INCOME IN ALL MARKETS COLUMBIA STRATEGIC INCOME FUND Class A COSIX Class C CLSCX Class R CSNRX Class R4 CMNRX Class R5 CTIVX Class Z LSIZX

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1 INCOME IN ALL MARKETS COLUMBIA STRATEGIC INCOME FUND Class A COSIX Class C CLSCX Class R CSNRX Class R4 CMNRX Class R5 CTIVX Class Z LSIZX

2 NAVIGATING A CHANGING INTEREST RATE ENVIRONMENT Rise to the challenge of changing interest rates invest in a fund that is ready to take on the market s ups and downs. Be prepared for market volatility Do you worry that market volatility could have negative implications for your portfolio? When interest rates shift, will your fixed-income investments continue to deliver? While you can t stop interest rates from changing, you can make investment choices that are agile enough to keep you in the game through all markets. Agility breeds opportunity Columbia Strategic Income Fund is built to provide greater income potential in all phases of an economic cycle from highs to lows by leveraging several risk factors: duration, credit, currency and inflation. Unhindered by sector restrictions, the fund s managers proactively shift allocations based on market conditions, taking advantage of opportunities across global markets to capture income for investors. Performance is never tied to any single sector or risk factor, empowering the fund to deliver stronger results even in uncertain times.

3 PURSUING INCOME WITH A FLEXIBLE APPROACH TO BOND MARKET INVESTING Columbia Strategic Income Fund aims to deliver a competitive level of income, while adapting to market fluctuations by accessing global bond market risks such as inflation, interest rate changes, credit risk, and currency fluctuations. Income focus. We target diversified sources of return across sectors and global markets. Our goal is to provide attractive income in all market environments. Colin Lundgren, CFA Head of Fixed Income and Portfolio Manager Investment experience since 1986 Flexible mandate. The fund s flexible approach focuses on capturing returns, not just during market rallies but throughout all phases of the economic and financial cycle. Unhindered by sector restrictions, the team proactively shifts allocations based on market conditions to optimize performance and reduce your exposure to downside risk. Global reach. The fund s management team leverages the deep research capabilities and strong track records of more than 180 investment professionals to scour the globe for attractive investment opportunities. Gene Tannuzzo, CFA Senior Portfolio Manager Investment experience since 2003 Unconstrained investing across sectors With the latitude to invest across the fixed-income universe, we explore opportunities within and outside of traditional sectors. Cash U.S. Treasury Inflation-protected securities Agency Municipal Agency mortgage-backed securities Asset-backed/commercial mortgage-backed securities Investment-grade corporate Non-agency mortgage-backed securities International bonds Emerging market bonds U.S. $ and local currency High-yield Bank loans Convertible securities Brian Lavin, CFA Senior Portfolio Manager Investment experience since 1986 Traditional Enhanced Understand your risk exposure Columbia Strategic Income Fund has exposure to fixed-income securities, including non-investment-grade bonds, floating rate loans and foreign debt including the use of derivatives, all of which carry risk. Please see the back page of this brochure for a full description of the risks associated with investing with this fund. Diversification does not assure a profit or loss. This brochure is updated annually and must be accompanied by the most recent fund story or fund fact sheet.

4 RETURN OPPORTUNITIES THROUGHOUT ECONOMIC AND FINANCIAL CYCLES Columbia Strategic Income Fund is designed to navigate global market volatility, with a focus on generating income through each phase of the economic cycle from highs to lows. Recognizing that interest rates are just one piece of the fixed-income puzzle, the fund s managers pull several uncorrelated levers to play both offense and defense as markets shift. They leverage four different risk factors (duration, credit, currency and inflation), emphasizing areas of the market that typically perform best in the current environment, and decreasing exposure to areas that don t. For example, when interest rates are on the rise, the team is likely to shift focus from duration to credit and currency, while keeping an eye on inflation. Expanding your target for success INFLATION CURRENCY CREDIT INTEREST RATES By expanding its opportunity set beyond any single risk factor, such as interest rate risk, the team increases its target for success. Agility through market highs and lows The fund takes a transparent adaptation approach to portfolio sector allocations to emphasize areas of the market that typically perform well during different phases of a business cycle. During a recovery phase, the fund typically increases its weighting to credit, whereas during a recession, the fund favors long-maturity, high-quality bonds. Overheating Business cycle Recovery Recession Recovery Interest rates/duration Credit Currency Inflation Trough Time Source: Columbia Management Investment Advisers, LLC. This illustration is hypothetical and is not meant to represent any specific investment or imply any guaranteed rate of return.

