How to Invest in the US Federal Fund

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1 PROSPECTUS June 1, 2015 COLUMBIA LIFEGOAL GROWTH PORTFOLIO CLASS Class A Shares Class B Shares Class C Shares Class K Shares Class R Shares Class R4 Shares Class R5 Shares Class Z Shares TICKER SYMBOL NLGIX NLGBX NLGCX CGRUX CLGRX CWPRX CGPRX NGPAX As with all mutual funds, the Securities and Exchange Commission (SEC) has not approved or disapproved these securities or passed upon the adequacy of this prospectus. Any representation to the contrary is a criminal offense.

2 Fund Supplement dated March 9, 2016 to the Prospectus and Summary Prospectus, as supplemented, of the following fund: Prospectus and Summary Prospectus Dated Columbia Funds Series Trust Columbia Global Strategic Equity Fund 6/1/15 The information under the caption Fund Management in the Summary of the Fund section of the Prospectus and Summary Prospectus is hereby superseded and replaced with the following: Portfolio Manager Title Role with Fund Managed Fund Since Mark Burgess Chief Investment Officer of Threadneedle, Co-manager June 2015 EMEA and Global Head of Equities Melda Mergen, CFA, CAIA Senior Portfolio Manager and Director of U.S. Equity Investments Co-manager March 2016 The rest of the section remains the same. The information under the caption Portfolio Managers in the More Information About the Fund Primary Service Providers section of the Prospectus is hereby superseded and replaced with the following: Portfolio Manager Title Role with Fund Managed Fund Since Mark Burgess Chief Investment Officer of Threadneedle, Co-manager June 2015 EMEA and Global Head of Equities Melda Mergen, CFA, CAIA Senior Portfolio Manager and Director of U.S. Equity Investments Co-manager March 2016 Mr. Burgess joined Threadneedle, a Participating Affiliate, in 2010 and took over as the company s Chief Investment Officer in January He also chairs the company s Asset Allocation Committee and is a Statutory Board Member. Mr. Burgess began his investment career in 1986 and earned a degree in Economics and Philosophy from Keele University and is an associate of the Institute of Investment Management and Research. Ms. Mergen joined one of the Columbia Management legacy firms or acquired business lines in Ms. Mergen began her investment career in 1999 and earned a B.A. from Bogazici University and an M.B.A. from the University of Massachusetts at Amherst. The rest of the section remains the same. Shareholders should retain this Supplement for future reference. SUP181_01_005_(03/16)

3 Supplement dated January 29, 2016 to the Prospectuses, as supplemented, of the following funds: Fund Prospectus Dated Columbia Funds Series Trust Columbia Capital Allocation Moderate Aggressive Portfolio 6/1/15 Columbia Capital Allocation Moderate Conservative Portfolio 6/1/15 Columbia Global Strategic Equity Fund 6/1/15 Columbia Funds Series Trust II Columbia Capital Allocation Conservative Portfolio 6/1/15 Columbia Capital Allocation Moderate Portfolio 6/1/15 Columbia Capital Allocation Aggressive Portfolio 6/1/15 Columbia Income Builder Fund 6/1/15 The Board of Trustees has approved the liquidation of Columbia Global Inflation-Linked Bond Plus Fund, on or about January 29, Accordingly, all references to Columbia Global Inflation-Linked Bond Plus Fund as an underlying fund are hereby deleted. Effective on February 19, 2016, all references to Columbia Intermediate Bond Fund are changed to Columbia Total Return Bond Fund. In addition, the description of the principal investment strategies of Columbia Intermediate Bond Fund in Appendix A Underlying Funds Investment Objectives and Strategies is hereby deleted and replaced in its entirety with the following: Columbia Intermediate Bond Fund (to be known as Columbia Total Return Bond Fund) Columbia Intermediate Bond Fund (the Fund) seeks total return, consisting of current income and capital appreciation. Under normal circumstances, the Fund invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in bonds, notes and other debt instruments, including derivatives relating to such investments. The Fund may invest up to 35% of its net assets in securities that, at the time of purchase, are rated below investment grade or are unrated but determined to be of comparable quality (commonly referred to as highyield securities or junk bonds ). The Fund may invest in debt instruments issued by U.S. and non-u.s. governments, their agencies, authorities or instrumentalities, U.S. and non-u.s. corporate or other non-governmental entities, as well as mortgage- and other asset-backed securities. The Fund generally expects to maintain an effective duration of +/- 2 years relative to the Barclays U.S. Aggregate Bond Index. Duration measures the sensitivity of bond prices to changes in interest rates. The longer the duration of a bond, the more sensitive it will be to changes in interest rates. For example, a three-year duration means a bond is expected to decrease in value by 3% if interest rates rise 1% and increase in value by 3% if interest rates fall 1%. The Fund may invest in derivatives, such as futures (including interest rate futures) for hedging and investment purposes and to manage duration and yield curve of the Fund; swap contracts (including credit default swaps and interest rate swaps) for hedging and investment purposes; and interest-only (IO) and principal-only (PO) securities for investment purposes. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. Such securities may include mortgage-backed securities acquired or sold in the to be announced (TBA) market and those in a dollar roll transaction. The Fund may invest in securities or instruments that are purchased and sold pursuant to Rule 144A or other exemptions under the Securities Act of 1933, as amended (the 1933 Act). The Fund s investment strategy may involve the frequent trading of portfolio securities. The rest of the section remains the same. Shareholders should retain this Supplement for future reference. SUP000_00_022_(01/16)

