cellspacing="0" cellpadding="0" style="width:100.0%"><tr><td>·  </td><td>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Foreign Securities Risk -- Foreign securities are subject to special risks as compared to securities of U.S. issuers. For example, foreign markets can be extremely volatile. Fluctuations in currency exchange rates may impact the value of foreign securities denominated in foreign currencies, or in U.S. dollars, without a change in the intrinsic value of those securities. Foreign securities may be less liquid than domestic securities so that the Fund may, at times, be unable to sell foreign securities at desirable times or prices. Brokerage commissions, custodial fees and other fees are also generally higher for foreign securities. The Fund may have limited or no legal recourse in the event of default with respect to certain foreign securities, including those issued by foreign governments. In addition, foreign governments may impose potentially confiscatory withholding or other taxes, which could reduce the amount of income and capital gains available to distribute to shareholders. Other risks include possible delays in the settlement of transactions or in the payment of income; generally less publicly available information about companies; the impact of political, social or diplomatic events; possible seizure, expropriation or nationalization of a company or its assets; possible imposition of currency exchange controls; and accounting, auditing and financial reporting standards that may be less comprehensive and stringent than those applicable to domestic companies.</div>
</td></tr></table>
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Performance Information </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The Fund's past performance (before or after taxes) is no guarantee of how the Fund will perform in the future.
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">More recent performance information is available on the Columbia Funds' website at www.columbiamanagement.com or by calling 800.345.6611.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The bar chart below shows you how the performance of the Fund's Class Z shares has varied from year to year.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Year by Year Total Return (%)</div><div> as of December 31 Each Year</div>
2nd quarter 2009:
0.2069
4th quarter 2008:
-0.2317
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The table compares the Fund's returns for each period with those of the Russell 1000 Index, which tracks the performance of 1,000 of the largest U.S. companies, based on market capitalization.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).</div>
><div style="display:none">~http://columbia/role/ShareholderFeesDataCCCFCLASSZ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012077Member ~</div>
><div style="display:none">~ http://columbia/role/OperatingExpensesDataCCCFCLASSZ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012077Member ~</div>
0
0.002
0.0096
0.0094
><div style="display:none">~ http://columbia/role/ExpenseExampleCCCFCLASSZ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012077Member ~</div>
96
304
529
1176
><div style="display:none">~ http://columbia/role/BarChartDataCCCFCLASSZ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012077Member ~</div>
-0.0556
-0.2486
0.2283
0.0594
0.1132
0.1464
0.1253
-0.3542
0.3725
0.1621
><div style="display:none">~ http://columbia/role/PerformanceTableDataCCCFCLASSZ column period compact * column rr_ProspectusShareClassAxis compact * row primary compact * row dei_LegalEntityAxis compact columbia_S000012077Member ~</div>
0.1621
0.1613
0.1065
0.161
0.0585
0.052
0.0498
0.0259
0.0317
0.0256
0.0258
0.0183
0.94
0.94
0.79
0.79
0.17
0.17
1.22
1.22
1.22
1.22
0.26
0.26
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A or Class T shares of eligible Columbia Funds.</div>
50000
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund's past performance (before or after taxes) is no guarantee of how the Fund will perform in the future.</div>
<pre>
Best and Worst Quarterly Returns
During this Period
Best: 2nd quarter 2009: 20.67%
Worst: 4th quarter 2008: -23.26%
</pre>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The after-tax returns shown in the table above are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The after-tax returns are shown only for Class A shares, and will vary for other share classes.</div>
More recent performance information is available on the Columbia Funds' website at www.columbiamanagement.com
800.345.6611
More recent performance information is available on the Columbia Funds' website at www.columbiamanagement.com
800.345.6611
More recent performance information is available on the Columbia Funds' website at www.columbiamanagement.com
800.345.6611
More recent performance information is available on the Columbia Funds' website at www.columbiamanagement.com
800.345.6611
More recent performance information is available on the Columbia Funds' website at www.columbiamanagement.com
800.345.6611
More recent performance information is available on the Columbia Funds' website at www.columbiamanagement.com
800.345.6611
More recent performance information is available on the Columbia Funds' website at www.columbiamanagement.com
800.345.6611
More recent performance information is available on the Columbia Funds' website at www.columbiamanagement.com
800.345.6611
More recent performance information is available on the Columbia Funds' website at www.columbiamanagement.com
800.345.6611
More recent performance information is available on the Columbia Funds' website at www.columbiamanagement.com
800.345.6611
More recent performance information is available on the Columbia Funds' website at www.columbiamanagement.com
800.345.6611
More recent performance information is available on the Columbia Funds' website at www.columbiamanagement.com
800.345.6611
<pre>
Best and Worst Quarterly Returns
During this Period
Best: 2nd quarter 2009: 20.69%
Worst: 4th quarter 2008: -23.17%
</pre>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The after-tax returns shown in the table above are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A or Class T shares of eligible Columbia Funds.</div>