5 GAIN GLOBAL FIXED-INCOME EXPOSURE WITH A FLEXIBLE PORTFOLIO With Columbia Strategic Income Fund, you gain exposure to what we believe to be the best opportunities, selected through a collaborative team approach. The fund provides these potential benefits: Managed exposure to changes in interest rates. Reap the benefits of an agile portfolio designed to participate in all phases of the economic cycle. The fund s managers tactically shift duration and yield curve exposure to take advantage of income opportunities. Diversification to protect your investment. The fund s performance is multidimensional, meaning it never depends on any single sector or risk factor. Capitalizing on investment opportunities across global markets helps the fund navigate risk and deliver stronger results than typical fixedincome investments. Even in times of volatility, our goal is for our investors portfolios to thrive. Global bond market team delivering results. Leave the active management to our global team of experienced professionals. The fund is managed by our head of fixed income, who has 28 years of tenure in the industry and with the company. Strong performance since inception: The growth of $100,000 over time $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $0 Apr 77 Apr 79 Apr 81 Apr 83 Apr 85 Apr 87 Apr 89 Apr 91 Apr 93 Apr 95 Apr 97 Apr 99 Apr 01 Apr 03 Apr 05 Apr 07 Apr 09 Apr 11 Apr 13 Dec 14 Total return Income return Illustration is based on a hypothetical $100,000 investment in Class A shares, excluding sales charges. Had sales charges been included, performance would be lower. Results shown assume reinvestment of dividends and capital gains. Source: Columbia Management Investment Advisers, LLC. Average annual total returns, Class A (%) as of 06/30/15 1-year 3-year 5-year 10-year Without sales charge With 4.75% maximum sales charge Gross expense ratio: 1.05 Net expense ratio: Performance data shown represents past performance and is not a guarantee of future results. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data shown. Please visit columbiathreadneedle.com/us for performance data current to the most recent month end. Expense ratios are generally based on the fund s most recently completed fiscal year and are not adjusted for current asset levels or other changes. In general, expense ratios increase as net assets decrease. See the fund s prospectus for additional details.

6 About Columbia Threadneedle Investments Columbia Threadneedle Investments is a leading global asset management group that provides a broad range of actively managed investment strategies and solutions for individual, institutional and corporate clients around the world. With more than 2,000 people, including over 450 investment professionals based in North America, Europe and Asia, we manage $506 billion* of assets across developed and emerging market equities, fixed income, asset allocation solutions and alternatives. We are the 12th largest manager of long-term mutual fund assets in the U.S.** and the 5th largest manager of retail funds in the U.K.*** Our priority is the investment success of our clients. We aim to deliver the investment outcomes they expect through an investment approach that is team-based, performance-driven and risk-aware. Our culture is dynamic and interactive. By sharing our insights across asset classes and geographies, we generate richer perspectives on global, regional and local investment landscapes. The ability to exchange and debate investment ideas in a collaborative environment enriches our teams investment processes. More importantly, it results in better informed investment decisions for our clients. To find out more, call or visit columbiathreadneedle.com/us blog.columbiathreadneedleus.com Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus or a summary prospectus, which contains this and other important information about the funds, visit columbiathreadneedle.com/us. Read the prospectus carefully before investing. Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Mortgage- and asset-backed securities are affected by interest rates, financial health of issuers/originators, creditworthiness of entities providing credit enhancements and the value of underlying assets. Fixed-income securities present issuer default risk. Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. A rise in interest rates may result in a price decline of fixed-income instruments held by the fund, negatively impacting its performance and NAV. Falling rates may result in the fund investing in lower yielding debt instruments, lowering the fund s income and yield. These risks may be heightened for longer maturity and duration securities. Floating rate loans typically present greater risk than other fixed-income investments as they are generally subject to legal or contractual resale restrictions, may trade less frequently and experience value impairments during liquidation. Prepayment and extension risk exists because a loan, bond or other investment may be called, prepaid or redeemed before maturity and similar yielding investments may not be available for purchase. Foreign investments subject the fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Risks are enhanced for emerging market and sovereign debt issuers. Investing in derivatives is a specialized activity that involves special risks that subject the fund to significant loss potential, including when used as leverage, and may result in greater fluctuation in fund value. Liquidity risk is associated with the difficulty of selling underlying investments at a desirable time or price. See the prospectus for more information on these and other risks associated with the fund. Past performance does not guarantee future results. * In U.S. dollars as of March 31,2015. Source: Ameriprise Q1 Earnings Release. Includes all assets managed by entities in the Columbia and Threadneedle groups of companies. Contact us for more current data. ** Source: ICI as of March 31,2015 for Columbia Management Investment Advisers, LLC. *** Source: Investment Association as of March 2015 for Threadneedle Asset Management Limited. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. Columbia funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA Columbia Management Investment Advisers, LLC. All rights reserved. Class A COSIX Class C CLSCX Class R CSNRX Class R4 CMNRX Class R5 CTIVX Class Z LSIZX CT-MK/ E (09/15) 5894/