4 Supplement dated July 17, 2015 to the Prospectus, as supplemented, of the following fund: Fund Prospectus Dated Columbia Funds Series Trust Columbia Global Strategic Equity Fund 6/1/15 Columbia Global Unconstrained Bond Fund is added as an underlying fund. Accordingly, Columbia Global Unconstrained Bond Fund is added to the table under the caption More Information About the Fund - Principal Investment Strategies - Underlying Funds as an International/Global Fund, and the following description of the fund is hereby added to Appendix A Underlying Funds Investment Objectives and Strategies: Columbia Global Unconstrained Bond Fund Columbia Global Unconstrained Bond Fund (the Fund) seeks to provide shareholders with absolute (positive) returns. Under normal circumstances, the Fund invests at least 80% of its net assets (including the amount of any borrowings for investment purposes) in fixed-income investments. As an unconstrained fund, the Fund has significant flexibility to invest across the fixed-income/debt asset class in seeking to manage the portfolio through various market environments, while being mindful of interest rates, credit, market volatility and other factors. The Fund s investment manager, Columbia Management Investment Advisers, LLC (Columbia Management or the Investment Manager), determines the Fund s desired exposures to, and allocation strategy across, Fixed Income Investments (as defined below) and other available instruments and assets. The Investment Manager combines macroeconomic, fundamental and quantitative analysis with risk management in identifying investment opportunities and constructing the Fund s portfolio. The unconstrained nature of the Fund s investment strategy provides it with significant latitude to obtain desired fixed-income/debt asset class exposure by investing in or allocating assets to debt instruments of governments throughout the world (including the U.S., developed and emerging markets) as well as their agencies and instrumentalities and government-sponsored enterprises, debt instruments of non-governmental issuers (e.g., corporate issuers) throughout the world (including the U.S., developed and emerging markets), debt instruments of any credit rating (including below investment grade, commonly known as high-yield or junk bonds/instruments) or debt instruments that are unrated, commercial and residential mortgage-backed securities, asset-backed securities, floating rate loans, bank loans, loan assignments and loan participations, exchange-traded notes, cash/cash equivalents, inflation-hedging assets, convertible securities, sovereign and quasi-sovereign debt investments, as well as fixed-income-related derivative instruments, including those described below (collectively, Fixed Income Investments). Fixed Income Investments may have, as applicable, varying interest rates, terms, maturities, durations, credit exposures, and industry/sector exposures, and the Fund has no limitations with regard to such exposures. At times, the Fund may be focused on any one of these types of Fixed Income Investments. Under normal circumstances, the Fund invests at least 40% of its net assets in foreign currency and Fixed Income Investments of or relating to foreign governments, as well as those of or relating to companies or other entities that: maintain their principal place of business outside the U.S.; have been formed under the laws of non-u.s. countries; trade their securities in a market located outside the U.S.; or conduct a substantial amount of business outside the U.S. The Fund considers an issuer or other entity to conduct a substantial amount of business outside the U.S. if it derives at least 50% of its revenue or profits from business outside the U.S. or has at least 50% of its sales or assets outside the U.S. This 40% minimum investment amount may be reduced to 30% if market conditions for these investments or specific foreign markets are deemed unfavorable. The Fund may invest in derivatives (both exchange-traded and over-the-counter instruments), including forward foreign currency contracts, forward interest rate agreements, futures (including bond, currency, index, and interest rate, including Treasury futures), options (including options on futures and on swaps (more commonly referred to as swaptions)) and swaps (including credit default swaps, indexed-based swaps, including index-based total return swaps, and interest rate swaps) to manage or hedge portfolio risk, interest rate risk or currency exposure, earn income, meet liquidity needs, enhance return, manage duration, or as a substitute for a position in an underlying asset or index. The Fund may purchase or sell securities on a when-issued, delayed delivery or forward commitment basis. Such securities may include mortgage-backed securities acquired or sold in the to be announced (TBA) market and those in a dollar roll transaction. SUP181_01_004_(07/15)

5 The Fund may purchase securities or other instruments in private placements, as well as repurchase agreements. The Fund may invest in instruments denominated in foreign currencies and in U.S. dollar-denominated instruments of foreign issuers. The Fund may take both long and short positions in all of its investments and may, at any time, have either a net long exposure or a net short exposure to markets. The Fund s portfolio is not managed to maintain any fixed net long or net short market exposure. The Fund expects to have significant investment leverage (market exposure in excess of the Fund s assets) as a result of certain of its investments (e.g., derivatives). The Fund may hold a significant amount of cash, money market instruments (which may include investments in one or more affiliated or unaffiliated money market funds or similar vehicles), other high-quality, short-term investments, or other liquid assets for investment purposes or to meet its segregation obligations as a result of its investments in derivatives. In certain market conditions, the Fund may have no market positions (i.e., the Fund may hold only cash and cash equivalents) when the Investment Manager believes it is in the best interests of the Fund. The Fund s investment strategy may involve the frequent trading of portfolio securities. The rest of the section remains the same. The following are added under the caption Underlying Funds - Principal Risks in Appendix B: Exchange-Traded Notes Risk. Because exchange-traded notes (ETNs) are unsecured, unsubordinated debt securities, an investment in an ETN exposes the Fund to the risk that an ETN s issuer may be unable to pay, which means that the Fund is subject to issuer credit risk. ETNs do not typically offer principal protection, so the Fund may lose some or all of its investment. The returns of ETNs are usually linked to the performance of a market benchmark or strategy, less investor fees and expenses. The Fund will bear its proportionate share of the fees and expenses of the ETN, which may cause the Fund s returns to be lower. The return on ETNs will typically be lower than the total return on a direct investment in the components of the underlying index or strategy because of the ETN s investor fees and expenses. Loan Assignment/Loan Participation Risk. If a bank loan is acquired through an assignment, the Fund may not be able to unilaterally enforce all rights and remedies under the loan and with regard to any associated collateral. If a bank loan is acquired through a participation, the Fund generally will have no right to enforce against the borrower compliance by the borrower with the terms of the loan agreement, and the Fund may not benefit from the collateral supporting the debt obligation in which it has purchased the participation. As a result, the Fund will be exposed to the credit risk of both the borrower and the institution selling the participation. New Fund Risk. The Fund is newly-formed. Accordingly, investors in the Fund bear the risk that the Fund may not be successful in implementing its investment strategy, and may not employ a successful investment strategy, either of which could result in the Fund being liquidated at any time without shareholder approval and/or at a time that may not be favorable for all shareholders. Such a liquidation could have negative tax consequences for shareholders. The rest of the section remains the same. 2 SUP181_01_004_(07/15)

6 Fund Supplement dated June 2, 2015 to the Prospectus of the following fund: Prospectus Dated Columbia Funds Series Trust Columbia LifeGoal Growth Portfolio 6/1/2015 Effective on June 2, 2015 (the Effective Date ), the Fund s name will change to Columbia Global Strategic Equity Fund. Accordingly, on the Effective Date, all references in the Prospectus to Columbia LifeGoal Growth Portfolio are deleted and replaced with Columbia Global Strategic Equity Fund. In addition, on the Effective Date, the following changes are hereby made in the Fund s Prospectus: The information under the caption Principal Investment Strategies in the Summary of the Fund section is hereby superseded and replaced with the following: Under normal circumstances, the Fund invests most of its net assets in shares of equity mutual funds and exchangetraded funds (ETFs) managed by Columbia Management Investment Advisers, LLC (the Investment Manager) or its affiliates (Columbia Funds), and third party advised funds (collectively, Underlying Funds). Under normal circumstances, the Fund invests at least 80% of its net assets (including borrowings for investment purposes) in equity securities. For purposes of the Fund s 80% policy, equity securities include common stocks, preferred stocks, securities convertible into common stocks, American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs) and shares of Underlying Funds that principally invest in such securities. Under normal circumstances, the Fund invests, directly and/or indirectly through Underlying Funds, at least 40% of its net assets in foreign currencies, and equity and debt securities of foreign governmental issuers, issuers organized or located outside the U.S., issuers that primarily trade in a market located outside the U.S., and/or issuers doing a substantial amount of business outside the U.S., which the Fund considers to be issuers that derive at least 50% of their revenue or profits from business outside the U.S., or have at least 50% of their sales or assets outside the U.S., or Underlying Funds that invest at least 40% of their net assets in foreign currencies or such non-u.s. securities. This 40% minimum investment amount may be reduced to 30% if market conditions for these investments or specific foreign markets are deemed unfavorable. Direct and indirect foreign investments may include investments in emerging market countries. The Fund may also invest in fixed-income, money market and alternative strategies Underlying Funds, as well as invest directly in equity and fixed income securities, including Treasury Inflation Protected Securities (TIPS), and derivatives, including futures and commodity-related instruments. The Fund may invest significantly in any individual Underlying Fund(s). The Investment Manager uses asset allocation as its principal investment approach and accesses the broader investment resources of the Investment Manager and its affiliate, Threadneedle Investments (Threadneedle), to develop both top down thematic views as well as bottom-up securities insight. The Fund and certain Underlying Funds may from time to time emphasize one or more economic sectors in selecting their investments. The Fund may invest in Underlying Funds that invest in special situations such as companies involved in initial public offerings, tender offers, mergers and other corporate restructurings, and in companies involved in management changes or companies developing new technologies. The Investment Manager can modify the list of Underlying Funds and types of instruments in which the Fund invests, or the asset categories, at any time, including by adding Underlying Funds introduced after the date of this prospectus without the approval of or notice to Fund shareholders. The information under the caption Principal Investment Strategies in the More Information About the Fund section is hereby superseded and replaced with the following: Under normal circumstances, the Fund invests most of its net assets in shares of equity mutual funds and exchangetraded funds (ETFs) managed by Columbia Management Investment Advisers, LLC (the Investment Manager) or its affiliates (Columbia Funds), and third party advised funds (collectively, Underlying Funds). Under normal circumstances, the Fund invests at least 80% of its net assets (including borrowings for investment purposes) in equity securities. For purposes of the Fund s 80% policy, equity securities include common stocks, preferred stocks, securities convertible into common stocks, American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs) and shares of Underlying Funds that principally invest in such securities. SUP181_01_002_(06/15)