50000
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund's past performance (before or after taxes) is no guarantee of how the Fund will perform in the future.</div>
<pre>
Best and Worst Quarterly Returns
During this Period
Best: 3rd quarter 2009: 18.65%
Worst: 4th quarter 2008: -21.50%
</pre>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The after-tax returns shown in the table above are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The after-tax returns are shown only for Class A shares, and will vary for other share classes.</div>
<pre>
Best and Worst Quarterly Returns
During this Period
Best: 3rd quarter 2009: 18.58%
Worst: 4th quarter 2008: -21.37%
</pre>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The after-tax returns shown in the table above are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A or Class T shares of eligible Columbia Funds.</div>
50000
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The bar chart below shows you how the performance of the Fund's Class A shares has varied from year to year. These returns do not reflect deductions of sales charges, if any, paid by investors and would be lower if they did.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The bar chart below shows you how the performance of the Fund's Class Z shares has varied from year to year.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The bar chart below shows you how the performance of the Fund's Class A shares has varied from year to year. These returns do not reflect deductions of sales charges, if any, paid by investors and would be lower if they did.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The bar chart below shows you how the performance of the Fund's Class E shares has varied from year to year. These returns do not reflect deductions of sales charges, if any, paid by investors and would be lower if they did.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The bar chart below shows you how the performance of the Fund's Class A shares has varied from year to year. These returns do not reflect deductions of sales charges, if any, paid by investors and would be lower if they did.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The bar chart below shows you how the performance of the Fund's Class A shares has varied from year to year. These returns do not reflect deductions of sales charges, if any, paid by investors and would be lower if they did.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The bar chart below shows you how the performance of the Fund's Class A shares has varied from year to year. These returns do not reflect deductions of sales charges, if any, paid by investors and would be lower if they did.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The bar chart below shows you how the performance of the Fund's Class A shares has varied from year to year. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The bar chart below shows you how the performance of the Fund's Class Z shares has varied from year to year.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The bar chart below shows you how the performance of the Fund's Class A shares has varied from year to year. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The bar chart below shows you how the performance of the Fund's Class E shares has varied from year to year. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The bar chart below shows you how the performance of the Fund's Class A shares has varied from year to year. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The bar chart below shows you how the performance of the Fund's Class A shares has varied from year to year. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The bar chart below shows you how the performance of the Fund's Class A shares has varied from year to year.</div>
<pre>
Best and Worst Quarterly Returns
During this Period
Best: 2nd quarter 2003: 18.41%
Worst: 3rd quarter 2002: -19.80%
</pre>
<pre>
Best and Worst Quarterly Returns
During this Period
Best: 2nd quarter 2003: 18.51%
Worst: 3rd quarter 2002: -19.78%
</pre>
<pre>
Best and Worst Quarterly Returns
During this Period
Best: 2nd quarter 2009: 15.51%
Worst: 4th quarter 2008: -23.67%
</pre>
<pre>
Best and Worst Quarterly Returns
During this Period
Best: 2nd quarter 2009: 15.54%
Worst: 4th quarter 2008: -23.70%
</pre>
<pre>
Best and Worst Quarterly Returns
During this Period
Best: 2nd quarter 2009: 15.60%
Worst: 4th quarter 2008: -23.62%
</pre>
<pre>
Best and Worst Quarterly Returns
During this Period
Best: 2nd quarter 2009: 15.60%
Worst: 4th quarter 2008: -23.62%
</pre>
<pre>
Best and Worst Quarterly Returns
During this Period
Best: 2nd quarter 2009: 25.93%
Worst: 4th quarter 2008: -27.72%
</pre>
<pre>
Best and Worst Quarterly Returns
During this Period
Best: 2nd quarter 2009: 25.94%
Worst: 4th quarter 2008: -27.67%
</pre>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The after-tax returns shown in the table above are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The after-tax returns are shown only for Class A shares, and will vary for other share classes.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The after-tax returns shown in the table above are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A or Class T shares of eligible Columbia Funds.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class E shares of the Fund.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The after-tax returns shown in the table above are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The after-tax returns shown in the table above are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The after-tax returns shown in the table above are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The after-tax returns shown in the table above are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The after-tax returns are shown only for Class A shares, and will vary for other share classes.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The after-tax returns are shown only for Class E shares, and will vary for other share classes.</div>
50000
50000
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Class A or Class T shares of eligible Columbia Funds.</div>