7 INCOME IN ALL MARKETS COLUMBIA STRATEGIC INCOME FUND Class A COSIX Class C CLSCX Class R CSNRX Class R4 CMNRX Class R5 CTIVX Class Z LSIZX Q3 SEPTEMBER 30, 2015 Are you prepared to navigate a changing interest rate environment? While you can t stop interest rates from changing, you can choose investments that are agile enough to keep you in the game through all markets. Columbia Strategic Income Fund aims to deliver competitive income, while adapting to market fluctuations by accessing global bond market risks such as inflation, interest rate changes, credit risk, and currency fluctuations. Income focus We diversify sources of return across sectors and global markets. 1 Our goal is to provide attractive income in all market environments. Flexible mandate The fund s flexible approach focuses on capturing returns, not just during market rallies but throughout all phases of the economic and financial cycle. Unhindered by sector restrictions, the team proactively shifts allocations based on market conditions to optimize performance and reduce your exposure to downside risk. Global reach The fund s management team leverages the deep research capabilities and strong track records of more than 180 investment professionals to scour the globe for attractive investment opportunities. Strong performance since inception: The growth of $100,000 over time $2,500,000 $2,000,000 $1,500,000 $1,000,000 $500,000 $100,000 Apr 77 Jun 79 Jun 81 Jun 83 Jun 85 Jun 87 Jun 89 Jun 91 Jun 93 Jun 95 Jun 97 Jun 99 Jun 01 Jun 03 Jun 05 Jun 07 Jun 09 Jun 11 Jun 13 Jun 15 Total Return - Class A NAV Cumulative Income Return - Class A NAV Illustration is based on a hypothetical $100,000 investment. Source: Morningstar as of 06/30/ Diversification does not assure a profit or guarantee against a loss. Performance data shown represents past performance and is not a guarantee of future results. The investment return and principal value of an investment will fluctuate so that shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data shown. Please visit for performance data current to the most recent month end. Class Z shares are sold at net asset value and have limited eligibility. Columbia Management Investment Distributors, Inc. offers multiple share classes, not all necessarily available through all firms, and the share class ratings may vary. Contact us for details. Returns shown assume reinvestment of distributions and do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Not all products and share classes are available through all firms. Investors should consider the investment objectives, risks, charges and expenses of a mutual fund carefully before investing. For a free prospectus and, if available, a summary prospectus which contains this and other important information about the funds, visit Read the prospectus carefully before investing.