7 Under normal circumstances, the Fund invests, directly and/or indirectly through Underlying Funds, at least 40% of its net assets in foreign currencies, and equity and debt securities of foreign governmental issuers, issuers organized or located outside the U.S., issuers that primarily trade in a market located outside the U.S., and/or issuers doing a substantial amount of business outside the U.S., which the Fund considers to be issuers that derive at least 50% of their revenue or profits from business outside the U.S., or have at least 50% of their sales or assets outside the U.S., or Underlying Funds that invest at least 40% of their net assets in foreign currencies or such non-u.s. securities. This 40% minimum investment amount may be reduced to 30% if market conditions for these investments or specific foreign markets are deemed unfavorable. Direct and indirect foreign investments may include investments in emerging market countries. The Fund may also invest in fixed-income, money market and alternative strategies Underlying Funds, as well as invest directly in equity and fixed income securities, including Treasury Inflation Protected Securities (TIPS), and derivatives, including futures and commodity-related instruments. The Fund may invest significantly in any individual Underlying Fund(s). The Investment Manager uses asset allocation as its principal investment approach and accesses the broader investment resources of the Investment Manager and its affiliate, Threadneedle Investments (Threadneedle), to develop both top down thematic views as well as bottom-up securities insight. The Fund and certain Underlying Funds may from time to time emphasize one or more economic sectors in selecting their investments. The Fund may invest in Underlying Funds that invest in special situations such as companies involved in initial public offerings, tender offers, mergers and other corporate restructurings, and in companies involved in management changes or companies developing new technologies. Underlying Funds The Fund has exposure to the risks associated with many areas of the market through its investments, including through its investments in Underlying Funds. Below is a list of the affiliated Underlying Funds available to the Fund for investment (the list does not include unaffiliated funds or ETFs in which the Fund may invest). Certain Underlying Funds, due to their characteristics, may fit into more than one asset class category, and may be used by the Investment Manager for those purposes. A description of the affiliated Underlying Funds investment objectives and principal investment strategies is included in Appendix A. A description of the principal risks associated with investment in these Underlying Funds is included in Appendix B. The prospectuses and statements of additional information for the affiliated Underlying Funds are incorporated by reference into this prospectus and are available free of charge at columbiathreadneedle.com/us or by calling Domestic Equity Funds International/Global Funds Columbia Acorn Fund, Columbia Acorn Select, Columbia Acorn USA, Columbia Contrarian Core Fund, Columbia Diversified Equity Income Fund, Columbia Dividend Income Fund, Columbia Dividend Opportunity Fund, Columbia Large Cap Enhanced Core Fund, Columbia Large Cap Growth Fund, Columbia Large Cap Index Fund, Columbia Large Core Quantitative Fund, Columbia Large Growth Quantitative Fund, Columbia Large Value Quantitative Fund, Columbia Marsico Flexible Capital Fund, Columbia Marsico Focused Equities Fund, Columbia Marsico Growth Fund, Columbia Mid Cap Growth Fund, Columbia Mid Cap Index Fund, Columbia Mid Cap Value Fund, Columbia Multi-Advisor Small Cap Value Fund, Columbia Select Large Cap Equity Fund, Columbia Select Large Cap Growth Fund, Columbia Select Large-Cap Value Fund, Columbia Select Smaller-Cap Value Fund, Columbia Small Cap Core Fund, Columbia Small Cap Growth Fund I, Columbia Small Cap Index Fund, Columbia Small Cap Value Fund I, Columbia Small Cap Value Fund II, Columbia Small/Mid Cap Value Fund (formerly known as Columbia Mid Cap Value Opportunity Fund), Columbia Value and Restructuring Fund Columbia Acorn Emerging Markets Fund, Columbia Acorn European Fund, Columbia Acorn International, Columbia Acorn International Select, Columbia Asia Pacific ex-japan Fund, Columbia Emerging Markets Bond Fund, Columbia Emerging Markets Fund, Columbia European Equity Fund, Columbia Global Bond Fund, Columbia Global Dividend Opportunity Fund, Columbia Global Energy and Natural Resources Fund, Columbia Global Equity Value Fund (formerly known as Columbia Equity Value Fund), Columbia Global Inflation-Linked Bond Plus Fund, Columbia Global Infrastructure Fund (formerly known as Columbia Recovery and Infrastructure Fund), Columbia Global Technology Growth Fund, Columbia Greater China Fund, Columbia International Opportunities Fund (formerly known as Columbia Marsico International Opportunities Fund), Columbia International Value Fund, Columbia Overseas Value Fund, Columbia Pacific/Asia Fund, Columbia Select Global Equity Fund (formerly known as Columbia Global Equity Fund), Columbia Select International Equity Fund (formerly known as Columbia Multi-Advisor International Equity Fund), Columbia Seligman Global Technology Fund 2 SUP181_01_002_(06/15)