50000
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The after-tax returns shown in the table above are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The after-tax returns shown in the table above are calculated using the highest historical individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The after-tax returns are shown only for Class A shares, and will vary for other share classes.</div>
The bar chart below shows you how the performance of the Fund's Class Z shares
has varied from year to year.
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The bar chart below shows you how the performance of the Fund's Class Y shares has varied from year to year.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> The bar chart below shows you how the performance of the Fund's Class Z shares has varied from year to year.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The bar chart below shows you how the performance of the Fund's Class Z shares has varied from year to year.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The bar chart below shows you how the performance of the Fund's Class Z shares has varied from year to year.</div>
The Fund's past performance (before or after taxes) is no guarantee of how the Fund will perform in the future.
In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).
In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).
In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).
The Fund's past performance (before or after taxes) is no guarantee of how the Fund will perform in the future.
In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).
In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).
In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs).
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> Average Annual Total Return as of December 31, 2010
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund's past performance (before or after taxes) is no guarantee of how the Fund will perform in the future.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund's past performance (before or after taxes) is no guarantee of how the Fund will perform in the future.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund's past performance (before or after taxes) is no guarantee of how the Fund will perform in the future.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund's past performance (before or after taxes) is no guarantee of how the Fund will perform in the future.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund's past performance (before or after taxes) is no guarantee of how the Fund will perform in the future.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund's past performance (before or after taxes) is no guarantee of how the Fund will perform in the future.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Average Annual Total Return as of December 31, 2010
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund's past performance (before or after taxes) is no guarantee of how the Fund will perform in the future.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Average Annual Total Return as of December 31, 2010
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">The Fund's past performance (before or after taxes) is no guarantee of how the Fund will perform in the future.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Average Annual Total Return as of December 31, 2010
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or individual retirement accounts (IRAs). </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Average Annual Total Return as of December 31, 2010
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Average Annual Total Return as of December 31, 2010
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Average Annual Total Return as of December 31, 2010
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Average Annual Total Return as of December 31, 2010
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Average Annual Total Return as of December 31, 2010
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Average Annual Total Return as of December 31, 2010
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Average Annual Total Return as of December 31, 2010
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">
Average Annual Total Return as of December 31, 2010
</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Other expenses have been restated to reflect contractual changes to the transfer agency fees paid with respect to the indicated share class.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> In September 2010, the Fund's Board of Trustees (the Board) approved an amended investment management services agreement which, if approved by Fund shareholders at a meeting expected to be held in the first half of 2011, would have the effect of changing the management fee rate of the Fund. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> Columbia Management Investment Advisers, LLC (the Adviser) has contractually agreed to bear through January 31, 2012 a portion of the Fund's expenses so that the Fund's ordinary operating expenses (excluding any brokerage commissions, 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 rates of 1.19%, 1.94%, 1.94%, 0.86%, 1.44%, 1.16%, 1.24%, and 1.19% of the Fund's average daily net assets attributable to Class A, Class B, Class C, Class I, Class R, Class R4, Class T, and Class W shares, respectively. This expense arrangement may only be modified or amended with approval from all parties to such arrangements, including the Fund and the Adviser. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> Columbia Management Investment Advisers, LLC (the Adviser) has contractually agreed to bear through January 31, 2012 a portion of the Fund's expenses so that the Fund's ordinary operating expenses (excluding any brokerage commissions, 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 rates of 0.94% of the Fund's average daily net assets attributable to Class Z shares. This expense arrangement may only be modified or amended with approval from all parties to such arrangements, including the Fund and the Adviser. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> Management fees shown do not reflect a reduction in contractual investment advisory and administration fee rates to be payable by the Fund beginning on or about July 1, 2011.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">In September 2010, the Fund's Board of Trustees (the Board) approved an amended investment management services agreement which, if approved by Fund shareholders at a meeting expected to be held in the first half of 2011, would have the effect of changing the management fee rate of the Fund. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;"> In September 2010, the Fund's Board of Trustees (the Board) approved an amended investment management services agreement which, if approved by Fund shareholders at a meeting expected to be held in the first half of 2011, would have the effect of changing the management fee rate of the Fund. </div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">This charge applies to investors who buy Class C shares and redeem them within one year of purchase, with certain limited exceptions.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Contingent deferred sales charges (CDSC) on certain investments of between $1 million and $50 million redeemed within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months of purchase, with certain limited exceptions.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">This charge decreases over time.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Other expenses have been restated to reflect contractual changes to the transfer agency fees paid with respect to the indicated share class.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Other expenses have been restated to reflect contractual changes to the transfer agency fees paid with respect to the indicated share class.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">This charge applies to investors who buy Class C shares and redeem them within one year of purchase, with certain limited exceptions.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Contingent deferred sales charges (CDSC) on certain investments of between $1 million and $50 million redeemed within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months of purchase, with certain limited exceptions.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">This charge decreases over time.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Other expenses have been restated to reflect contractual changes to the transfer agency fees paid with respect to the indicated share class.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Other expenses have been restated to reflect contractual changes to the transfer agency fees paid with respect to the indicated share class.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">This charge applies to investors who buy Class C shares and redeem them within one year of purchase, with certain limited exceptions.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Contingent deferred sales charges (CDSC) on certain investments of between $1 million and $50 million redeemed within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months of purchase, with certain limited exceptions.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">This charge decreases over time.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Other expenses have been restated to reflect contractual changes to the transfer agency fees paid with respect to the indicated share class</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Other expenses have been restated to reflect contractual changes to the transfer agency fees paid with respect to the indicated share class.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Other expenses have been restated to reflect contractual changes to the transfer agency fees paid with respect to the indicated share class.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">This charge decreases over time.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Other expenses have been restated to reflect contractual changes to the transfer agency fees paid with respect to the indicated share class.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">This charge applies to investors who buy $1 million or more of Class E shares and redeem them within one year of purchase, with certain limited exceptions.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">This charge applies to investors who buy Class C shares and redeem them within one year of purchase, with certain limited exceptions.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Contingent deferred sales charges (CDSC) on certain investments of between $1 million and $50 million redeemed within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months of purchase, with certain limited exceptions.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">This charge decreases over time.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Other expenses have been restated to reflect contractual changes to the transfer agency fees paid with respect to the indicated share class.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Other expenses have been restated to reflect contractual changes to the transfer agency fees paid with respect to the indicated share class.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">This charge applies to investors who buy Class C shares and redeem them within one year of purchase, with certain limited exceptions.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Contingent deferred sales charges (CDSC) on certain investments of between $1 million and $50 million redeemed within 18 months of purchase, charged as follows: 1.00% CDSC if redeemed within 12 months of purchase, and 0.50% CDSC if redeemed more than 12, but less than 18, months of purchase, with certain limited exceptions.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">This charge decreases over time.</div>
<div style="font-size:12;padding-top:5;padding-bottom:0;padding-left:0;">Other expenses have been restated to reflect contractual changes to the transfer agency fees paid with respect to the indicated share class.</div>