8 Strategic asset allocation changes over time Through tactical allocation, the fund has maintained broad exposure to fixed-income sectors. Percent (%) Average Annual Total Returns, Class A (%) YTD (cum.) 1- year 3- year 5- year 10- year Without sales charge With 4.75% maximum sales charge Overall Morningstar Rating TM Ratings % 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Percentile Rankings 06/30/07 12/31/07 6/30/08 Class A Class Z out of 240 funds Category: Nontraditional Bond Class A Class Z Out of 3-year year year 49 1-year^ year year year 3 1 ^ Out of 436 total funds. 12/31/08 6/30/09 12/31/09 6/30/10 12/31/10 6/30/11 12/31/11 6/30/12 12/31/12 6/30/13 12/31/13 6/30/14 12/31/14 Portfolio Management Colin Lundgren, CFA 29 years of industry experience Gene R. Tannuzzo, CFA 12 years of industry experience Brian Lavin, CFA 29 years of industry experience U.S. Treasury Inflation protected securities Agency Municipal Agency mortgage-backed securities Non-agency mortgage-backed securities Asset-backed/Commercial mortgage-backed securities Investment-grade corporate International bonds Emerging market bonds U.S. dollar Emerging market bonds local currency COLUMBIA STRATEGIC INCOME FUND Credit Rating (% of net assets) 2 Fund Treasury 1.2 Agency 10.2 A 3.5 BBB 20.8 BB 18.0 B 20.6 CCC 5.9 Cash and Cash Equivalents 1.0 Not Rated 19.1 Sector Allocation (% of net assets) Fund High-Yield Corporates 28.4 MBS 25.2 Emerging Markets 12.8 Investment Grade Corporates 12.8 Bank Loans 7.3 CMBS 5.3 ABS 3.5 Foreign Developed 3.1 Cash and Cash Equivalents 1.0 U.S. Treasury 0.6 Average Life Distribution (% of net assets) Fund 0-1 Year Years Years Years Years Years Years Years 8.5 Duration (years) Average effective duration 2.18 Expense Ratio Gross Net Class A Inception Date Date Fund 04/21/77 Class A 04/21/77 All data shown is as of 09/30/15, unless otherwise noted. The fund s expense ratio is from the most recent prospectus. Duration measures the sensitivity of bond prices to changes in interest rates. Bonds with a higher duration experience greater price volatility from interest rate movements. 2 Bond ratings apply to the underlying holdings of the fund and not the fund itself and are divided into categories ranging from AAA (highest) to D (lowest), and are subject to change. The ratings shown are determined by using the middle ratings of Moody s, S&P and Fitch after dropping the highest and lowest available ratings. When a rating from only two agencies is available, the lower rating is used. When a rating from only one agency is available, that rating is used. When a bond is not rated by one of these agencies, it is designated as Not Rated. Securities designated as Not Rated do not necessarily indicate low credit quality, and for such securities the investment adviser evaluates the credit quality. Holdings of the fund other than bonds are categorized under Other. Credit ratings are subjective opinions and are not statements of fact. Investment risks Market risk may affect a single issuer, sector of the economy, industry or the market as a whole. Mortgage- and asset-backed securities are affected by interest rates, financial health of issuers/originators, creditworthiness of entities providing credit enhancements and the value of underlying assets. Fixed-income securities present issuer default risk. Non-investment-grade (high-yield or junk) securities present greater price volatility and more risk to principal and income than higher rated securities. A rise in interest rates may result in a price decline of fixed-income securities held by the fund. Falling rates may result in the fund investing in lower yielding securities, lowering the fund s income and yield. Floating rate loans typically present greater risk than other fixed-income investments as they are generally subject to legal or contractual resale restrictions, may trade less frequently and experience value impairments during liquidation. Prepayment and extension risk exists because a loan, bond or other investment may be called, prepaid or redeemed before maturity and similar yielding investments may not be available for purchase. Foreign investments subject the fund to risks, including political, economic, market, social and others within a particular country, as well as to currency instabilities and less stringent financial and accounting standards generally applicable to U.S. issuers. Risks are enhanced for emerging market and sovereign debt issuers. Investing in derivatives is a specialized activity that involves special risks, which may result in significant losses. Liquidity risk is associated with the difficulty of selling underlying investments at a desirable time or price Morningstar, Inc. All rights reserved. The Morningstar information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Morningstar Percentile Rankings are based on the average annual total returns of the funds in the category for the periods stated and do not include any sales charges or redemption fees, but do include 12b-1 fees and the reinvestment of dividends and capital gains distributions. The highest (or most favorable) percentile rank is 1 and the lowest (or least favorable) percentile rank is 100. Rankings for each share class will vary due to different expenses. Had sales charges or redemption fees been included, total returns would be lower. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating TM based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund s monthly performance (including the effects of sales charges, loads and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages) The Morningstar Rating TM is for Class A and Class Z shares only; other classes may have different performance characteristics and may have different ratings. The Overall Morningstar Rating TM for a fund is derived from a weighted average for the performance figures associated with its three-, five- and 10-year (if applicable) Morningstar Rating metrics. Columbia Threadneedle Investments (Columbia Threadneedle) is the global brand name of the Columbia and Threadneedle group of companies. Columbia funds are distributed by Columbia Management Investment Distributors, Inc., member FINRA, and managed by Columbia Management Investment Advisers, LLC Columbia Management Investment Advisers, LLC. All rights reserved. Columbia Management Investment Distributors, Inc., 225 Franklin Street, Boston, MA T: columbiathreadneedle.com/us blog.columbiathreadneedleus.com FSS33141 M Q /30/15 Bank loans High-yield Cash/other