8 Fixed Income Funds Money Market Instruments Alternative and Other Funds CMG Ultra Short Term Bond Fund, Columbia Bond Fund, Columbia Corporate Income Fund, Columbia Floating Rate Fund, Columbia High Yield Bond Fund, Columbia Income Opportunities Fund, Columbia Inflation Protected Securities Fund, Columbia Intermediate Bond Fund, Columbia Limited Duration Credit Fund, Columbia Short Term Bond Fund, Columbia U.S. Government Mortgage Fund, Columbia U.S. Treasury Index Fund Columbia Money Market Fund Columbia Adaptive Alternatives Fund, Columbia Absolute Return Currency and Income Fund, Columbia Commodity Strategy Fund, Columbia Convertible Securities Fund, Columbia Diversified Absolute Return Fund, Columbia Flexible Capital Income Fund, Columbia Mortgage Opportunities Fund, Columbia Multi-Asset Income Fund, Columbia Real Estate Equity Fund, Columbia Seligman Communications and Information Fund The Fund s allocations will vary. The Investment Manager can modify the list of Underlying Funds and types of instruments in which the Fund invests, or the asset categories, at any time, including by adding Underlying Funds introduced after the date of this prospectus without the approval of or notice to Fund shareholders. The Investment Manager may sell investments to adjust the allocation of the Fund s assets; if the Investment Manager believes that an investment is no longer a suitable investment, or that other investments are more attractive; to meet redemption requests; or for other reasons. When selling shares to meet redemption requests, the Investment Manager normally will, to the extent feasible, sell a proportionate amount of the shares the Fund owns in each Underlying Fund and instrument. The Fund s investment policy with respect to 80% of its net assets may be changed by the Board of Trustees without shareholder approval as long as shareholders are given 60 days advance written notice of the change. Shareholders should retain this Supplement for future reference. 3 SUP181_01_002_(06/15)

9 TABLE OF CONTENTS Summary of the Fund... 3 Investment Objective... 3 Fees and Expenses of the Fund... 3 Principal Investment Strategies... 4 Principal Risks... 5 Performance Information... 8 Fund Management Purchase and Sale of Fund Shares Tax Information Payments to Broker-Dealers and Other Financial Intermediaries More Information About the Fund Investment Objective Principal Investment Strategies Principal Risks Additional Investment Strategies and Policies Primary Service Providers Other Roles and Relationships of Ameriprise Financial and its Affiliates Certain Conflicts of Interest Certain Legal Matters Choosing a Share Class The Funds Summary of Share Class Features Sales Charges and Commissions Reductions/Waivers of Sales Charges Distribution and Service Fees Selling Agent Compensation Buying, Selling and Exchanging Shares Share Price Determination Transaction Rules and Policies Opening an Account and Placing Orders Buying Shares Selling Shares Exchanging Shares Distributions and Taxes Distributions to Shareholders Taxes Financial Highlights Appendix A: Underlying Funds Investment Objectives and Strategies... A-1 Appendix B: Underlying Funds Principal Risks... B-1 2 PROSPECTUS 2015

10 SUMMARY OF THE FUND Investment Objective Columbia LifeGoal Growth Portfolio (the Fund) seeks capital appreciation. Fees and Expenses of the Fund 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 members of your immediate family invest, or agree to invest in the future, at least $50,000 in certain classes of shares of eligible funds distributed by Columbia Management Investment Distributors, Inc. (the Distributor). More information about these and other discounts is available from your financial intermediary, and can be found in the Choosing a Share Class section beginning on page 27 of the Fund s prospectus and in Appendix S to the Statement of Additional Information (SAI) under Sales Charge Waivers beginning on page S-1. Shareholder Fees (fees paid directly from your investment) Class A Class B Class C Classes K, R, R4, R5 and Z Maximum sales charge (load) imposed on purchases (as a % of offering price) 5.75% None None None Maximum deferred sales charge (load) imposed on redemptions (as a % of the lower of the original purchase price or current net asset value) 1.00% (a) 5.00% (b) 1.00% (c) None Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment) Class A Class B Class C Class K Class R Class R4 Class R5 Class Z Management fees 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Distribution and/or service (12b-1) fees 0.25% 1.00% 1.00% 0.00% 0.50% 0.00% 0.00% 0.00% Other expenses (d) 0.23% 0.23% 0.23% 0.36% 0.23% 0.23% 0.11% 0.23% Acquired fund fees and expenses (e) 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% 0.85% Total annual Fund operating expenses (f) 1.33% 2.08% 2.08% 1.21% 1.58% 1.08% 0.96% 1.08% (a) This charge is imposed on certain investments of between $1 million and $50 million redeemed within 18 months after purchase, as follows: 1.00% if redeemed within 12 months after purchase, and 0.50% if redeemed more than 12, but less than 18, months after purchase, with certain limited exceptions. (b) This charge decreases over time. (c) This charge applies to redemptions within one year after purchase, with certain limited exceptions. (d) Other expenses for Class A, Class B, Class C, Class K, Class R, Class R4, Class R5 and Class Z shares have been restated to reflect current fees paid by the Fund. (e) Acquired fund fees and expenses are based on estimated amounts for the Fund s current fiscal year. (f) Total annual Fund operating expenses include acquired fund fees and expenses (expenses the Fund incurs indirectly through its investments in other investment companies) and may be higher than Total Net Expenses shown in the Financial Highlights section of this prospectus because Total Net Expenses do not include acquired fund fees and expenses. Example 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. The example illustrates the hypothetical expenses that you would incur over the time periods indicated, and assumes that: you invest $10,000 in the applicable class of Fund shares for the periods indicated, your investment has a 5% return each year, and the Fund s total annual operating expenses remain the same as shown in the Annual Fund Operating Expenses table above. PROSPECTUS

11 SUMMARY OF THE FUND (continued) Although your actual costs may be higher or lower, based on the assumptions listed above, your costs would be: 1 year 3 years 5 years 10 years Class A (whether or not shares are redeemed) $703 $972 $1,262 $2,084 Class B (assuming redemption of all shares at the end of the period) $711 $952 $1,319 $2,219 Class B (assuming no redemption of shares) $211 $652 $1,119 $2,219 Class C (assuming redemption of all shares at the end of the period) $311 $652 $1,119 $2,410 Class C (assuming no redemption of shares) $211 $652 $1,119 $2,410 Class K (whether or not shares are redeemed) $123 $384 $ 665 $1,466 Class R (whether or not shares are redeemed) $161 $499 $ 860 $1,878 Class R4 (whether or not shares are redeemed) $110 $343 $ 595 $1,317 Class R5 (whether or not shares are redeemed) $ 98 $306 $ 531 $1,178 Class Z (whether or not shares are redeemed) $110 $343 $ 595 $1,317 Portfolio Turnover The Fund and underlying funds pay transaction costs, such as commissions, when they buy and sell securities (or turn over their portfolios). The Fund will indirectly bear the expenses associated with portfolio turnover of the underlying funds. A high portfolio turnover rate may indicate higher transaction costs. 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 16% of the average value of its portfolio. Principal Investment Strategies Under normal circumstances, the Fund invests most of its assets in shares of mutual funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager) or its affiliates (Columbia Funds), exchange-traded funds (ETFs) and third party advised funds (collectively, Underlying Funds), equity and fixed income securities, including Treasury Inflation Protected Securities (TIPS), and other instruments such as derivatives. The Investment Manager uses asset allocation as its principal investment approach and: allocates the Fund s assets among asset class categories within the target asset allocations set for the Fund, based on the Fund s investment objective and historical and projected returns for each asset class. chooses individual Columbia Funds within each asset class category and the amount that will be allocated to each Columbia Fund, based on each Columbia Fund s historical returns and expected performance. may choose third party advised Underlying Funds if a Columbia Fund is not available in the desired asset class category. may choose equity and fixed income securities, including TIPS, and other instruments such as derivatives. reviews the asset allocations to Underlying Funds and instruments at least monthly, and may change these allocations when the Investment Manager believes it is appropriate to do so. The Fund s targeted allocation to Columbia Funds, as a percentage of the Fund s assets, is as follows: 0 80% to one or more Columbia Funds that invest in large-capitalization domestic equity securities. 0 40% to one or more Columbia Funds that invest in mid-capitalization domestic equity securities. 0 20% to one or more Columbia Funds that invest in small-capitalization domestic equity securities. 0 70% to one or more Columbia Funds that invest in international/global equity securities. 0 20% to one or more Columbia Funds that invest in convertible securities. 0 30% to one or more Columbia Funds that invest in specialty securities, including Columbia Funds that invest in equity securities of companies principally engaged in certain market sectors such as real estate or technology and Funds using alternative investment strategies. 4 PROSPECTUS 2015

12 SUMMARY OF THE FUND (continued) 0 70% to Columbia Funds that invest in government and corporate debt securities. 0 20% to Columbia Funds that invest in below investment grade debt securities. 0 50% in Columbia money market funds. The Fund s targeted allocations to direct security instrument holdings and third party advised funds, as a percentage of the Fund s assets, is as follows: 0 15% to fixed income securities, including TIPS. 0 10% to equity securities. 0 20% to futures and commodity-related instruments. 0 10% to third party advised funds/etfs. The Fund s actual allocation may vary from these target allocations at any time. The Investment Manager may use various strategies to try to manage how much the actual amount varies and for how long. The Investment Manager can modify the list of Underlying Funds and types of instruments in which the Fund invests, or the asset categories, at any time, including by adding Underlying Funds introduced after the date of this prospectus. The Fund and certain Underlying Funds may invest in securities of companies in the technology sector and may from time to time emphasize one or more other economic sectors in selecting their investments. The Fund may invest in Underlying Funds that invest in special situations such as companies involved in initial public offerings, tender offers, mergers and other corporate restructurings, and in companies involved in management changes or companies developing new technologies. Principal Risks An investment in the Fund involves risk, including specific risks relating to the investment in the Fund based on its investment process and its fund-of-funds structure, as well as specific risks related to the underlying funds in which it invests, including among others, those described below. More information about underlying funds, including their principal risks, is available in their prospectuses. There is no assurance that the Fund will achieve its investment objective and you may lose money. The value of the Fund s holdings may decline, and the Fund s net asset value (NAV) and share price may go down. Allocation Risk. Because the Fund uses an asset allocation strategy in pursuit of its investment objective, there is a risk that the Fund s allocation among asset classes, investments, managers, strategies and/or investment styles will cause the Fund s shares to lose value or cause the Fund to underperform other funds with a similar investment objective and/or strategies, or that the investments themselves will not produce the returns expected. Commodity-related Investment Risk. The value of commodities investments will generally be affected by overall market movements and factors specific to a particular industry or commodity, which may include demand for the commodity, weather, embargoes, tariffs, and economic health, political, international, regulatory and other developments. Exposure to commodities and commodities markets may subject the value of the Fund s investments to greater volatility than other types of investments. Commodities investments may also subject the Fund to counterparty risk and liquidity risk. The Fund may invest in one or more underlying funds that make commodity-related investments through, and may invest in one or more underlying funds that make commodity-related investments through, one or more wholly-owned subsidiaries organized outside the U.S. that are generally not subject to U.S. laws (including securities laws) and their protections. The Fund s investments in commodities or commodity-related investments can be limited by the Fund s intention to qualify as a regulated investment company and can limit the Fund s ability to so qualify. If an underlying fund in which the Fund invests that itself invests directly or indirectly in commodities fails to qualify as a regulated investment company, such failure could also cause the Fund to fail to so qualify. Credit Risk. The value of fixed-income securities, or other instruments or assets, may decline if the issuer thereof defaults or otherwise becomes unable or unwilling, or is perceived to be unable or unwilling, to honor its financial obligations, such as making payments to the Fund when due. Rating agencies assign credit ratings to certain fixedincome securities to indicate their credit risk. Lower quality or unrated securities held by the Fund may present PROSPECTUS

13 SUMMARY OF THE FUND (continued) increased credit risk as compared to higher-rated securities. Non-investment grade fixed-income securities (commonly called high-yield or junk ) may be subject to greater price fluctuations and are more likely to experience a default than investment grade securities and therefore may expose the Fund to increased credit risk. If the Fund purchases unrated securities, or if the ratings of securities held by the Fund are lowered after purchase, the Fund will depend on analysis of credit risk more heavily than usual. Derivatives Risk. Losses involving derivative instruments may be substantial, because a relatively small movement in the price of an underlying security, instrument, commodity, currency or index may result in a substantial loss for the Fund. In addition to the potential for increased losses, the use of derivative instruments may lead to increased volatility for the Fund. Derivative investments will typically increase the Fund s exposure to principal risks to which it is otherwise exposed, and may expose the Fund to additional risks, including correlation risk, counterparty risk, hedging risk, leverage risk and/or liquidity risk. Derivatives Risk/Futures Contracts Risk. The loss that may be incurred in entering into futures contracts may exceed the amount of the premium paid and may be potentially unlimited. Futures markets are highly volatile and the use of futures may increase the volatility of the Fund s NAV. Additionally, as a result of the low collateral deposits normally involved in futures trading, a relatively small price movement in a futures contract may result in substantial losses for the Fund. Futures contracts may be illiquid. Furthermore, exchanges may limit fluctuations in futures contract prices during a trading session by imposing a maximum permissible price movement on each futures contract. The Fund may be disadvantaged if it is prohibited from executing a trade outside the daily permissible price movement. Futures contracts executed on foreign exchanges may not provide the same protection as U.S. exchanges. These transactions involve additional risks, including counterparty risk, hedging risk and pricing risk. Emerging Market Securities Risk. Securities issued by foreign governments or companies in emerging market countries, such as China, Russia and certain countries in Eastern Europe, the Middle East, Asia, Latin America or Africa, are more likely to have greater exposure to the risks of investing in foreign securities that are described in Foreign Securities Risk. In addition, emerging market countries are more likely to experience instability resulting, for example, from rapid changes or developments in social, political, economic or other conditions. Their economies are usually less mature and their securities markets are typically less developed with more limited trading activity (i.e., lower trading volumes and less liquidity) than more developed countries. Emerging market securities tend to be more volatile than securities in more developed markets. Many emerging market countries are heavily dependent on international trade and have fewer trading partners, which makes them more sensitive to world commodity prices and economic downturns in other countries, and some have a higher risk of currency devaluations. Exchange-Traded Fund (ETF) Risk. ETFs are subject to, among other risks, tracking risk and passive and, in some cases, active investment risk. In addition, shareholders bear both their proportionate share of the Fund s expenses and similar expenses incurred through ownership of the ETF. Foreign Securities Risk. Investments in or exposure to foreign securities involve certain risks not associated with investments in or exposure to securities of U.S. companies. Foreign securities subject the Fund to the risks associated with investing in the particular country of an issuer, including the political, regulatory, economic, social, diplomatic and other conditions or events occurring in the country or region, as well as risks associated with less developed custody and settlement practices. Foreign securities may be more volatile and less liquid than securities of U.S. companies, and are subject to the risks associated with potential imposition of economic and other sanctions against a particular foreign country, its nationals or industries or businesses within the country. The performance of the Fund may be negatively impacted by fluctuations in a foreign currency s strength or weakness relative to the U.S. dollar, particularly to the extent the Fund invests a significant percentage of its assets in foreign securities or other assets denominated in currencies other than the U.S. dollar. Fund-of-Funds Risk. Determinations regarding asset classes or underlying funds and the Fund s allocations thereto may not successfully achieve the Fund s investment objective, in whole or in part. The ability of the Fund to realize its investment objective will depend, in large part, on the extent to which the underlying funds realize their investment objective. There is no guarantee that the underlying funds will achieve their respective investment objectives. The Fund is exposed to the same risks as the underlying funds in direct proportion to the allocation of its assets among the underlying funds. Therefore, to the extent that the Fund invests significantly in a particular underlying fund, the 6 PROSPECTUS 2015

14 SUMMARY OF THE FUND (continued) Fund s performance would be significantly impacted by the performance of such underlying fund. Generally, by investing in a combination of underlying funds, the Fund has exposure to the risks of many areas of the market. By concentrating its investments in relatively few underlying funds, the Fund may have more concentrated market exposures, subjecting the Fund to greater risk of loss should those markets decline or fail to rise. The performance of underlying funds could be adversely affected if other entities that invest in the same underlying funds make relatively large investments or redemptions in such underlying funds. The Fund, and its shareholders, indirectly bear a portion of the expenses of any funds in which the Fund invests. Because the expenses and costs of each underlying fund are shared by its investors, redemptions by other investors in an underlying fund could result in decreased economies of scale and increased operating expenses for such fund. The Investment Manager may have potential conflicts of interest in selecting affiliated funds over unaffiliated funds for investment by the Fund, and may also face potential conflicts of interest in selecting affiliated funds, because the fees the Investment Manager receives from some underlying funds may be higher than the fees paid by other underlying funds. Growth Securities Risk. Growth securities typically trade at a higher multiple of earnings than other types of equity securities. Accordingly, the market values of growth securities may never reach their expected market value and may decline in price. 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. Inflation-Protected Securities Risk. Inflation-protected debt securities tend to react to changes in real interest rates (i.e., nominal interest rates minus the expected impact of inflation). In general, the price of such securities falls when real interest rates rise, and rises when real interest rates fall. Interest payments on these securities will vary and may be more volatile than interest paid on ordinary bonds. In periods of deflation, the Fund may have no income at all from such investments. The Fund s investment in certain inflation-protected debt securities may generate taxable income in excess of the interest they pay to the Fund, which may cause the Fund to sell investments to obtain cash to make income distributions to shareholders, including at times when it may not be advantageous to do so. Interest Rate Risk. Interest rate risk is the risk of losses attributable to changes in interest rates. In general, if prevailing interest rates rise, the values of debt securities tend to fall, and if interest rates fall, the values of debt securities 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 will generally affect the value of the Fund s shares. In general, the longer the maturity or duration of a debt security, the greater its sensitivity to changes in interest rates. Interest rate declines also may increase prepayments of debt obligations, which, in turn, would increase prepayment risk. Similarly, a period of rising interest rates may negatively impact the Fund s performance. Actions by governments and central banking authorities can result in increases in interest rates. Such actions may negatively affect the value of fixed-income securities held by the Fund, resulting in a negative impact on the Fund s performance and NAV. Issuer Risk. An issuer in which the Fund invests or to which it has exposure may perform poorly, and the value of its securities may therefore decline, which would negatively affect the Fund s performance. Poor performance may be caused by poor management decisions, competitive pressures, breakthroughs in technology, reliance on suppliers, labor problems or shortages, corporate restructurings, fraudulent disclosures, natural disasters or other events, conditions or factors. Market Risk. Market risk refers to the possibility that the market values of securities or other investments that the Fund holds will fall, sometimes rapidly or unpredictably, or fail to rise. An investment in the Fund could lose money over short or long periods. Although equity securities generally tend to have greater price volatility than debt securities, under certain market conditions, debt securities may have comparable or greater price volatility. Prepayment and Extension Risk. Prepayment and extension risk is the risk that a bond or other security or investment might, in the case of prepayment risk, be called or otherwise converted, prepaid or redeemed before maturity and, in the case of extension risk, the investment might not be called as expected. In the case of prepayment risk, if the investment is converted, prepaid or redeemed before maturity, the portfolio managers may not be able to invest the proceeds in other investments providing as high a level of income, resulting in a reduced yield to the Fund. In the case of mortgage- or asset-backed securities, as interest rates decrease or spreads narrow, the likelihood of prepayment increases. Conversely, extension risk is the risk that an unexpected rise in interest rates PROSPECTUS

15 SUMMARY OF THE FUND (continued) will extend the life of a mortgage- or asset-backed security beyond the prepayment time. If the Fund s investments are locked in at a lower interest rate for a longer period of time, the portfolio managers may be unable to capitalize on securities with higher interest rates or wider spreads. Quantitative Model Risk. Investments selected using quantitative methods may perform differently from the market as a whole. There can be no assurance that these methodologies will enable the Fund to achieve its objective. Sector Risk. At times, the Fund may have a significant portion of its assets invested in securities of companies conducting business in a related group of industries within an economic sector. Companies in the same economic sector may be similarly affected by economic, regulatory, political or market events or conditions, which may make the Fund more vulnerable to unfavorable developments in that economic sector than funds that invest more broadly. Generally, the more broadly the Fund invests, the more it spreads risk and potentially reduces the risks of loss and volatility. Small- and Mid-Cap Company Securities Risk. Investments in small- and mid-capitalization companies (small- and mid-cap companies) often involve greater risks than investments in larger, more established companies (larger companies) because small- and mid-cap companies tend to have less predictable earnings and may lack the management experience, financial resources, product diversification and competitive strengths of larger companies. Securities of small- and mid-cap companies may be less liquid and more volatile than the securities of larger companies. Special Situations Risk. Securities of companies that are involved in an initial public offering or a major corporate event, such as a business consolidation or restructuring, may be exposed to heightened risk because of the high degree of uncertainty that can be associated with such events. Securities issued in initial public offerings often are issued by companies that are in the early stages of development, have a history of little or no revenues and may operate at a loss following the offering. It is possible that there will be no active trading market for the securities after the offering, and that the market price of the securities may be subject to significant and unpredictable fluctuations. Certain special situation investments are investments in securities or other instruments that are determined to be illiquid or lacking a readily ascertainable fair value. Certain special situation investments prevent ownership interests therein from being withdrawn until the special situation investment, or a portion thereof, is realized or deemed realized, which may negatively impact Fund performance. Investing in special situations may have a magnified effect on the performance of funds with small amounts of assets. 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 portfolio manager s perceived value assessment of that security, or may decline in price, even though the portfolio manager(s) believe(s) the securities are already undervalued. There is also a risk that it may take longer than expected for the value of these investments to rise to the portfolio manager s perceived 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. Performance Information The following bar chart and table show you how the Fund has performed in the past, and can help you understand the risks of investing in the Fund. The bar chart shows how the Fund s Class A share performance (without sales charges) has varied for each full calendar year shown. If the sales charges were reflected, returns shown would be lower. The table below the bar chart compares the Fund s returns (after applicable sales charges shown in the Shareholder Fees table in this prospectus) for the periods shown with a broad measure of market performance. Effective June 1, 2015, the Fund compares its performance to that of the MSCI All Country World Index (Net) (the New Index). The Fund s investment manager made this recommendation to the Fund s Board of Trustees because the investment manager believes that the New Index provides a more appropriate basis for comparing the Fund s performance in light of the changes to the Fund s name and principal investment strategies. Information on the New Index and old benchmark will be included for a one-year transition period. Thereafter, only the New Index will be included. 8 PROSPECTUS 2015

16 SUMMARY OF THE FUND (continued) The performance of one or more share classes shown in the table below begins before the indicated inception date for such share class. The returns shown for each such share class include the returns of the Fund s Class A shares (without applicable sales charges and adjusted to reflect the higher class-related operating expenses of such classes, where applicable) for periods prior to its inception date. Except for differences in annual returns resulting from differences in expenses and sales charges (where applicable), the share classes of the Fund would have substantially similar annual returns because all share classes of the Fund invest in the same portfolio of securities. The after-tax returns shown in the Average Annual Total Returns table below are calculated using the highest historical individual U.S. federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Your actual after-tax returns will depend on your personal tax situation and may differ from those shown in the table. In addition, the after-tax returns shown in the table do not apply to shares held in tax-deferred accounts such as 401(k) plans or Individual Retirement Accounts (IRAs). The after-tax returns are shown only for Class A shares and will vary for other share classes. Returns after taxes on distributions and sale of Fund shares are higher than beforetax returns for certain periods shown because they reflect the tax benefit of capital losses realized on the redemption of Fund shares. The Fund s past performance (before and after taxes) is no guarantee of how the Fund will perform in the future. Updated performance information can be obtained by calling toll-free or visiting columbiathreadneedle.com/us. Year by Year Total Return (%) as of December 31 Each Year* Best and Worst Quarterly Returns During the Period Shown in the Bar Chart 60% Best 2nd Quarter % 40% 20% 9.50% 16.53% 10.25% 34.87% 19.03% 14.35% 26.07% 7.19% Worst 4th Quarter % 0% -20% -4.80% -40% -60% % * Year to Date return as of March 31, 2015: 2.53% PROSPECTUS

17 SUMMARY OF THE FUND (continued) Average Annual Total Returns After Applicable Sales Charges (for periods ended December 31, 2014) Share Class Inception Date 1 Year 5 Years 10 Years Class A 10/15/1996 returns before taxes 1.04% 10.54% 6.60% returns after taxes on distributions -0.23% 10.03% 5.77% returns after taxes on distributions and sale of Fund shares 1.50% 8.35% 5.34% Class B returns before taxes 08/12/ % 10.76% 6.43% Class C returns before taxes 10/15/ % 11.02% 6.43% Class K returns before taxes 03/07/ % 11.95% 7.28% Class R returns before taxes 01/23/ % 11.57% 6.96% Class R4 returns before taxes 11/08/ % 11.97% 7.29% Class R5 returns before taxes 11/08/ % 12.06% 7.33% Class Z returns before taxes 10/15/ % 12.13% 7.52% MSCI All Country World Index (Net) (reflects reinvested dividends net of withholding taxes but reflects no deductions for fees, expenses or taxes) 4.16% 9.17% 6.09% S&P 500 Index (reflects no deductions for fees, expenses or taxes) 13.69% 15.45% 7.67% Fund Management Investment Manager: Columbia Management Investment Advisers, LLC Portfolio Manager Title Role with Fund Managed Fund Since Mark Burgess Chief Investment Officer of Threadneedle, Co-manager June 2015 EMEA and Global Head of Equities Robert McConnaughey Managing Director and Global Head of Research Co-manager 2011 Purchase and Sale of Fund Shares You may purchase or redeem shares of the Fund on any business day by contacting the Fund in the ways described below: Online Regular Mail Express Mail By Telephone columbiathreadneedle.com/us Columbia Funds, c/o Columbia Management Investment Services Corp. P.O. Box 8081 Boston, MA Columbia Funds, c/o Columbia Management Investment Services Corp. 30 Dan Road, Suite 8081 Canton, MA You may purchase shares and receive redemption proceeds by electronic funds transfer, by check or by wire. If you maintain your account with a broker-dealer or other financial intermediary, you must contact that financial intermediary to buy, sell or exchange shares of the Fund through your account with the intermediary. The minimum initial investment amounts for the share classes offered by the Fund are shown below: Minimum Initial Investment Class Classes A, B* & C Category of eligible account For accounts other than systematic investment plan accounts For systematic investment plan accounts All accounts other than IRAs $2,000 $100 IRAs $1,000 $ PROSPECTUS 2015

18 SUMMARY OF THE FUND (continued) Class Classes K**, R & R4 Class R5 Class Z Category of eligible account For accounts other than systematic investment plan accounts For systematic investment plan accounts All eligible accounts None N/A Combined underlying accounts of eligible registered investment advisers $100,000 N/A Omnibus retirement plans None N/A All eligible accounts $0, $1,000 or $2,000 depending upon the category of eligible investor $100 * Class B shares are generally closed to new and existing shareholders. ** Class K shares are generally closed to new investors. There is no minimum additional investment for any share class. Tax Information The Fund normally distributes net investment income and net realized capital gains, if any, to shareholders. These distributions are generally taxable to you as ordinary income or capital gains, unless you are investing through a taxadvantaged account, such as a 401(k) plan or an IRA. The use of a fund-of-funds structure could affect the timing, amount and character of distributions to you and therefore may increase the amount of taxes payable by you. If you are investing through a tax-advantaged account, you may be taxed upon withdrawals from that account. Payments to Broker-Dealers and Other Financial Intermediaries If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies including Columbia Management Investment Advisers, LLC (the Investment Manager), Columbia Management Investment Distributors, Inc. (the Distributor) and Columbia Management Investment Services Corp. (the Transfer Agent) may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your financial advisor to recommend the Fund over another investment. Ask your financial advisor or visit your financial intermediary s website for more information. PROSPECTUS

19 MORE INFORMATION ABOUT THE FUND Investment Objective Columbia LifeGoal Growth Portfolio (the Fund) seeks capital appreciation. The Fund s investment objective is not a fundamental policy and may be changed by the Fund s Board of Trustees without shareholder approval. Because any investment involves risk, there is no assurance the Fund s objective will be achieved. Principal Investment Strategies Under normal circumstances, the Fund invests most of its assets in shares of mutual funds managed by Columbia Management Investment Advisers, LLC (the Investment Manager) or its affiliates (Columbia Funds), exchange-traded funds (ETFs) and third party advised funds (collectively, Underlying Funds), equity and fixed income securities, including Treasury Inflation Protected Securities (TIPS), and other instruments such as derivatives. The Investment Manager uses asset allocation as its principal investment approach and: allocates the Fund s assets among asset class categories within the target asset allocations set for the Fund, based on the Fund s investment objective and historical and projected returns for each asset class. chooses individual Columbia Funds within each asset class category and the amount that will be allocated to each Columbia Fund, based on each Columbia Fund s historical returns and expected performance. may choose third party advised Underlying Funds if a Columbia Fund is not available in the desired asset class category. may choose equity and fixed income securities, including TIPS, and other instruments such as derivatives. reviews the asset allocations to Underlying Funds and instruments at least monthly, and may change these allocations when the Investment Manager believes it is appropriate to do so. The Fund s targeted allocation to Columbia Funds, as a percentage of the Fund s assets, is as follows: 0 80% to one or more Columbia Funds that invest in large-capitalization domestic equity securities. 0 40% to one or more Columbia Funds that invest in mid-capitalization domestic equity securities. 0 20% to one or more Columbia Funds that invest in small-capitalization domestic equity securities. 0 70% to one or more Columbia Funds that invest in international/global equity securities. 0 20% to one or more Columbia Funds that invest in convertible securities. 0 30% to one or more Columbia Funds that invest in specialty securities, including Columbia Funds that invest in equity securities of companies principally engaged in certain market sectors such as real estate or technology and Funds using alternative investment strategies. 0 70% to Columbia Funds that invest in government and corporate debt securities. 0 20% to Columbia Funds that invest in below investment grade debt securities. 0 50% in Columbia money market funds. The Fund s targeted allocations to direct security instrument holdings and third party advised funds, as a percentage of the Fund s assets, is as follows: 0 15% to fixed income securities, including TIPS. 0 10% to equity securities. 0 20% to futures and commodity-related instruments. 0 10% to third party advised funds/etfs. The Fund s actual allocation may vary from these target allocations at any time. The Investment Manager may use various strategies to try to manage how much the actual amount varies and for how long. The Investment Manager can modify the list of Underlying Funds and types of instruments in which the Fund invests, or the asset categories, at any time, including by adding Underlying Funds introduced after the date of this prospectus. 12 PROSPECTUS 2015

20 MORE INFORMATION ABOUT THE FUND (continued) The Fund and certain Underlying Funds may invest in securities of companies in the technology sector and may from time to time emphasize one or more other economic sectors in selecting their investments. The Fund may invest in Underlying Funds that invest in special situations such as companies involved in initial public offerings, tender offers, mergers and other corporate restructurings, and in companies involved in management changes or companies developing new technologies. Underlying Funds The Fund has exposure to the risks associated with many areas of the market through its investments, including through its investments in Underlying Funds. Below is a list of the affiliated Underlying Funds, by asset class category, available to the Fund for investment (the list does not include unaffiliated funds or ETFs in which the Funds may invest). Certain Underlying Funds, due to their characteristics, may fit into more than one asset class category, and may be used by the Investment Manager for those purposes. Columbia Management may add new or remove Underlying Funds without the approval of Fund shareholders. A description of the affiliated Underlying Funds investment objectives and principal investment strategies is included in Appendix A. A description of the principal risks associated with investment in these Underlying Funds is included in Appendix B. The prospectuses and statements of additional information for the affiliated Underlying Funds are incorporated by reference into this prospectus and are available free of charge at columbiathreadneedle.com/us or by calling Large-Capitalization Domestic Equity Mid-Capitalization Domestic Equity Small-Capitalization Domestic Equity International/Global Equity Government and Corporate Debt Convertible Securities Below Investment Grade Money Market Instruments Columbia Contrarian Core Fund, Columbia Diversified Equity Income Fund, Columbia Dividend Income Fund, Columbia Dividend Opportunity Fund, Columbia Large Cap Enhanced Core Fund, Columbia Large Cap Growth Fund, Columbia Large Cap Index Fund, Columbia Large Core Quantitative Fund, Columbia Large Growth Quantitative Fund, Columbia Large Value Quantitative Fund, Columbia Marsico Flexible Capital Fund, Columbia Marsico Focused Equities Fund, Columbia Marsico Growth Fund, Columbia Select Large Cap Equity Fund, Columbia Select Large Cap Growth Fund, Columbia Select Large-Cap Value Fund, Columbia Value and Restructuring Fund Columbia Acorn Fund, Columbia Acorn Select, Columbia Mid Cap Growth Fund, Columbia Mid Cap Index Fund, Columbia Mid Cap Value Fund, Columbia Small/Mid Cap Value Fund (formerly known as Columbia Mid Cap Value Opportunity Fund) Columbia Acorn USA, Columbia Multi-Advisor Small Cap Value Fund, Columbia Select Smaller- Cap Value Fund, Columbia Small Cap Core Fund, Columbia Small Cap Growth Fund I, Columbia Small Cap Index Fund, Columbia Small Cap Value Fund I, Columbia Small Cap Value Fund II Columbia Acorn Emerging Markets Fund, Columbia Acorn European Fund, Columbia Acorn International, Columbia Acorn International Select, Columbia Asia Pacific ex-japan Fund, Columbia Emerging Markets Fund, Columbia European Equity Fund, Columbia Global Dividend Opportunity Fund, Columbia Global Energy and Natural Resources Fund, Columbia Global Equity Value Fund (formerly known as Columbia Equity Value Fund), Columbia Global Infrastructure Fund (formerly known as Columbia Recovery and Infrastructure Fund), Columbia Global Technology Growth Fund, Columbia Greater China Fund, Columbia International Opportunities Fund (formerly known as Columbia Marsico International Opportunities Fund), Columbia International Value Fund, Columbia Overseas Value Fund, Columbia Pacific/Asia Fund, Columbia Select Global Equity Fund (formerly known as Columbia Global Equity Fund), Columbia Select International Equity Fund (formerly known as Columbia Multi-Advisor International Equity Fund), Columbia Seligman Global Technology Fund CMG Ultra Short Term Bond Fund, Columbia Bond Fund, Columbia Corporate Income Fund, Columbia Emerging Markets Bond Fund, Columbia Floating Rate Fund, Columbia Global Bond Fund, Columbia Global Inflation-Linked Bond Plus Fund, Columbia Inflation Protected Securities Fund, Columbia Intermediate Bond Fund, Columbia Limited Duration Credit Fund, Columbia Short Term Bond Fund, Columbia U.S. Government Mortgage Fund, Columbia U.S. Treasury Index Fund Columbia Convertible Securities Fund Columbia High Yield Bond Fund, Columbia Income Opportunities Fund Columbia Money Market Fund PROSPECTUS